Kweichow Moutai (.SS)_ FY24 Preliminary Results in Line; Moutai Spirits Momentum Maintained

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 2 January 2025 | 11:05PM HKT Kweichow Moutai (600519.SS): FY24 Preliminary Results in Line; Moutai Spirits Momentum Maintained Kweichow Moutai pre-announced its 2024 operating results on Jan 2 post market close, with revenue at Rmb173.8bn, up 15.4% yoy and NP at Rmb85.7bn up 14.7% yoy, both slightly higher than our full year estimate. Implied 4Q24 revenue is Rmb50.7bn, up 12.0% yoy, and implied 4Q24 net profit is Rmb24.9bn, up 13.8% yoy, slightly higher vs. GSe of 10.2%/10.5% yo ...