老白干酒：平稳增长，净利率提升-20250427

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company has shown stable growth with an increase in net profit margin, reporting a revenue of 5.36 billion yuan for 2024, a year-on-year increase of 1.9%, and a net profit of 790 million yuan, up 18.2% year-on-year [1][4] - The first quarter of 2025 continued the trend of steady growth, with revenue of 1.17 billion yuan, a year-on-year increase of 3.4%, and a net profit of 150 million yuan, up 11.9% year-on-year [2][4] - The company plans to achieve a revenue of 5.47 billion yuan in 2025, representing a cautious year-on-year growth of 2% [4] Financial Performance Summary - For 2024, the company reported a revenue of 5.36 billion yuan, with a net profit of 790 million yuan, and a dividend payout ratio of approximately 63.9%, an increase of 2.1 percentage points year-on-year [1][4] - The first quarter of 2025 showed a significant improvement in product structure, leading to a gross margin increase of 6 percentage points year-on-year [2] - The company’s financial forecasts for 2025-2027 indicate an expected diluted EPS of 0.98, 1.10, and 1.24 yuan per share, respectively, with corresponding P/E ratios of 18, 16, and 14 times [4][6]