KWEICHOW MOUTAI(SH:600519) Zheng Quan Shi Bao Wang·2025-04-03 08:51Core Viewpoint - The liquor industry, particularly represented by Kweichow Moutai, is facing challenges such as demand contraction, supply shocks, and weakened expectations, yet the company has reported stable growth in its 2024 annual report, achieving a revenue target of approximately 15% growth compared to the previous year [1] Financial Performance - Kweichow Moutai achieved a revenue of 174.14 billion yuan in 2024, marking a year-on-year increase of 15.66%, driven by increased product sales and price adjustments [3] - The company's net profit for 2024 reached 86.23 billion yuan, reflecting a 15.38% year-on-year growth, with a continuous increase in net profit for eight consecutive years [3] - Cash flow net amount reached a record high of 92.46 billion yuan in 2024, up nearly 40% from the previous year, indicating strong operational capabilities [5] Dividend Policy - Kweichow Moutai has a robust dividend policy, with a proposed cash dividend of 276.24 yuan per 10 shares for 2024, totaling approximately 34.67 billion yuan, contributing to a cumulative dividend exceeding 336 billion yuan since its listing [7][8] - The company plans to distribute at least 75% of its net profit as cash dividends annually from 2024 to 2026, positioning itself as a leader in the food and beverage industry for dividend payouts [8] Product Structure and Growth - The revenue from Moutai liquor reached approximately 146 billion yuan in 2024, while series liquor revenue stood at around 24.68 billion yuan, indicating a growing importance of series liquor as a significant growth driver [10][11] - Series liquor has shown a revenue growth rate of 19.65% in 2024, surpassing the growth rate of Moutai liquor, highlighting a shift in consumer preferences [10] International Expansion - Kweichow Moutai's international revenue reached 5.19 billion yuan in 2024, a year-on-year increase of 19.27%, reflecting the company's successful efforts in expanding its global footprint [12] - The company has set ambitious goals for international markets, aiming to enhance its global presence and brand recognition by 2035 [13] Market Confidence - The company's pre-receivables remained stable at 10.81 billion yuan by the end of 2024, indicating strong confidence from distributors and a solid demand outlook [15]