山西汾酒（600809）：2024年年报及2025年一季报点评：全国化稳步推进，收入利润稳健增长

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company achieved a total operating revenue of 36.011 billion yuan in 2024, representing a year-on-year increase of 12.79%. The net profit attributable to the parent company was 12.243 billion yuan, up 17.29% year-on-year, while the net profit excluding non-recurring items was 12.246 billion yuan, also reflecting a 17.24% increase year-on-year [2][7] - In Q4 2024, the company reported an operating revenue of 4.653 billion yuan, down 10.24% year-on-year, with a net profit of 893 million yuan, down 11.32% year-on-year [2][7] - For Q1 2025, the operating revenue was 16.523 billion yuan, showing a year-on-year increase of 7.72%, and the net profit was 6.648 billion yuan, up 6.15% year-on-year [2][7] Summary by Sections Financial Performance - The total operating revenue for 2024 was 36.011 billion yuan, with a year-on-year growth of 12.79%. The net profit attributable to the parent company was 12.243 billion yuan, reflecting a 17.29% increase year-on-year. The net profit excluding non-recurring items was 12.246 billion yuan, up 17.24% year-on-year [2][7] - In Q4 2024, the operating revenue was 4.653 billion yuan, down 10.24% year-on-year, with a net profit of 893 million yuan, down 11.32% year-on-year. For Q1 2025, the operating revenue was 16.523 billion yuan, up 7.72% year-on-year, and the net profit was 6.648 billion yuan, up 6.15% year-on-year [2][7] Market Dynamics - The company is steadily advancing its national expansion, establishing a solid market foundation in the surrounding Shanxi region. The long-term development logic of the company is expected to continue as industry demand gradually recovers [12][12] - The company’s product lines, including the flagship "Glass Fen" and "Qinghua 20," are positioned to benefit from changing consumer preferences, with the latter establishing an advantage in the sub-premium segment [12][12] Profitability - The company's net profit margin improved by 1.31 percentage points to 34% in 2024, with a gross margin increase of 0.9 percentage points to 76.2%. The operating expense ratio rose by 0.66 percentage points to 14.75% [12][12] - The cash flow from sales of goods and services reached 36.609 billion yuan in 2024, up 21.5% year-on-year, indicating strong cash generation capabilities [12][12]