WLY(SZ:000858)2024-05-14 12:05Performance Highlights - In 2023, the company achieved operating revenue of CNY 83.272 billion, a year-on-year increase of 12.58% [3] - Net profit attributable to shareholders was CNY 30.211 billion, up 13.19% year-on-year [3] - In Q1 2024, operating revenue reached CNY 34.833 billion, growing by 11.86% [3] - Net profit for Q1 2024 was CNY 14.045 billion, with a year-on-year growth of 11.98% [3] Industry Overview - The Chinese liquor industry continues to experience squeezed growth, with a competitive landscape characterized by market share concentration and intense brand competition [3] - In 2023, the total sales revenue of large-scale liquor enterprises reached CNY 756.3 billion, a 9.7% increase year-on-year [3] - The industry saw a production decline, with a total output of 4.4919 million kiloliters, down 2.8% year-on-year [3] - 265 large-scale liquor enterprises reported losses, with a loss ratio of 26.71% [3] - The top six liquor companies accounted for 81% of the total revenue of 19 listed liquor companies, representing 46% of the total revenue of large-scale liquor enterprises nationwide [3] Strategic Goals - The company's "14th Five-Year Plan" aims for a production capacity of 200,000 tons of base liquor, storage capacity of 1 million tons, sales revenue exceeding CNY 100 billion, and total tax and profit reaching CNY 80 billion [4] Marketing Strategies - 2024 is designated as a "Marketing Execution Year," focusing on driving sales, stabilizing prices, improving cost-effectiveness, and enhancing team dynamics [4] - Key initiatives include optimizing channel layouts, expanding market presence, and implementing effective promotional policies [4] - The company aims to maintain price stability through a comprehensive pricing strategy and market governance actions [4] Product Development - The company will reinforce the core position of its flagship product, the Eighth Generation Wuliangye, while optimizing product and channel structures [5] - The Classic Wuliangye will focus on brand value enhancement and consumer education [5] - The company plans to position the 1618 Wuliangye as the leading brand in the CNY 1,000 price segment for banquets [5] Dividend Policy - The company has distributed a total of CNY 76 billion in cash dividends since its listing, which is 20 times the total amount of raised funds [5] - It has maintained a dividend payout ratio exceeding 50% for eight consecutive years, with a proposed dividend of CNY 18.1 billion for 2023, achieving a record high payout ratio of 60% [5]