23年报与24Q1点评：业绩符合预期，现金流表现亮丽

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [7]. Core Insights - The company reported a revenue of 30.233 billion yuan for 2023, representing a year-on-year growth of 20.34%, and a net profit of 13.246 billion yuan, up 27.79% year-on-year. The Q4 2023 revenue was 8.291 billion yuan, with a growth of 9.1% year-on-year, and a net profit of 2.68 billion yuan, increasing by 24.78% year-on-year [7][8]. - For Q1 2024, the company achieved a revenue of 9.188 billion yuan, a 20.74% increase year-on-year, and a net profit of 4.574 billion yuan, up 23.2% year-on-year. The company aims for a revenue growth of no less than 15% in 2024 [7][8]. - The report highlights the company's strong cash flow performance, with operating cash flow net amounting to 10.648 billion yuan in 2023, a growth of 28.87% year-on-year, and 4.359 billion yuan in Q1 2024, a significant increase of 188.94% year-on-year [11]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 30.233 billion yuan, with a gross margin of 88.3%, and a net profit margin of 43.95%, reflecting a 2.51 percentage point increase year-on-year [10][12]. - The company’s revenue from mid-to-high-end liquor reached 26.841 billion yuan, growing by 21.28% year-on-year, while other liquor categories generated 3.236 billion yuan, up 22.87% year-on-year [8][9]. Profitability Metrics - The report indicates an increase in gross margin to 88.3% in 2023, driven by higher product prices, and a decrease in both sales and management expense ratios [10]. - The net profit for 2024 is projected to be 16.294 billion yuan, with a year-on-year growth of 23% [9][12]. Market Position and Strategy - The company is described as a "hexagonal warrior" in the liquor industry, excelling in management, brand strength, and product structure. The management team is noted for its strong execution and strategic foresight [7]. - The company plans to leverage its dual-brand strategy with Guojiao 1573 and Tequ, expecting sustained growth in the coming years [7].