泸州老窖净利134.7亿十连增 中高档酒类营收275.85亿占88%

Core Viewpoint - Luzhou Laojiao has achieved a decade of continuous growth in both revenue and net profit, marking a significant milestone in its financial performance [1][3][7]. Financial Performance - In 2024, Luzhou Laojiao reported a revenue of 31.196 billion yuan, an increase of 3.19% year-on-year, and a net profit of 13.473 billion yuan, up 1.71%, both reaching historical highs [1][2]. - The company's liquor revenue reached 31.053 billion yuan, growing by 3.24%, while other income decreased by 7.97% to 1.436 billion yuan [3]. - The gross profit margin for the overall company was 87.54%, with the gross margin for mid-to-high-end liquor at 91.85% [4]. Product Performance - Mid-to-high-end liquor generated a revenue of 27.585 billion yuan, representing a 2.77% increase and accounting for 88.43% of total revenue [1][3]. - The production of mid-to-high-end liquor increased by 26.18% to 39,441.69 tons, and sales rose by 14.39% to 42,990.65 tons, while inventory decreased by 9.71% to 33,002.59 tons [3]. Investor Returns - Luzhou Laojiao distributed a total cash dividend of 8.758 billion yuan (including tax) in 2024, which is approximately 65% of the net profit attributable to shareholders [1][7]. - The company plans to continue rewarding investors, with a proposed cash dividend of 45.92 yuan per 10 shares for the 2024 fiscal year [7]. Market Strategy - The company is focusing on high-quality development and is preparing for the upcoming peak consumption season by temporarily halting orders and shipments across its product lines [5][6]. - Luzhou Laojiao aims to enhance channel profitability and stabilize pricing through strategic marketing measures [5][6]. Industry Outlook - The liquor industry is entering a new adjustment cycle, with increasing competition and trends towards younger, lower-alcohol, and healthier products [7][8]. - Luzhou Laojiao's operational goals for 2025 include steady revenue growth and a focus on innovation to seize market opportunities [8].