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山西汾酒(600809):公司点评:业绩符合预期,全国化稳步推进
SINOLINK SECURITIES· 2025-08-28 15:22
Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 23.96 billion yuan for the first half of 2025, representing a year-on-year increase of 5.4%, with a net profit attributable to shareholders of 8.51 billion yuan, up 1.1% year-on-year [2] - The second quarter of 2025 saw revenues of 7.44 billion yuan, a slight increase of 0.4% year-on-year, but net profit decreased by 13.5% to 1.86 billion yuan [2] - The company is focusing on expanding its market presence with new product launches and marketing strategies [4] Revenue Breakdown - Product-wise, the company achieved revenues of 23.39 billion yuan from Fenjiu and 480 million yuan from other liquor types in the first half of 2025, with year-on-year growth of 5.8% and a decline of 10.5% respectively [3] - Regionally, the company generated 8.73 billion yuan from domestic sales and 15.14 billion yuan from outside the province, with year-on-year growth of 4.0% and 6.1% respectively [3] - The gross profit margin for the second quarter of 2025 decreased by 3.2 percentage points to 71.9% [3] Financial Projections - Revenue growth is projected at 1.4% for 2025, 7.2% for 2026, and 10.0% for 2027, while net profit is expected to decline by 2.1% in 2025, followed by increases of 8.2% and 12.1% in the subsequent years [5] - The earnings per share (EPS) are forecasted to be 9.83 yuan for 2025, 10.63 yuan for 2026, and 11.92 yuan for 2027, with corresponding price-to-earnings (PE) ratios of 20.1, 18.6, and 16.6 [5]