KWEICHOW MOUTAI(SH:600519) Bank of China Securities·2025-04-10 02:44Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 1,541.04 and a sector rating of "Outperform" [1][3]. Core Insights - The company has shown significant reform results in 2024, achieving a revenue of RMB 170.9 billion, a year-on-year increase of 15.7%, and a net profit attributable to shareholders of RMB 86.2 billion, up 15.4% year-on-year. For 2025, the company has set a revenue growth target of 9% [1][4][5]. Summary by Sections Financial Performance - In 2024, the company successfully completed its revenue growth target of 15%, with Q4 revenue reaching RMB 50.1 billion, a 12.8% increase year-on-year. The net profit for Q4 was RMB 25.4 billion, up 16.2% year-on-year [4][5]. - The company's revenue from Moutai liquor was RMB 145.9 billion, a 15.3% increase year-on-year, while the revenue from series liquor was RMB 24.7 billion, up 19.7% year-on-year [4][5]. - The overall gross margin for 2024 was 91.9%, with a net margin of 50.5%, indicating stable profitability [4][5]. Future Projections - For 2025, the company aims for a revenue growth of 9%, with strategies including adjusting product market allocation and enhancing product differentiation to meet diverse channel and customer needs [4][5]. - The projected earnings per share (EPS) for 2025 is RMB 74.46, with a corresponding price-to-earnings (P/E) ratio of 20.7 [4][6]. Market Position and Strategy - The company is actively expanding its international presence, with export revenue surpassing RMB 5.1 billion in 2024, a 19.3% increase year-on-year [4][5]. - The company plans to focus on the "one body, two wings" brand development strategy, centering on Moutai 1935 and including products like Han Sauce and Moutai Prince as supporting brands [4][5].