贵州茅台（600519）：024年稳健收官，2025年目标收入增长9%

Investment Rating - The investment rating for the company is "Outperform the Market" [7][5][13] Core Views - The company is expected to achieve a revenue growth of approximately 15.66% in 2024, with total revenue reaching 174.14 billion yuan and a net profit of 86.23 billion yuan, reflecting a year-on-year increase of 15.38% [1][5] - For 2025, the company aims for a revenue growth target of around 9%, with specific expectations for different product lines, including a projected 8-9% increase in revenue from Moutai liquor [4][5] - The company is actively enhancing its marketing strategies and diversifying its channels to foster consumer engagement and drive sales growth [4][5] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 174.14 billion yuan, a year-on-year increase of 15.66%, and a net profit of 86.23 billion yuan, up 15.38% [1][5] - The fourth quarter of 2024 saw revenue of 51.02 billion yuan, reflecting a 12.77% increase year-on-year, with net profit reaching 25.40 billion yuan, up 16.21% [1][3] Product Performance - Moutai liquor generated revenue of 145.93 billion yuan in 2024, with a year-on-year growth of 15.28%, while series liquor revenue increased by 19.65% to 24.68 billion yuan [2][4] - The average price per ton of Moutai liquor rose to 3.144 million yuan, marking a 4.59% increase, driven by price adjustments in the market [2][3] Future Projections - The company anticipates a revenue target of approximately 190.75 billion yuan for 2025, with a net profit forecast of 94.27 billion yuan, reflecting a year-on-year growth of 9.3% [5][12] - The expected earnings per share (EPS) for 2025 is projected to be 75.04 yuan, with a continued focus on maintaining high profit margins [6][12] Market Strategy - The company plans to invest more in marketing activities and diversify its distribution channels to enhance consumer engagement and drive sales [4][5] - The strategy includes adjusting product offerings and pricing to stabilize market presence and respond to changing consumer preferences [4][5]