WLY(SZ:000858) Great Wall Securities·2024-05-13 23:32Investment Rating - The report maintains a "Buy" rating for Wuliangye [3][7][13] Core Views - Wuliangye has achieved double-digit growth for eight consecutive years, positioning itself to meet the target of exceeding 100 billion in revenue during the 14th Five-Year Plan [2][7] - The company has demonstrated resilience in sales, with a strong performance in Q1 2024, setting a solid foundation for continued growth throughout the year [2][7] - The management has room for adjustments, with a target revenue of 916 billion for 2024, requiring only an 8.9% growth in the remaining quarters to achieve this goal [2][7] Financial Performance Summary - In 2023, Wuliangye reported revenue of 83,272 million yuan, a year-on-year increase of 12.6%, and a net profit of 30,211 million yuan, up 13.2% [1][2] - For Q1 2024, the company achieved revenue of 34,833 million yuan, reflecting an 11.9% year-on-year growth, and a net profit of 14,039 million yuan, up 12.7% [1][2] - The projected EPS for 2024-2026 is 8.83, 9.96, and 11.09 yuan per share, with corresponding P/E ratios of 17.0x, 15.1x, and 13.6x [7][8] Sales and Market Dynamics - Wuliangye's product sales reached 62,804 million yuan in 2023, with a gross margin of 86.6%, and a 13.5% increase in sales volume [2][7] - The company has successfully implemented price increases and reduced sales volume to alleviate supply-demand conflicts, leading to a recovery in wholesale prices [2][7] - The introduction of new products, including special specifications and cultural wines, aligns with the company's strategy to optimize its product offerings [2][7]