WLY(000858) 万联证券·2025-04-28 13:18Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a projected relative price increase of 5% to 15% over the next six months compared to the market index [5][10][17]. Core Insights - The company reported a slight miss on earnings expectations, with a revenue of 89.175 billion yuan in 2024, reflecting a year-on-year growth of 7.09%, and a net profit of 31.853 billion yuan, up 5.44% year-on-year. The first quarter of 2025 showed a revenue of 36.940 billion yuan, a 6.05% increase year-on-year, and a net profit of 14.860 billion yuan, up 5.80% year-on-year [2][10]. - The company plans to distribute a cash dividend of 31.69 yuan per 10 shares, totaling 12.3 billion yuan, which aligns with its shareholder return plan for 2024-2026, increasing the cash dividend ratio to 70% compared to 2023 [2][10]. - The report highlights a decline in the growth rate of liquor sales, with the core product's sales volume increasing by 7.06% in 2024, while other products saw a minimal growth of 0.12%. The gross margin for the main product improved to 87.72% [3][10]. Financial Performance Summary - In 2024, the company achieved a gross margin of 77.06%, with sales expenses exceeding 10 billion yuan for the first time, leading to a sales expense ratio increase to 11.99%. The net profit margin was recorded at 37.22%, a slight decline of 0.63 percentage points year-on-year [4][10]. - The forecast for 2025-2027 indicates a steady growth trajectory, with expected net profits of 33.606 billion yuan in 2025, 35.892 billion yuan in 2026, and 38.554 billion yuan in 2027, reflecting growth rates of 5.50%, 6.80%, and 7.42% respectively [5][10]. - The report projects earnings per share (EPS) to increase from 8.21 yuan in 2024 to 9.93 yuan in 2027, with corresponding price-to-earnings (PE) ratios decreasing from 15.73 to 12.99 over the same period [5][10].