freeplayroulette| Luzhou Laojiao (000568): Successful conclusion in 23 years and continued high growth in 24Q1

EventFreeplayrouletteThe company achieved 302 revenue in 2023Freeplayroulette.3 billion yuan, + 20.3% compared with the same period last year, the net profit returned to the mother was 13.25 billion yuan, + 27.8% compared with the same period last year, of which 23 single Q4 realized income of 8.29 billion yuan, + 9.1% compared with the same period last year, and the net profit was 2.68 billion yuan, + 24.8% over the same period last year. In addition, the company plans to pay a cash dividend of 54.0 yuan (including tax) for every 10 shares. 24Q1 realized revenue of 9.19 billion yuan, + 20.7% year-on-year, and net profit of 4.57 billion yuan, which was in line with market expectations. Guojiao and Tequ grew steadily and ended successfully in 2023. 1. Under the background of the slow recovery of external demand in 2023, the company strengthened consumer cultivation and channel construction. National cellar, special song version 60, headsong and other products achieved relatively rapid growth, with 23 years' income + 20.3% compared with the same period last year, exceeding the target of 15% income growth set at the beginning of the year. 24Q1 revenue growth rate of 20.7%, successfully achieved a good start, growth resilience continued to verify. 2. by product, the income of high-end wine in the middle of 23 years was 26.84 billion yuan, + 21.3% compared with the same period last year. It is expected that the high-end national cellar will achieve steady growth, and the performance of the 60 edition of Tequ is outstanding; the income of other wines will be 3.24 billion yuan, + 22.9% compared with the same period last year, mainly due to the rapid growth of Touqu and Heigai. 3. In the past 23 years, traditional channels and emerging channels have achieved revenue of 28.66 billion yuan (+ 23.0%) and 1.42 billion yuan (- 3.0%) respectively. In addition, there are 1710 dealers in the country in the past 23 years, and the volume of domestic single merchants has increased steadily from + 19.9% to 17.58 million yuan compared with the same period last year. The profitability has improved steadily and the cash flow has performed well. In 2001 and 23, the company's gross profit margin rose 1.7 percentage points to 88.3% compared with the same period last year, mainly due to a sharp increase in ton prices. In terms of expense rate, in 23 years, the sales expense rate decreased by 0.6 percentage points to 13.1% compared with the same period last year, the management expense rate decreased by 0.9 percentage points to 3.8%, and the overall expense rate decreased by 1.6 percentage points to 16.4%. The annual net interest rate increased by 2.5 percentage points to 44.0%, and profitability increased steadily. 2. 24Q1 gross profit margin increased by 0.3 percentage point to 88.4%. In terms of expense rate, the 24Q1 sales expense rate decreased by 1.2%, of which the management expense rate decreased by 0.8%, and the net interest rate increased by 0.9% to 49.8%. 3. 24Q1 sales received 10.64 billion yuan, + 32.3% compared with the same period last year; as of the end of 24Q1, the contract debt was 2.53 billion yuan, + 46.9% year-on-year, and the cash flow performance was excellent. We have successfully made a good start, and our competitive advantage has been continuously enhanced. 1. In 2024, the company set a growth target of no less than 15% growth in total revenue, and the revenue side of 24Q1 grew by 20.7% over the same period last year, achieving a good start with high quality and making a good start to achieving the target for the whole year. 2. Under the background that the liquor industry is in a weak cycle, the management of the company has taken the initiative to launch the "five-in-one" system in 23 years, and through key projects such as "Spring Thunder Action", "Autumn Harvest Action", "hundred cities Plan" and other key projects, continue to consolidate channels and consumers' basic market, and effectively seize market share. 3. Under the leadership of excellent management, the company is forming a systematic and systematic comprehensive competitive advantage, with both growth and certainty, and has full potential for long-term development. Profit forecast and investment advice. It is estimated that the EPS from 2024 to 2026 is 11.20,13.61,16.29yuan respectively, and the corresponding PE is 17,14,11 times respectively. National cellar brand potential energy to accelerate the release, equity incentives to release operating potential energy, sustained and steady growth is expected to maintain the "buy" rating. Risk hint: economic recovery may not be as expected, and market competition aggravates the risk. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.

[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.