KWEICHOW MOUTAI(600519) 东莞证券·2025-04-03 03:18Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [1][9]. Core Insights - The company successfully concluded its 2024 fiscal year, demonstrating operational resilience with a total revenue of 174.14 billion yuan, a year-on-year increase of 15.66%, and a net profit attributable to shareholders of 86.23 billion yuan, up 15.38% year-on-year [6]. - For Q4 2024, the company reported a revenue of 51.02 billion yuan, reflecting a 12.77% year-on-year growth, and a net profit of 25.40 billion yuan, which is a 16.21% increase year-on-year [6]. - The company aims for a revenue growth of approximately 9% in 2025, with a planned fixed asset investment of 4.71 billion yuan, indicating a pragmatic approach to its operational goals [6]. - The revenue from Moutai liquor reached 145.93 billion yuan in 2024, a 15.28% increase year-on-year, while the revenue from series liquor was 24.68 billion yuan, growing by 19.65% year-on-year [6]. - The company’s gross margin improved to 92.89% in Q4 2024, with a net profit margin of 52.48%, an increase of 1.40 percentage points year-on-year [6]. - A dividend proposal was announced, with a total cash dividend of 34.67 billion yuan for 2024, resulting in a dividend yield of 3.33% based on the closing price on April 2, 2025 [6]. - The earnings per share (EPS) for 2025 and 2026 are projected to be 74.63 yuan and 81.57 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 21 times and 19 times [6][7]. Summary by Sections Financial Performance - Total revenue for 2024 was 174.14 billion yuan, with a net profit of 86.23 billion yuan [6]. - Q4 2024 revenue was 51.02 billion yuan, with a net profit of 25.40 billion yuan [6]. - Revenue from Moutai liquor was 145.93 billion yuan, while series liquor revenue was 24.68 billion yuan [6]. Future Projections - The company targets a revenue growth of about 9% for 2025 [6]. - Projected EPS for 2025 and 2026 are 74.63 yuan and 81.57 yuan, respectively [7]. Dividend Policy - Proposed dividend of 276.24 yuan per 10 shares, totaling 34.67 billion yuan [6].