Kouzijiao(SH:603589) Tianfeng Securities·2024-05-13 11:30Investment Rating - The report maintains a "Buy" rating for the company, with a target price reflecting a potential upside of over 20% within the next six months [3][12]. Core Insights - The company reported a revenue of 5.962 billion yuan and a net profit attributable to the parent company of 1.721 billion yuan for 2023, representing year-on-year growth of 16.10% and 11.04% respectively [1][2]. - In Q1 2024, the company achieved a revenue of 1.768 billion yuan and a net profit of 589 million yuan, with year-on-year growth of 11.05% and 10.02% respectively [1]. - The high-end liquor segment saw significant growth, with revenue increasing by 16.58% year-on-year, while the mid-range and low-end segments experienced declines [1]. - The company is focusing on enhancing its mid-to-high-end product offerings and expects the new product series to drive future growth [1]. Financial Summary - The company's revenue is projected to reach 6.703 billion yuan in 2024, with a growth rate of 12.42%, and further increase to 7.451 billion yuan in 2025 and 8.208 billion yuan in 2026 [2][8]. - The net profit attributable to the parent company is expected to be 1.921 billion yuan in 2024, 2.201 billion yuan in 2025, and 2.466 billion yuan in 2026, reflecting growth rates of 11.59%, 14.58%, and 12.07% respectively [2][8]. - The company's gross margin for 2023 was 75.19%, with a slight decrease expected in 2024 [1][8]. - The price-to-earnings (P/E) ratio is projected to be 13.41X in 2024, decreasing to 11.70X in 2025 and 10.44X in 2026 [2][8].