Kouzijiao(603589) 华鑫证券·2024-05-22 23:30Investment Rating - Maintain "Buy" rating for the company [7] Core Views - The company has set a sales target for 2024, expecting a year-on-year growth of 18 00% [5] - The company continues to enhance its brand vitality and improve production capacity, with the first phase of the Kouzi Industrial Park project fully operational and the second phase adding over 6,000 tons of production capacity [6] - The company's market share in the domestic market is steadily increasing, with a clear trend of structural upgrades, while the brand influence in the external market is also steadily improving [7] Financial Forecasts - The company's projected revenue for 2024 is 7,036 million yuan, with a growth rate of 18 00% [9] - The projected net profit attributable to the parent company for 2024 is 1,934 million yuan, with a growth rate of 12 30% [9] - The projected EPS for 2024-2026 is 3 22/3 68/4 31 yuan, with corresponding P/E ratios of 14 0/12 3/10 5 times [7] Operational Highlights - The company's gross profit margin is expected to be 72 10% in 2024, with a net profit margin of 27 50% [10] - The company's ROE is projected to be 17 80% in 2024, showing a steady increase [10] - The company's total assets turnover rate is expected to remain stable at 0 5 [10] Industry and Market Position - The company is positioned as the "No 1 high-end blended-flavor baijiu brand in China," with continuous brand activities both online and offline [6] - The company's market share in the domestic market is steadily increasing, with a clear trend of structural upgrades [7] - The company is focusing on key regions such as the Yangtze River Delta, Pearl River Delta, and Beijing-Tianjin-Hebei for external market expansion [7]