Core Viewpoint - Luzhou Laojiao has maintained steady growth despite the deep adjustment in the liquor industry, as evidenced by significant increases in key financial metrics and a strong outlook for future performance [1][3]. Financial Performance - In 2024, Luzhou Laojiao achieved revenue of 31.196 billion yuan and a net profit attributable to shareholders of 13.473 billion yuan, continuing growth into the first quarter of 2025 [3]. - The company reported a gross margin of 87.54% and a net margin of 43.27% for 2024, ranking second among publicly listed liquor companies after Kweichow Moutai [3]. - Contract liabilities (advance payments) reached 3.978 billion yuan, a year-on-year increase of 49%, with a further 21% growth in the first quarter of 2025, exceeding broker expectations [3][4]. Cash Flow and Dividends - The cash collection ratio reached 128.34%, with net cash inflow from operating activities of 19.182 billion yuan, an 80% year-on-year increase, and total cash on hand of 33.578 billion yuan [4]. - The board announced a cash dividend of 45.92 yuan per 10 shares (including tax), leading to a total cash dividend of 8.758 billion yuan for 2024, with a payout ratio increased to 65% [4][5]. - The company plans to increase the dividend payout ratio to 75% by 2026, ensuring a minimum annual cash dividend of 8.5 billion yuan [5]. Market Position and Strategy - Luzhou Laojiao's dual-brand strategy includes Guojiao 1573 and Luzhou Laojiao, with Guojiao 1573 being a key high-end product competing with Kweichow Moutai and Wuliangye [5][7]. - The company reported that Guojiao brand sales exceeded 20 billion yuan, while Luzhou Laojiao brand sales surpassed 10 billion yuan, indicating expanded market coverage and penetration [5]. - The company is focusing on digital transformation and channel development, emphasizing consumer engagement through bottle scanning and targeting lower-tier markets for growth [7][8]. Industry Context - The liquor market is characterized by a "one super, two strong" structure, with Kweichow Moutai, Wuliangye, and Luzhou Laojiao being the only three companies with high-end market access [8]. - The high-end liquor market is projected to reach 166.4 billion yuan by 2026, with a compound annual growth rate (CAGR) of 12% from 2021 to 2026, indicating a trend towards concentration among leading brands [9]. - Luzhou Laojiao's unique resources, such as the "1573 National Treasure Cellar Group," provide a competitive edge in producing high-quality liquor, ensuring the scarcity of its flagship product [9].

虽然很多朋友不买股票，或者股票只是配置之一， 但我的全部资金，将将七位数，都放在了 股票。 目前持仓5支如下：平安银行，中国平安，上海机场，伊利股份，金龙鱼，大约各1/5，总体 处于盈亏边缘。 配置思路：打新、分红，偏点进攻。 准备至少拿个三五年，希望翻倍。以上配置，问题大不大，如何优化？ 再次是现金比例：没有现金的仓位，没有容错的能力； 最后是目标选择：你的目标是至少拿个三五年，希望翻倍，那么预期收益率是20%-33%； 这样的结果是你必须进行高风险的操作，以高于市场20%-33%的风险实现自己的收益。大 概率的结果是毁于某次风险事件。 qgj8848 我觉得没啥问题，楼主就是打新、收息，顺便赚点差价。不过根据我自身配置给点建议： 1、持仓最好收息+成长并重。 jakkeew 斗胆建议：楼主策略似是蓝筹、长期和分散。在这个原则下，（1）两个平安配置显重叠，择 一即可，（2）上海机场PB不低，公用事业不如长电国投或类似；（3）伊利的护城河一般， 私有化存疑，不如配个酒水股；（4） 金龙鱼行业太差了，简单加工，品牌价值低，没有长 持意义，不如增加两个制造业。综上，平安银行、国投电力、贵州茅台、美的集团和宁德时 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights significant growth in coal production and sales, indicating a broad long-term development outlook for the company [2][6] - The company has experienced a decline in revenue and net profit for 2024, but forecasts a recovery in the coming years with expected revenue growth [6][8] Summary by Sections Recent Performance - For 2024, the company achieved operating revenue of 36.441 billion yuan, a year-on-year decrease of 40.72%. The net profit attributable to shareholders was 2.961 billion yuan, down 42.60% [4][6] - In Q1 2025, the company reported operating revenue of 8.902 billion yuan, a year-on-year decline of 11.34%, with a net profit of 0.694 billion yuan, down 14.07% [4][6] Coal Business - The coal business saw rapid growth in 2024, with raw coal production increasing by 78.5% to 39.833 million tons and sales rising by 68.0% to 43.473 million tons [6] - In Q1 2025, raw coal production reached 14.067 million tons, up 138.8% year-on-year, while sales were 13.358 million tons, up 71.2% [6] Natural Gas Business - The company has proactively reduced its natural gas business scale to mitigate market price risks, resulting in a significant decline in total sales [6] - In 2024, total natural gas sales dropped by 52.95% to 40.856 billion cubic meters [6] Chemical Business - The chemical segment showed mixed results, with methanol production increasing by 18.43% to 1.0788 million tons in 2024, while sales decreased by 5.37% [6] - In Q1 2025, methanol production was 0.278 million tons, down 3.5% year-on-year [6] Financial Forecasts - Revenue projections for 2025-2027 are 41.482 billion yuan, 44.478 billion yuan, and 51.975 billion yuan, reflecting growth rates of 14%, 7%, and 17% respectively [8] - The net profit attributable to shareholders is expected to be 2.84 billion yuan in 2025, with a slight decline of 4% year-on-year, followed by growth of 31% and 41% in subsequent years [8]

资金面上看，该股今日主力资金净流出102.47万元，近5日主力资金净流出0.78万元。 4月25日三角轮胎发布2024年度分配预案，拟10派5.3元（含税），预计派现金额合计为4.24亿元。派现 额占净利润比例为38.45%，以该股2024年度成交均价计算，股息率为3.38%。这是公司上市以来，累计 第9次派现。 公司上市以来历次分配方案一览 | 日期 | 分配方案 | 派现金额合计（亿元） | 股息率（%） | | --- | --- | --- | --- | | 2024.12.31 | 10派5.3元（含税） | 4.24 | 3.38 | | 2023.12.31 | 10派6.7元（含税） | 5.36 | 4.46 | | 2022.12.31 | 10派2.8元（含税） | 2.24 | 2.29 | | 2021.12.31 | 10派2.3元（含税） | 1.84 | 1.43 | | 2020.12.31 | 10派4元（含税） | 3.20 | 2.58 | | 2019.12.31 | 10派3.5元（含税） | 2.80 | 2.60 | | 2018.12.31 | 10派2元（ ...

Core Viewpoint - The company reported stable overall performance in 2024, with short-term profit pressure due to various factors affecting revenue and net profit [1][2]. Group 1: Financial Performance - In 2024, the company's operating revenue reached 5.124 billion yuan, an increase of 4.6%, while the net profit attributable to shareholders was 494 million yuan, a decrease of 10.3% [1]. - The fourth quarter saw a slight decline in revenue to 1.021 billion yuan, down 0.4%, and a significant drop in net profit to 46 million yuan, down 22.1% [1]. - The overall gross margin was 31.7%, down 3.9 percentage points year-on-year, primarily due to increased promotional efforts in the food manufacturing segment [2]. Group 2: Business Segments - The restaurant business showed strong performance with service revenue of 1.46 billion yuan, a year-on-year increase of 15.2%, contributing to 28.4% of total revenue [1]. - The food manufacturing segment faced challenges, with revenue of 3.57 billion yuan, a modest increase of 1.0%. Specific product lines like mooncakes and frozen foods saw declines of 2.0% and 3.0%, respectively, due to intensified industry competition [1]. - The company's overseas revenue grew significantly by 41.6%, with products entering markets such as the United States and Canada [1]. Group 3: Cost Management and Shareholder Returns - The company effectively controlled expenses, with sales, management, and R&D expense ratios decreasing by 0.51 percentage points, 0.41 percentage points, and 0.18 percentage points, respectively [2]. - The company plans to distribute a cash dividend of 4.80 yuan per 10 shares for 2024, reflecting a dividend payout ratio of approximately 55.3%, up from 49.6% in 2023 [2]. - A stock option and restricted stock incentive plan is set to be implemented, with revenue growth targets for 2025-2027 set at no less than 16%, 10%, and 10% year-on-year, respectively [2]. Group 4: Future Projections - The company forecasts EPS for 2025, 2026, and 2027 to be 1.02 yuan, 1.16 yuan, and 1.30 yuan, respectively, with adjustments made due to weak downstream demand and rising raw material costs [3]. - A target price of 18.36 yuan is set based on an 18 times PE ratio, maintaining a buy rating [3].

证券时报·数据宝统计显示，公司今日公布了2024年报，共实现营业收入110.67亿元，同比下降7.12%， 实现净利润1.69亿元，同比下降33.30%，基本每股收益为0.31元，加权平均净资产收益率为3.71%。 资金面上看，该股今日主力资金净流出96.37万元，近5日主力资金净流入432.12万元。 4月22日众业达发布2024年度分配预案，拟10派3元（含税），预计派现金额合计为1.63亿元。派现额占 净利润比例为96.49%，以该股2024年度成交均价计算，股息率为3.84%。这是公司上市以来，累计第15 次派现。 公司上市以来历次分配方案一览 | 日期 | 分配方案 | 派现金额合计（亿元） | 股息率（%） | | --- | --- | --- | --- | | 2024.12.31 | 10派3元（含税） | 1.63 | 3.84 | | 2023.12.31 | 10派3元（含税） | 1.63 | 2.70 | | 2022.12.31 | 10派3.5元（含税） | 1.91 | 3.56 | | 2021.12.31 | 10派3.5元（含税） | 1.91 | 3.97 | | ...

Core Viewpoint - Sichuan Road and Bridge (600039) reported a decline in both revenue and net profit for 2024, indicating potential challenges in its financial performance [1] Financial Performance - The company's operating revenue for 2024 is projected to be 107.238 billion yuan, a year-on-year decrease of 6.78% [1] - The net profit attributable to shareholders is expected to be 7.21 billion yuan, reflecting a year-on-year decline of 19.92% [1] Dividend Distribution - The company plans to distribute a cash dividend of 0.377 yuan per share (tax included) to all shareholders, totaling approximately 3.284 billion yuan (tax included) [1] - The total dividend amount for the 2024 fiscal year is estimated to be 3.606 billion yuan, which represents 50.02% of the net profit attributable to shareholders for the same year [1]

Investment Rating - The report maintains a "Buy-A" rating for the company [1][9]. Core Insights - In 2024, the company achieved a revenue of 24.006 billion yuan, a year-on-year increase of 19.35%, and a net profit attributable to shareholders of 3.840 billion yuan, up 20.00% year-on-year [1][3]. - The company plans to distribute a cash dividend of 23 yuan per 10 shares (including tax), resulting in a payout ratio of 69.89% [1]. - The company has successfully expanded its production capacity with new factories in Vietnam and Indonesia, leading to a production capacity of 229 million pairs, a 3.3% increase year-on-year, and a utilization rate of 96.72%, up 10.06 percentage points [5][9]. Financial Performance - The company reported a quarterly revenue breakdown for 2024 as follows: 4.765 billion yuan in Q1, 6.707 billion yuan in Q2, 6.039 billion yuan in Q3, and 6.495 billion yuan in Q4, with year-on-year growth rates of 30.15%, 20.83%, 18.50%, and 11.88% respectively [3]. - The gross profit margin for 2024 improved by 1.2 percentage points to 26.8%, while the net profit margin was 16.0%, an increase of 0.1 percentage points year-on-year [5][8]. - The company’s earnings per share (EPS) for 2024 was 3.29 yuan, with projected EPS for 2025, 2026, and 2027 at 3.69 yuan, 4.25 yuan, and 4.76 yuan respectively [6][9]. Market Position and Client Base - The company has established partnerships with major global brands, including Nike and Adidas, with the top five clients accounting for 79.13% of total sales, a decrease of 3.2 percentage points year-on-year [4][9]. - The revenue from sports casual shoes, outdoor boots, and sports sandals/slippers for 2024 was 20.991 billion yuan, 0.898 billion yuan, and 2.070 billion yuan respectively, with year-on-year growth rates of 17.88%, -33.70%, and 125.76% [4]. Future Outlook - The company is expected to benefit from the normalization of orders from core clients and the continued growth of new brand clients, leading to a projected increase in revenue and profit for the coming years [9]. - The report forecasts a revenue growth of 14.1% in 2025, 14.2% in 2026, and 12.1% in 2027, with net profit growth rates of 12.2%, 14.9%, and 12.2% respectively [11].

4月9日永顺泰（001338）发布2024年度分配预案，拟10派3元(含税)，预计派现金额合计为1.51亿元。派 现额占净利润比例为50.27%，以该股2024年度成交均价计算，股息率为2.82%。这是公司上市以来，累 计第3次派现。 公司上市以来历次分配方案一览 2024年度农林牧渔行业分红排名 | 代码 | 简称 | 每10股送转(股) | 每10股派现(元) | 派现金额(万元) | 派现占净利润比例(%) | 股息率(%) | | --- | --- | --- | --- | --- | --- | --- | | 002714 | 牧原股份 | 0.00 | 5.72 | 308288.04 | 17.24 | 1.35 | | 600598 | 北大荒 | 0.00 | 5.5 | 97772.39 | 89.93 | 4.03 | | 300999 | 金龙鱼 | 0.00 | 1.11 | 60179.67 | 24.05 | 0.35 | | 001338 | 永顺泰 | 0.00 | 3 | 15051.93 | 50.27 | 2.82 | | 300119 | 瑞普生物 | 0.00 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [1][9]. Core Insights - The company successfully concluded its 2024 fiscal year, demonstrating operational resilience with a total revenue of 174.14 billion yuan, a year-on-year increase of 15.66%, and a net profit attributable to shareholders of 86.23 billion yuan, up 15.38% year-on-year [6]. - For Q4 2024, the company reported a revenue of 51.02 billion yuan, reflecting a 12.77% year-on-year growth, and a net profit of 25.40 billion yuan, which is a 16.21% increase year-on-year [6]. - The company aims for a revenue growth of approximately 9% in 2025, with a planned fixed asset investment of 4.71 billion yuan, indicating a pragmatic approach to its operational goals [6]. - The revenue from Moutai liquor reached 145.93 billion yuan in 2024, a 15.28% increase year-on-year, while the revenue from series liquor was 24.68 billion yuan, growing by 19.65% year-on-year [6]. - The company’s gross margin improved to 92.89% in Q4 2024, with a net profit margin of 52.48%, an increase of 1.40 percentage points year-on-year [6]. - A dividend proposal was announced, with a total cash dividend of 34.67 billion yuan for 2024, resulting in a dividend yield of 3.33% based on the closing price on April 2, 2025 [6]. - The earnings per share (EPS) for 2025 and 2026 are projected to be 74.63 yuan and 81.57 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 21 times and 19 times [6][7]. Summary by Sections Financial Performance - Total revenue for 2024 was 174.14 billion yuan, with a net profit of 86.23 billion yuan [6]. - Q4 2024 revenue was 51.02 billion yuan, with a net profit of 25.40 billion yuan [6]. - Revenue from Moutai liquor was 145.93 billion yuan, while series liquor revenue was 24.68 billion yuan [6]. Future Projections - The company targets a revenue growth of about 9% for 2025 [6]. - Projected EPS for 2025 and 2026 are 74.63 yuan and 81.57 yuan, respectively [7]. Dividend Policy - Proposed dividend of 276.24 yuan per 10 shares, totaling 34.67 billion yuan [6].