KWEICHOW MOUTAI(SH:600519) EBSCN·2024-04-28 06:02Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a total revenue growth of 18.04% year-on-year in Q1 2024, slightly exceeding market expectations, with a net profit growth of 15.73% [20] - The company has set a firm annual revenue growth target of 15%, despite short-term price fluctuations of its products [4] - The company’s cash flow performance is strong, with a significant increase in sales cash receipts by 29.34% year-on-year, reaching 462.57 billion yuan [3] Summary by Relevant Sections Financial Performance - In Q1 2024, the company reported total revenue of 464.85 billion yuan, a year-on-year increase of 18.04%, and a net profit attributable to shareholders of 240.65 billion yuan, up 15.73% [20] - The gross profit margin for Q1 2024 was 92.61%, remaining stable year-on-year, while the sales net profit margin was 53.46%, down 1.18 percentage points year-on-year [3] - The company’s operating cash flow net amount reached 91.87 billion yuan, a year-on-year increase of 75.16% [3] Revenue Breakdown - Revenue from Moutai liquor and series liquor in Q1 2024 was 397.07 billion yuan and 59.36 billion yuan, respectively, with year-on-year growth of 17.75% and 18.39% [16] - Direct sales and wholesale channel revenues were 193.19 billion yuan and 263.24 billion yuan, showing year-on-year growth of 8.49% and 25.78% [16] Profit Forecast and Valuation - The report maintains profit forecasts for 2024-2026 at 885.43 billion yuan, 1014.56 billion yuan, and 1153.68 billion yuan, respectively, with corresponding EPS of 70.49 yuan, 80.76 yuan, and 91.84 yuan [4] - The current stock price corresponds to P/E ratios of 24, 21, and 19 for the years 2024, 2025, and 2026, respectively [4]