中档产品带动增长，整体表现符合预期 买入(维持) 事件 | 分析师：孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人：肖燕南 | S1050123060024 | | xiaoyn@cfsc.com.cn | | | 基本数据 | 2025-05-08 | | --- | --- | | 当前股价（元） | 46.95 | | 总市值（亿元） | 229 | | 总股本（百万股） | 488 | | 流通股本（百万股） | 488 | | 52 周价格范围（元） | 30.73-61.16 | | 日均成交额（百万元） | 298.7 | 2025 年 05 月 09 日 —水井坊（600779.SH）公司事件点评报告 2025 年 4 月 29 日，水井坊发布 2024 年年报及 2025 年一季 报。 投资要点 ▌业绩稳健增长，费用优化明显 市场表现 -40 -20 0 20 40 (%) 水井坊 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《水井坊（600779）：业绩符合 预期，臻酿八号稳增》2025- ...

| 分析师：孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人：肖燕南 | S1050123060024 | | xiaoyn@cfsc.com.cn | | | 基本数据 | 2025-05-08 | | --- | --- | | 当前股价（元） | 46.95 | | 总市值（亿元） | 229 | | 总股本（百万股） | 488 | | 流通股本（百万股） | 488 | | 52 周价格范围（元） | 30.73-61.16 | | 日均成交额（百万元） | 298.7 | 市场表现 2025 年 05 月 09 日 中档产品带动增长，整体表现符合预期 买入(维持) 事件 -40 -20 0 20 40 (%) 水井坊 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《水井坊（600779）：业绩符合 预期，臻酿八号稳增》2025-01-26 2、《水井坊（600779）：财年开门 红业绩稳健，费投优化力度明显》 2024-11-01 3、《水井坊（600779）：业绩略超 预期，臻酿八号贡献增长》202 ...

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% over the next six months [1][8]. Core Insights - The company achieved a total revenue of 89.175 billion yuan in 2024, representing a year-on-year growth of 7.09%, and a net profit attributable to shareholders of 31.853 billion yuan, up 5.44% year-on-year [5]. - In Q4 2024, the company reported a total revenue of 21.260 billion yuan, a 2.53% increase year-on-year, but a net profit decline of 6.17% due to increased support for receivables and consumer cultivation efforts [5]. - For Q1 2025, the company demonstrated resilience with a total revenue of 36.940 billion yuan, a 6.05% increase year-on-year, and a net profit of 14.860 billion yuan, up 5.80% year-on-year [5]. - The company plans to align its 2025 revenue targets with macroeconomic indicators, maintaining a steady and rational operational goal [5]. - The company announced a year-end dividend of 31.69 yuan per 10 shares, totaling 12.301 billion yuan, with a dividend payout ratio of 70% [5]. Financial Summary - The company forecasts total revenues of 93.723 billion yuan for 2025, 99.159 billion yuan for 2026, and 105.406 billion yuan for 2027, with corresponding net profits of 33.527 billion yuan, 35.620 billion yuan, and 38.043 billion yuan respectively [6]. - The diluted earnings per share are projected to be 8.64 yuan for 2025 and 9.18 yuan for 2026, with price-to-earnings (PE) ratios of 15 times and 14 times respectively [5][6].