口子窖营收首超60亿净利微跌 分红率下滑至47.1%徐进降薪100万

Core Viewpoint - Kuozi Jiao's revenue growth is minimal while net profit declines, indicating challenges in the white liquor industry amid economic pressures and increased competition [2][3] Financial Performance - In 2024, Kuozi Jiao achieved revenue of 6.015 billion yuan, a year-on-year increase of 0.89%, marking the first time it exceeded 6 billion yuan [1][2] - The net profit for 2024 was 1.655 billion yuan, a decrease of 3.83% compared to the previous year [1][2] - The gross profit margin for 2024 was 74.59%, down 0.6 percentage points from 75.19% in the previous year [4] Product Segmentation - High-end liquor revenue reached 5.684 billion yuan, with a slight increase of 0.06% and a gross margin of 75.65%, down 0.22 percentage points [4] - Mid-range liquor revenue was 68.41 million yuan, a decrease of 10.35%, with a gross margin of 37.29%, down 7.09 percentage points [4] - Low-end liquor revenue increased by 35.24% to 126 million yuan, with a gross margin of 35.24%, down 7.61 percentage points [4] Regional Performance - Revenue from Anhui province was 4.956 billion yuan, up 1.1%, while revenue from outside Anhui decreased by 2.88% to 920 million yuan [4] Capacity and Investment - Kuozi Jiao's designed capacity was 80,000 kiloliters, with actual capacity at 39,528.58 kiloliters, resulting in a utilization rate of less than 50% [4] - The company is investing 1.36 billion yuan in a project to enhance production quality, with 928.45 million yuan invested in the reporting period [4] Sales and Marketing Expenses - Sales expenses for 2024 reached 919 million yuan, an increase of 11.1%, significantly outpacing revenue growth [6][5] - Promotional and business expenses amounted to 457 million yuan, a 35% increase from the previous year [8] Dividend Policy - Kuozi Jiao plans to distribute a dividend of 1.3 yuan per share (before tax), totaling 778 million yuan, with a payout ratio of 47.1%, below the historical average of over 50% [9][8] Market Position - Kuozi Jiao is positioned third among the "Four Heroes of Huizhou Liquor," trailing behind Gujing Gongjiu and Yingjia Gongjiu, with a widening revenue gap [10][9]