LZLJ(000568) 新浪财经·2025-04-29 02:37Core Viewpoint - The company reported its 2024 annual results and Q1 2025 results, showing stable revenue growth but challenges in profit margins and channel collections [1][2][5]. Revenue Summary - Q1 2025 revenue reached 9.352 billion, a 1.8% increase year-on-year, while Q4 2024 revenue was 6.893 billion, a 16.9% decrease [1]. - For the year 2024, total revenue was 31.196 billion, reflecting a 3.2% increase [1]. - The product performance showed that the low-alcohol product segment outperformed high-alcohol products, which are still undergoing inventory adjustments [3]. Profit Summary - In Q1 2025, the company's gross margin decreased by 1.9 percentage points to 86.5%, primarily due to product mix changes [4]. - The net profit margin for Q1 2025 was 49.1%, down 0.7 percentage points year-on-year, influenced significantly by the decline in gross margin [4]. - For 2024, the gross margin was 87.5%, down 0.8 percentage points, with mid-to-high-end and other liquor margins also declining [4]. Financial Quality Summary - In Q1 2025, the company's revenue plus contract liabilities decreased by 6.7%, and cash sales fell by 7.3%, indicating challenges in channel collections [5]. Dividend Policy Summary - The company announced a dividend plan for 2024-2026, with cash dividends not less than 65%/70%/75% of profits, and a minimum of 8.5 billion (including tax) each year, slightly exceeding market expectations [6]. Investment Outlook - The company aims for steady progress in 2025, focusing on the stable development of its core product, Guojiao 1573, and deepening its market presence in Sichuan and North China [7]. - The company is expected to navigate the industry adjustment cycle smoothly [8]. Profit Forecast - The company forecasts total revenues of 32.345 billion, 33.968 billion, and 36.605 billion for 2025-2027, with year-on-year growth rates of 3.7%, 5.0%, and 7.8% respectively [10]. - Expected net profits for the same period are 13.815 billion, 14.792 billion, and 16.193 billion, with growth rates of 2.5%, 7.1%, and 9.5% respectively [10].