Gelonghui, April 8 | According to Haitong International Research Report, Kweichow Moutai (600519.SH)'s revenue and profit in 2023 are slightly higher than previous guidelines, and the 2024 performance is highly deterministic, maintaining the company's “superior to the market” rating and target price of 2,050 yuan. In 2023, the company achieved total revenue of 150,56 billion yuan, +18% year-on-year; corresponding revenue for 4Q23 was about 45.24 billion yuan, +19.8% year-on-year, higher than market expectations. The company's business target for 2024 is a year-on-year increase in total revenue of about 15%. The strategy has been upgraded, emphasizing that terminals are king, and the digital planning is clear. At the same time, we will accelerate the construction of international terminals and continue to increase product innovation for Maotai's non-standard wine and cultural wine. The company raised prices for non-direct channel Maotai liquor and some non-standard liquors at the end of 2023, and there is a high degree of certainty that the 2024 performance will meet the standards.