YLT(SH:600197) Soochow Securities·2025-05-05 08:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the reform of Yili Wang is showing positive effects, while the performance of Xiao Lao Jiao needs improvement [1][10] - The company aims for a revenue target of 2.3 billion yuan for 2025, representing a year-on-year growth of 4.4%, with a profit target of 405 million yuan, reflecting a slight increase of 0.7% [10] Financial Performance Summary - For FY 2024, the total revenue is projected at 2.203 billion yuan, a decrease of 1.27% year-on-year, while the net profit attributable to shareholders is expected to be 285.8 million yuan, down 15.91% year-on-year [1][10] - The gross profit margin for FY 2024 is expected to be 52.3%, an increase of 4.1 percentage points year-on-year, driven by a decrease in raw material and labor costs [3] - In Q1 2025, the company's liquor revenue decreased by 4.03% year-on-year, with high-end products growing by 8.8%, while mid and low-end products saw declines of 30.7% and 41.0% respectively [4] Product and Market Analysis - The report indicates that the demand for the company's products is under pressure, with Yili Wang showing positive growth while Xiao Lao Jiao's performance is below expectations [9][10] - In FY 2024, the revenue from liquor reached 2.17 billion yuan, slightly down by 0.8%, with high, medium, and low-end liquor revenues at 1.53 billion, 510 million, and 130 million yuan respectively [9] - The company plans to focus on stabilizing sales in the Xinjiang region while targeting a 20% growth in external markets [10]