Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][12]. Core Insights - The company reported a revenue of 7.07 billion RMB for the year 2024, a slight increase of 0.5% year-on-year, with an adjusted net profit of 1.68 billion RMB, up 3.3% year-on-year [1]. - The second half of 2024 saw a decline in revenue to 2.93 billion RMB, down 16.5% year-on-year, and an adjusted net profit of 660 million RMB, down 19.7% year-on-year [1]. - The company is focusing on high-end and next-high-end products, with revenue from high-end products decreasing by 11% to 1.71 billion RMB, while next-high-end products saw a 9% increase to 3.00 billion RMB [2]. Summary by Sections Performance Review - For 2024, the company achieved a revenue of 7.07 billion RMB, with a year-on-year growth of 0.5% and an adjusted net profit of 1.68 billion RMB, reflecting a 3.3% increase [1]. - The second half of 2024 experienced a revenue drop to 2.93 billion RMB, a decline of 16.5% year-on-year, and an adjusted net profit of 660 million RMB, down 19.7% [1]. Operational Analysis - Revenue by product for 2024: Zhenjiu 4.48 billion RMB (-2%), Lidou 1.31 billion RMB (+18%), Xiangjiao 800 million RMB (-4%), and Kaikouxiao 340 million RMB (-12%) [2]. - The company adjusted its market expansion strategy, slowing down the growth of Zhenjiu and focusing on high-end products, which still showed double-digit growth [2][3]. Financial Quality - The overall gross margin for 2024 increased by 0.6 percentage points to 58.6%, with adjusted net profit margin rising to 23.7% [3]. - The company reported a year-end balance of 6.9 billion RMB in accrued rebates and 1.75 billion RMB in advance customer payments, showing a slight increase and decrease respectively compared to the previous year [3]. Profit Forecast and Valuation - The report projects a revenue growth of 3.0% in 2025, with adjusted net profit expected to increase by 17.1% to 1.55 billion RMB [4]. - The current stock price corresponds to a PE ratio of 15.0X for 2025, 13.3X for 2026, and 10.6X for 2027, indicating a favorable valuation [4].
珍酒李渡：24年业绩符合预期，降速固基稳势能-20250322