GUJING(SZ:000596) Xin Lang Cai Jing·2025-04-29 10:38Core Insights - The company reported a revenue of 23.578 billion yuan for 2024, representing a year-on-year growth of 16.41%, and a net profit attributable to shareholders of 5.517 billion yuan, up 20.22% year-on-year [1] - In Q1 of this year, the company achieved a revenue of 9.146 billion yuan, with a year-on-year increase of 10.38%, and a net profit of 2.33 billion yuan, growing by 12.78% year-on-year [1] Revenue Breakdown - The revenue from the company's main products in 2024 was as follows: Yearly Original Liquor (18.086 billion yuan), Gujing Gongjiu (2.241 billion yuan), and Huanghelou (2.538 billion yuan), with year-on-year growth rates of 17.31%, 11.17%, and 15.08% respectively [1] - The contribution of the Yearly Original Liquor series to total revenue continues to increase, with a gross margin of 86.12%, up 0.47 percentage points year-on-year, indicating effective product structure optimization [1] Market Expansion - The company is deepening its market presence nationwide, with the Central China region remaining the primary market, generating revenues of 20.151 billion yuan, a year-on-year increase of 17.80% [2] - The number of distributors in Central China, North China, and South China increased to 3,041, 1,360, and 661 respectively, showing growth of 238, 136, and 68 distributors year-on-year [2] - Online channels also performed well, achieving revenue of 0.772 billion yuan, up 5.81% year-on-year, with a gross margin increase of 2.18 percentage points to 76.29% [2] Profitability and Cost Control - The company's net profit margin and gross profit margin for 2024 improved by 0.86 and 0.83 percentage points to 24.20% and 79.90% respectively, driven by breakthroughs in the mid-to-high-end market [3] - The company effectively controlled expenses, with sales expense ratio and management expense ratio decreasing by 0.62 and 0.63 percentage points to 26.22% and 6.12% respectively [3] Investment Outlook - The company is positioned as a leading Anhui liquor brand with significant growth potential in the white liquor market, having established several billion-level markets and continuing to expand [4] - Future revenue projections for 2025-2027 are 26.090 billion yuan, 28.674 billion yuan, and 31.458 billion yuan, with year-on-year growth rates of 10.65%, 9.90%, and 9.71% respectively [4] - Net profit forecasts for the same period are 6.271 billion yuan, 7.060 billion yuan, and 7.876 billion yuan, with year-on-year growth rates of 13.66%, 12.59%, and 11.55% respectively [4]