GUJING(SZ:000596) Changjiang Securities·2025-05-06 08:44Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company achieved a total operating revenue of 23.578 billion yuan in 2024, representing a year-on-year increase of 16.41%, and a net profit attributable to shareholders of 5.517 billion yuan, up 20.22% year-on-year [2][4][10] - In Q4 2024, the company reported an operating revenue of 4.509 billion yuan, a year-on-year increase of 4.85%, and a net profit of 0.771 billion yuan, down 0.74% year-on-year [2][4][10] - For Q1 2025, the company recorded an operating revenue of 9.146 billion yuan, a year-on-year increase of 10.38%, and a net profit of 2.33 billion yuan, up 12.78% year-on-year [2][4][10] Financial Performance - The company's product breakdown for 2024 shows that the revenue from "Year Original" was 18.086 billion yuan (up 17.31% year-on-year), "Gu Jing Gong Jiu" was 2.241 billion yuan (up 11.17% year-on-year), and "Huang He Lou and Others" was 2.538 billion yuan (up 15.08% year-on-year) [10] - Total sales volume in 2024 was 128,300 tons, an increase of 8.44% year-on-year, with "Year Original" sales at 71,100 tons (up 11.99% year-on-year) and "Gu Jing Gong Jiu" sales at 32,300 tons (up 8.97% year-on-year) [10] - The company's net profit margin improved to 23.4% in 2024, with a gross margin of 79.9% [10] Strategic Outlook - The company is steadily advancing its "nationalization and mid-to-high-end" strategy, with a solid foundation in its home market and gradual expansion into other regions [10] - The company is expected to achieve earnings per share (EPS) of 12.13 yuan and 13.63 yuan for 2025 and 2026, respectively, corresponding to price-to-earnings (PE) ratios of 14 and 13 times based on the current stock price [10]