证券研究报告·公司点评报告·白酒Ⅱ 伊力特（600197） 2024 年报及 2025 一季报点评：伊力王改革 显效，小老窖有待修复 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,231 | 2,203 | 2,311 | 2,588 | 2,944 | | 同比（%） | 37.46 | (1.27) | 4.92 | 11.99 | 13.74 | | 归母净利润（百万元） | 339.85 | 285.80 | 332.88 | 396.85 | 496.72 | | 同比（%） | 105.53 | (15.91) | 16.47 | 19.22 | 25.17 | | EPS-最新摊薄（元/股） | 0.72 | 0.60 | 0.70 | 0.84 | 1.05 | | P/E（现价&最新摊薄） | 20.26 | 24.09 | 20.68 | 17.35 | 13.86 | [Table_T ...

证券研究报告·公司点评报告·白酒Ⅱ 伊力特（600197） 2024 年报及 2025 一季报点评：伊力王改革 显效，小老窖有待修复 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,231 | 2,203 | 2,311 | 2,588 | 2,944 | | 同比（%） | 37.46 | (1.27) | 4.92 | 11.99 | 13.74 | | 归母净利润（百万元） | 339.85 | 285.80 | 332.88 | 396.85 | 496.72 | | 同比（%） | 105.53 | (15.91) | 16.47 | 19.22 | 25.17 | | EPS-最新摊薄（元/股） | 0.72 | 0.60 | 0.70 | 0.84 | 1.05 | | P/E（现价&最新摊薄） | 20.26 | 24.09 | 20.68 | 17.35 | 13.86 | [Table_T ...

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, with a strategic focus on product upgrades and market expansion despite industry pressures [1][4]. Financial Performance - In 2024, the company achieved total revenue of 2.203 billion yuan, a year-on-year decrease of 1.3% - The net profit attributable to shareholders was 286 million yuan, down 15.9% year-on-year - The net profit excluding non-recurring items was 278 million yuan, a decrease of 16.5% year-on-year - For Q4 2024, total revenue was 549 million yuan, down 6.6% year-on-year, with a net profit of 45 million yuan, down 59.6% year-on-year [1] - In Q1 2025, total revenue reached 796 million yuan, a decrease of 4.3% year-on-year, with a net profit of 144 million yuan, down 9.3% year-on-year [1] Product Structure - In 2024, revenue from high-end, mid-range, and low-end products was 1.529 billion yuan, 506 million yuan, and 134 million yuan, respectively, with year-on-year changes of +4.3%, -8.2%, and -20.5% - High-end liquor revenue accounted for 70.5% of total revenue, an increase of 3.4 percentage points [2] - In Q1 2025, high-end liquor revenue was 620 million yuan, up 8.8% year-on-year [2] Channel Structure - In 2024, revenue from direct sales, wholesale agents, and online sales was 492 million yuan, 1.544 billion yuan, and 133 million yuan, with year-on-year changes of +90.9%, -13.9%, and -1.7% - In Q1 2025, direct sales revenue was 197 million yuan, up 69.9% year-on-year [2] Regional Performance - In 2024, sales revenue from within and outside the region was 1.598 billion yuan and 571 million yuan, with year-on-year changes of -5.8% and +16.7% - In Q1 2025, sales revenue from within and outside the region was 695 million yuan and 93 million yuan, with year-on-year changes of +3.5% and -37.9% [2] Strategic Initiatives - The company is accelerating its strategic layout within the region, focusing on market expansion outside the region, particularly in Sichuan [3] - The gross profit margin for 2024 was 52.3%, an increase of 4.1 percentage points year-on-year, while Q1 2025 gross profit margin was 48.8%, down 3.1 percentage points year-on-year [3] - The company is implementing organizational reforms and product system upgrades, with a focus on major product strategies and market expansion [4] Future Outlook - The company expects to achieve revenues of 2.295 billion yuan and 2.483 billion yuan in 2025 and 2026, respectively, with year-on-year growth rates of 4.2% and 8.2% - Projected net profits for 2025 and 2026 are 376 million yuan and 422 million yuan, respectively [4]

2025 年 4 月 28 日，公司披露 24 年年报及 25 年一季报。1）24 年 实现营收 22.0 亿元，同比-1.3%；归母净利 2.9 亿元，同比-15.9%。 2）25Q1 实现营收 8.0 亿元，同比-4.3%；归母净利 1.4 亿元，同 比-9.3%。业绩表现符合预期，外部环境扰动下仍有承压。 从营收结构来看：1）产品端，24 年高档/中档/低档分别实现营收 15.3/5.1/1.3 亿元，同比+4.3%/-8.2%/-20.5%，其中销量分别- 13.6%/-6.5%/-27.1%，吨价分别+20.7%/-1.8%/+9.0%。25Q1 高档 /中档/低档分别实现营收6.2/1.3/0.3亿元，同比+8.8%/-30.7%/- 41.0%。公司产品结构提升明显，伊力王等自营产品有不错增长。 2）区域端，24 年疆内/疆外分别实现营收 16.0/5.7 亿元，同比- 5.8%/+16.7%；25Q1 疆内/疆外分别实现营收 7.0/0.9 亿元，同比 +3.5%/-37.9%。3）渠道端，24 年直销/线上/批发分别实现营收 4.9/1.3/15.4 亿元，同比+90.9%/-1.7%/-1 ...