KWEICHOW MOUTAI(SH:600519) Xin Lang Cai Jing·2025-04-29 02:35Core Insights - The company reported a total revenue of 174.144 billion yuan for 2024, representing a year-on-year increase of 15.66%, with a net profit attributable to shareholders of 86.228 billion yuan, also up by 15.38% [1] - In Q4 2024, the company achieved a revenue of 51.022 billion yuan, reflecting a year-on-year growth of 12.77%, and a net profit of 25.401 billion yuan, which is a 16.21% increase compared to the previous year [1] Revenue Breakdown - For 2024, the revenue from Moutai liquor was 145.928 billion yuan, up 15.28% year-on-year, while the revenue from series liquor reached 24.684 billion yuan, increasing by 19.65% [2] - The growth in Moutai liquor revenue was driven by a volume increase of 10.22% and a price increase of 4.59%, attributed to a price hike of 20% in November 2023 [2] - The direct sales channel generated 74.843 billion yuan in revenue, up 11.32%, while the wholesale channel saw a revenue of 95.769 billion yuan, marking a 19.73% increase [2] Cash Flow and Profitability - The company's total revenue plus changes in contract liabilities for 2024 was 169.611 billion yuan, a year-on-year increase of 13.67%, with cash received from sales amounting to 182.645 billion yuan, up 11.57% [3] - The net profit margin for 2024 slightly decreased by 0.12 percentage points to 49.52%, while the gross margin fell by 0.04 percentage points to 92.08% [3] - The company maintained a cash dividend payout ratio of around 75% for 2024, down from 84% in 2023, aligning with its previously disclosed dividend plan for 2024-2026 [3] Strategic Outlook - The company continues to push forward with reforms, maintaining stable growth despite a slight decline in wholesale prices since 2025, indicating strong price control capabilities [4] - The long-term growth certainty remains strong, supported by a three-year dividend plan, with expected EPS of 73.98 yuan and 80.4 yuan for 2025 and 2026, respectively, corresponding to PE ratios of 21 and 19 [4]