GUJING(SZ:000596) EBSCN·2025-04-30 06:17Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company achieved total revenue of 23.578 billion yuan in 2024, representing a year-on-year growth of 16.41%, and a net profit attributable to shareholders of 5.517 billion yuan, up 20.22% year-on-year [1]. - The company plans to distribute a cash dividend of 50 yuan per 10 shares, with a total cash dividend of 3.172 billion yuan for 2024, corresponding to a dividend payout ratio of 57.49% [1]. - The company's white liquor business revenue reached 22.865 billion yuan in 2024, with a year-on-year growth of 16.43%, driven by an increase in both sales volume and average price [2]. - The gross profit margin for 2024 was 79.90%, with a slight increase compared to the previous year, indicating effective cost management [3]. - The company forecasts steady revenue growth for 2025, with net profit estimates adjusted to 6.144 billion yuan, reflecting a 11.36% growth rate [4]. Summary by Sections Financial Performance - In Q4 2024, total revenue was 4.509 billion yuan, a year-on-year increase of 4.85%, while net profit was 771 million yuan, remaining stable compared to the previous year [1]. - For Q1 2025, total revenue reached 9.146 billion yuan, growing by 10.38% year-on-year, and net profit was 2.330 billion yuan, up 12.78% [1]. Business Segments - The company's flagship product series, "Nianfen Yuanjiang," saw revenue growth of 17.31% in 2024, with notable increases in both sales volume and average price [2]. - The company reported a total of 5,089 distributors by the end of 2024, with a net increase of 448 distributors year-on-year, indicating a solid market presence [2]. Profitability and Cost Management - The gross profit margin for the "Nianfen Yuanjiang" series was 86.12% in 2024, reflecting strong pricing power and cost control [3]. - The report highlights a decrease in sales expense ratio to 26.22% in 2024, contributing to improved profitability [3]. Future Outlook - The company has adjusted its net profit forecasts for 2025 and 2026 to 6.144 billion yuan and 6.864 billion yuan, respectively, while introducing a new forecast for 2027 at 7.586 billion yuan [4]. - The current price-to-earnings ratio is projected to be 14 for 2025, indicating a favorable valuation compared to historical performance [4].