金徽酒(603919)：业绩增速亮眼 结构持续优化

Core Viewpoint - The company, Jin Hui Jiu, reported strong performance in its 2024 annual report, with significant revenue and profit growth, alongside an ongoing optimization of its product structure [1][2]. Financial Performance - In 2024, the company achieved a revenue of 3.021 billion yuan, representing a year-on-year increase of 18.59%, and a net profit attributable to shareholders of 388 million yuan, up 18.03% year-on-year [1]. - For Q4 2024, the company recorded a revenue of 693 million yuan, reflecting a year-on-year growth of 31.11%, while the net profit attributable to shareholders was 55 million yuan, down 2.05% year-on-year [1]. Product and Market Development - The company’s product revenue for 2024 was segmented as follows: products priced above 300 yuan generated 566 million yuan (up 41.17%), products priced between 100-300 yuan generated 1.487 billion yuan (up 15.38%), and products below 100 yuan generated 849 million yuan (up 3.99%) [2]. - The company’s revenue from Gansu province reached 2.231 billion yuan (up 16.14%), while revenue from outside the province was 670 million yuan (up 14.67%) [2]. Profitability and Cash Flow - The company’s gross profit margin for 2024 was 60.92%, a decrease of 1.52 percentage points year-on-year, attributed mainly to a decline in the gross margin of other businesses [3]. - The company reported a strong cash flow performance, with cash receipts from sales amounting to 3.419 billion yuan (up 16.45%) and a net operating cash flow of 558 million yuan (up 23.95%) [3]. Future Outlook - The company aims for a revenue target of 3.280 billion yuan and a net profit of 408 million yuan for 2025, representing year-on-year growth of 8.90% and 5.15%, respectively [4]. - The company has completed a share buyback of 193 million yuan for employee stock ownership or equity incentives [4].