GUJING(SZ:000596) Huachuang Securities·2025-04-28 07:04Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][7]. Core Insights - The company achieved a strong start in Q1 2025 with revenue of 91.5 billion yuan and a net profit of 23.3 billion yuan, reflecting year-on-year growth of 10.4% and 12.8% respectively [1][7]. - The 2024 revenue reached 235.8 billion yuan, up 16.4% year-on-year, with a net profit of 55.2 billion yuan, increasing by 20.2% [1][7]. - The company has set a target for stable growth in 2025, focusing on healthy operations without specific growth targets [1][7]. Financial Performance Summary - 2024 Financials: Total revenue was 235.8 billion yuan, with a net profit of 55.2 billion yuan, and a dividend payout ratio of 57.5%, up 5.7 percentage points year-on-year [1][3]. - 2025 Projections: Expected revenue of 260.9 billion yuan, with a net profit of 61.4 billion yuan, reflecting growth rates of 10.6% and 11.3% respectively [3][12]. - Earnings Per Share (EPS): Projected EPS for 2025 is 11.62 yuan, with further increases to 12.98 yuan in 2026 and 14.53 yuan in 2027 [3][12]. Revenue and Profit Growth - The company reported a revenue growth of 16.4% in 2024, with specific segments like year-round original liquor and other brands showing growth rates of 17.3% and 15.1% respectively [1][7]. - Q1 2025 showed a continuation of this trend with double-digit growth in both revenue and net profit, indicating a solid operational foundation [1][7]. Cash Flow and Dividends - The company has improved its cash flow management, with a significant increase in contract liabilities by 81.6% in Q4 2024, indicating strong pre-sales and cash flow support for distributors [1][7]. - The dividend payout ratio has been consistently high, enhancing shareholder returns and attracting long-term investment [1][7].