WLY(SZ:000858) China Post Securities·2025-04-28 05:23Investment Rating - The investment rating for the company is "Buy" [15] Core Views - The company is expected to achieve a total revenue of 891.75 billion yuan in 2024, reflecting a year-on-year growth of 7.09% [3] - The net profit attributable to the parent company is projected to be 318.53 billion yuan in 2024, with a growth rate of 5.44% [3] - The company aims for a revenue growth target of approximately 5% for 2025, aligning with macroeconomic indicators [9] Financial Summary - The latest closing price of the company's stock is 129.05 yuan, with a total market capitalization of 500.9 billion yuan [2] - The company has a debt-to-asset ratio of 27.5% and a price-to-earnings ratio of 15.73 [2] - For Q4 2024, the company achieved a total revenue of 212.6 billion yuan, with a year-on-year increase of 2.53% [4] - The gross profit margin for 2024 is expected to be 77.05%, with a slight year-on-year increase of 1.26 percentage points [3] Revenue Breakdown - In 2024, the revenue from the main product, Wuliangye liquor, is expected to be 678.75 billion yuan, growing by 8.07% year-on-year [5] - The sales volume of Wuliangye liquor is projected to be 41,400 tons, with a year-on-year increase of 7.06% [5] - The direct sales channel's revenue is expected to grow by 12.89%, increasing its share to 41.37% of total sales [5] Profitability Forecast - The company anticipates a slight decrease in net profit margin for 2024 due to increased sales expenses [3] - The expected cash dividend for 2024 is 223 billion yuan, with a dividend payout ratio of 70% [3] - The earnings per share (EPS) for 2025 is projected to be 8.62 yuan, with a corresponding price-to-earnings ratio of 14.98 [11]