金徽酒（603919）：全年营收目标达成，稳步提升份额

Investment Rating - The report maintains a "Strong Buy" rating for the company [2] Core Insights - The company achieved a revenue target for the year, with a year-on-year increase of 18.6% in revenue and 18.0% in net profit attributable to shareholders for 2024. The company aims for a revenue target of 3.28 billion and a net profit of 410 million for 2025, focusing on brand building and market integration [1][5] - The company has strengthened its market share in the domestic market while developing core model markets in the external market, driving a marketing transformation [1][5] - The company reported a reasonable inventory level in the distribution channels, with stable expense ratios expected for 2025, despite short-term external market pressures and intensified industry competition [1][5] Financial Performance - In 2024, the company achieved a total revenue of 3.021 billion and a net profit of 388 million, with a year-on-year increase of 18.6% and 18.0%, respectively. The fourth quarter alone saw a revenue of 690 million, up 31.1% year-on-year [5][6] - The company’s high-end products continued to grow significantly, with revenue from products priced above 300 yuan increasing by 41.2% year-on-year [5][6] - The gross profit margin for 2024 was reported at 60.9%, a decrease of 1.5 percentage points year-on-year, while the net profit margin remained stable at 12.8% [5][10] Market Strategy - The company plans to enhance brand momentum and market penetration through user engagement and channel expansion, particularly in the Gansu region [1][5] - The number of distributors increased by 137 to a total of 1,001, with significant growth in both domestic and external markets [5][6] Financial Projections - For 2025, the company expects total revenue of 3.308 billion, with a year-on-year growth of 9% and a net profit of 414 million, reflecting a 7% increase [6][10] - The earnings per share (EPS) for 2025 is projected to be 0.82 yuan, with a price-to-earnings (PE) ratio of 23.3 [6][10]