KWEICHOW MOUTAI(SH:600519) Xinda Securities·2024-08-09 07:30Investment Rating - The report maintains a "Buy" rating for the company [8]. Core Views - The company reported a total revenue of 83.451 billion yuan for the first half of 2024, representing a year-on-year growth of 17.56% [22]. - The net profit attributable to the parent company was 41.696 billion yuan, with a year-on-year increase of 15.88% [22]. - The company plans to distribute cash dividends totaling no less than 75% of the net profit attributable to the parent company for the years 2024-2026, enhancing market confidence [22][23]. Financial Summary - Total revenue (in million yuan): - 2022A: 127,554 - 2023A: 150,560 - 2024E: 175,505 - 2025E: 203,091 - 2026E: 233,823 - Year-on-year growth rates: - 2022: 16.5% - 2023: 18.0% - 2024: 16.6% - 2025: 15.7% - 2026: 15.1% [9]. - Net profit attributable to the parent company (in million yuan): - 2022A: 62,717 - 2023A: 74,734 - 2024E: 86,743 - 2025E: 100,975 - 2026E: 116,951 - Year-on-year growth rates: - 2022: 19.6% - 2023: 19.2% - 2024: 16.1% - 2025: 16.4% - 2026: 15.8% [9]. - Gross margin: - 2022: 91.9% - 2023: 92.0% - 2024: 92.1% - 2025: 92.2% - 2026: 92.2% [9]. - Return on equity (ROE): - 2022: 31.8% - 2023: 34.7% - 2024: 36.7% - 2025: 38.8% - 2026: 40.6% [9]. - Earnings per share (EPS): - 2022A: 49.93 - 2023A: 59.49 - 2024E: 69.05 - 2025E: 80.38 - 2026E: 93.10 [9].