deuceswildpowerpoker|五粮液(000858)：23年稳健增长分红比例提升

Home 2024年05月05日 12:18 5 editor

Event: the company achieved revenue of 832 in 2023Deuceswildpowerpoker70 million yuanDeuceswildpowerpoker, year-on-year + 12Deuceswildpowerpoker.6%DeuceswildpowerpokerThe net profit of return to the mother was 30.21 billion yuan, + 13.2% compared with the same period last year, of which 23 single Q4 realized income of 20.74 billion yuan, + 14.0% compared with the same period last year, and the net profit of return to the mother was 7.38 billion yuan, + 10.1% compared with the same period last year. In addition, the company plans to distribute a cash dividend of 46.7 yuan (including tax) for every 10 shares, with a dividend payment rate of 60%. 24Q1 realized revenue of 34.83 billion yuan, year-on-year + 11.9%, net profit of 14.05 billion yuan, year-on-year + 12.0% Q1 revenue and profit in line with market expectations. In 23 years, the growth target was successfully achieved, and 24Q1 got off to a good start. 1. By product, the income of Wuliangye products in 23 was 62.8 billion yuan, + 13.5% compared with the same period last year, and the sales volume / tonnage price was + 18.0% and 3.8% respectively. Among them, the healthy volume of eight generations of Pu, 1618 and low increased rapidly under the pull of sweeping code red packets. The revenue of the series wine reached 13.64 billion yuan, + 11.6% compared with the same period last year, and the sales volume / tonnage price of the series wine increased by + 27.6% and 12.6% respectively. 2. In the past 23 years, the revenue of distribution and direct sales reached 45.99 billion yuan (+ 13.6%) and 30.46 billion yuan (+ 12.5%) respectively. The company actively builds group buying and online channels and constantly optimizes the channel structure. In addition, in 23, Wuliangye brand added 81 dealers to 2570, Wuliangxiang added 159dealers to 814. 3. Thanks to the recovery of the consumption scene and the increase in the number of people returning to their hometown during the Spring Festival, the banquet and gift market during the Spring Festival was enthusiastic, the demand for the five-year Plan was strong, and the movable sales performed best in the price of 1000 yuan, helping the company to get off to a good start. Profitability remained stable and cash flow was slightly under pressure. In 1 and 23 years, the company's gross profit margin increased by 0.4 percentage points to 75.8%; the overall expense rate decreased by 0.2 percentage points to 10.8%, of which the sales expense rate increased by 0.1 percentage point, the management expense rate decreased by 0.2%, and the annual net profit rate was 37.9%. Month-on-month is basically the same as 22 years, profitability remains stable. 2. The gross profit margin of 24Q1 is the same as that of the same period last year, the rate of sales expenses increased by 0.8%, the rate of management expenses decreased by 0.5%, and the net profit rate of 24Q1 was 42.0%, basically the same as the same period last year. 3. 24Q1 sales cash received 21.77 billion yuan,-24.0% compared with the same period last year; the net operating cash flow was 520 million yuan,-94.6% compared with the same period last year, mainly due to the company's multi-measures to support dealers, the collection of more bank acceptance drafts, and the combined effect of lower cash collection due; as of the end of 24Q1, the contract liability was 5.05 billion yuan,-8.8% compared with the same period last year. Continue the double-digit growth target for 24 years and develop steadily with price first. 1. In 2023, under the background of weak external demand and intensified market competition, the company's revenue exceeded the double-digit growth target set at the beginning of the year by + 12.6% compared with the same period last year. Showing strong growth resilience. In 2 and 24, the company's volume and price strategy is clear, take the initiative to reduce the quantity of traditional dealers by about 20%, resolutely control goods and investigate and deal with defective goods, promote prices to go up and restore channel confidence, the current wholesale price is maintained at about 940 yuan, inventory is kept at a reasonable low level. 3. In 2024, the company set a double-digit growth target for total revenue. Thanks to a good start, 1618 and low volume, and accelerated growth of Wuliangxiang, the annual double-digit growth target is high. Profit forecast and investment advice. It is estimated that the EPS from 2024 to 2026 is 8.94,10.05,11.42 yuan respectively, and the corresponding dynamic PE is 17 times, 15 times and 13 times respectively. The company is the absolute leader of the thousand yuan price, the certainty of steady growth is high, the allocation value is highlighted after the dividend ratio is increased, and the "buy" rating is maintained. 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.