KWEICHOW MOUTAI(600519) 太平洋·2025-04-04 03:30Investment Rating - The report maintains a "Buy" rating for Guizhou Moutai (600519) with a target price of 1888.75, compared to the last closing price of 1549.02 [1]. Core Views - Guizhou Moutai achieved a total operating revenue of 174.144 billion yuan in 2024, representing a year-on-year growth of 15.66%, and a net profit attributable to shareholders of 86.228 billion yuan, up 15.38% year-on-year [4][5]. - The company aims for a revenue growth target of 9% for 2025, with a focus on stabilizing the pricing of its flagship products and enhancing its product mix [6][7]. - The gross profit margin for 2024 was 92.08%, with a slight year-on-year decrease of 0.04 percentage points, primarily due to an increase in the proportion of series liquor sales [7]. Summary by Sections Financial Performance - In 2024, the revenue from Moutai liquor and series liquor was 145.928 billion yuan and 24.684 billion yuan, respectively, with year-on-year growth rates of 15.28% and 19.65% [5]. - The total sales volume of liquor reached 83,300 tons, a year-on-year increase of 13.73%, with Moutai liquor and series liquor sales volumes growing by 10.22% and 18.47%, respectively [5]. - The company reported a cash flow from operating activities of 182.645 billion yuan, reflecting an 11.57% increase year-on-year [7]. Future Outlook - The projected revenue growth rates for 2025 to 2027 are 9.1%, 9.4%, and 8.5%, respectively, with net profit growth rates of 10.1%, 9.8%, and 8.7% [8][9]. - The earnings per share (EPS) are expected to be 75.6 yuan, 83 yuan, and 90.3 yuan for the years 2025, 2026, and 2027, respectively [8][9]. Market Position - The company is focusing on expanding its international market presence, with overseas revenue reaching 5.188 billion yuan in 2024, a year-on-year increase of 19.27% [5]. - Guizhou Moutai plans to enhance its product offerings by developing new products to meet diverse consumer demands [6][7].