KWEICHOW MOUTAI(SH:600519) Ping An Securities·2025-04-03 06:13Investment Rating - The report maintains a "Recommended" investment rating for Guizhou Moutai (600519.SH) [1] Core Views - Guizhou Moutai's 2024 performance slightly exceeded expectations, with total revenue reaching 174.1 billion yuan, a year-on-year increase of 15.7%, and net profit attributable to shareholders at 86.2 billion yuan, up 15.4% [4][7] - The company aims for steady growth in 2025, targeting a revenue increase of approximately 9% [7] - The report highlights the company's focus on optimizing online sales and expanding overseas markets, with domestic and overseas revenues projected at 165.7 billion yuan and 5.2 billion yuan, respectively, for 2024 [7] Summary by Sections Financial Performance - In 2024, Guizhou Moutai's white liquor revenue was 170.6 billion yuan, a 15.9% increase, with Moutai liquor and series liquor contributing 145.9 billion yuan and 24.7 billion yuan, respectively [7] - The company reported a gross margin of 91.9% for 2024, with a net profit margin of 49.5% [9] - The report projects revenue growth for the next few years, with expected revenues of 187.6 billion yuan in 2025 and 203.4 billion yuan in 2026 [6][10] Market Strategy - Guizhou Moutai plans to enhance traditional channel investments while optimizing online sales, with direct sales and wholesale revenues expected to grow by 11% and 20%, respectively, in 2024 [7] - The company is increasing its efforts in overseas market expansion, with a targeted revenue growth of 20% in international markets [7] Shareholder Returns - The company plans to distribute a cash dividend of 276.24 yuan per 10 shares, totaling 64.7 billion yuan, which represents 75% of the net profit for the year [9] - As of March, Guizhou Moutai has repurchased shares worth 1.6 billion yuan, demonstrating its commitment to shareholder returns [9]