贵州茅台（600519）：业绩稳增长，茅台酒和批发渠道增速亮眼

Investment Rating - The report maintains a rating of "Add" for the company, indicating an expected relative price increase of 5% to 15% over the next six months [4][19]. Core Views - The company reported a steady growth in performance, with total revenue for 2024 reaching 174.144 billion yuan, a year-on-year increase of 15.66%. The net profit attributable to shareholders was 86.228 billion yuan, also reflecting a growth of 15.38% [1][2]. - The growth in revenue was driven by both volume and price increases in its flagship product, Moutai liquor, which saw a revenue increase of 15.28% to 145.928 billion yuan in 2024 [2][3]. - The company is focusing on optimizing its distribution channels, increasing investment in traditional wholesale channels while experiencing a slowdown in direct sales growth [3][10]. Summary by Sections Financial Performance - In Q4 2024, the company achieved total revenue of 51.022 billion yuan, with a net profit of 25.401 billion yuan, marking year-on-year increases of 12.77% and 16.21% respectively [1]. - The gross profit margin for 2024 was reported at 91.93%, with a slight decrease from the previous year, while the net profit margin was 49.52% [2]. Product Performance - Moutai liquor's sales volume increased by 10.22% in 2024, with an average price increase of 4.59%. The series liquor segment also performed well, with a revenue increase of 19.65% [2][3]. Channel Strategy - The company reported revenues from direct sales and wholesale channels of 748.43 billion yuan and 957.69 billion yuan respectively, with the wholesale channel showing a stronger growth rate [3][10]. - The "i Moutai" app saw a revenue decline of 10.51% in 2024, indicating a need for strategic adjustments in digital sales [10]. Future Outlook - The company aims for a revenue growth target of approximately 9% for 2025, supported by strong brand power and competitive advantages [10][11]. - Profit forecasts for 2025 to 2027 indicate a steady growth trajectory, with net profits expected to reach 94.179 billion yuan in 2025, reflecting a growth rate of 9.22% [11].