Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance is in line with expectations, with a stable growth target for 2025. The company achieved a total revenue of 36.011 billion yuan in 2024, representing a year-on-year growth of 12.79%, and a net profit attributable to shareholders of 12.243 billion yuan, up 17.29% year-on-year [6][8] - The company aims to maintain steady revenue growth in 2025, with projected net profits for 2025-2027 expected to grow by 6.1%, 7.9%, and 9.1% respectively [6][8] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 38.328 billion yuan, with a year-on-year growth rate of 6.4% [5] - Net profit attributable to shareholders for 2025 is projected at 12.994 billion yuan, with a year-on-year growth rate of 6.1% [5] - Earnings per share for 2025 is estimated at 10.65 yuan [5] - The gross profit margin for 2025 is expected to be 76.2% [5] - Return on equity (ROE) for 2025 is projected at 31.2% [5] - The company reported a total revenue of 16.523 billion yuan in Q1 2025, with a year-on-year growth of 7.72% [6][8] Revenue Breakdown - In 2024, the revenue from mid-to-high-end liquor was 26.532 billion yuan, up 14.35% year-on-year, while other liquor categories generated 9.342 billion yuan, up 9.4% year-on-year [6] - The company achieved a revenue of 135 billion yuan in its home province, with a year-on-year growth of 11.72%, and 224 billion yuan from outside the province, up 13.81% year-on-year [6] Cash Flow and Financial Health - The operating cash flow for 2024 was 12.172 billion yuan, a significant increase of 68.47% year-on-year [7] - The company reported a net profit margin of 34.03% for 2024, an increase of 1.27 percentage points year-on-year [7]
山西汾酒（600809）：业绩符合预期，增长目标稳健