贵州茅台2024年财报亮点：净利862亿，2025增速目标调低至9%

Core Viewpoint - Guizhou Moutai has reported significant performance growth in its 2024 financial report, with total revenue reaching 174.144 billion yuan, a year-on-year increase of 15.66% [1] Group 1: Financial Performance - The company's operating income for 2024 was 170.899 billion yuan, up 15.71% year-on-year, while net profit attributable to the parent company was 86.228 billion yuan, reflecting a 15.38% increase [1] - Moutai announced a generous dividend plan, distributing 238.82 yuan per 10 shares (including tax), totaling 34.67 billion yuan, leading to a total cash dividend of 64.67 billion yuan for 2024, with a dividend payout ratio of 75% [1] Group 2: Product Performance - The growth in revenue was primarily driven by the increase in sales volume and price adjustments of Moutai liquor, with the average ex-factory price raised by approximately 20% to about 1,169 yuan per bottle [2] - Moutai liquor achieved revenue of 145.928 billion yuan in 2024, a year-on-year increase of 15.28%, with a gross margin of 94.06% [2] Group 3: Series Liquor Growth - Series liquor became a new growth driver, generating revenue of 24.684 billion yuan in 2024, up 19.65%, outpacing Moutai liquor's growth [3] - The production volume for Moutai liquor was 56,300 tons, a decrease of 1.63%, while sales volume increased by 10.22% to 46,400 tons [3] Group 4: Production Capacity and Channels - The designed production capacity for Moutai liquor in 2024 is 44,595 tons, with an increase of 1,800 tons, set to be operational in October 2024 [4] - The revenue from wholesale and agency channels reached 95.769 billion yuan, a year-on-year increase of 19.73%, while direct sales revenue was 74.843 billion yuan, up 11.32% [4] Group 5: International Market and Marketing Strategy - In 2024, Guizhou Moutai achieved revenue of 5.189 billion yuan in international markets, a year-on-year increase of 19.27%, surpassing domestic market growth [5] - The company has adjusted its marketing strategy, with sales expenses rising to 5.639 billion yuan, an increase of 21.31%, indicating a shift towards more refined cost control [5]