老白干酒(600559)：基础牢靠 稳健发展 效率持续提升

Core Viewpoint - The company reported a strong performance in 2024 with a revenue of 5.36 billion yuan, a year-on-year increase of 1.9%, and a net profit of 790 million yuan, up 18.2%, indicating sustained high growth despite a slight dip in Q4 performance [1][2][6] Financial Performance - In 2024, the company achieved a total revenue of 5.36 billion yuan, with the liquor segment contributing 5.33 billion yuan, reflecting a 6.2% year-on-year growth [1][2] - The net profit attributable to shareholders was 790 million yuan, marking an 18.2% increase year-on-year, while the net profit after deducting non-recurring items was 740 million yuan, up 20.1% [2][3] - Q4 2024 revenue was 1.27 billion yuan, down 10.0% year-on-year, with a net profit of 230 million yuan, a decrease of 6.8% [2][3] Cost Management and Profitability - The company effectively reduced promotional expenses, leading to a 3.5 percentage point decrease in the sales expense ratio [3] - The gross profit margin for 2024 was 66.0%, a decrease of 1.2 percentage points year-on-year, while the liquor segment's gross margin was 66.2%, an increase of 0.29 percentage points [3] - The net profit margin attributable to shareholders improved to 13.8% for the year, up 2.1 percentage points [3] Product Performance - The company saw double-digit growth in its Wuling and Laobai Gan brands, with total revenues for these brands reaching 2.59 billion yuan and 1.1 billion yuan respectively [4] - In Q1 2025, revenue and profit grew by 3% and 13% respectively, with the gross margin rising to 68.6%, an increase of 5.9 percentage points year-on-year [5] Strategic Outlook - The company maintains a long-term growth strategy, with a target for 2025 of 2% revenue growth and 12% profit growth [6] - The company continues to focus on maintaining healthy channel relationships and enhancing profitability through cost control measures [6]