Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7]. Core Views - The company is expected to face pressure on apparent profits due to impairment provisions in Q4 2024, with a projected revenue of 9.464 billion and a net profit of 44.45 million, reflecting a year-on-year decline of 6.49% and 81.11% respectively [1][4]. - The company is undergoing comprehensive reforms in 2025, focusing on product and channel adjustments to enhance operational quality and meet diverse consumer demands [4]. Revenue and Profitability - In 2024, the company achieved a revenue of 9.464 billion, down 6.49% year-on-year, with a net profit of 44.45 million, a significant drop of 81.11% [5]. - The gross margin and net profit margin for 2024 were 9.00% and 0.47%, respectively, showing a decline of 1.74 and 1.85 percentage points year-on-year [3]. Sales Performance - The company’s liquor revenue in 2024 was 8.760 billion, a decrease of 6.77% year-on-year, with sales volume at 7,923.96 thousand liters, down 2.05% [1][2]. - E-commerce sales showed significant growth, particularly in 2024, with a contribution of 2.092 billion, reflecting a year-on-year increase of 72.87% [2]. Future Projections - Revenue projections for 2025-2027 are 9.910 billion, 10.670 billion, and 11.192 billion, representing year-on-year growth rates of 4.71%, 7.67%, and 4.89% respectively [4]. - The net profit forecasts for the same period are 130.60 million, 177.30 million, and 234.47 million, indicating substantial recovery with growth rates of 193.84%, 35.76%, and 32.24% respectively [4]. Financial Metrics - The company’s EBITDA for 2024 is projected at 222.16 million, with a significant increase expected in subsequent years [5]. - The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are estimated at 51.00, 37.57, and 28.41 respectively, indicating a potential for improved valuation as profits recover [5].

Core Viewpoint - The company reported a significant decline in revenue and net profit for 2024, indicating potential challenges in its operational performance and market conditions [3][4]. Financial Performance - In 2024, the company achieved a revenue of 9.464 billion, a year-on-year decrease of 6.49%, and a net profit attributable to shareholders of 44 million, down 81.11% [3]. - The fourth quarter of 2024 saw a revenue of 1.633 billion, a decrease of 12.62% year-on-year, with a net profit of -123 million, compared to a profit of 4 million in the same period last year [3]. Profitability Metrics - The overall gross margin for 2024 was 9.00%, reflecting a decline of 1.75 percentage points year-on-year. In Q4 2024, the gross margin dropped to 4.16%, down 5.47 percentage points year-on-year [4]. - The operating expense ratio for 2024 was 7.54%, a decrease of 0.94 percentage points year-on-year. In Q4 2024, the expense ratio was 8.33%, down 1.31 percentage points year-on-year [4]. Strategic Initiatives - The company is enhancing its offline store competitiveness by developing 127 new Huazhi Wine 3.0 stores in 2024, aiming to provide a comprehensive consumer experience [5]. - Online sales channels have been strengthened, with e-commerce revenue reaching 2.092 billion, a year-on-year increase of 72.87% [5]. - The company has restructured its national market into 16 battle zones and established six support centers to enhance marketing strategies [5].

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 公司 2024 年 营收同比减少 6.49 %，归母净利润同比减少 81.11 % 公司公布 2024年 年 报： 2024 年 实现营业收入 94.64 亿元，同比减少 6.49 %， 实现归母净利润 0.44 亿 元，同比减少 81.11 %， 实现扣非归母净利润 0.25 亿元，同比减少 85.97 %。 单季度拆分来看， 4 Q2024实现营业收入1 6.33 亿元，同比减少 12.62 %， 实现归母净利润 -1.23 亿元， 上年同期为 0.04亿元 ， 实现扣非归母净利润 -1.24 亿元， 上年同期为 0.03亿元 。 公司 2024 年 综合毛利率下降 1.75 个百分点，期间费用率下降 0. 9 4个百分点 ...

Core Viewpoint - The company, Huazhi Wine (300755), has faced significant challenges in 2024 after achieving a revenue milestone of 10 billion yuan in 2023, with a notable decline in both revenue and net profit due to industry-wide adjustments and price drops in the premium liquor market [1][2][3]. Financial Performance - In 2024, Huazhi Wine reported a revenue of 9.464 billion yuan, a year-on-year decrease of 6.49%, and a net profit of 44.4459 million yuan, down 81.11% year-on-year [1]. - The company's cash flow from operating activities was 436 million yuan, reflecting a year-on-year increase of 54.23% [1]. - Quarterly revenue showed a continuous decline, with the second, third, and fourth quarters experiencing drops of 14.77%, 20.84%, and 12.62% respectively [1]. Revenue Composition - The decline in white liquor revenue was a significant factor in the overall revenue contraction, with white liquor sales at 8.76 billion yuan, down approximately 6.35 billion yuan or 6.77% from 2023 [2]. - Sales from imported spirits and wine also decreased, with revenues of 81 million yuan and 420 million yuan, down 43.75% and 13.68% year-on-year respectively [2]. - All major sales regions experienced revenue declines, with the Northwest region seeing the largest drop of 36.5% [2]. Strategic Adjustments - In response to performance pressures, the company is implementing cost-cutting measures, inventory optimization, and store upgrades [4]. - The company has initiated a "price protection" campaign to standardize pricing across channels and improve cash flow and product structure in B-end stores [4]. - Huazhi Wine has developed 127 new 3.0 stores, focusing on high-end products and enhancing the shopping experience for premium consumers [4]. Future Outlook - Analysts suggest that the company's growth will depend on increasing the proportion of high-margin products and achieving economies of scale [5]. - The introduction of self-owned brands is expected to enhance profitability, with plans to expand these brands to top 100 county stores [5]. - The company is also undergoing strategic adjustments, including personnel changes and digital transformation efforts, which may take time to yield results [5][6].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company experienced a revenue decline of 6.49% year-on-year in 2024, with total revenue reaching 9.464 billion yuan and a significant drop in net profit by 81.11% to 44 million yuan [1] - The company is focusing on enhancing its offline store competitiveness and has developed 127 new stores under the "华致酒行 3.0" model, while also achieving a 72.87% year-on-year growth in e-commerce revenue, totaling 2.092 billion yuan [3] - The report indicates a downward adjustment in profit forecasts for 2025 and 2026, with net profit estimates reduced by 52.9% and 48.2% respectively, while a new estimate for 2027 is introduced at 113 million yuan [4] Summary by Sections Financial Performance - In 2024, the company's comprehensive gross margin decreased by 1.75 percentage points to 9.00%, with a quarterly gross margin of 4.16% in Q4 2024, down 5.47 percentage points year-on-year [2] - The company’s operating income for 2024 was 9.464 billion yuan, with a year-on-year growth rate of -6.49% [5] - The net profit attributable to the parent company for 2024 was 44 million yuan, reflecting a year-on-year decline of 81.11% [5] Cost and Expense Management - The company's expense ratio decreased by 0.94 percentage points to 7.54% in 2024, with specific changes in sales, management, and financial expense ratios [2] - The sales expense ratio for 2024 was 5.38%, down 1.05 percentage points year-on-year [2] Strategic Initiatives - The company is implementing a multi-channel strategy, enhancing its offline store competitiveness and optimizing its organizational structure by dividing the national market into 16 battle zones and establishing six support centers [3] - The report highlights the company's efforts in brand building, product supply, marketing planning, and operational management to attract partners [3]

4月21日举行的华致酒行2024年度网上业绩说明会上，华致酒行董事长吴向东回应21世纪经济报道记者 提问时表示。 "酒类流通股龙头"华致酒行上周披露了2024年年报，去年实现收入94.64亿元、归母净利润约4444万 元，营收仅次于2023年仍保持在高位，但盈利出现了较大幅度下滑，引起外界关注。2019年上市以来， 去年是华致酒行年盈利首次不到1亿元。 众所周知的背景是，白酒产品价格普遍倒挂，去年开始白酒生产企业也普遍降速、降低增长目标，以销 售为主的渠道商自然无法避免。 21世纪经济报道记者肖夏 重庆报道 "中国酒类行业依旧具有广阔的发展空间，公司依然看好酒类流通领域赛道，公司的长期价值会聚焦于 名酒保真、供应链服务以及连锁门店、高性价比产品开发和培育方面。 " 但在这一客观因素之外，华致酒行指出，公司调整策略主动去库存，同时基于谨慎性原则计提了存货跌 价。 年报数据支持了这一说法。去年华致酒行资产减值约3930万元，占到利润总额的四成以上。同时白酒库 存量下降了10.9%，全年存货余额也稍有下滑。 | | 金额 | 占利润总额比例 | 形成原因说明 | 是否具有可 持续性 | | --- | --- | ...

Core Viewpoint - The financial performance of Huazhi Wine has significantly declined in 2024, with major drops in revenue and net profit, indicating challenges in the liquor industry cycle [1][4][6]. Financial Performance - Total revenue for Huazhi Wine in 2024 was 9.464 billion yuan, a year-on-year decrease of 6.49% [1][4]. - Net profit attributable to shareholders was 44 million yuan, down 81.11% year-on-year [1][4]. - Non-recurring net profit was 25.1735 million yuan, a decline of 85.97% compared to the previous year [1][4]. - In Q4 2024, revenue was 1.633 billion yuan, a 12.62% decrease year-on-year, with a net loss of 123 million yuan [4][6]. - The gross profit margin in Q4 was only 4.14%, the lowest since the company went public [4]. Inventory and Impairment - The inventory impairment provision doubled to 60.8373 million yuan by the end of 2024, reflecting vulnerability to price fluctuations in the liquor market [4][5]. Market Position and Strategy - Despite efforts in channel development and brand promotion, including the opening of 127 new Huazhi Wine 3.0 stores, these initiatives did not reverse the declining trend in performance [5]. - Revenue from white wine, red wine, and imported spirits fell by 6.77%, 13.68%, and 43.75% respectively, with a notable decrease in the gross margin of white wine by approximately 2 percentage points [5]. Industry Challenges - The liquor industry is undergoing cyclical adjustments, with declining prices in major liquor markets leading to reduced gross margins and slight revenue declines [6]. - The rise of e-commerce and new sales formats is intensifying competition, prompting traditional distributors to initiate business transformations [6]. - The company plans to accelerate digital marketing and develop retail channels to meet diverse consumer needs, but faces significant uncertainty in achieving a recovery in 2025 [6].

Core Insights - The core viewpoint of the article highlights that Huazhi Wine's 2024 financial report reveals the first decline in both revenue and net profit since its listing, with net profit dropping over 80% [4][6]. Financial Performance - In 2024, Huazhi Wine reported revenue of approximately 9.464 billion yuan, a year-on-year decrease of 6.49% [4]. - The net profit for the same year was about 44.4459 million yuan, reflecting a significant decline of 81.11% compared to the previous year [4]. - The fourth quarter of 2024 saw revenue of 1.633 billion yuan, down 12.62% year-on-year, with a net profit of -123 million yuan, indicating a loss [4]. - Revenue from various product lines in 2024 included 8.76 billion yuan from white wine, 81 million yuan from imported spirits, and 420 million yuan from wine, with respective declines of 6.77%, 43.75%, and 13.68% [4]. Regional Performance - Revenue across all major sales regions declined, with East China at 2.903 billion yuan (down 9.19%), South China at 1.371 billion yuan (down 1.88%), North China at 1.026 billion yuan (down 24.58%), Central China at 913 million yuan (down 25.94%), Southwest at 567 million yuan (down 33.14%), Northeast at 302 million yuan (down 28.76%), and Northwest at 284 million yuan (down 36.5%) [5]. Industry Challenges - The decline in Huazhi Wine's performance reflects broader pressures in the white wine industry, characterized by low profit margins and sluggish product movement [6]. - The continuous drop in white wine prices, such as the price of Feitian Moutai falling from around 2,900 yuan per bottle to below 2,000 yuan, has further impacted the company's revenue [7]. - Increased competition from e-commerce platforms and live-streaming sales has posed significant challenges to traditional wine distribution companies like Huazhi Wine [7]. Strategic Reforms - In response to industry pressures, Huazhi Wine has initiated a series of reforms, focusing on inventory reduction, sales promotion, price stabilization, structural adjustment, team strengthening, and model optimization [8]. - The company has introduced three new business models: Huazhi Wine, Huazhi (Famous) Wine Cellar, and Huazhi Preferred, aiming to enhance its O2O and instant retail capabilities [9]. - Long-term strategies include building a supply chain service platform to solidify core competitiveness and meet diverse consumer demands [9][10].

转向啤酒、预调酒等价格更低的替代品。尼尔森市场调研数据表明，2024 年啤酒、预调酒等品类销量较上年 有 5 - 8% 的增长，而中低端白酒销量出现 3 - 5% 的下滑。 同时，受全球经济波动和国内产业结构调整影响，企业商务宴请、礼品消费需求较疫情前仍显低迷。中国酒 业协会数据显示，高端白酒在商务宴请和礼品市场的需求规模，2024 年相比 2019 年疫情前下降了约 20%， 增速明显放缓。华致酒行 2024 年白酒营业收入 87.6 亿元，较 2023 年减少约 6.35 亿元，下滑幅度约 6.77% 。从地区销售来看，主要销售区域收入亦全线下滑，华东地区实现营收 29.03 亿元，同比减少 9.19%；华南 地区 13.71 亿元，同比减少 1.88%；华北地区 10.26 亿元，同比减少 24.58% 等 。 行业竞争层面 华致酒行2024年财报显示，其总营收为 94.64 亿元，同比下降 6.49%；归母净利润 4445 万元，同比大幅下滑 81.11%。这一成绩与前几年相比，落差明显。回顾近几年业绩，2020 年总营收 49.41 亿元，归母净利润 3.73 亿元；2021 年总营收 74.60 ...

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, indicating challenges in the industry and the need for internal adjustments to enhance supply chain advantages and stabilize brand partnerships [1][2]. Financial Performance - In 2024, the company achieved revenue of 9.464 billion, a year-on-year decrease of 6.5% - The net profit attributable to shareholders was 44 million, down 81.1% year-on-year - The net profit excluding non-recurring items was 25 million, a decrease of 86.0% year-on-year - For Q4 2024, revenue was 1.633 billion, down 12.6% year-on-year, with a net loss of 123 million compared to a profit of 4 million in the same period last year [1]. Product Performance - Revenue from different product categories in 2024 was as follows: Baijiu at 8.760 billion (down 6.8%), wine at 420 million (down 13.7%), and imported spirits at 81 million (down 43.7%) [1]. - The company is focusing on stabilizing partnerships with leading brands while enhancing strategic collaborations with regional liquor companies and premium brands [1]. Cost and Profitability - The overall gross margin for 2024 was 9.0%, a decrease of 1.7 percentage points year-on-year, with Q4 gross margin at 4.1%, down 5.5 percentage points year-on-year - The decline in gross margin is attributed to industry cyclicality and pressure on prices of core products [2]. - The company improved its sales and management expense ratios, achieving a sales expense ratio of 5.4% and a management expense ratio of 1.6% for 2024 [2]. Strategic Initiatives - The company is enhancing its retail and group purchase store formats, with three types of stores: Huazhi Wine House, Huazhi Famous Wine Library, and Huazhi Preferred, focusing on brand authenticity and consumer convenience [3]. - The company aims to strengthen its brand and supply chain service platform, with internal adjustments completed under the new management since October 2024 [3]. Future Outlook - The company forecasts revenue of 9.877 billion and 10.434 billion for 2025 and 2026, representing year-on-year growth of 4.4% and 5.6% respectively - Expected net profit for 2025 and 2026 is 72 million and 125 million, indicating a turnaround and a 74.0% increase in 2026 [4].