山西汾酒（600809）：全价格带发力，业绩稳中有进

Investment Rating - The report maintains a "Recommendation" rating for Shanxi Fenjiu (600809.SH) [1][10] Core Views - The company achieved a revenue of 36 billion yuan in 2024, representing a year-on-year increase of 12.8%, and a net profit of 12.2 billion yuan, up 17.3% year-on-year [5][10] - The company plans to distribute a cash dividend of 3.60 yuan per share for 2024, totaling 7.4 billion yuan, which accounts for 60.4% of the net profit [5][10] - The product structure continues to upgrade, with mid-to-high-end liquor revenue reaching 26.5 billion yuan in 2024, a 14% increase year-on-year [9][10] Financial Performance Summary - 2024 Financials: - Revenue: 36 billion yuan, up 12.8% YoY - Net Profit: 12.2 billion yuan, up 17.3% YoY - Gross Margin: 76.2% [5][8][12] - 2025 Projections: - Expected Revenue: 39.6 billion yuan, up 10.1% YoY - Expected Net Profit: 13.3 billion yuan, up 9.0% YoY [8][12] - Key Ratios: - ROE for 2024 is projected at 35.2% - P/E ratio for 2024 is projected at 20.2 [12][14] Market and Product Insights - The company reported stable growth in both domestic and international markets, with domestic revenue reaching 13.5 billion yuan and international revenue at 22.4 billion yuan in 2024 [9][10] - The sales channels showed resilience, with direct sales and e-commerce growing by 20% and 26% respectively in 2024 [9][10] Dividend Policy - The company plans to distribute a total dividend of 7.4 billion yuan in 2024, reflecting a 9.3 percentage point increase in the payout ratio compared to the previous year [5][10]