Group 1 - The Osaka World Expo 2025 has opened, with Wuliangye as a senior partner of the China Pavilion, marking its first official appearance as a Chinese liquor brand [1][3] - Wuliangye is launching the "Wuliangye Expo Season" marketing campaign, creating a limited-time experience store to promote its brand and the "He Mei" cultural concept [1][5] - The Expo serves as a platform for cultural exchange and economic development, with the China Pavilion showcasing traditional ecological wisdom and green development concepts [1][8] Group 2 - The Wuliangye limited-time experience store features innovative cocktails and interactive activities aimed at engaging younger consumers and integrating traditional liquor culture into modern lifestyles [3][5] - Wuliangye has been present in the Japanese market for over 20 years, with a diverse distribution network including supermarkets, restaurants, and e-commerce platforms [8] - The company aims to enhance its global presence by participating in international events and promoting Chinese liquor culture, with products currently available in 62 countries and regions [8]

Group 1 - The launch ceremony of "Ritual China" by the Central Radio and Television Station (CRTV) and the new product release by Wuliangye took place in Beijing, emphasizing the importance of ritual culture in Chinese heritage [3][4] - Wuliangye has collaborated with CRTV for three consecutive years, achieving over 50 billion in brand exposure, highlighting the effectiveness of their partnership in enhancing brand visibility [4][6] - "Ritual China" is a key cultural project of CRTV, set to premiere on the CCTV Comprehensive Channel and Chinese International Channel during the Mid-Autumn Festival in 2025, showcasing a blend of virtual scenarios and humanistic exploration [4][10] Group 2 - Wuliangye's traditional brewing techniques were presented at the event, introducing new product lines such as "Wishing You Smooth Sailing," "Full Moon and Reunion," and the "Old Wine" series, along with the Wuliang Strong Aroma series [8] - The partnership with CRTV allows Wuliangye to connect emotionally with global Chinese communities, aiming to create a tangible representation of Chinese "Ritual Culture" [10]

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a projected relative price increase of 5% to 15% over the next six months compared to the market index [5][10][17]. Core Insights - The company reported a slight miss on earnings expectations, with a revenue of 89.175 billion yuan in 2024, reflecting a year-on-year growth of 7.09%, and a net profit of 31.853 billion yuan, up 5.44% year-on-year. The first quarter of 2025 showed a revenue of 36.940 billion yuan, a 6.05% increase year-on-year, and a net profit of 14.860 billion yuan, up 5.80% year-on-year [2][10]. - The company plans to distribute a cash dividend of 31.69 yuan per 10 shares, totaling 12.3 billion yuan, which aligns with its shareholder return plan for 2024-2026, increasing the cash dividend ratio to 70% compared to 2023 [2][10]. - The report highlights a decline in the growth rate of liquor sales, with the core product's sales volume increasing by 7.06% in 2024, while other products saw a minimal growth of 0.12%. The gross margin for the main product improved to 87.72% [3][10]. Financial Performance Summary - In 2024, the company achieved a gross margin of 77.06%, with sales expenses exceeding 10 billion yuan for the first time, leading to a sales expense ratio increase to 11.99%. The net profit margin was recorded at 37.22%, a slight decline of 0.63 percentage points year-on-year [4][10]. - The forecast for 2025-2027 indicates a steady growth trajectory, with expected net profits of 33.606 billion yuan in 2025, 35.892 billion yuan in 2026, and 38.554 billion yuan in 2027, reflecting growth rates of 5.50%, 6.80%, and 7.42% respectively [5][10]. - The report projects earnings per share (EPS) to increase from 8.21 yuan in 2024 to 9.93 yuan in 2027, with corresponding price-to-earnings (PE) ratios decreasing from 15.73 to 12.99 over the same period [5][10].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company achieved a total revenue of 89.175 billion yuan in 2024, representing a year-on-year increase of 7.09%, and a net profit attributable to shareholders of 31.853 billion yuan, up 5.44% year-on-year [1][4]. - The company plans to distribute a cash dividend of 31.69 yuan per 10 shares, with a total cash dividend payout of 22.3 billion yuan, corresponding to a payout ratio of approximately 70% [1]. - The company is focusing on controlling inventory and maintaining prices for its flagship product, with a stable market price for its main brand [2]. Summary by Sections Financial Performance - In Q4 2024, total revenue was 21.26 billion yuan, a 2.53% increase year-on-year, while net profit decreased by 6.17% to 6.922 billion yuan [1]. - For Q1 2025, total revenue reached 36.94 billion yuan, up 6.05% year-on-year, and net profit increased by 5.8% to 14.86 billion yuan [1]. Product and Market Strategy - The main brand and other liquor revenues for 2024 were 67.875 billion yuan and 15.251 billion yuan, respectively, with year-on-year growth of 8.07% and 11.79% [2]. - The company has introduced new products and focused on high-end market segments, with a 30% increase in banquet market activities for the main brand [2]. Cost and Profitability - The gross margin for 2024 was 77.05%, with a slight increase from the previous year, while the net profit margin was 35.72% [3]. - Sales expenses increased significantly in 2024 due to higher investments in brand promotion and channel development [3]. Profit Forecast and Valuation - The company has adjusted its net profit forecasts for 2025 and 2026 to 33.691 billion yuan and 35.896 billion yuan, respectively, reflecting a downward revision of 6.7% and 8.6% from previous estimates [4]. - The current stock price corresponds to a P/E ratio of 15 for 2025, indicating a favorable valuation [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% over the next six months [1][8]. Core Insights - The company achieved a total revenue of 89.175 billion yuan in 2024, representing a year-on-year growth of 7.09%, and a net profit attributable to shareholders of 31.853 billion yuan, up 5.44% year-on-year [5]. - In Q4 2024, the company reported a total revenue of 21.260 billion yuan, a 2.53% increase year-on-year, but a net profit decline of 6.17% due to increased support for receivables and consumer cultivation efforts [5]. - For Q1 2025, the company demonstrated resilience with a total revenue of 36.940 billion yuan, a 6.05% increase year-on-year, and a net profit of 14.860 billion yuan, up 5.80% year-on-year [5]. - The company plans to align its 2025 revenue targets with macroeconomic indicators, maintaining a steady and rational operational goal [5]. - The company announced a year-end dividend of 31.69 yuan per 10 shares, totaling 12.301 billion yuan, with a dividend payout ratio of 70% [5]. Financial Summary - The company forecasts total revenues of 93.723 billion yuan for 2025, 99.159 billion yuan for 2026, and 105.406 billion yuan for 2027, with corresponding net profits of 33.527 billion yuan, 35.620 billion yuan, and 38.043 billion yuan respectively [6]. - The diluted earnings per share are projected to be 8.64 yuan for 2025 and 9.18 yuan for 2026, with price-to-earnings (PE) ratios of 15 times and 14 times respectively [5][6].

[Table_Info1] [Table_Title] 证券研究报告 / 公司点评报告 保持稳健增长，渠道改革持续深化 事件：2025 年 4 月 25 日，公司发布 2024 年年度报告及 2025 年一季度 报告。2024 年实现营收 891.75 亿元，同比增长 7.09%；归母净利 318.53 亿元，同比+5.44%。2025Q1 营收 369.40 亿元，同比增长 6.05%；归母净 利 148.60 亿元，同比增长 5.80%。 2024 全年稳健增长，2025Q1 业绩符合预期。2024 年公司业绩保持稳健 增长态势，营收/归母利同比增速达到 7.09%/5.44%，基本符合市场预期。 分产品看，以八代普五为核心的五粮液酒实现 678.75 亿元，占总营收 76.11%，同比增长 8.07%，贡献主力营收；以五粮春、五粮醇、尖庄等 为代表的其他酒类贡献营收 152.51 亿元，占总营收 17.10%，同比增长 11.79%。 分 地 区 看 ， 公 司 东 部 /南 部 /北 部 各片区 分 别 实 现 营 收 312.90/393.36/125.01 亿元，同比增长 9.75%/12.65% ...

证券研究报告：食品饮料 | 公司点评报告 股票投资评级 资料来源：聚源，中邮证券研究所 五粮液(000858) 增长韧性强劲，25 年营收目标预计 5%左右 l 投资要点 公司 2024 年实现营业总收入/营业收入/归母净利润/扣非净利 润 891.75/891.75/318.53/317.42 亿 元 ， 同 比 7.09%/7.09%/5.44%/5.40%。2024 年，公司毛利率/归母净利率为 77.05%/35.72%，分别同比 1.26/-0.56pct；税金/销售/管理/研发/财 务费用率分别为 14.62%/11.99%/3.99%/0.45%/-3.18%，分别同比- 0.43/2.63/0/0.07/-0.21pct。全年实现销售收现 1018.69 亿元，同 比-3.3%；经现净额 339.4 亿元，同比-18.69%；年末合同负债 116.9 亿元，同比增加 48.25 亿元，环比增加 46.18 亿元（去年同口径环比 增加 29.16 亿元）。2024 年总计现金分红 223 亿元，分红率 70%。24 年公司净利率微降，主因销售费用率提升，24 年公司销售费用中形象 宣传费、促销费 ...

证券研究报告·公司点评报告·白酒Ⅱ 五粮液（000858） 2024 年报及 2025 一季报点评：24 年稳健收 官，25 年改革风劲 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） | 83,272 | 89,175 | 94,715 | 101,850 | 110,743 | | 同比（%） | 12.58 | 7.09 | 6.21 | 7.53 | 8.73 | | 归母净利润（百万元） | 30,211 | 31,853 | 33,776 | 36,458 | 40,343 | | 同比（%） | 13.19 | 5.44 | 6.04 | 7.94 | 10.65 | | EPS-最新摊薄（元/股） | 7.78 | 8.21 | 8.70 | 9.39 | 10.39 | | P/E（现价&最新摊薄） | 16.58 | 15.73 | 14.83 | 13.74 | 12.42 | [Table_T ...

证券研究报告：食品饮料 | 公司点评报告 l 投资要点 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:张子健 SAC 登记编号:S1340524050001 Email:zhangzijian@cnpsec.com 五粮液(000858) 增长韧性强劲，25 年营收目标预计 5%左右 公司基本情况 | 最新收盘价（元） | 129.05 | | --- | --- | | 总股本/流通股本（亿股）38.82 | / 38.81 | | 总市值/流通市值（亿元）5,009 | / 5,009 | | 周内最高/最低价 52 | 164.05 / 107.69 | | 资产负债率(%) | 27.5% | | 市盈率 | 15.73 | | 第一大股东 | 宜宾发展控股集团有限 | | 公司 | | 研究所 股票投资评级 资料来源：聚源，中邮证券研究所 公司 2024 年实现营业总收入/营业收入/归母净利润/扣非净利 润 891.75/891.75/318.53/317.42 亿 元 ， 同 比 7.09%/7.09%/5.44%/5. ...

长江商报消息●长江商报记者 黄聪 4月25日，五粮液（000858.SZ）发布的年报显示，公司2024年实现营业收入891.75亿元，同比增长 7.09%；净利润318.53亿元，同比增长5.44%。 然而，五粮液2024年经营目标是，营业总收入持续保持两位数稳健增长。 长江商报记者发现，2024年第四季度，五粮液净利润下降了6.17%。公司上一次单季度净利润下滑，还 要追溯到2016年第三季度。 2024年，五粮液设计产能达19.06万吨，全年实际产能11.83万吨，产能利用率下降至62.07%。 同时，五粮液在建产能达4.1万吨，如果不改变现状，公司新增产能将直接成为"闲置产能"。 值得一提的是，2024年，五粮液董事长曾从钦税前报酬总额达67.83万元，较上年同期61.83万元增长 9.7%，高于公司营收涨幅。 季度净利罕见下滑 "白酒产业处于深度调整期，产业波动加大、存量竞争加剧、市场集中加快、结构分化加剧，优势品 牌、优势企业、优势产区持续引领产业稳健发展。"2024年年报中，五粮液开篇就指出当前的白酒行业 形势，为公司业绩增速不及目标做"铺垫"。 4月25日，五粮液发布的年报显示，公司2024年实 ...