白酒行业2024年年报、2025年一季报综述：行业仍处于底部调整阶段，白酒龙头企业经营稳健

Investment Rating - The report rates the industry as "Outperform" [1] Core Insights - The white liquor industry is currently in a bottom adjustment phase, with leading companies demonstrating stable operations. In the second half of 2024, the performance of the white liquor industry continued to decline, and companies proactively adjusted their operational pace. In the first quarter of 2025, companies maintained the operational rhythm from the second half of 2024, with a slowdown in performance growth but a recovery compared to the fourth quarter of 2024. There is an increasing divergence among different companies [1][12][27]. Summary by Sections Industry Overview - The white liquor industry experienced a significant performance decline in the second half of 2024, with the first quarter of 2025 showing slight improvement. The overall revenue and net profit growth rates for the white liquor sector in 2024 were +7.3% and +7.4%, respectively, outperforming the overall food and beverage sector [12][15]. Revenue Performance - In the first quarter of 2025, the revenue and net profit growth rates for listed liquor companies were 1.6% and 2.3%, respectively. High-end liquor and regional leading companies maintained steady growth, while other types of liquor companies faced negative growth [27][28]. Profitability Analysis - The sales expense ratio slightly increased, and the net profit margin faced temporary pressure. The gross profit margins for the white liquor sector in 2024 and the first quarter of 2025 were 81.8% and 81.5%, respectively, showing a year-on-year increase [1][12][27]. Investment Recommendations - The report highlights the current valuation advantage in the white liquor industry, suggesting that leading companies possess medium to long-term investment value. It recommends stable performers such as Shanxi Fenjiu and Guizhou Moutai, while also suggesting attention to companies like Luzhou Laojiao and Wuliangye, which have shown thorough clearing of their financial statements [1][12][28].