公司报告 | 半年报点评 淡季蓄势省外市场，看好招商进程 【业绩】2024Q2 公司实现营业收入/归母净利润/扣非归母净利润分别为 4.98/0.39/0.34 亿元（同比+3.64%/+38.92%/+37.45%），业绩符合预期。 中档酒增速亮眼，动销阶段性承压。 24Q2 公司高 档酒/ 中档酒 /低档 酒收 入分 别为 3.00/1.48/0.44 亿元 （+1.00%/+24.33%/+8.46%），中档收入占比提升 4.01 个百分点至 30.11%， 而高档酒占比下滑4.07 个百分点至60.87%，或主因疆内需求承压大环境下， 高档酒动销有所下滑。 疆外改革下占比提升明显，四川伊力特开始贡献营收 ① 市场：24Q2 年疆内/疆外营收分别为 3.27/1.65 亿元（-1.14%/31.11%）， 其中疆外受益于改革，收入占比提升 5.98 个百分点至 33.58%（上半年四川 伊力特实现销售收入 4485 万元）。 ② 渠道：24Q2 公司批发代理/直销（含团购）/线上销售收入分别为 3.97/0.72/0.24 亿元（+5.78%/+25.60%/-3.89%）。截至 24Q2 末，酒类经销 ...

证 告 公 司 研 究 2024 年 08 月 29 日 究 报 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

2024 年 08 月 28 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 刘洁铭 S0350521110006 liujm@ghzq.com.cn 证券分析师： 秦一方 S0350523120001 qinyf@ghzq.com.cn 联系人 ： 景皓 S0350124030009 jingh@ghzq.com.cn [Table_Title] Q2 增长稳健，改革扎实推进 ——伊力特（600197）2024 年半年报点评 事件: 最近一年走势 2024 年 8 月 27 日，伊力特发布 2024 年半年度报告。2024H1 公司实现 营业收入 13.3 亿元，同比+8.94%；归母净利润 1.98 亿元，同比+12.13%； 扣非归母净利润 1.94 亿元，同比+11.68%。2024Q2 公司实现营业收入 4.98 亿元，同比+3.64%；归母净利润 0.39 亿元，同比+38.92%；扣非 归母净利润 0.34 亿元，同比+37.45%。 投资要点: 相对沪深 300 表现 2024/08/28 大众价格带彰显韧性，疆外市场稳步开拓。从产品结构来看，2024Q2 高档酒/中档酒/低档酒分别 ...

上 市 公 司 证 券 研 究 报 告 食品饮料 2024 年 08 月 28 日 伊力特 (600197) ——24H1 点评：业绩符合预期，现金流承压 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 27 日 | | 收盘价（元） | 14.96 | | 一年内最高/最低（元） | 25.78/14.90 | | | | | 市净率 息率（分红 / 股价） | 1.8 2.61 | | 流通 A 股市值（百万元） | 7,061 | | 上证指数 / 深证成指 | 2,848.73/8,103.76 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |------------------------------|------------------------| | | | | 基础数据 : | 年 06 月 30 日 | | 每股净资产（元） | 8.41 | | 资产负债率 % | 21.58 | | 总股 ...

核心观点 ⚫ 事件：公司近期发布 2024 半年报。24H1 全年实现营业收入 13.3 亿元，同比 +8.9%；实现归母净利润 2.0 亿元，同比+12.1%。24Q2，公司实现营业收入 5.0 亿 元，同比+3.6%；实现归母净利润 0.4 亿元，同比+38.9%。 ⚫ 疆外引领增长，直销增速亮眼。分产品，24H1 高档酒实现收入 8.7 亿 （yoy+7.1%），收入占比同比下降 2.0pct 至 66.2%。分区域，24H1 疆内实现收入 10 亿元（yoy+4.4%）；疆外实现收入 3.1 亿元（yoy+33.8%）。渠道端， 24H1 直 销收入同比增长 60.5%， 增速亮眼。24Q2，公司经调整的收入（收入+合同负债变 化之和）为 4.63 亿元，同比+5.9%。 ⚫ 毛利率提升，盈利能力改善。24H1，公司毛利率为 50.5%（yoy+2.8pct），销售费 用率为 10.9%（yoy+1.8pct），管理费用率为 3.0%（yoy-0.5pct）；销售净利率为 15.1%（yoy+0.4pct）。24Q2，公司毛利率为 48.2%（yoy+6.1pct），销售/管理费 用率分别同比+5.0 ...

伊力特（600197.SH）2024 半年报点评 [盈利预测与财务指标 Table_Forcast] 稳疆内、拓疆外，营销改革持续推进 2024 年 08 月 28 日 ➢ 事件：2024 年 8 月 27 日，公司发布 2024 年半年报，24H1 实现营收 13.30 亿元，同比增加 8.94%；实现归母净利润 1.98 亿元，同比增加 12.13%；实现扣 非归母净利润 1.94 亿元，同比增加 11.68%；单季度看，24Q2 实现营收 4.98 亿元，同比增加 3.64%；实现归母净利润 0.39 亿元，同比增加 38.92%；实现扣 非归母净利润 0.34 亿元，同比增加 37.45%。 ➢ 低档产品增速较优，疆外市场加速扩张。分产品看，24H1 高档酒实现收入 8.69 亿元，同比+7.07%，占比 66.21%；中档酒 3.42 亿元，同比+13.84%，占 比 26.06%；低档酒 1.02 亿元，同比+29.08%，占比 7.74%，低档产品增速亮 眼，公司重塑产品价格体系，控量提价，升级战略单品伊力王（荣耀 70、二代）、 壹号窖、大新疆等产品，推进疆外小老窖、大老窖两大总经销产品分公司 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Views - The company focused on channel organization, marketing structure adjustment, and new product sampling in Q2 2024, laying the groundwork for future market expansion and recruitment [1]. - Due to weak industry demand, the EPS forecasts for 2024-2026 have been revised downwards to 0.82 (-0.13), 1.00 (-0.22), and 1.18 (-0.27) yuan respectively, with a target price adjusted to 20.5 yuan based on a 25X PE for 2024 [3][4]. - The company's H1 2024 performance met expectations, with revenue of 1.33 billion yuan, a year-on-year increase of 8.94%, and a net profit of 198 million yuan, up 12.13% year-on-year [3][4]. Financial Summary - In Q2 2024, the company achieved revenue of 498 million yuan, a year-on-year increase of 3.64%, and a net profit of 39 million yuan, up 38.92% year-on-year [3]. - The gross margin in Q2 2024 improved by 6.1 percentage points to 48.2%, while the net profit margin increased by 2.0 percentage points to 7.8% [3]. - The company’s contract liabilities at the end of H1 2024 were 62 million yuan, reflecting a year-on-year increase of 10.7% [3]. Product and Regional Performance - In Q2 2024, sales revenue by product tier showed high-end products at 300 million yuan (up 1.0% YoY), mid-range products at 148 million yuan (up 24.33% YoY), and low-end products at 44 million yuan (up 8.46% YoY) [3]. - Regional sales in Q2 2024 indicated a decline in Xinjiang (327 million yuan, down 1.14% YoY) but a significant increase in outside Xinjiang (165 million yuan, up 31.11% YoY) [3]. Marketing and Reform Initiatives - The company is gradually advancing its marketing reforms, optimizing its organizational structure and adjusting sales personnel incentive schemes [3]. - In H1 2024, the company integrated brand operation functions and achieved sales revenue of 44.85 million yuan from its Sichuan subsidiary [3].

Investment Rating - Buy (Maintained) [1] Core Views - The company released its 2024H1 financial report, with H1 revenue of 1.33 billion yuan, up 8.9% YoY, and net profit attributable to the parent company of 200 million yuan, up 12.1% YoY [2] - Q2 revenue was 500 million yuan, up 3.6% YoY, and net profit attributable to the parent company was 40 million yuan, up 38.9% YoY [2] - The company is in a reform and adjustment phase, with high-end liquor sales slowing down temporarily [2] - The company's reform efforts are expected to yield results in H2 2024, with new product launches and nationwide expansion [3] Financial Performance Revenue and Profit - 2024H1 revenue: 1.33 billion yuan, up 8.9% YoY [2] - 2024H1 net profit attributable to the parent company: 200 million yuan, up 12.1% YoY [2] - 2024Q2 revenue: 500 million yuan, up 3.6% YoY [2] - 2024Q2 net profit attributable to the parent company: 40 million yuan, up 38.9% YoY [2] - 2024E revenue: 2.648 billion yuan, up 18.69% YoY [1] - 2024E net profit attributable to the parent company: 404.95 million yuan, up 19.15% YoY [1] Product and Regional Breakdown - Q2 liquor revenue: 493 million yuan, up 7.8% YoY [2] - High-end liquor revenue: 300 million yuan, up 1% YoY [2] - Mid-range liquor revenue: up 24.3% YoY [2] - Low-end liquor revenue: up 8.5% YoY [2] - Q2 domestic revenue (Xinjiang): 330 million yuan, down 1.1% YoY [2] - Q2 external revenue (outside Xinjiang): 170 million yuan, up 31.1% YoY [2] Profitability and Costs - Q2 gross margin: 48.2%, up 6.1 pct YoY [3] - Q2 net profit margin: 7.8%, up 1.98 pct YoY [3] - Q2 sales expense ratio: 17.9%, up 5 pct YoY [3] - Q2 management expense ratio (including R&D): down 0.3 pct YoY [3] - Q2 income tax rate: 13.6%, down 29.8 pct YoY [3] Valuation and Forecast - 2024E EPS: 0.86 yuan/share [1] - 2024E P/E: 17.44x [1] - 2025E EPS: 1.01 yuan/share [1] - 2025E P/E: 14.84x [1] - 2026E EPS: 1.21 yuan/share [1] - 2026E P/E: 12.35x [1] Market Data - Closing price: 14.96 yuan [5] - 52-week low/high: 14.90/25.78 yuan [5] - P/B ratio: 1.78x [5] - Market cap: 7,061.22 million yuan [5] Financial Ratios - ROE (2024E): 10.12% [10] - ROIC (2024E): 9.83% [10] - Debt-to-asset ratio (2024E): 24.18% [10] Cash Flow - 2024E operating cash flow: 571 million yuan [10] - 2024E capital expenditure: 65 million yuan [10]

2024年08月27日 来源:公司年报、国金证券研究所 伊力特 (600197.SH) 增持(维持评级) 公司点评 证券研究报告 Q2 符合预期，营销赋能持续推进 业绩简评 2024年8月27日,公司披露 24年半年报,期内实现营收 13.3亿 元，同比+8.9%;归母净利 2.0 亿元，同比+12.1%。24Q2 实现营收 5.0 亿元，同比+3.6%;归母净利 0.4 亿元，同比+38.9%。 经营分析 分产品来看，24H1 高档/中档/低档分别实现营收 8.7/3.4/1.0 亿 元,同比+7%/+14%/29%; 24Q2 分别实现营收 3.0/1.5/0. 4 亿元, 同比+1%/+24%/+8%。期内小老等仍以控量挺价为主,伊力王完善了 扫码、陈列等营销措施。结构优化叠加提价逐步传导至表观,2402 公司毛利率+6. 1pct 至 48. 2%。 分区域来看，24H1 疆内/疆外分别实现营收 10.0/3.2 亿元，同比 +4%/+34%,其中品牌运营职能转移至四川伊力特酒类销售公司,上 半年实现销售收入 4485 万元;24Q2 疆内/疆外收入分别为 3. 3/1. 7 亿元,Q2 同比-1%/ ...

Investment Rating - The report maintains a "Recommend" rating for the company [2][5] Core Viewpoints - The company achieved a revenue of 1.33 billion yuan in the first half of 2024, representing a year-on-year growth of 9%, with a net profit attributable to the parent company of 200 million yuan, up 12% year-on-year [2] - In the second quarter of 2024, the company recorded a revenue of 500 million yuan, a 4% increase year-on-year, and a net profit of 39 million yuan, which is a significant 39% increase year-on-year [2] - The company is experiencing rapid growth in direct sales channels and has shown strong performance in markets outside its home region, with second-quarter revenues from high-end, mid-range, and low-end products reaching 300 million, 150 million, and 40 million yuan respectively, reflecting year-on-year growth of 1%, 24%, and 8% [4] - The gross profit margin improved to 48.2% in the second quarter of 2024, an increase of 6.1 percentage points year-on-year, driven by the rapid expansion of direct sales channels [4] - The company is actively pursuing channel reforms and has made significant progress in new product recruitment, with plans to recruit around 50 new distributors throughout the year [4] Financial Summary - The company's total revenue is projected to grow from 2.23 billion yuan in 2023 to 2.82 billion yuan in 2025, with a compound annual growth rate of approximately 14% [3] - Net profit is expected to increase from 340 million yuan in 2023 to 450 million yuan in 2025, reflecting a growth rate of 17.1% [3] - The gross margin is forecasted to improve gradually from 48.2% in 2023 to 50.0% by 2026 [3] - The return on equity (ROE) is anticipated to rise from 8.9% in 2023 to 12.6% in 2026 [3] Market Position - The company is positioned as a leading player in the food and beverage industry, specifically in the liquor segment, with a strong focus on channel reform and product innovation [4][5] - The company has a significant market presence in both domestic and provincial markets, with a notable increase in revenue from outside its home region [4]