2024年，宁德时代反超贵州茅台成为公募基金第一大重仓股，持股总市值达1785.75亿元，被2861只基 金共同持有。 | 排名 | 股票名称 | 持股市值(亿元) | 持有基金 | 所属行业 | | --- | --- | --- | --- | --- | | | | | 数量 | | | 1 | 腾讯控股 | 598.01 | 1,325 | 信息技术 | | 2 | 美团-W | 252.47 | 699 | 可选消费 | | 3 | 阿里巴巴- | 230.08 | 640 | 可选消费 | | | W | | | | | 4 | 小米集团- | 210.38 | 604 | 信息技术 | | | W | | | | | 5 | 中国海洋石 | 181.65 | 552 | 能源 | | | 潤 | | | | | ୧ | 中国移动 | 156.77 | 472 | 电信服务 | | 7 | 中芯国际 | 101.78 | 513 | 信息技术 | | 8 | 吉利汽车 | 69.42 | 428 | 可选消费 | | 9 | 理想汽车- | 54.60 | | 268 可选消费 | | | W | ...

即时零售将成为品牌导流的重要入口，或将持续压减传统渠道商、终端门店生存空间，集中度提速 (1)品牌产品、区域成熟度已然较高，持续的场景需求收缩环境下，以控盘分利、控价分利、固化利润 等措施维持现有规模体量的渠道主体合理稳定利润分配将受到挑战; (2)逐步年轻化的消费者结构，在美团、叮咚、朴朴超市等本地生活的及时配送的便利性培育下，即时 配送的消费习惯已养成，达成酒类下单并无实质性障碍; 总的来看，第一，无场景不消费，白酒是个典型的场景性消费品，不需要去过多讨论白酒年轻化问题， 供给创新被提上日程;第二，白酒行业经销商和终端门店的重要性不言而喻，但未来的数量或将被持续 压减。第三，2025年行业以来供给相对克制，需求场景逐步触底，渠道维持低毛利，追求高周转。3月 25-27日第112届成都糖酒会展示新品、招商交易功能继续弱化，趋势论坛与新类目商品展示继续强化。 观察1 (3)即时零售解决了传统电商的两个难点，一是即时性销售配送，过往企业O2O尝试多受制于单一品牌 流量;二是企业电商部门与线下销售区域间的分利冲突，从对抗变为赋能导流。(京东、猫超等传统官旗 店线上价格标杆多高于线下，独立的电商部门对销区多有业绩分 ...

证券代码：600519 证券简称：贵州茅台 公告编号：临 2025-013 贵州茅台酒股份有限公司 重要内容提示： | 回购方案首次披露日 | 2024/9/21 | | --- | --- | | 回购方案实施期限 | 公司股东大会审议通过回购方案之日起 12 个月内 | | 预计回购金额 | 人民币 30亿元（含）～人民币 60亿元（含） √减少注册资本 | | 回购用途 | □用于员工持股计划或股权激励 □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 1,315,901股 | | 累计已回购股数占总 | 0.1048% | | 股本比例 | | | 累计已回购金额 | 1,948,495,151.53 元 | | 实际回购价格区间 | 1,417.01元/股～1,584.06元/股 | 一、回购股份的基本情况 贵州茅台酒股份有限公司（以下简称"公司"）于 2024 年 11 月 27 日召开 2024 年第一次临时股东大会，审议通过了《关于以集中竞价交易 方式回购公司股份的方案》，并于 2024 年 12 月 28 日披露了《关于以集中 1 竞价交易方式回购公司 ...

April 2, 2025 05:00 PM GMT Kweichow Moutai Company Ltd. | Asia Pacific 2024 Results in Line; 9% Sales Growth Target Set for 2025 Reaction to earnings Unchanged In-line Largely unchanged Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Key Takeaways Headline numbers (growth of 15.9% in sales and 15.4% in earnings in 2024) were in line vs. its preliminary results of 15.4% sales growth. Moutai's 2025 sales growth target of 9% (15% in 2024) reflects a balanced vie ...

食品饮料/白酒Ⅱ 贵州茅台（600519.SH） 2024 年营收利润高增，2025 年定调合理积极 2025 年 04 月 07 日 投资评级：买入（维持） | 日期 | 2025/4/3 | | --- | --- | | 当前股价(元) | 1,568.88 | | 一年最高最低(元) | 1,910.00/1,245.8 | | | 3 | | 总市值(亿元) | 19,708.24 | | 流通市值(亿元) | 19,708.24 | | 总股本(亿股) | 12.56 | | 流通股本(亿股) | 12.56 | | 近 3 个月换手率(%) | 14.19 | 股价走势图 数据来源：聚源 -36% -24% -12% 0% 12% 24% 2024-04 2024-08 2024-12 贵州茅台 沪深300 相关研究报告 《锚定全年目标，业绩平稳符合预期 —公司信息更新报告》-2024.10.29 《业绩好于预期，分红方案诚意十足 —公司信息更新报告》-2024.8.12 《收入高增势头不减，市场化改革进 程持续 — 公 司 信 息 更 新 报 告 》 -2024.5.1 | 张宇光（分析师） ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][17] Core Views - The company is expected to achieve a revenue growth target of 9% for 2025, with a positive outlook for the upcoming years despite a slight adjustment in profit forecasts due to a slow recovery in liquor consumption [6][7] - The company reported a total revenue of 174.1 billion yuan for 2024, representing a year-on-year increase of 15.7%, and a net profit of 86.2 billion yuan, up 15.4% year-on-year, aligning with market expectations [6][9] - The company aims to maintain stable pricing for its flagship products while optimizing its product and channel structures to ensure continued growth [6][8] Financial Performance Summary - For 2024, the company achieved a gross margin of 92.1%, with a net profit margin of 51.3%, indicating stable profitability [9][11] - The projected net profits for 2025, 2026, and 2027 are 95.6 billion yuan, 105.9 billion yuan, and 114.4 billion yuan, respectively, with year-on-year growth rates of 10.9%, 10.7%, and 8.1% [6][11] - The earnings per share (EPS) for 2025 is estimated at 76.10 yuan, with corresponding price-to-earnings (P/E) ratios of 20.6, 18.6, and 17.2 for 2025, 2026, and 2027 [6][11][14] Revenue Breakdown - In 2024, the company generated revenue of 145.9 billion yuan from its flagship liquor and 24.7 billion yuan from its series liquor, with year-on-year growth rates of 15.3% and 19.7%, respectively [7][8] - The wholesale channel outperformed the direct sales channel, with revenues of 95.8 billion yuan and 74.8 billion yuan, reflecting year-on-year increases of 19.7% and 11.3% [8][9] Market Strategy - The company is actively optimizing its channel structure to address supply-demand mismatches, expanding beyond traditional distributors to include restaurants, supermarkets, and e-commerce platforms [8][9] - The company is focusing on maintaining a stable price for its flagship products while increasing market share through enhanced product offerings and strategic channel management [6][7]

4月2日晚间，贵州茅台发布2024年年度报告。报告显示，去年贵州茅台实现营业总收入1741.44亿元， 同比增长15.66%；营业收入1708.99亿元，同比增长15.71%；归母净利润为862.28亿元，同比增长 15.38%。据计算，去年贵州茅台日赚约3.28亿元。 继顺利达成2023年营收增长15%的目标后，2024年贵州茅台再次完成全年营收增长15%左右的经营目 标，业绩符合预期。值得关注的是，贵州茅台过往十年（2015年至2024年）年报显示，其营业目标均完 成或超出预期，这也显示出了作为A股"股王"的贵州茅台有着强大的穿越周期的实力。 经营活动净现金流同比大增38.85%，以高分红回馈股东 年报显示，2024年，茅台酱香系列酒实现营收246.84亿元，同比增长19.65%，占营业收入的14.47%，其 中，茅台1935、茅台王子酒贡献主要增量——茅台1935上市3年累计营收突破200亿元，单年增速超 30%；茅台王子酒在200元-500元大众价格带市占率提升至18.7%。这一数据也从侧面反映了贵州茅台集 团高端化战略已见成效，同时，汉酱酒、赖茅酒等次高端产品线增速达22%，与茅台1935形成"一体 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a total operating revenue of 174.14 billion yuan in 2024, representing a year-on-year increase of 15.66%, and a net profit attributable to shareholders of 86.23 billion yuan, up 15.38% year-on-year, aligning with market expectations [2][3] - The company plans a modest increase in domestic market supply for 2025, aiming to stabilize market prices while addressing diverse consumer needs through new product launches [7][10] Financial Performance - In 2024, the company reported a gross margin of 91.93% and a net margin of 52.27%, indicating stable profitability despite slight declines in these metrics [6] - The company’s revenue from Moutai liquor and other series reached 145.93 billion yuan and 24.68 billion yuan respectively, with year-on-year growth rates of 15.28% and 19.65% [4] - The company’s earnings per share (EPS) for 2025 is projected to be 74.54 yuan, with a net profit forecast of 93.64 billion yuan, reflecting a year-on-year growth of 8.6% [12][10] Product and Market Strategy - The company is expanding its distribution network for the sauce-flavored liquor, with wholesale and direct sales revenues increasing by 19.73% and 11.32% respectively in 2024 [5] - The company plans to adjust its product offerings in 2025, focusing on high-value products and enhancing its presence in the catering market [8][9] Future Outlook - The company aims for a revenue growth of approximately 9% in 2025, with a focus on maintaining the market price stability of its flagship product, the 53°500ml Moutai liquor [10] - The company is actively pursuing consumer engagement strategies to adapt to changing market dynamics and consumer preferences [9]

2025 年 4 月 6 日 公司研究 业绩略超预告，25 年目标理性务实 ——贵州茅台（600519.SH）2024 年年报点评 要点 事件：贵州茅台发布 2024 年年报，24 年实现营业总收入 1741.44 亿元、同比 增长 15.66%，实现归母净利润 862.28 亿元、同比增长 15.38%，公司年初已发 布 24 年度生产经营公告，利润端表现略超此前预告。24Q4 单季总营收 510.22 亿元、同比增长 12.77%，归母净利润 254.01 亿元、同比增长 16.21%。公司拟 每 10 股派发现金红利 276.24 元（含税），合计派发现金红利 346.71 亿元（含 税），加上此前中期分红 300 亿元（含税），24 年累计分红 646.71 亿元（含税）、 对应分红率 75%。 24 年收入略超此前预告。公司 24 年全年营收实现 15.7%的同比增幅、略超此 前预告。1）产品端，24 年茅台酒/系列酒分别实现营收 1459.28/246.84 亿元， 同比增加 15.28%/19.65 %。拆分量价看，24 年茅台酒销量/均价分别同比 +10.22%/+4.58%，24Q4 单季营 ...