TIANYOUDE(002646) 德邦证券·2024-04-21 05:30Investment Rating - The report maintains an "Accumulate" rating for Tianyoude Liquor (002646.SZ) [2] Core Views - The company reported a revenue of 1.21 billion yuan in 2023, representing a year-on-year growth of 23.5%. The net profit attributable to shareholders was 90 million yuan, up 18.36% year-on-year, while the net profit excluding non-recurring items reached 85 million yuan, marking a 33.5% increase [5][6] - In Q4 2023, the company achieved a revenue of 269 million yuan, a significant year-on-year growth of 42.03%, with a recovery in business and group dining demand continuing [6] - The company’s revenue from Qingke liquor grew by 29.5% year-on-year, with both sales volume and price per ton increasing by 21.5% and 6.6%, respectively. High-priced products (over 100 yuan) saw a revenue increase of 46%, while low-priced products (under 100 yuan) grew by 14.3% [6] - The overall gross margin for 2023 improved by 1.0 percentage points to 63.0%, driven by a decrease in the proportion of low-margin businesses [7] - The report forecasts revenue growth for 2024-2026, estimating revenues of 1.44 billion yuan, 1.68 billion yuan, and 1.91 billion yuan, with year-on-year growth rates of 18.6%, 16.9%, and 14.0%, respectively [7][11] Financial Summary - In 2023, the company’s total assets were 3.33 billion yuan, with a total market value of approximately 4.89 billion yuan [9] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.26 yuan, 0.41 yuan, and 0.53 yuan, respectively [11] - The net profit margin for 2023 was 7.4%, with expectations for it to rise to 8.6% in 2024 [11][15]