YLT(600197) 东吴证券·2024-04-27 09:00Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for the stock over the next six months [8]. Core Insights - The company reported a revenue of 2.231 billion yuan and a net profit attributable to shareholders of 339.85 million yuan for 2023, reflecting a year-on-year growth of 37.5% and 105.5% respectively, slightly exceeding previous forecasts [19]. - The company is experiencing a gradual recovery, with high-end liquor sales needing further improvement. The revenue from liquor reached 2.19 billion yuan in 2023, with a notable performance from the flagship product, while lower-tier products faced competition and market challenges [19]. - The report anticipates a revenue target of 2.8 billion yuan for 2024, with projected revenues for 2024-2026 being 2.8 billion, 3.4 billion, and 4 billion yuan respectively, indicating a growth rate of 25%, 21%, and 20% [19]. Financial Performance Summary - Total revenue (in million yuan) for the years 2022A to 2026E is projected to grow from 1,623 to 4,030, with year-on-year growth rates of (16.24)%, 37.46%, 24.65%, 21.15%, and 19.61% respectively [1]. - Net profit attributable to shareholders (in million yuan) is expected to increase from 165.36 in 2022A to 719.64 in 2026E, with corresponding growth rates of (47.13)%, 105.53%, 32.61%, 27.19%, and 25.54% [1]. - The latest diluted EPS is projected to rise from 0.35 yuan in 2022A to 1.52 yuan in 2026E, with a P/E ratio decreasing from 57.49 to 13.21 over the same period [1]. Market Data - The closing price of the stock is 20.14 yuan, with a market capitalization of approximately 9.51 billion yuan [3]. - The stock has a price-to-book ratio of 2.42 and has fluctuated between a low of 17.24 yuan and a high of 29.77 yuan over the past year [3].