金徽酒（603919）：产品结构优化，中高档酒销量增长

Investment Rating - The report maintains a "Cautious Accumulate" rating for the company [1][10] Core Views - In 2024, the company's revenue reached 3.021 billion yuan, representing an 18.59% year-on-year increase, although the growth rate decreased by 8.05 percentage points compared to the previous year [5] - The first quarter of 2025 saw a revenue of 1.108 billion yuan, a 3.04% year-on-year increase, indicating a slowdown in sales growth [5] - The sales of high-end and mid-range liquor products showed significant growth, with high-end products priced above 300 yuan increasing by 41.17% and mid-range products priced between 100 to 300 yuan increasing by 15.38% in 2024 [5] - The product structure has improved, with the sales proportion of high-end liquor (above 300 yuan) increasing to 18.75% in 2024, while the proportion of low-end liquor (below 100 yuan) decreased to 28.1% [5] - The gross margin for all product tiers has declined, primarily due to a decrease in factory prices, with the gross margin for high-end products falling to 75.99% [5] Summary by Sections Revenue and Growth - The company achieved a revenue of 3.021 billion yuan in 2024, with a growth rate of 18.59% [5] - The revenue for Q1 2025 was 1.108 billion yuan, reflecting a slowdown in growth [5] Product Performance - High-end liquor sales increased significantly, with a 41.17% rise for products above 300 yuan [5] - The sales structure has shifted positively, with an increase in the proportion of high-end products [5] Profitability - The gross margin for high-end products decreased to 75.99%, indicating pressure on profitability [5] Market Channels - The dealer channel saw a revenue increase of 15.43% in 2024, contributing significantly to overall sales [7] - The internet channel experienced a high growth rate of 43.36% in 2024 [7] Earnings Forecast - The forecasted earnings per share for 2025, 2026, and 2027 are 0.81 yuan, 0.89 yuan, and 1.09 yuan respectively, with corresponding P/E ratios of 24.29, 22.06, and 18.08 [7]