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口子窖2024年营收60亿元,白酒库存量同比增长27%

Core Viewpoint - The company reported a slight increase in revenue for 2024, but a decline in net profit, indicating challenges in the white liquor industry due to economic pressures and high inventory levels [1][2]. Financial Performance - In 2024, the company achieved revenue of 6.015 billion yuan, a year-on-year increase of 0.89%, while total profit decreased by 2.32% to 2.274 billion yuan, and net profit attributable to shareholders fell by 3.83% to 1.655 billion yuan [1][2]. - For Q1 2024, the company reported revenue of 1.81 billion yuan, a growth of 2.42%, with total profit at 812 million yuan, up 1.83%, and net profit at 610 million yuan, an increase of 3.59% [1]. Product Performance - High-end liquor generated revenue of 5.681 billion yuan in 2024, a slight increase of 0.06%, accounting for 96.68% of total liquor revenue, with a gross margin of 75.65%, down 0.22 percentage points [4]. Market Strategy - The company is focusing on enhancing its market presence in both domestic and provincial markets, with different strategies for each. In the domestic market, it aims to deepen its penetration in county and town markets, while in provincial markets, it is optimizing resource allocation and expanding marketing efforts [5]. - The company plans to establish an operations center in Shanghai to accelerate its provincial market expansion and increase market share [5]. Inventory and Production - The company reported a significant increase in inventory levels, with a total of 8,145.5 thousand liters, reflecting a growth of 27.36%, which is higher than the production and sales growth rates [5]. - The company’s production capacity for 2024 is designed at 80,000 kiloliters, with actual production at 3,950 kiloliters [5]. Cash Flow and Dividends - The operating cash flow for the company reached 1.459 billion yuan, showing a substantial increase of 60.24% [2]. - The company plans to distribute a cash dividend of 13 yuan per 10 shares, totaling 778 million yuan [6].