Kouzijiao(SH:603589) Xin Lang Cai Jing·2025-04-30 02:33Core Viewpoint - The company reported a slight increase in revenue for 2024 but a decline in net profit, indicating challenges in profitability despite stable revenue growth in certain segments [1][2]. Financial Performance - In 2024, the company achieved total revenue of 6.015 billion yuan, a year-on-year increase of 0.9%, and a net profit attributable to shareholders of 1.655 billion yuan, a decrease of 3.8% [1]. - For Q4 2024, the company reported revenue of 1.653 billion yuan, up 9.0% year-on-year, but net profit decreased by 7.6% to 345 million yuan [1]. - In Q1 2025, total revenue reached 1.810 billion yuan, a year-on-year increase of 2.4%, with net profit rising by 3.6% to 610 million yuan [1]. Product and Market Strategy - The company is focusing on upgrading its product line, particularly the "Jian" series, with new product launches aimed at enhancing market presence [2]. - In 2024, the white liquor business generated revenue of 5.876 billion yuan, a 0.5% increase, with high-end liquor sales contributing significantly [1][2]. - The proportion of high-end products increased by 1 percentage point to 95.1% in Q1 2025, reflecting a strategic shift towards premium offerings [1]. Regional and Channel Performance - Revenue from the domestic market in Anhui province grew by 1.1% to 4.956 billion yuan in 2024, while revenue from outside the province declined by 2.9% to 0.920 billion yuan [2]. - The company has expanded its dealer network, with an increase of 6 dealers in the province and 62 outside, totaling 502 and 517 dealers respectively by the end of 2024 [2]. Cost and Profitability Analysis - The overall gross margin for 2024 was 74.59%, a decrease of 0.6 percentage points, while Q1 2025 saw a slight improvement to 76.21% [3]. - The net profit margin for 2024 was 27.52%, down 1.4 percentage points, but improved to 33.72% in Q1 2025 [3]. Strategic Outlook - The company is undergoing significant reforms in product, channel, and marketing strategies, with expectations for initial results to emerge from these changes [4]. - Despite facing growth pressures due to increased competition and weak demand recovery, the company remains committed to its reform initiatives and market penetration strategies [4]. Revenue and Profit Forecast - The company anticipates total revenue of 6.131 billion yuan in 2025 and 6.420 billion yuan in 2026, representing year-on-year growth of 1.9% and 4.7% respectively [4]. - Expected net profit for 2025 is projected at 1.701 billion yuan, increasing to 1.807 billion yuan in 2026, with growth rates of 2.8% and 6.2% respectively [4].