WLY(000858) 新浪财经·2025-04-29 06:42Core Viewpoint - The company reported strong financial performance for 2024 and Q1 2025, exceeding expectations with revenue and net profit growth [1][3] Financial Performance - For 2024, the company achieved revenue of 89.175 billion yuan, a year-on-year increase of 7.09%, and a net profit attributable to shareholders of 31.853 billion yuan, up 5.44% [1] - In Q1 2025, revenue reached 36.940 billion yuan, growing 6.05% year-on-year, while net profit attributable to shareholders was 14.860 billion yuan, an increase of 5.80% [1] - The gross profit margin for 2024 was 77.05%, up 1.26 percentage points year-on-year, while the net profit margin was 35.72%, down 0.56 percentage points [3] Brand and Market Performance - The main brand, Wuliangye, generated revenue of 67.875 billion yuan in 2024, reflecting an 8.07% increase, while series liquor revenue was 15.251 billion yuan, up 11.79% [1] - The company saw a 30% increase in banquet activities for the main brand and a 52% increase for fragrant liquor banquet activities [1] Channel Reform and Organizational Structure - The company is undergoing channel reforms, with a flat organizational structure enhancing market responsiveness [2] - Revenue from the eastern region was 31.290 billion yuan, up 9.75%, while the southern region saw 39.336 billion yuan, a 12.65% increase; however, the northern region experienced a decline of 3.98% [2] - The company added 16,000 core terminals in 2024 and increased the number of specialty stores from 1,662 to 1,786 [2] Dividend Policy and Future Outlook - The total cash dividend for 2024 was 22.3 billion yuan, representing approximately 70.01% of the net profit, aligning with the company's commitment [3] - The company aims to enhance market share in 2025, targeting revenue growth in line with macroeconomic indicators [3] - EPS forecasts for 2025-2027 are adjusted to 8.74, 9.63, and 10.39 yuan, respectively, with a target price of 139.84 yuan based on a 16x P/E ratio for 2025 [3]