洞藏系列势能延续，24Q1利润端表现突出

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within the next six months [4][12]. Core Insights - The company reported a revenue of 6.72 billion yuan and a net profit of 2.29 billion yuan for 2023, reflecting year-on-year growth of 22.07% and 34.17% respectively. For Q1 2024, the revenue and net profit were 2.32 billion yuan and 913 million yuan, showing year-on-year growth of 21.33% and 30.43% respectively [1][2]. - The high-end liquor segment continues to drive growth, with revenue from mid-to-high-end liquor reaching 5.02 billion yuan in 2023, up 27.84% year-on-year, and accounting for 78.45% of total liquor revenue. In Q1 2024, this segment further increased its share to 84.07% [1][2]. - The company has seen a significant increase in domestic revenue, which reached 4.52 billion yuan in 2023, up 31.51% year-on-year, while the proportion of revenue from outside the province decreased by 4.48 percentage points [2]. Financial Performance Summary - The company's gross margin improved to 71.37% in 2023, up 3.35 percentage points year-on-year, and the net profit margin increased to 34.04%, up 3.07 percentage points. For Q1 2024, the gross margin further improved to 75.09% [2][7]. - The company forecasts revenues of 8.23 billion yuan, 10.01 billion yuan, and 11.80 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 2.87 billion yuan, 3.51 billion yuan, and 4.23 billion yuan [2][7]. - The report highlights a strong cash flow position, with operating cash flow increasing by 26.69% year-on-year to 620 million yuan in 2023 [2][8].