Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5]. Core Views - The company reported a decline in revenue and net profit for Q1 2025, with revenue at 2.852 billion yuan, a year-on-year decrease of 31.01%, and net profit at 85 million yuan, down 34.19% [1][2]. - The company is undergoing a comprehensive adjustment in response to market changes, focusing on high-end liquor while also emphasizing cost-effective products [3]. - Revenue projections for 2025-2027 are estimated at 9.910 billion yuan, 10.670 billion yuan, and 11.192 billion yuan, representing year-on-year growth rates of 4.71%, 7.67%, and 4.89% respectively [3]. Financial Performance Summary - For Q1 2025, the company's gross margin was 10.44%, a slight decrease of 0.04 percentage points year-on-year, while the net profit margin was 2.99%, down 0.15 percentage points [2]. - The company’s operating cash flow for Q1 2025 was 418 million yuan, a decrease of 1.95% year-on-year, indicating a relatively strong performance in cash flow management despite profit pressures [2]. - The projected net profit for 2025 is 1.301 billion yuan, reflecting a significant year-on-year increase of 192.79% [3]. Financial Data and Valuation - The company’s total revenue for 2023 is projected at 10.121 billion yuan, with a growth rate of 16.22%, followed by a decline in 2024 to 9.464 billion yuan [4]. - The estimated earnings per share (EPS) for 2025 is 0.31 yuan, with a price-to-earnings (P/E) ratio of 66.65 [4]. - The company’s total assets are projected to reach 7.636 billion yuan by 2025, with a debt-to-equity ratio of 61.55% [10].
华致酒行：Q1主动调整业绩短期承压，25年利润修复弹性可期-20250528