点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 1） 公司发布2024年报，营业收入6.92亿元，同比-11.81%；归母净利润1.75亿元，同比-31.34%；扣非归母净 利润1.43亿元，同比-36.96%；经营性净现金流2.13亿元，同比-32.25%；EPS（基本）0.88元。业绩符合市场预 期。 2） 公司发布2025年一季报，营业收入1.71亿元，同比-22.68%；归母净利润0.58亿元，同比-24.32%；扣非归 母净利润0.39亿元，同比-42.91%。业绩符合市场预期。 点评： 业绩短期承压，核心产品稳健支撑 2024Q1~2025Q1，公司单季度营业收入分别为2.21/1.32/1.19/2.20/1.71亿元，同比 +7.15%/-20.35 ...

Core Viewpoint - The company achieved steady revenue growth in 2024 and started 2025 with positive results, indicating resilience in its business model despite challenges in the liquor market [1][4]. Financial Performance - In 2024, the company reported total revenue of 89.18 billion yuan, a year-on-year increase of 7.1%, and a net profit attributable to shareholders of 31.85 billion yuan, up 5.4% year-on-year [1]. - For Q4 2024, total revenue was 21.26 billion yuan, a 2.5% increase year-on-year, while net profit was 6.92 billion yuan, down 6.2% year-on-year due to increased investment in channels [1]. - In Q1 2025, the company achieved total revenue of 36.94 billion yuan, a 6.1% increase year-on-year, and a net profit of 14.86 billion yuan, up 5.8% year-on-year [1]. Business Segments - The liquor business maintained a stable gross margin, with total revenue from Wuliangye products reaching 83.13 billion yuan, an 8.1% increase year-on-year [2]. - The series liquor segment generated revenue of 15.25 billion yuan, an 11.8% increase year-on-year, with a focus on major products [2]. - Overall gross margin for the company was 77.1%, up 1.26 percentage points year-on-year, with specific increases in gross margins for liquor products [2]. Marketing and Sales Strategy - The company initiated marketing reforms in Q1 2025, focusing on consumer-driven strategies and enhancing channel confidence through targeted promotions [3][4]. - Cash flow performance was strong in Q1 2025, with cash receipts from sales increasing by 75.6% year-on-year, attributed to a decrease in bank bill payments [3]. - The company aims for a revenue growth target of around 5% for 2025, aligning with macroeconomic indicators, and has adjusted its revenue and profit forecasts for the coming years [4]. Future Outlook - The company is implementing a consumer-centric marketing reform, which is expected to take time to yield results, amidst ongoing pressures in the liquor consumption market [4]. - Revenue projections for 2025-2027 are set at 93.83 billion yuan, 99.15 billion yuan, and 104.91 billion yuan, with corresponding net profit estimates of 33.46 billion yuan, 35.56 billion yuan, and 37.72 billion yuan [4].