KWEICHOW MOUTAI(600519) 搜狐财经·2025-04-03 11:55Core Viewpoint - Guizhou Moutai has demonstrated strong growth resilience during the industry adjustment period, achieving double-digit growth in both revenue and profit despite a challenging market environment [1][20]. Financial Performance - In 2024, Guizhou Moutai reported total revenue of 174.144 billion yuan, a year-on-year increase of 15.71%, and a total profit of 86.228 billion yuan, up 15.38% [1]. - The revenue from Moutai liquor, a key product, reached approximately 145.928 billion yuan, reflecting a growth of about 15.28% [1]. - The Moutai sauce-flavor series generated around 24.684 billion yuan in revenue, marking a growth of approximately 19.65% [1]. Market Dynamics - The white liquor industry has faced demand weakness due to consumption decline and demographic shifts, yet Guizhou Moutai has maintained steady growth through market-oriented strategies [1][20]. - The company is navigating a "three-phase overlap" involving macroeconomic, industry, and internal development cycles, with a focus on adapting to market changes [3][20]. Strategic Adjustments - Guizhou Moutai plans to adjust product structures and focus on core products to stabilize prices, particularly for its flagship Moutai liquor [4]. - The company aims to enhance its sauce-flavor liquor segment, with Moutai 1935 as the core product, targeting the establishment of three billion-yuan business units [5][6]. Channel Development - The company is pursuing a "new business" transformation to explore broader consumption scenarios and is actively engaging with emerging industries [7]. - Guizhou Moutai is constructing a "4+6" channel system to enhance consumer reach, with direct sales and wholesale channels contributing 74.843 billion yuan and 95.769 billion yuan in revenue, respectively [7]. Market Feedback - Since the Spring Festival, Moutai liquor has seen strong sales performance, exceeding expectations, with stable market prices [8][10]. - Third-party industry monitoring indicates a recovery in prices for Moutai liquor starting from early March 2025 [9]. Investor Relations and Market Confidence - Guizhou Moutai's pre-receivable accounts stood at 9.592 billion yuan at the end of 2024, indicating strong confidence from distribution channels regarding future growth [12]. - The company has implemented various shareholder return strategies, including cash dividends totaling 34.7 billion yuan, reflecting a commitment to enhancing shareholder value [1][22]. Long-term Outlook - Analysts predict that Guizhou Moutai will achieve a revenue growth of 14.45% and a net profit growth of 15.3% in 2025, positioning it to become the first liquor company in China to reach 200 billion yuan in sales [14][15]. - The company is leveraging its strong brand value, which was ranked 24th in Brand Finance's 2024 global brand value list, to maintain competitive advantages [17].