KWEICHOW MOUTAI(SH:600519) Huachuang Securities·2025-04-03 02:43Investment Rating - The report maintains a "Strong Buy" rating for Kweichow Moutai (600519) [1] Core Views - The company achieved a total revenue of 174.14 billion yuan in 2024, a year-on-year increase of 15.7%, and a net profit attributable to shareholders of 86.23 billion yuan, up 15.4% year-on-year [1] - The company aims for a revenue growth target of around 9% for 2025, focusing on steady progress while accelerating transformation [1] - The report emphasizes the importance of high dividend yield and sustainable returns for long-term investors, with a total cash dividend of 64.67 billion yuan in 2024, representing a payout ratio of 75% [1] Financial Performance Summary - 2024 Financial Highlights: - Total Revenue: 174.14 billion yuan - Year-on-Year Growth: 15.7% - Net Profit: 86.23 billion yuan - Year-on-Year Growth: 15.4% - Q4 Revenue: 51.02 billion yuan, up 12.8% - Q4 Net Profit: 25.40 billion yuan, up 16.2% [1] - Future Financial Projections: - 2025 Revenue Estimate: 190.78 billion yuan (9.6% growth) - 2026 Revenue Estimate: 207.40 billion yuan (8.7% growth) - 2027 Revenue Estimate: 223.72 billion yuan (7.9% growth) - 2025 Net Profit Estimate: 94.69 billion yuan (9.8% growth) [1][10] - Earnings Per Share (EPS): - 2024: 68.64 yuan - 2025: 75.37 yuan - 2026: 82.47 yuan - 2027: 89.65 yuan [1][10] Market Position and Strategy - The company is focusing on three major transformations: customer group transformation, scenario transformation, and service transformation, aiming to enhance market reach and real consumption [1] - The management is actively engaging with channel partners across 18 provinces to strengthen confidence and consensus [1] - The marketing system is becoming more refined, with adjustments based on regional demand to maintain a balance between supply and demand [1]