share_log

研报掘金丨华福证券:贵州茅台2024年顺利收官,品牌护城河深厚,维持“买入”评级

Research Reports on Wealth Mining | Huafu Securities: Kweichow Moutai smoothly concludes 2024, with a strong brand moat, maintaining a "Buy" rating.

Gelonghui Finance ·  Jan 2 22:18

According to the Huafu Securities Research Report, Kweichow Moutai (600519.SH) is expected to achieve annual net profit of about 85.7 billion yuan, an increase of about 14.67% over the previous year. Among them, the company expects to achieve revenue of 50.677 billion yuan in 24Q4, an increase of 12.01% over the previous year. The business target set by the company at the beginning of the year was a year-on-year increase of about 15% in total revenue. It was successfully completed this year, and its leading strength was further highlighted in a stressful environment. In 2024, the company systematically sorted out and formed an “olive” product structure based on the three major series: Aged, Flying, and Low, and promoted the development of more than 60 new products. Looking ahead to 2025, the wine series is expected to further take on the main engine of the company's growth, helping Maotai to relieve pressure and stabilize prices. The goal of Moutai Sauce and Liquor in 2025 is that the sales growth rate should not be lower than the average growth rate of Kweichow Moutai in the past 5 years (about 14%). As a liquor leader, the company has a deep brand moat, and 2024 ended successfully in an environment where demand is under pressure. Maintain a “buy” rating.

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
    Write a comment