【读财报】白酒行业财报透视：2024年合计盈利1666亿元 高端酒表现相对较好

Core Viewpoint - Despite facing challenges such as product price inversion and slowing channel sales, the overall performance of A-share listed liquor companies remains resilient, with significant differentiation among companies [1][2]. Financial Performance - In 2024, 20 A-share listed liquor companies achieved a total operating revenue of 442.23 billion yuan, a year-on-year increase of 7.3%, and a net profit attributable to shareholders of 166.63 billion yuan, up 7.4% [2][5]. - High-end liquor, represented by brands like Moutai, Wuliangye, and Luzhou Laojiao, showed the strongest performance, with both operating revenue and net profit growing by over 11% year-on-year [5][6]. - The total contract liabilities for these companies reached 56.08 billion yuan by the end of 2024, reflecting a year-on-year increase of 5.22% [9][13]. - The total inventory amount for these companies was 168.39 billion yuan at the end of 2024, marking a year-on-year increase of approximately 12.9% [16]. Segment Performance - High-end liquor segment generated 294.52 billion yuan in operating revenue, with a growth rate of 11.53%, and a net profit of 131.55 billion yuan, also up 11% [6][8]. - The regional leading liquor segment achieved a total operating revenue of 77.36 billion yuan, with a modest growth of 1.57%, but a net profit decline of 8% [8][13]. - The sub-high-end liquor segment, including brands like Shanxi Fenjiu and Shede Liquor, saw a revenue increase of 2.6% but a slight net profit decline of 0.6% [8][19]. - Other liquor types experienced a significant revenue decline of 10.95%, although net profit increased by 9.21%, mainly due to better performance from brands like Laobaigan and Jinhui [8][19]. Q1 2025 Performance - In the first quarter of 2025, the performance of the 20 liquor companies continued to grow, but at a slower pace compared to the full year of 2024, with a revenue increase of approximately 1.69% and a net profit increase of about 2.27% [17][19]. - High-end liquor continued to lead the growth, with Moutai's revenue growth exceeding 10% in Q1 2025 [19]. - Some regional leading and sub-high-end liquor brands, such as Yanghe and Jiugui, showed weaker performance, with Yanghe's revenue and net profit declining by 31.92% and 39.93%, respectively [19].