一季度收入增长21%，洞藏系列延续增长

Investment Rating - The investment rating for the company is "Buy" [3][4][5] Core Views - The company continues to experience high growth in 2023, with revenue from the mid-to-high-end and regular products reaching 5.022 billion and 1.38 billion yuan respectively, representing year-on-year growth of 27.8% and 8.7%. The contribution from the "Dongcang" series is expected to exceed 50% [4][5] - In Q1 2024, the company reported revenue of 2.325 billion yuan, a year-on-year increase of 21.33%, with net profit rising by 30.43% [4][5] - The company is benefiting from a reduction in white liquor costs, with a year-on-year decrease of 5.4% in cost per ton, attributed to reduced fixed asset depreciation [4][5] - The overall gross margin for 2023 increased by 3.3 percentage points, driven by the rising proportion of the "Dongcang" series [4][5] - The company has shown strong performance in the Anhui province, with a 31.5% year-on-year revenue increase in the province, while the revenue from outside the province grew by 6.9% [4][5] Summary by Sections Financial Performance - In 2023, the company achieved a net profit margin increase of 3.1 percentage points, attributed to product structure optimization and scale effects in expenses [4][5] - For 2024-2026, the company is projected to achieve revenues of 8.125 billion, 9.53 billion, and 10.926 billion yuan, with year-on-year growth rates of 20.9%, 17.3%, and 14.7% respectively [5][6] - The expected net profit for the same period is 2.872 billion, 3.498 billion, and 4.137 billion yuan, with growth rates of 25.5%, 21.8%, and 18.3% respectively [5][6] Market Trends - The company is experiencing a trend of consumption upgrade in Anhui province, which is expected to continue benefiting its operational quality [5] - The company has three key highlights: rapid growth of the "Dongcang" series, continuous product structure upgrade, and effective cost management and digital empowerment [5]