WLY(000858) 申万宏源证券·2025-04-27 13:42Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 met expectations, with a revenue of 89.18 billion yuan, a year-on-year increase of 7.09%, and a net profit of 31.85 billion yuan, a year-on-year increase of 5.44% [7] - For Q1 2025, the company achieved a revenue of 36.94 billion yuan, a year-on-year increase of 6.05%, and a net profit of 14.86 billion yuan, a year-on-year increase of 5.80% [5][7] - The company aims to maintain a steady growth trajectory in 2025, focusing on enhancing brand value and market share [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 93.76 billion yuan, with a year-on-year growth rate of 5.1% [6] - Net profit forecast for 2025 is 33.28 billion yuan, with a year-on-year growth rate of 4.5% [6] - Earnings per share for 2025 is projected to be 8.57 yuan [6] - The gross profit margin is expected to be around 77.3% for 2025 [6] - Return on equity (ROE) is projected to be 20.0% for 2025 [6] Revenue Breakdown - In 2024, the company's liquor revenue was 67.88 billion yuan, a year-on-year increase of 8.07%, with a sales volume of 41,400 tons [7] - The average price per ton of liquor was 1.64 million yuan, a year-on-year increase of 0.94% [7] - The company’s series liquor revenue reached 15.25 billion yuan in 2024, a year-on-year increase of 11.8% [7] Market Position and Strategy - The company remains the leading brand in the 1,000 yuan price segment, with strong brand power [7] - The company is focusing on product control and price stability, optimizing its distribution channels [7]