Investment Rating - The investment rating for the company is "Outperform the Market" [7][15]. Core Views - The company demonstrated resilience in its 2024 performance with a revenue of 23.58 billion yuan, reflecting a year-on-year growth of 16.4%, and a net profit of 5.52 billion yuan, up 20.2% year-on-year [1][4]. - The first quarter of 2025 started strong with a revenue of 9.15 billion yuan, representing a 10.4% year-on-year increase, and a net profit of 2.33 billion yuan, up 12.8% year-on-year [1][4]. - The company is expected to maintain steady growth in revenue and net profit through 2025 to 2027, with projected revenues of 25.54 billion yuan, 27.63 billion yuan, and 29.45 billion yuan respectively, reflecting growth rates of 8.3%, 8.2%, and 6.6% [4][8]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 23.58 billion yuan, with a net profit of 5.52 billion yuan, marking a 20.2% increase year-on-year [1][6]. - The fourth quarter of 2024 saw a revenue of 4.51 billion yuan, with a slight decline in net profit by 0.7% year-on-year [1]. - The first quarter of 2025 reported a revenue of 9.15 billion yuan, up 10.4% year-on-year, and a net profit of 2.33 billion yuan, up 12.8% year-on-year [1][4]. Product and Market Analysis - The revenue from the aged raw liquor segment reached 18.09 billion yuan in 2024, growing by 17.3% year-on-year, driven by both volume and price increases [2]. - The company is focusing on enhancing its product structure, with significant contributions from its premium products, particularly in the domestic market [2][4]. - The company is also expanding its presence in the lower-priced bottled liquor segment to capture additional market share [3]. Future Outlook - The company plans to maintain a robust growth trajectory, with a focus on marketing activities during key festive periods to boost sales [4]. - The projected revenue for 2025 is 25.54 billion yuan, with a net profit of 6.07 billion yuan, indicating a continued positive outlook despite a slight adjustment in previous forecasts [4][8]. - The company is expected to maintain a competitive edge in the domestic market, particularly in the 100-600 yuan price range, leveraging its brand strength and distribution channels [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company is expected to achieve steady revenue growth in 2025, driven by solid domestic demand and strategic market development [4][9] - The revenue targets for 2025-2027 are projected at 255.05 billion, 280.64 billion, and 321.06 billion yuan, representing year-on-year growth rates of 8.17%, 10.03%, and 14.40% respectively [9][11] - The net profit attributable to the parent company is forecasted to be 60.75 billion, 68.27 billion, and 80.37 billion yuan for the same period, with growth rates of 10.11%, 12.38%, and 17.72% [9][11] Company Overview - The latest closing price of the company's stock is 167.11 yuan, with a total market capitalization of 883 billion yuan [3] - The company has a total share capital of 5.29 billion shares, with 4.09 billion shares in circulation [3] - The company's debt-to-asset ratio stands at 36.6%, and the price-to-earnings ratio is 16.01 [3] Financial Performance - In 2024, the company is projected to achieve total operating revenue of 235.78 billion yuan, a year-on-year increase of 16.41% [4][11] - The gross profit margin is expected to be 79.9%, with a net profit margin of 23.4% [4] - The company plans to distribute a total cash dividend of 31.72 billion yuan, with a dividend payout ratio of 57.49%, an increase of 5.66 percentage points year-on-year [4] Product and Channel Performance - For 2024, revenue from different product lines is expected to be 180.86 billion from aged original liquor, 22.41 billion from Gujing liquor, and 25.38 billion from other products [6] - Online and offline channels are projected to generate revenues of 7.72 billion and 228.06 billion yuan respectively, with year-on-year growth rates of 5.81% and 16.81% [6] - The number of distributors increased to 5,089, up by 448 year-on-year, indicating a strengthening distribution network [6] Earnings Forecast - The earnings per share (EPS) for 2025-2027 are estimated to be 11.49, 12.92, and 15.20 yuan, with corresponding price-to-earnings ratios of 15, 13, and 11 times [9][11] - The company is expected to maintain a healthy return on equity (ROE) of around 22.4% in 2024, gradually decreasing to 21.3% by 2027 [11][14]

食品饮料 2025年04月28日 古井贡酒(000596.SZ) 2024顺利收官，分红稳定提升 推荐 ( 维持) 股价:167.11元 行情走势图 相关研究报告 公 司 报 告 【平安证券】古井贡酒（000596.SZ）*季报点评*环 比降速，稳扎稳打*推荐20241031 【平安证券】古井贡酒（000596.SZ）*半年报点评* 市场稳扎稳打，利润持续释放*推荐20240831 证券分析师 事项： 古井贡酒发布2024年年报与2025年1季报。2024年实现营收236亿元，同比 +16.4%，归母净利55亿元，同比+20.2%，其中4Q24实现营收45亿元，同比 +4.8%，归母净利7.7亿元，同比-0.7%，业绩符合快报。1Q25实现营收91亿 元，同比+10.4%，归母净利23.3亿元，同比+12.8%。公司拟每10股派发红利 50元（含税），2024年拟总分红31.7亿元，分红率57.5%。 平安观点： 司 年 报 点 评 研 究 报 告 张晋溢 投资咨询资格编号 S1060521030001 ZHANGJINYI112@pingan.com.cn 王萌 投资咨询资格编号 S106052203000 ...

证券研究报告·公司点评报告·白酒Ⅱ 古井贡酒（000596） 2024 年报及 2025 年一季报点评：业绩符合 预期，延续韧性增长 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） | 20,254 | 23,578 | 26,252 | 29,270 | 32,550 | | 同比（%） | 21.18 | 16.41 | 11.34 | 11.50 | 11.20 | | 归母净利润（百万元） | 4,589 | 5,517 | 6,199 | 7,013 | 7,826 | | 同比（%） | 46.01 | 20.22 | 12.35 | 13.14 | 11.59 | | EPS-最新摊薄（元/股） | 8.68 | 10.44 | 11.73 | 13.27 | 14.81 | | P/E（现价&最新摊薄） | 19.25 | 16.01 | 14.25 | 12.59 | 11.29 | [Table_ ...

公司研究 证 券 研 究 报 告 古井贡酒（000596）2024 年报及 2025 年一季报点评 强推（维持） Q1 实现开门红，稳健增长可期 事项： ❖ 公司发布 24 年报及 25 年一季报，24 年营收 235.8 亿元，同增 16.4%;归母净 利润 55.2 亿元，同增 20.2%，分红率达 57.5%，同比提升 5.7pcts;测算单 Q4 实 现营收 45.1 亿元，同增 4.9%;归母净利润 7.7 亿元，同减 0.7%。25Q1 营收/归 母净利润分别为 91.5/23.3 亿元，同比+10.4%/+12.8%。Q1 末合同负债 36.7 亿 元，环比 24Q4 末上升 1.59 亿元。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 23,578 | 26,086 | 28,813 | 31,758 | | 同比增速(%) | 16.4% | 10.6% | 10.5% | 10.2% | | 归母净利润( ...

古井贡酒（ [Table_StockNameRptType] 000596） 公司点评 | 产品结构升级持续 | | --- | ——古井贡酒 24 年报&25Q1 点评 | 投资评级：买入（维持） [Table_Rank] | | --- | | 报告日期： 2025-04-28 | | [Table_BaseData] 收盘价（元） | 167.11 | | --- | --- | | 近 12 个月最高/最低（元）280.00/139.02 | | | 总股本（百万股） | 529 | | 流通股本（百万股） | 409 | | 流通股比例（%） | 77.30 | | 总市值（亿元） | 883 | | 流通市值（亿元） | 683 | [公司价格与沪深 Table_Chart] 300 走势比较 执业证书号：S0010524010001 邮箱：dengxin@hazq.com 主要观点： ⚫ 收入：产品结构升级持续 ⚫ 利润：盈利能力提升持续兑现 敬请参阅末页重要声明及评级说明 证券研究报告 -56% -35% -15% 6% 27% 4/24 7/24 10/24 1/25 古井贡酒 沪深300 ...

古井贡酒（ [Table_StockNameRptType] 000596） 公司点评 | 产品结构升级持续 | | --- | ——古井贡酒 24 年报&25Q1 点评 | 投资评级：买入（维持） [Table_Rank] | | --- | | 报告日期： 2025-04-28 | 主要观点： ⚫ 收入：产品结构升级持续 ⚫ 利润：盈利能力提升持续兑现 敬请参阅末页重要声明及评级说明 证券研究报告 | [Table_BaseData] 收盘价（元） | 167.11 | | --- | --- | | 近 12 个月最高/最低（元）280.00/139.02 | | | 总股本（百万股） | 529 | | 流通股本（百万股） | 409 | | 流通股比例（%） | 77.30 | | 总市值（亿元） | 883 | | 流通市值（亿元） | 683 | [公司价格与沪深 Table_Chart] 300 走势比较 执业证书号：S0010524010001 邮箱：dengxin@hazq.com 联系人：郑少轩 执业证书号：S0010124040001 -56% -35% -15% 6% 27% 4/2 ...

酒业上市公司业绩披露进入高峰期。截至4月27日晚，已有贵州茅台、五粮液、泸州老窖、古井贡酒、 顺鑫农业、 珍酒李渡、老白干酒、舍得酒业、天佑德酒、上海贵酒、百威亚太、华润啤酒、青岛啤 酒、燕京啤酒、重庆啤酒、珠江啤酒、古越龙山、会稽山、张裕等近20家上市酒企披露了2024年年报， 部分也一并披露了一季报。 整体表现来看，白酒去年降速已经是不争的事实。投资者更关注今年一季度降速还在持续，不过头部白 酒一季度还是普遍保持了增长，部分白酒如古井贡酒甚至继续保持了两位数增长，非头部白酒严重分 化，今年将有多家酒企将被实施退市风险警示。啤酒股在去年行业整体下滑后，今年一季度重回增长， 尤其燕京啤酒、珠江啤酒的盈利继续保持高增速。黄酒股情况相对较好，尤其会稽山上周再度涨停。 酒企业绩 五粮液2024年营收超过890亿元 Q1营收增长6% 21世纪经济报道肖夏 综合报道 4月25日晚，五粮液披露2024年年报和2025年一季报。年报显示，2024年五粮液实现收入891.75亿元， 同比增长7.09%，实现归母净利润318.53亿元，同比增长5.44%。今年一季度，五粮液实现收入369.4亿 元，同比增长6.05%，实现归母 ...

机构指出，从资产配置的角度来说，依然建议关注红利板块，重视经济周期下大类资产的价格规律。 【财经日历】 北京香山论坛先导会； 国新办就稳就业稳经济推动高质量发展政策措施有关情况举行新闻发布会。 | 树 盘前必读 | // 外盘怎么样 // | | | | --- | --- | --- | --- | | 名称 | 现价 | 涨跌 | 涨跌幅 | | 道琼斯工业指数 | 42374.36 | -140.59 | -0.33% | | 纳斯达克指数 | 18415.49c | 138.84 | 0.76% | | 标普500 | 5809.86 | 12.44 | 0.21% | 上周五美股全线周涨，投资者消化一系列企业财报，并寻找缓解贸易争端紧张局势的迹象。截至收盘，道指涨20.10点，涨幅0.05%，报40113.50点，纳指涨 1.26%，报17382.94点，标普500指数涨0.74%，报5525.21点。上周道指周涨2.5%，纳指周涨6.7%，标普500指数周涨4.6%。 明星科技股表现不俗，英伟达涨4.3%，Meta涨2.7%，亚马逊涨1.3%，微软涨1.2%。 纳斯达克中国金龙指数跌0.4%，阿里 ...

(责任编辑：王治强HF013) 【古井贡酒2025年一季度业绩披露】古井贡酒4月28日公布2025年第一季度报告。公司营业总收入达 91.46亿元，同比增长10.38%。归母净利润23.3亿元，同比增长12.78%。扣非净利润23.12亿元，同比增 长12.78%。经营活动产生的现金流量净额为18.45亿元，同比下降24.81%。报告期内，基本每股收益为 4.41元，加权平均净资产收益率为9.21%。以4月25日收盘价计算，其市盈率(TTM)约为15.28倍，市净率 (LF)约3.34倍，市销率(TTM)约3.61倍。公司主要从事白酒生产和销售。2025年一季度，加权平均净资 产收益率同比上升0.05个百分点，投入资本回报率较上年同期下降0.38个百分点。截至一季度末，经营 活动现金流净额同比下降24.81%，筹资活动现金流净额减少4亿元，投资活动现金流净额由上年同期的 864.93万元变为-8.86亿元。资产方面，应收款项融资较上年末增加55.19%，存货增加0.09%，固定资产 减少0.84%，货币资金增加3.8%。负债方面，应付票据及应付账款较上年末减少18.65%，其他流动负债 增加32.18%，应交 ...