重要内容提示： 证券代码：603369 证券简称：今世缘 公告编号：2024-029 1.行权价格：行权价格由56.24元/份调整为54.51元/份； 江苏今世缘酒业股份有限公司 关于调整2020年股票期权激励计划行权价格、激励对象名单 及股票期权数量并注销部分期权的公告 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个别及连带 责任。 2.激励对象名单：授予激励对象人数由334名调整为290名； 3.股票期权数量：期权数量由 7,680,000 份调整为 7,232,632 份。 江苏今世缘酒业股份有限公司（以下简称"公司"）于 2024 年 11 月 9 日召开的第五届董事会第十次会议和第五届监事会第七次会议审议通过了 《关于调整 2020 年股票期权激励计划行权价格、激励对象名单及股票期权 数量并注销部分期权的议案》，根据公司 2022 年第一次临时股东大会对董 事会的相关授权，上述事项无须提交公司股东大会审议。现就有关事项说 明如下： 一、公司股票期权激励计划已履行的相关程序 1.2020 年 4 月 23 日，公司召开第三届董 ...

相关研究： 1.《三季报密集发布，关注业绩分 化》 2024.10.29 % 1 个 月 3 个月 12 个月 相对收益 -12.3 3 -16.67 -28.54 绝对收益 -12.1 7 3.71 -17.76 注：相对收益与沪深 300 相比 证券研究报告 2024 年 11 月 7 日 湘财证券研究所 公司研究 今世缘（603369.SH）业绩点评 产品结构升级，省外增长亮眼 ——业绩点评 核心要点： ❑ 事件：今世缘发布 2024 年第三季度报告 公司评级：买入（首次覆盖） 近十二个月公司表现 分析师：李育文 证书编号：S0500523060001 Tel：021-50295328 Email：liyw3@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 2024Q1-3 公司实现营业总收入 99.41 亿元，同比增长 18.86%；归母净利润 30.86 亿元，同比增长 17.08%。2024Q3 公司实现营业收入 26.36 亿元，同 比增长 10.12%；归母净利润 6.24 亿元，同比增长 6.61%。 ❑ 点评：产品结构升级，省外增长亮眼 分产品看，300 元价格 ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company reported a revenue of 9.941 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 18.86%, and a net profit attributable to shareholders of 3.086 billion yuan, with a year-on-year increase of 17.08% [3][4] - In Q3 2024, the company achieved a revenue of 2.636 billion yuan, reflecting a year-on-year growth of 10.12%, although this was a decline of 11.40 percentage points compared to Q2 [4] - The company maintains a positive outlook for growth in the domestic market, particularly in the Jiangsu province, with double-digit growth rates in certain regions [4] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 9.941 billion yuan and a net profit of 3.086 billion yuan, with respective year-on-year growth rates of 18.86% and 17.08% [3] - In Q3 2024, the revenue was 2.636 billion yuan, with a net profit of 624 million yuan, showing year-on-year growth rates of 10.12% and 6.61% respectively [3][4] Product and Regional Performance - The revenue growth for different product categories in the first three quarters of 2024 was as follows: Special A+ category grew by 18.86%, Special A category by 21.91%, and A category by 12.28% [4] - In Q3 2024, the revenue growth for Special A+ category was 11.70%, Special A category 9.55%, and A category 7.74% [4] - The company reported a revenue growth of 9.32% in the domestic market and 23.04% in the external market for Q3 2024 [4] Profitability and Cost Management - The gross profit margin for Q3 2024 was 75.59%, a decrease of 5.14 percentage points year-on-year, attributed to increased promotional efforts [4] - The selling expense ratio decreased by 3.90 percentage points to 20.56% in Q3 2024, indicating a reduction in promotional spending [4] Future Projections - The company expects revenues of 11.844 billion yuan, 13.479 billion yuan, and 15.074 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 3.649 billion yuan, 4.146 billion yuan, and 4.635 billion yuan [4][7]

[Table_Invest]买入|维持 [Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 今世缘(603369)公司点评报告 2024 年 11 月 05 日 [Table_Title] 大本营稳固，省外表现良好 ——今世缘 2024 年三季报点评 [Table_Summary] 事件 公司公告 2024 年三季报。24Q1-3，公司实现总营收 99.42 亿元，同比 +18.85%，归母净利 30.86 亿元，同比+17.08%。24Q3，公司实现总营收 26.37 亿元，同比+10.11%，归母净利 6.24 亿元，同比+6.61%。 指导价百元以上产品引领增长，各区域稳健增长 1）特 A 类及以上产品引领增长。24Q1-3，公司特 A+类/特 A 类/A 类/B 类 /C、D 类/其他产品分别实现收入 64.68/28.62/3.67/1.23/0.60/0.04 亿元，同 比+18.86%/+21.91%/+12.28%/-5.72%/-11.00/-27.93%。24Q3，公司特 A+ 类 /特 A 类收入规 模及增速领 先， 分别为 18.13/6.46 亿元，同 比 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported a total revenue of 9.942 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 18.85%. The net profit attributable to shareholders was 3.086 billion yuan, up 17.08% year-on-year [2][6] - The company is expected to continue its strong growth trajectory, with projected revenues of 12.129 billion yuan, 14.183 billion yuan, and 16.281 billion yuan for 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 20.08%, 16.94%, and 14.79% [6][8] Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 2.637 billion yuan, a year-on-year increase of 10.11%, and a net profit of 624 million yuan, up 6.61% year-on-year [2][6] - The company's gross margin decreased by 1.99 percentage points to 74.27%, while the net profit margin fell by 0.47 percentage points to 31.04% [5] Product Structure and Market Performance - The company has optimized its product structure, with high-end products (Special A and above) accounting for 94.39% of sales, an increase of 0.77 percentage points year-on-year [3] - Revenue from the domestic market reached 9.081 billion yuan, a year-on-year increase of 17.71%, while revenue from the external market grew by 32.73% to 804 million yuan [4] Future Outlook - The company aims to focus on high-quality development and continue expanding its market presence both domestically and externally, with a strategic plan to enhance its product offerings and market penetration [6] - The projected earnings per share for the next three years are 2.89 yuan, 3.30 yuan, and 3.65 yuan, with corresponding price-to-earnings ratios of 15, 13, and 12 [8][12]

[Table_InvestInfo] 投资评级 优于大市 维持 | --- | |-------------------------------------------------------------| | | | 股票数据 | | 11 [ Table_StockInfo 月 04 日收盘价（元） ] | | 52 周股价波动（元） | | 总股本 / 流通 A 股（百万股） | | 总市值 / 流通市值（百万元） | | 相关研究 | | [Table_ReportInfo] 《智慧工厂投产开酿，产品矩阵持续完善》 | | 2024.09.24 | | 《 增 长 势 能 延 续 ， 迈 入 后 百 亿 时 代 》 | | 2024.08.19 《增长势能持续，省外表现亮眼》 | | 市场表现 | -34.56% -26.56% -18.56% -10.56% -2.56% 5.44% 海通综指 | --- | --- | --- | --- | |-----------------------------------------------|-------|-------|-------| | 20 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 44.48 and a sector rating of "Outperform" [2]. Core Insights - The company reported a revenue of RMB 99.4 billion for the first three quarters of 2024, representing a year-on-year increase of 18.9%, and a net profit attributable to shareholders of RMB 30.9 billion, up 17.1% year-on-year [4]. - In Q3 2024, the company's revenue was RMB 26.4 billion, a 10.1% increase year-on-year, while the net profit was RMB 6.2 billion, reflecting a 6.6% year-on-year growth [4]. - The company is actively adjusting its operational pace and focusing on deepening its market presence within the province, maintaining a strong competitive advantage [4]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of RMB 26.4 billion and a net profit of RMB 6.2 billion, with respective year-on-year growth rates of 10.1% and 6.6% [6]. - The company's gross margin for Q3 2024 was 75.6%, down 5.1 percentage points year-on-year, primarily due to increased promotional efforts [6]. - The company’s total revenue for the first three quarters of 2024 reached RMB 99.4 billion, with a net profit of RMB 30.9 billion, marking an 18.9% and 17.1% increase year-on-year, respectively [4][6]. Market Strategy - The company is focusing on its core products, with the premium product line (priced above RMB 300) generating RMB 18.1 billion in revenue, accounting for 68.8% of total revenue [4]. - The company has expanded its distributor network to 1,193, with 588 distributors in the province and 605 in other regions, indicating a strategic focus on both local and external markets [4]. Valuation and Forecast - The report adjusts the revenue growth forecast for 2024 to 17.2%, with net profit growth projected at 16.1% [5]. - The expected earnings per share (EPS) for 2024 is RMB 2.90, with corresponding price-to-earnings (P/E) ratios of 15.3X for 2024, 13.5X for 2025, and 11.9X for 2026 [5].

证券研究报告 非金融公司|公司点评|今世缘（603369） 三季报点评：业绩环比降速，尊重市场 规律 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月04日 证券研究报告 |报告要点 公司发布 2024 年三季度报告，2024Q3 公司实现营业总收入 26.37 亿元，同比+10.11%；归母 净利润 6.24 亿元，同比+6.61%，收入利润略低于我们此前预期。分产品和区域来看，高价酒 增长领先低价酒，苏中与淮安增速领先。考虑到公司推进省内市占率提升、同时发力省外打开 增长天花板，维持"买入"评级。 |分析师及联系人 邓周贵 徐锡联 刘景瑜 吴雪枫 SAC：S0590524040005 SAC：S0590524040004 SAC：S0590524030005 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年11月04日 今世缘(603369) 三季报点评：业绩环比降速，尊重市场规律 | --- | --- | --- | |----------|--------------------|------------------| ...

公司报告 | 季报点评 业绩增长稳健，利润率有所承压 业绩： 2024Q3 公司营业收入/归母净利润/扣非归母净利润分别为 26.37/6.24/6.28 亿元（同比+10.11%/+6.61%/+7.33%）。 中高档产品结构仍稳定，特 A+类增速居前。24Q3 公司白酒业务收入 26. 26 亿元（同比+10.29%），其中：特 A+类（出厂价 300 元+产品）/特 A 类 （出厂价 100-300 元产品）/A 类/B 类/C+D 类/其他分别实现收入 18.13/6. 46/1.09/0.41/0.17/0.007 亿元（同比+11.70%/+9.55%/+7.74%/-11.86%/-17.8 0%/-29.13%）。 省内区域增速略有放缓，省外渠道质量持续提升。 ① 市场方面，24Q3 省内/外收入分别为 24.23/2.04 亿元（同比+9.32%/+2 3.04%），其中省内淮安大区/南京大区/苏南大区/苏中大区/盐城大区/ 淮海大区收入分别为 6.60/4.99/3.87/3.55/2.88/2.32 亿元（同比+10.10% /+8.12%/+8.24%/+12.89%/+9.03%/+ ...

证券研究报告·公司点评报告·白酒Ⅱ 今世缘（603369） 2024 年三季报点评：理性降速，砥砺奋进 2024 年 11 月 03 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|-------|-------|-------|-------|-------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 7888 | 10100 | 11833 | 13456 | 15623 | | 同比（ % ） | 23.09 | 28.05 | 17.15 | 13.71 | 16.11 | | 归母净利润（百万元） | 2503 | 3136 | 3607 | 4129 | 4896 | | 同比（ % ） | 23.34 | 25.30 | 15.03 | 14.45 | 18.59 | | EPS- 最新摊薄（元 / 股） | 2.00 | 2.50 | 2.88 | 3.29 | 3.90 ...