Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [12][18]. Core Views - The company achieved a white liquor revenue of 9.395 billion yuan in 2023, representing a year-on-year increase of 20.02%. The sales volume reached 8,090.15 thousand liters, up 7.50% year-on-year, with an average price of 1,161.33 yuan per liter, reflecting an 11.65% increase year-on-year, primarily driven by a higher proportion of famous liquor [1][10]. - The gross margin and net margin for 2023 decreased by 3.29 and 1.88 percentage points to 10.75% and 2.32%, respectively. The decline in gross margin is attributed to a decrease in the gross profit of certain flagship products [2][10]. - The company is focusing on the expansion of its 3.0 store plan, which has successfully developed 201 new stores, contributing to balanced revenue growth across various regions [9][10]. Financial Performance - In 2023, the company reported operating income of 10.121 billion yuan and a net profit attributable to the parent company of 235.27 million yuan, reflecting a year-on-year increase of 16.22% in revenue but a decrease of 35.78% in net profit [8][11]. - The company expects revenue for 2024 to be 11.165 billion yuan, with a year-on-year growth of 10.3%, and net profit to reach 282.65 million yuan, representing a 20.1% increase [10][11]. - The operating cash flow for Q4 2023 increased by 76.52% year-on-year to -106 million yuan, with advance payments amounting to 1.792 billion yuan, down 34.60% year-on-year [2][10]. Regional Development - The company’s revenue contributions from various regions in 2023 were as follows: East China 3.197 billion yuan, South China 1.398 billion yuan, Central China 1.360 billion yuan, North China 1.233 billion yuan, Southwest 1.210 billion yuan, and e-commerce 848 million yuan, with notable growth in the Southwest region at 182.81% year-on-year [9][10].
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