SCSF(SH:600779) Huachuang Securities·2025-05-05 15:10Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation of outperforming the benchmark index by over 20% in the next six months [1][21]. Core Insights - The company reported a total revenue of 5.22 billion yuan for 2024, representing a year-on-year increase of 5.3%. The net profit attributable to shareholders was 1.34 billion yuan, up 5.7% year-on-year. In Q4 2024, revenue was 1.43 billion yuan, a 4.7% increase, while net profit decreased by 12.3% to 220 million yuan. For Q1 2025, revenue reached 960 million yuan, a 2.7% increase, and net profit was 190 million yuan, up 2.1% [1][3][7]. Financial Performance Summary - 2024 Financials: Total revenue was 5,217 million yuan with a growth rate of 5.3%. Net profit was 1,341 million yuan, growing at 5.7%. The earnings per share (EPS) was 2.75 yuan, with a price-to-earnings (P/E) ratio of 17 [3][11]. - 2025 Projections: Expected total revenue is 5,349 million yuan, with a growth rate of 2.5%. Projected net profit is 1,365 million yuan, with an EPS of 2.80 yuan and a P/E ratio of 16 [3][11]. - 2026 and 2027 Forecasts: Revenue is expected to grow to 5,696 million yuan and 6,308 million yuan, respectively, with net profits projected at 1,449 million yuan and 1,658 million yuan [3][11]. Product and Market Analysis - The high-end liquor segment saw a 2.0% increase in revenue, with volume and price changes of 2.7% and -0.7%, respectively. The mid-range liquor segment experienced a significant growth of 29.1%, driven by a 36.1% increase in volume [7]. - Domestic market revenue grew by 2.8%, while international markets saw a remarkable growth of 44.6% [7]. Strategic Outlook - The company is focusing on product upgrades and channel optimization, aiming for a dual-brand strategy with "Shuijingfang" and "Diyifang." New high-end products have been launched, and there is an emphasis on expanding market share in core markets [7]. - The management is implementing various strategic initiatives to enhance brand development and operational efficiency, which are expected to drive long-term growth [7].