丨证券研究报告丨 公司研究丨点评报告丨老白干酒（600559.SH） [Table_Title] 老白干酒 2024 年报及 2025 年一季报点评：一 季报平稳开局，盈利能力持续改善 报告要点 [Table_Summary] 公司 2024 年营业总收入 53.58 亿元，同比增长 1.91%；归母净利润 7.87 亿元，同比增长 18.19%。公司 2024Q4 营业总收入 12.7 亿元，同比下降 10.03%；归母净利润 2.31 亿元，同 比下降 6.79%。公司 2025Q1 营业总收入 11.68 亿元，同比增长 3.36%；归母净利润 1.52 亿 元，同比增长 11.91%。 分析师及联系人 [Table_Author] 董思远 徐爽 朱梦兰 石智坤 伍爽 SAC：S0490517070016 SAC：S0490520030001 SAC：S0490522050003 SAC：S0490522090002 SFC：BQK487 SFC：BVF934 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 老白干酒（600559.SH） cjzqdt11 ...

Group 1 - The core viewpoint of the news is that Laobai Ganjiu reported a mixed performance in its 2024 financial results, achieving revenue growth but facing challenges in market expansion and high-end product transformation [2][3] Group 2 - Laobai Ganjiu's total revenue for 2024 was 5.358 billion yuan, a year-on-year increase of 1.91%, significantly lower than the growth rates of 12.98% in 2023 and 15.54% in 2022, and did not meet the initial target of 5.78 billion yuan for 2024 [2] - The net profit for 2024 was 787 million yuan, reflecting a robust year-on-year growth of 18.19%, primarily driven by cost reduction and efficiency improvements [2] - The main revenue contributor was the Hengshui Laobai Gan series, generating 2.59 billion yuan, accounting for 48% of total revenue, while the high-end 1915 series struggled with poor e-commerce sales and limited market acceptance [2] - The Wulingjiu series performed well, with revenue increasing by 13.3% to 1.098 billion yuan and a high gross margin of 81.06%, becoming a key driver of profit growth [2] - Overall gross margin for Laobai Ganjiu declined by 1.21 percentage points to 65.95%, indicating a need for improved cost control and product pricing power [2] Group 3 - In terms of regional markets, Hebei remained the primary market for Laobai Ganjiu, contributing 3.118 billion yuan in revenue, which accounted for nearly 60% of total revenue, but with a modest growth rate of 2.61% [3] - The Hunan market showed strong performance due to Wulingjiu, with a year-on-year revenue growth of 12.3%, although the number of distributors decreased by 230, indicating ongoing channel adjustments [3] - The Shandong market had the highest growth rate at 31.39%, but its small base indicates that national expansion remains a significant challenge [3] - Operating cash flow for Laobai Ganjiu decreased by 32.63% year-on-year, raising concerns about the quality of earnings despite revenue growth [3] - For 2025, Laobai Ganjiu set a cautious revenue target of 5.47 billion yuan, reflecting a growth rate of only 2.1%, highlighting the challenges in achieving sustainable growth amid sluggish high-end product sales and regional market slowdowns [3]

上 市 公 司 公 司 研 究 / 公 司 点 评 2025 年 04 月 29 日 老白干酒 (600559) 食品饮料 ——收入稳定增长，净利率持续提升 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 04 月 28 日 | | --- | --- | | 收盘价（元） | 17.59 | | 一年内最高/最低（元） | 25.54/15.81 | | 市净率 | 2.9 | | 股息率%（分红/股价） | 2.56 | | 流通 A 股市值（百万元） | 15,906 | | 上证指数/深证成指 | 3,288.41/9,855.20 | 注："股息率"以最近一年已公布分红计算 | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 5.97 | | 资产负债率% | 44.65 | | 总股本/流通 A 股（百万） | 915/904 | | 流通 B 股/H 股（百万） | -/- | 联系人 周缘 (8621)23297818× zhouyuan@swsresearch.com 本研究报告仅通过邮件提供给 中庚基 ...