Yanghe(002304) 长江证券·2024-05-23 05:01Investment Rating - The investment rating for the company is "Buy" and is maintained [4] Core Views - The company achieved a total revenue of 33.126 billion yuan in 2023, representing a year-on-year increase of 10.04%, and a net profit attributable to shareholders of 10.016 billion yuan, up 6.8% year-on-year [5][6] - In Q4 2023, the company reported a total revenue of 2.843 billion yuan, down 21.51% year-on-year, with a net profit of -0.188 billion yuan [5] - For Q1 2024, the company recorded a total revenue of 16.255 billion yuan, an increase of 8.03% year-on-year, and a net profit of 6.055 billion yuan, up 5.02% year-on-year [5][6] - The company plans to achieve a revenue growth of 5-10% year-on-year in 2024 [6] Summary by Sections Financial Performance - In 2023, the company experienced double-digit growth, but Q4 marked the first profit loss in its history due to proactive inventory control and high expense payments [6] - The product structure improved slightly in 2023, with liquor sales of 166,200 kiloliters, down 14.93% year-on-year, while the price per ton of liquor increased by 29.47% to 195,500 yuan per kiloliter [6] - The net profit margin for 2023 decreased by 0.92 percentage points to 30.24%, while the gross profit margin increased by 0.64 percentage points to 75.25% [6] Regional Performance - In 2023, domestic liquor revenue was 14.393 billion yuan, up 8.05% year-on-year, while external revenue was 18.096 billion yuan, up 11.85% year-on-year [6] - The company actively controlled inventory in the second half of 2023, leading to a slight decline in external revenue [6] Future Outlook - The company has completed organizational restructuring and aims for improvement in 2024, with a projected EPS of 7.18 yuan for 2024 and 7.90 yuan for 2025, corresponding to PE ratios of 14 and 12 times, respectively [6]