Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company reported stable operations in Q3 2024, with total revenue of 3.788 billion yuan, a year-on-year increase of 5.56%, and a net profit attributable to shareholders of 1.125 billion yuan, up 10.03% year-on-year [1][2]. - The performance in Q3 was in line with market expectations, with a slight revenue increase of 0.38% year-on-year [2]. - The company has optimized its marketing expenses, leading to an increase in net profit margin, with a net profit margin of 42.65%, up 2.89 percentage points year-on-year [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved total revenue of 3.788 billion yuan and a net profit of 1.125 billion yuan, reflecting a year-on-year growth of 5.56% and 10.03% respectively [1]. - In Q3 alone, total revenue was 2.07 billion yuan, with a net profit of 883 million yuan, marking a year-on-year increase of 0.38% and 7.67% respectively [1][2]. Product Performance - High-end and mid-range liquor revenues in Q3 were 1.94 billion yuan and 99 million yuan, showing a year-on-year decline of 2.0% and an increase of 87.2% respectively [2]. - The mid-range liquor segment, particularly products like Tianhao Chen, has shown significant growth due to current consumer demand [2]. Cost Management - The sales expense ratio improved significantly to 8.44%, down 3.99 percentage points year-on-year, contributing to the increase in profitability [3]. - The gross profit margin for Q3 was 84.57%, an increase of 0.86 percentage points year-on-year [3]. Profit Forecast and Valuation - The profit forecasts for 2024-2026 have been adjusted downwards to 1.376 billion yuan, 1.468 billion yuan, and 1.589 billion yuan respectively, with corresponding EPS estimates of 2.82 yuan, 3.01 yuan, and 3.25 yuan [4]. - The current stock price corresponds to a P/E ratio of 16, 15, and 14 for the years 2024, 2025, and 2026 respectively [4].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a total revenue of 3.788 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 5.6%, with a net profit attributable to the parent company of 1.125 billion yuan, up 10.0% year-on-year [5] - In Q3 2024, the company achieved a total revenue of 2.070 billion yuan, a slight increase of 0.4% year-on-year, and a net profit of 883 million yuan, up 7.7% year-on-year [5] - The performance of mid-range liquor is notable, with a revenue increase of 87.2% year-on-year, while high-end liquor revenue decreased by 2.0% [5] - The company has reduced marketing and advertising expenses, leading to an improvement in profitability, with a gross margin increase of 0.9 percentage points to 84.6% in Q3 2024 [6] - The company expects EPS for 2024-2026 to be 2.88, 3.17, and 3.46 yuan per share, respectively, and maintains a target PE ratio of 16-20 times for 2024, corresponding to a reasonable value range of 46.03-57.53 yuan [7] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved total revenue of 3.788 billion yuan, with a net profit of 1.125 billion yuan [5] - Q3 2024 saw a revenue of 2.070 billion yuan and a net profit of 883 million yuan [5] - The company’s gross margin improved to 84.6% in Q3 2024, reflecting effective cost control [6] Market and Product Analysis - Mid-range liquor sales increased significantly, with a revenue growth of 87.2% year-on-year, while high-end liquor sales declined [5] - The company’s domestic revenue slightly decreased by 0.3%, while international revenue surged by 112.2% [5] Profitability and Cost Management - The company has successfully reduced its marketing expenses, contributing to a net profit margin increase of 2.9 percentage points to 42.7% in Q3 2024 [6] - The sales expense ratio decreased significantly, indicating a strategic contraction in marketing efforts due to weak demand [6] Future Outlook - The company projects steady growth in EPS over the next three years, with a target PE ratio indicating a positive market outlook [7]

销售费用控费成效凸显，天号陈强势增长 核心观点 ⚫ 事件：公司近期发布 2024 年三季报，前三季度实现营业收入 37.88 亿元 （yoy+5.6%）；实现归母净利润 11.25 亿元（yoy+10%）。24Q3，公司实现营业 收入 20.70 亿元（yoy+0.4%），实现归母净利润 8.83 亿元（yoy+7.7%），盈利表 现相对稳健。 ⚫ 天号陈强势增长，高档酒增速放缓。分产品，24Q3 前三季度公司高档酒实现收入 34.57 亿元（yoy+1.4%），中档酒实现收入 1.96 亿元（yoy+41.0%）。24Q3 单三 季度，高档酒、中档酒收入分别同比-2.0%、+87.2%。截至 24Q3 末，公司合同负 债为 10.55 亿元，同比、环比分别-5.9%、-1.5%。 ⚫ 销售控费成效凸显，盈利持续向好。24 前三季度，公司毛利率为 82.94%（yoy0.25pct），销售费用率为 19.93%（yoy-2.52pct），管理费用率为 8.66% （yoy+1.07pct）；营业税金及附加占收入比重为 14.8%（yoy-0.96pct）。24Q3， 公司毛利率为 84.57%（yoy+0.8 ...

[Table_StockNameRptType] 水井坊（600779） 公司点评 | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------|-----------------------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | 新财年稳健前行 ——水井坊 2024Q3 点评 | | ...

证 券 研 报 公 研 2024 年 11 月 01 日 究 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

四川水井坊股份有限公司（以下简称"公司"）于 2024 年 2 月 21 日召开第十届董 事会2024年第三次会议，会议审议通过了《关于以集中竞价方式回购公司股份的议案》， 并于 2024 年 2 月 22 日在指定媒体上披露了《四川水井坊股份有限公司关于推动公司 "提质增效重回报"暨以集中竞价交易方式回购公司股份方案的公告》，具体内容详见公 司在《中国证券报》《上海证券报》《证券时报》《证券日报》及上海证券交易所网站 （www.sse.com.cn）上披露的相关公告。 根据《上海证券交易所上市公司回购股份实施细则》《上海证券交易所上市公司自律 监管指引第7 号—回购股份》的相关规定，公司应当在每个月的前3 个交易日内公告截 至上月末的回购进展情况。公司现将回购股份进展情况披露如下： 股票代码：600779 股票简称：水井坊 编号：2024-061 四川水井坊股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 四川水井坊股份有限公司 董 事 会 二〇二四年十一月二日 1 ...

证 券 研 究 报 告 Q3水井坊（600779）2024 年三季报点评 强推（维持） 经营平稳，稳中求进 目标价：52 元 当前价：41.62 元 事项： ❖ 公司发布 2024 年三季报，前三季度实现营收 37.9 亿元，同增 5.6%，归母净利 润 11.3 亿元，同增 10.0%；其中单 Q3 实现营收 20.7 亿元，同增 0.4%，归母 净利润 8.8 亿元，同增 7.7%，销售回款 23.1 亿元，同降 0.8%，经营现金流量 净额 10.7 亿元，同降 20.5%，合同负债 10.6 亿元，环比 Q2 末减少 0.2 亿元。 评论： ❖ Q3 报表平稳微增符合预期，核心大单品臻酿八号基本盘稳健。公司 Q3 收入/ 利润分别同增 0.4%/7.7%，整体平稳符合预期。分产品看，高档酒表现稳健， 单 Q3 营收同降 2.0%，判断系大单品臻酿八号宴席占比较高、相比竞品表现较 优，井台推出新版本和复古版，但市场定位不够清晰动销一般，典藏亦处培育 期。中档酒表现超预期，单 Q3 营收大幅增长 87.2%，判断系 Q2 投放减少（单 Q2 同降 43.6%）及去年同期低基数所致，天号陈及系列酒受益百元价 ...

食品饮料 证 券 研 究 报 告 2024 年 10 月 31 日 水井坊 (600779) ——现金流表现承压 期待需求改善 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 30 日 | | | | | 收盘价（元） | 40.25 | | 一年内最高 / 最低（元） | 65.10/30.31 | | | | | 市净率 | 4.8 | | 息率（分红/股价） | 2.27 | | 流通 A 股市值（百万元） | 19,657 | | 上证指数/深证成指 | 3,266.24/10,530.85 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） | 10.18 | | | | | ...

2024年10月31日 水井坊 (600779.SH) 增持(维持评级) 公司点评 证券研究报告 财年稳健起手，费效优化现弹性 业绩简评 2024 年 10 月 30 日,公司披露 24 年三季报,期内实现营收 37.9 亿元,同比+5.6%;归母净利 11.3 亿元,同比+10.0%。其中,24Q3 实现营收 20.7 亿元,同比+0.4%;归母净利 8.8 亿元,同比+7.7%。 利润咯优于市场预期。 经营分析 分产品看:2401-03 高档/中档分别实现营收 34.6/2.0 亿元,同比 +1%/+41%，毛利率同比+1.4pct/-0.7pct;单 Q3 分别实现营收 19.4/1.0 亿元,同比-2%/+87%,毛利率同比+1.4pct/-1.8pct,签 体销量+4%/吨价-4%。其中，中档酒高增预计由天号陈逐步导入贡 献,臻酿八号&井台为主的高档酒构筑营收核心、期内波动有限, 呈现不错的韧性。 从报表结构来看：1) 24Q3 归母净利同比+2.9pct 至 42.6%,其中 毛利率同比+0.9pct（由高档酒毛利率提升带动),利润弹性主要 由销售费用率-4.0pct 驱动（预计与广宣等费用结构优 ...

证券代码：600779 证券简称：水井坊 编号：2024-060 四川水井坊股份有限公司 2024 年第三季度经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上海证券交易所上市公司自律监管指引第3号—行业信息披露》之《第十二号— 酒制造》的相关规定，现将公司2024年三季度主要经营数据（未经审计）公告如下： 一、 公司2024年三季度主要经营情况： 1、2024年1-9月酒类产品按销售渠道： 单位：万元 币种：人民币 | 渠道类型 | 本期销售收入 | 上期销售收入 | 本期销售量 | 上期销售量 | | --- | --- | --- | --- | --- | | | | | （千升） | （千升） | | 新渠道 | 32,815.92 | 32,451.60 | 947.01 | 848.04 | | 批发代理 | 332,420.90 | 322,357.60 | 7,651.17 | 7,363.18 | | 合计 | 365,236.82 | 354,809.20 | 8,598.18 | 8 ...