业绩增长稳健，管理经营改善

Investment Rating - The investment rating for the company is "Buy-B" [2][3][7] Core Views - The company reported a steady revenue growth of 12.58% year-on-year, achieving a total revenue of 832.72 billion yuan in 2023, with a net profit of 302.11 billion yuan, reflecting a growth of 13.19% [1][2] - The company aims for a continued double-digit revenue growth in 2024, with a target revenue of 924.84 billion yuan [4][9] - The management has positioned 2024 as a year focused on marketing execution, emphasizing sales activation, price stability, and cost efficiency [3][5] Financial Performance - In Q4 2023, the company achieved a revenue of 207.36 billion yuan, a year-on-year increase of 14.00%, and a net profit of 73.78 billion yuan, up 10.07% [1][2] - For Q1 2024, the company reported a revenue of 348.33 billion yuan, growing 11.86% year-on-year, with a net profit of 140.45 billion yuan, an increase of 11.98% [1][2] - The gross margin for 2023 was 75.79%, a slight increase of 0.37 percentage points year-on-year [2][4] Product and Channel Analysis - The company’s main product, Wuliangye, generated revenue of 628.04 billion yuan in 2023, growing 12.84% year-on-year, while other liquor products contributed 136.43 billion yuan, up 13.05% [2][5] - The distribution channels showed robust performance, with revenue from distribution and direct sales reaching 459.85 billion yuan and 304.62 billion yuan respectively, reflecting growth rates of 13.56% and 12.53% [2][5] Future Outlook - The company has a clear pricing strategy, having increased the factory price of its core product by 20 yuan, while also reducing traditional channel investments by 20% [3][5] - Revenue projections for 2024 to 2026 are estimated at 925 billion yuan, 1030 billion yuan, and 1141 billion yuan, with corresponding net profits of 339 billion yuan, 383 billion yuan, and 429 billion yuan [3][4][5] - The company is expected to maintain a stable gross margin, projected to reach 76.3% in 2024 and gradually increase to 77.1% by 2026 [4][9]