YINGJIA DISTILLERY(SH:603198) Huaxin Securities·2024-04-26 00:00Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company achieved a strong performance in Q1 2024, with revenue reaching 2.325 billion yuan, a year-on-year increase of 21.33% [2] - The company's core product series, particularly the "洞藏" series, is expected to continue its growth momentum, contributing to sustained profit improvements [2] - The report forecasts EPS for 2024, 2025, and 2026 to be 3.57, 4.40, and 5.30 yuan respectively, with corresponding PE ratios of 18, 15, and 12 times [2] Financial Performance Summary - In 2023, the company reported total revenue of 6.720 billion yuan, a year-on-year increase of 22.07%, with a gross margin of 71.37% and a net profit margin of 34.12% [2] - For Q4 2023, the company achieved revenue of 1.916 billion yuan, a year-on-year increase of 18.80%, with a net profit of 633 million yuan, reflecting a 26.03% increase [2] - The company’s Q1 2024 gross margin was 75.09%, up 3.91 percentage points year-on-year, with a net profit margin of 39.41%, an increase of 2.69 percentage points [2] Earnings Forecast - The report projects the company's main revenue to grow from 6.720 billion yuan in 2023 to 8.115 billion yuan in 2024, with a growth rate of 20.8% [3] - The net profit is expected to increase from 2.288 billion yuan in 2023 to 2.854 billion yuan in 2024, reflecting a growth rate of 24.7% [3] - The report indicates a consistent return on equity (ROE) of 27.3% for 2024, with a gradual decline to 25.8% by 2026 [3]