Workflow
其他酒产品
icon
Search documents
五粮液:2024、25Q1业绩点评25Q1业绩略超预期,关注改革三重抓手-20250505
ZHESHANG SECURITIES· 2025-05-05 15:40
——五粮液 2024&25Q1 业绩点评 投资要点 证券研究报告 | 公司点评 | 白酒Ⅱ 五粮液(000858) 报告日期:2025 年 05 月 05 日 25Q1 业绩略超预期,关注改革三重抓手 其他酒产品收入 152.51 亿元(同比+11.79%),毛利率 60.81%(同比 +0.65pct),销量/吨价同比变动+0.12%/+11.65%,其他酒吨价提升主要系五粮浓 香公司持续向中高价位产品聚焦,低价位产品生产量、销售量减少所致。 ❑ 发力 C 端构建渠道网络体系,核心终端及专卖店显著增加 24 年经销收入 487.38 亿元(同比+5.99%),直销收入 343.89 亿元(同比 +12.89%),直销占比达 41.37%(同比+1.52pct)。24 年五粮液/五粮浓香经销商 数量同比增加 82/245 个,专卖店数量同比增加 124 个,单个经销商平均规模同 比下降 3.35%。公司进一步淡化传统渠道铺货手段,转向依托提升直销比例+搭 建平台公司推进团购发力 C 端。24 年新增核心终端 1.6 万家,推动终端网点扩容 提质;直营渠道"三店一家"建设成效明显,新增 138 家专卖店、5 家 ...
五粮液(000858):2024、25Q1业绩点评:25Q1业绩略超预期,关注改革三重抓手
ZHESHANG SECURITIES· 2025-05-05 06:07
证券研究报告 | 公司点评 | 白酒Ⅱ 五粮液(000858) 报告日期:2025 年 05 月 05 日 25Q1 业绩略超预期,关注改革三重抓手 ——五粮液 2024&25Q1 业绩点评 投资要点 其他酒产品收入 152.51 亿元(同比+11.79%),毛利率 60.81%(同比 +0.65pct),销量/吨价同比变动+0.12%/+11.65%,其他酒吨价提升主要系五粮浓 香公司持续向中高价位产品聚焦,低价位产品生产量、销售量减少所致。 ❑ 发力 C 端构建渠道网络体系,核心终端及专卖店显著增加 24 年经销收入 487.38 亿元(同比+5.99%),直销收入 343.89 亿元(同比 +12.89%),直销占比达 41.37%(同比+1.52pct)。24 年五粮液/五粮浓香经销商 数量同比增加 82/245 个,专卖店数量同比增加 124 个,单个经销商平均规模同 比下降 3.35%。公司进一步淡化传统渠道铺货手段,转向依托提升直销比例+搭 建平台公司推进团购发力 C 端。24 年新增核心终端 1.6 万家,推动终端网点扩容 提质;直营渠道"三店一家"建设成效明显,新增 138 家专卖店、5 家 ...
五粮液2024年报解读:销售费用大增18.69%,经营现金流净额下滑37.15%
Xin Lang Cai Jing· 2025-04-27 00:49
Core Insights - The company reported a total revenue of 89.175 billion yuan for 2024, marking a year-on-year growth of 7.09% [2] - Net profit attributable to shareholders reached 31.853 billion yuan, reflecting a 5.44% increase compared to the previous year [3] - Significant increases in sales expenses and a decline in net cash flow from operating activities are noteworthy concerns for investors [1][10] Revenue and Profit - The core liquor business generated 83.127 billion yuan, accounting for 93.22% of total revenue, with an 8.74% year-on-year growth [2] - Revenue from the southern region grew by 12.65% to 39.336 billion yuan, while the northern region saw a decline of 3.98% [2][3] Profitability - The company's net profit was 31.853 billion yuan, up 5.44% from 30.211 billion yuan last year, with a return on equity of 23.35% [3] - Basic earnings per share increased to 8.2062 yuan, reflecting a 5.44% growth [3] Expense Analysis - Sales expenses surged by 37.15% to 10.692 billion yuan, driven by increased market investments [4][5] - Management expenses grew by 7.10% to 3.555 billion yuan, indicating stable operational cost control [6] Cash Flow Analysis - Net cash flow from operating activities decreased by 18.69% to 33.940 billion yuan, influenced by a 2.65% drop in cash inflows [10][11] - Cash outflows from financing activities increased by 20.78% to 19.714 billion yuan, primarily due to higher dividend payments [13]