贵州茅台营收利润双千亿双增15% 净现比超过1倍全年将分红647亿

Core Viewpoint - The liquor industry is undergoing an adjustment period, yet Kweichow Moutai (600519.SH) has demonstrated its ability to navigate through cycles with better-than-expected operating performance [1] Financial Performance - In the 2024 annual report, Kweichow Moutai achieved an operating revenue of approximately 174.1 billion yuan, a year-on-year increase of 15.66%; total profit was about 119.6 billion yuan, up 15.41%; and net profit attributable to shareholders was around 86.2 billion yuan, growing by 15.38% [1][3] - The company has maintained double-digit growth in both revenue and profit for eight consecutive years since 2017 [1] - The operating cash flow reached 92.5 billion yuan, marking a historical high with a year-on-year growth of 38.85% and a net cash ratio of 1.07, indicating strong cash conversion efficiency [8] Product Performance - The flagship product, Feitian Moutai, generated revenue of 145.9 billion yuan, a year-on-year increase of 15.28%, with a gross margin of 94.06% [4] - The Moutai sauce-flavored series contributed significantly, achieving revenue of 24.7 billion yuan, up 19.65%, with Moutai 1935 sales reaching 12 billion yuan, becoming a super product [4] - International revenue surpassed 5 billion yuan for the first time, growing by 19.27% [4] Dividend Policy - Kweichow Moutai continues to implement a high cash dividend policy, with total dividends amounting to 64.7 billion yuan for the year [2][11] - Since its listing in 2001, the company has accumulated profits of 531.9 billion yuan and distributed cash dividends totaling 336.1 billion yuan, with an average dividend payout ratio of 63.19% [2][11] Brand Value - The brand value of Kweichow Moutai reached 87.3 billion USD, ranking first among liquor brands in the Kantar "BrandZ Most Valuable Chinese Brands" for seven consecutive years and second in the overall Chinese brand ranking [9] Marketing and Expansion - The marketing network of Kweichow Moutai covers 64 countries and regions across five continents [5] - The company has engaged in international promotional activities in various countries, enhancing its global presence [4]