KWEICHOW MOUTAI(SH:600519) 光大证券研究·2025-04-07 08:46Core Viewpoint - Guizhou Moutai reported a total revenue of 174.144 billion yuan for 2024, reflecting a year-on-year growth of 15.66%, and a net profit attributable to shareholders of 86.228 billion yuan, with a growth of 15.38% [3][4] Revenue Performance - The company's revenue for 2024 slightly exceeded previous forecasts, with Moutai liquor and series liquor achieving revenues of 145.928 billion yuan and 24.684 billion yuan respectively, marking increases of 15.28% and 19.65% year-on-year [4] - In Q4 2024, total revenue reached 51.022 billion yuan, showing a year-on-year growth of 12.77%, while net profit for the same period was 25.401 billion yuan, up 16.21% year-on-year [3][4] - The sales volume and average price of Moutai liquor increased by 10.22% and 4.58% respectively in 2024, with the average price of Feitian Moutai remaining stable above 2000 yuan per bottle [4] Profitability and Financial Metrics - The gross profit margin for 2024 was 91.93%, remaining stable year-on-year, while the net profit margin was 52.27%, a slight decrease of 0.22% [5] - The company reported cash receipts from sales of 182.645 billion yuan, an increase of 11.57% year-on-year, and a net cash flow from operating activities of 92.464 billion yuan, up 38.85% year-on-year [5] - Contract liabilities at the end of 2024 were 9.592 billion yuan, a decrease of 340 million yuan from the end of Q3 2024 [5] Dividend Distribution - The company proposed a cash dividend of 276.24 yuan per 10 shares (including tax), totaling 34.671 billion yuan (including tax), along with a mid-year dividend of 30 billion yuan (including tax), resulting in a total dividend distribution of 64.671 billion yuan (including tax) for 2024, corresponding to a dividend payout ratio of 75% [3][4]