经营稳健务实，全年收入目标增速双位数

Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The company's post-holiday payment collection accelerated, with Q1 sales progress being steady and channel conditions remaining healthy [2] - 2024 is defined as the company's "Management Enhancement Year," with a focus on rational and practical reforms in products and channels [2][4] - The company aims for double-digit revenue growth in 2024, driven by product and channel reforms, with management momentum improving [4] - The company's revenue and net profit forecasts for 2023-2025 have been adjusted downward due to slower demand recovery in the liquor industry and competitive pressures in the domestic market [2][5] Sales and Channel Performance - The company achieved 35-40% of its pre-holiday payment collection target, with sales slightly increasing year-over-year [3] - Post-holiday payment collection reached 40-45%, with a shipment ratio of 35% and channel inventory at a reasonable level of 2-3 months [3] - The price of Crystal Dream increased by 10-15 yuan, recovering to 390 yuan, indicating a healthy price trend [3] Product and Market Strategy - The company upgraded its "Dream Blue·Handmade Edition" product line, launching three new products to enhance brand image [4] - Plans to introduce a 20th-anniversary product for the Blue Classic series, targeting the 200 yuan price segment in external markets [4] - Increased investment in the domestic market to strengthen the 400 yuan price segment with Crystal Dream [4] - Focused on stabilizing the price of M6+ and maintaining channel order [4] - Re-launched "Su Jiu Tou Pai" from Shuang Gou Liquor to meet demand in the mass price segment and expand external market presence [4] Financial Forecasts - Revenue for 2023-2025 is projected at 337.7/372.5/411.2 billion yuan, with year-over-year growth of 12.2%/10.3%/10.4% [2][5] - Net profit attributable to shareholders for 2023-2025 is expected to be 103.7/113.9/126.3 billion yuan, with year-over-year growth of 10.5%/9.9%/10.9% [2][5] - The current P/E ratio is 14.4/13.1/11.8 times for 2023-2025 [2][5] Industry Context - The liquor industry is experiencing a slow recovery in demand, with the company facing significant competitive pressure in the domestic market [2][5]