投资要点 公司2024 年实现营业总收入/营业收入/归母净利润/扣非净利润891.75/891.75/318.53/317.42 亿元， 同比 7.09%/7.09%/5.44%/5.40%。2024 年，公司毛利率/归母净利率为77.05%/35.72%，分别同比 1.26/-0.56pct；税金/销售/管理/研发/财务费用率分别为14.62%/11.99%/3.99%/0.45%/-3.18%，分别同 比-0.43/2.63/0/0.07/-0.21pct。全年实现销售收现1018.69 亿元，同比-3.3%；经现净额339.4 亿元，同 比-18.69%；年末合同负债116.9亿元，同比增加48.25 亿元，环比增加46.18 亿元（去年同口径环比增加 29.16 亿元）。2024 年总计现金分红223 亿元，分红率70%。24年公司净利率微降，主因销售费用率提 升，24 年公司销售费用中形象宣传费、促销费和仓储及物流费增长较多，主因公司加大了渠道建设、 团队建设、消费者培育投入力度，同时为了进一步提升服务质量和配送效率加大了仓储物流费的投入。 公司24Q4 实现营业总收入/营业收入/归母净利润/扣非净 ...

Investment Rating - The investment rating for the company is "Buy" [15] Core Views - The company is expected to achieve a total revenue of 891.75 billion yuan in 2024, reflecting a year-on-year growth of 7.09% [3] - The net profit attributable to the parent company is projected to be 318.53 billion yuan in 2024, with a growth rate of 5.44% [3] - The company aims for a revenue growth target of approximately 5% for 2025, aligning with macroeconomic indicators [9] Financial Summary - The latest closing price of the company's stock is 129.05 yuan, with a total market capitalization of 500.9 billion yuan [2] - The company has a debt-to-asset ratio of 27.5% and a price-to-earnings ratio of 15.73 [2] - For Q4 2024, the company achieved a total revenue of 212.6 billion yuan, with a year-on-year increase of 2.53% [4] - The gross profit margin for 2024 is expected to be 77.05%, with a slight year-on-year increase of 1.26 percentage points [3] Revenue Breakdown - In 2024, the revenue from the main product, Wuliangye liquor, is expected to be 678.75 billion yuan, growing by 8.07% year-on-year [5] - The sales volume of Wuliangye liquor is projected to be 41,400 tons, with a year-on-year increase of 7.06% [5] - The direct sales channel's revenue is expected to grow by 12.89%, increasing its share to 41.37% of total sales [5] Profitability Forecast - The company anticipates a slight decrease in net profit margin for 2024 due to increased sales expenses [3] - The expected cash dividend for 2024 is 223 billion yuan, with a dividend payout ratio of 70% [3] - The earnings per share (EPS) for 2025 is projected to be 8.62 yuan, with a corresponding price-to-earnings ratio of 14.98 [11]

证券研究报告：食品饮料 | 公司点评报告 l 投资要点 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:张子健 SAC 登记编号:S1340524050001 Email:zhangzijian@cnpsec.com 五粮液(000858) 增长韧性强劲，25 年营收目标预计 5%左右 公司基本情况 | 最新收盘价（元） | 129.05 | | --- | --- | | 总股本/流通股本（亿股）38.82 | / 38.81 | | 总市值/流通市值（亿元）5,009 | / 5,009 | | 周内最高/最低价 52 | 164.05 / 107.69 | | 资产负债率(%) | 27.5% | | 市盈率 | 15.73 | | 第一大股东 | 宜宾发展控股集团有限 | | 公司 | | 研究所 股票投资评级 资料来源：聚源，中邮证券研究所 公司 2024 年实现营业总收入/营业收入/归母净利润/扣非净利 润 891.75/891.75/318.53/317.42 亿 元 ， 同 比 7.09%/7.09%/5.44%/5. ...