泸州老窖业绩交流会要点

Company and Industry Summary Company Overview - The company reported that its flagship product, Guojiao 1573, achieved revenue exceeding 20 billion, marking a growth of 20% to 30% [1] - The product line includes various categories, with the high-end segment growing slightly faster than the low-end segment [1] - The revenue for Tequ 60 surpassed 2 billion, with a growth rate of 20% [1] - Aged wines experienced a slight annual growth, reaching over 1 billion in revenue, particularly the 30-year aged wine which performed well [1] - The old brand Tequ saw a slight decline due to high shipments in the previous year, while the head wine grew by over 20% [1] Product Performance - In Q1, both high and low alcohol content products of Guojiao 1573 maintained steady growth [1] - The mid-to-high-end liquor segment showed the fastest growth, especially for old brand Tequ and aged wines, recovering from previous adjustments [1] - Tequ 60 continued its strong momentum with approximately 30% growth, while head wine exhibited stable growth [1] Regional Performance - Development speed across various regions in the country is relatively balanced, with North China, Southwest, East China, and Central South showing minor differences [2] - The Southwest and North China regions, despite their large market size, continue to maintain steady growth [2] - The three major regions (North China, Southwest, East China) account for 70% to 80% of overall performance [2] - The Henan market, after several years of adjustment, achieved significant results with growth rates exceeding 50% in 2023 and Q1 2024 [2] - Chengdu and Southern Jiangsu also reported growth rates exceeding 30% [2] - The revenue growth target for 2024 is set at over 15% [2] Strategic Focus - The company emphasized three focal points: digitalization, brand enhancement, and synergy [2] - There is a continued emphasis on comprehensive digital transformation from production to operations to marketing, aiming for improved cost efficiency through precise expenditure [2] Inventory Management - The inventory level has increased ahead of the peak season, and the company is currently in a phase of inventory digestion during the off-season [2] - The situation regarding bottle opening and inventory reduction is better than the company's previous expectations [2]