| [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 5,257 | 5,358 | 5,463 | 5,825 | 6,467 | | 同比（%） | 12.98 | 1.91 | 1.97 | 6.63 | 11.01 | | 归母净利润（百万元） | 665.94 | 787.10 | 880.40 | 996.63 | 1,175.65 | | 同比（%） | (5.89) | 18.19 | 11.85 | 13.20 | 17.96 | | EPS-最新摊薄（元/股） | 0.73 | 0.86 | 0.96 | 1.09 | 1.29 | | P/E（现价&最新摊薄） | 23.49 | 19.87 | 17.77 | 15.70 | 13.31 | [Table_Tag] [Table_Summary] 投资要点 证券研究报告·公司点评报告·白酒Ⅱ 老白干酒（600559） 秉节持重，厚积薄发 2025 年 05 月 ...

证券研究报告·公司点评报告·白酒Ⅱ 老白干酒（600559） 秉节持重，厚积薄发 2025 年 05 月 25 日 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） | 5,257 | 5,358 | 5,463 | 5,825 | 6,467 | | 同比（%） | 12.98 | 1.91 | 1.97 | 6.63 | 11.01 | | 归母净利润（百万元） | 665.94 | 787.10 | 880.40 | 996.63 | 1,175.65 | | 同比（%） | (5.89) | 18.19 | 11.85 | 13.20 | 17.96 | | EPS-最新摊薄（元/股） | 0.73 | 0.86 | 0.96 | 1.09 | 1.29 | | P/E（现价&最新摊薄） | 23.49 | 19.87 | 17.77 | 15.70 | 13.31 | [Table_Tag] [Table_S ...

Core Insights - The company reported a revenue of 5.358 billion yuan for 2024, a year-on-year increase of 1.9%, and a net profit attributable to shareholders of 787 million yuan, up 18.2% year-on-year [1] - The company is focusing on enhancing its product structure, particularly in the high-end segment, which has shown significant growth [1][4] Financial Performance - In Q4 2024, the company achieved a revenue of 1.270 billion yuan, a decrease of 10.0% year-on-year, and a net profit of 231 million yuan, down 6.8% year-on-year [1] - For Q1 2025, the company reported a revenue of 1.168 billion yuan, an increase of 3.4% year-on-year, and a net profit of 152 million yuan, up 11.9% year-on-year [1] - The overall gross margin for 2024 was 65.95%, a decrease of 1.2 percentage points year-on-year, while Q1 2025 saw a gross margin of 68.58%, an increase of 5.86 percentage points year-on-year [3] Product and Brand Performance - The company’s products priced above 100 yuan showed strong growth, with revenues of 2.704 billion yuan for 2024, up 5.3% year-on-year, and 661 million yuan for Q1 2025, up 25.5% year-on-year [1] - The company’s brands, including Wuling and Kongfu Family, showed varied performance, with Kongfu Family achieving a revenue increase of 28.1% year-on-year [2] Cost Management and Efficiency - The company has implemented cost control measures, resulting in a decrease in sales and management expense ratios for 2024 [3] - The company’s net profit margin for 2024 was 14.69%, an increase of 2.0 percentage points year-on-year, while Q1 2025 saw a net profit margin of 13.05%, up 1.0 percentage point year-on-year [3] Future Outlook - The company expects to achieve total revenues of 5.664 billion yuan and 6.188 billion yuan for 2025 and 2026, respectively, with year-on-year growth rates of 5.7% and 9.3% [4] - The company is focusing on long-term development and product structure enhancement, particularly in the high-end market segment [4]

智通财经记者 | 武冰聪 智通财经编辑 | 牙韩翔 4月25日晚，老白干酒披露2024年年报，该公司实现营收53.58亿元，同比增长1.9%；实现归母净利润 7.87亿元，同比增长18%。 财报指出，老白干酒2024年年利润增长主要原因有两方面，一方面是优化产品结构，高中档酒销售收入 增加，另一方面是持续开展降本增效活动，降低费销比和各项费用，盈利水平不断提升。 值得注意的是，在通过降本拉高了净利润的同时，老白干酒2024年全年营收未达预期。老白干酒曾定下 2024年计划实现营收57.8亿元的营收目标。但2024年，其实现营收53.58亿元，同比仅增长1.91%。 回顾以往，2021年—2023年，老白干酒营收分别为40.27亿元、46.53亿元、52.57亿元，期间增速 11.93%、15.54%、12.98%，均保持两位数增长，2024年的表现明显不如以往。 老白干营收增速放缓与几方面原因有关，首先是高端化增长有限。以价格带来对产品进行区分，该公司 去年100元以上产品收入27亿元，同比增长5.29%，100元以下产品收入26亿元，同比增长7.09%，中低 端产品的收入增幅更为明显。 根据财报资料，该公司 ...