山西汾酒（600809）：步伐稳健，势能延续

Investment Rating - The report maintains a "Strong Buy" investment rating for Shanxi Fenjiu [6][2] Core Views - The company achieved a revenue of 36.01 billion with a year-on-year growth of 12.8% and a net profit of 12.24 billion, up 17.3% year-on-year for 2024. For Q1 2025, revenue was 16.52 billion, a 7.7% increase year-on-year, and net profit was 6.65 billion, up 6.2% year-on-year. The company emphasizes stability as the main theme for 2025, adjusting the EPS forecast for 2025-2027 to 11.11, 12.31, and 13.52 respectively, corresponding to a PE of 18x [1][5][2] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 36.01 billion, a 12.8% increase year-on-year, and a net profit of 12.24 billion, reflecting a 17.3% growth. The Q4 2024 revenue was 4.65 billion, down 10.2% year-on-year, with a net profit of 0.89 billion, down 11.3% year-on-year. For Q1 2025, revenue reached 16.52 billion, a 7.7% increase year-on-year, and net profit was 6.65 billion, up 6.2% year-on-year [1][5][4] Profitability and Cost Structure - The gross margin for 2024 was 76.2%, up 0.9 percentage points year-on-year. The company focused on high-end products, with revenue from mid-to-high-end liquor reaching 26.53 billion, a 14.3% increase year-on-year. The sales expense ratio was 10.4%, up 0.3 percentage points year-on-year, while the net profit margin improved by 1.3 percentage points to 34.0% [5][1][4] Market Expansion - The revenue from outside Shanxi province reached 22.37 billion in 2024, a 13.8% increase year-on-year, accounting for 62.4% of total revenue. The company is expanding its market presence in the Yangtze River Delta and Pearl River Delta regions [5][1] Pricing and Sales Volume - The average price per ton was 163,000, a 5% increase year-on-year, with total sales volume reaching 221,000 tons, up 7.2% year-on-year. The sales of mid-to-high-end liquor increased by 13.0% year-on-year [5][1] Future Outlook - For 2025, the company aims to maintain stable growth without specifying exact growth targets, focusing on high-quality growth and expanding the consumer base for its clear aroma products [5][1]