Core Viewpoint - The company reported a significant decline in revenue and net profit for 2024, indicating potential challenges in its operational performance and market conditions [3][4]. Financial Performance - In 2024, the company achieved a revenue of 9.464 billion, a year-on-year decrease of 6.49%, and a net profit attributable to shareholders of 44 million, down 81.11% [3]. - The fourth quarter of 2024 saw a revenue of 1.633 billion, a decrease of 12.62% year-on-year, with a net profit of -123 million, compared to a profit of 4 million in the same period last year [3]. Profitability Metrics - The overall gross margin for 2024 was 9.00%, reflecting a decline of 1.75 percentage points year-on-year. In Q4 2024, the gross margin dropped to 4.16%, down 5.47 percentage points year-on-year [4]. - The operating expense ratio for 2024 was 7.54%, a decrease of 0.94 percentage points year-on-year. In Q4 2024, the expense ratio was 8.33%, down 1.31 percentage points year-on-year [4]. Strategic Initiatives - The company is enhancing its offline store competitiveness by developing 127 new Huazhi Wine 3.0 stores in 2024, aiming to provide a comprehensive consumer experience [5]. - Online sales channels have been strengthened, with e-commerce revenue reaching 2.092 billion, a year-on-year increase of 72.87% [5]. - The company has restructured its national market into 16 battle zones and established six support centers to enhance marketing strategies [5].

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 公司 2024 年 营收同比减少 6.49 %，归母净利润同比减少 81.11 % 公司公布 2024年 年 报： 2024 年 实现营业收入 94.64 亿元，同比减少 6.49 %， 实现归母净利润 0.44 亿 元，同比减少 81.11 %， 实现扣非归母净利润 0.25 亿元，同比减少 85.97 %。 单季度拆分来看， 4 Q2024实现营业收入1 6.33 亿元，同比减少 12.62 %， 实现归母净利润 -1.23 亿元， 上年同期为 0.04亿元 ， 实现扣非归母净利润 -1.24 亿元， 上年同期为 0.03亿元 。 公司 2024 年 综合毛利率下降 1.75 个百分点，期间费用率下降 0. 9 4个百分点 ...