KWEICHOW MOUTAI(SH:600519) ZHESHANG SECURITIES·2025-04-06 13:04Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Insights - In 2024, the company achieved total revenue of 174.144 billion yuan, a year-on-year increase of 15.66%, and a net profit attributable to shareholders of 86.228 billion yuan, up 15.38% year-on-year [1] - The revenue from liquor products reached 170.612 billion yuan, with a volume and price increase of 13.73% and 1.90% respectively [2] - The company aims for a revenue growth target of approximately 9% for 2025, ensuring stable pricing for its flagship products [6][7] Summary by Sections Financial Performance - In Q4 2024, total revenue was 51.021 billion yuan, a year-on-year increase of 12.77%, with a net profit of 25.401 billion yuan, up 16.21% [1] - The gross profit margin for 2024 was 91.93%, with a net profit margin of 52.27% [4] - The company distributed a total cash dividend of 64.7 billion yuan, maintaining a dividend payout ratio of 75% [5] Product Performance - Revenue from Moutai liquor was 145.928 billion yuan, up 15.28% year-on-year, while series liquor revenue was 24.684 billion yuan, up 19.65% [2] - The proportion of series liquor revenue increased by 0.45 percentage points to 14.47% [2] Market Dynamics - Domestic and international market revenues were 165.423 billion yuan and 5.189 billion yuan respectively, with the international market revenue surpassing 5 billion yuan for the first time [3] - Direct sales and wholesale channel revenues were 74.843 billion yuan and 95.769 billion yuan, with direct sales accounting for 43.87% of total revenue [3] Future Outlook - The company expects to maintain a balanced growth in volume and price, with a projected revenue growth of 9.03%, 8.20%, and 8.16% for 2025, 2026, and 2027 respectively [7][14] - Earnings per share (EPS) are forecasted to be 74.85 yuan, 80.94 yuan, and 87.60 yuan for the years 2025, 2026, and 2027 respectively [14]