Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 2.328 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 15.31%. The net profit attributable to the parent company was 333 million yuan, up 22.17% year-on-year [2] - The revenue for Q3 2024 was 574 million yuan, with a year-on-year growth of 15.77%. The net profit attributable to the parent company reached 38.07 million yuan, showing a significant increase of 108.84% year-on-year [2] - The company is focusing on product structure optimization and has seen an increase in the proportion of high-priced products, which now account for over 50% of total sales [2] - The gross profit margin decreased by 1.5 percentage points to 61.13% in Q3 2024, primarily due to increased promotional discounts and slight rises in raw material costs [2] - The net profit margin increased by 2.95 percentage points to 6.63% in Q3 2024, driven by a reduction in sales and management expense ratios [2] Summary by Sections Financial Performance - Total revenue for 2022 was 2.012 billion yuan, increasing to 2.548 billion yuan in 2023, and projected to reach 3.017 billion yuan in 2024, reflecting a year-on-year growth of 12.49%, 26.64%, and 18.43% respectively [1] - Net profit attributable to the parent company was 280.24 million yuan in 2022, increasing to 328.86 million yuan in 2023, and expected to be 401.81 million yuan in 2024, with year-on-year growth rates of (13.73)%, 17.35%, and 22.18% respectively [1] - The latest diluted EPS is projected to be 0.79 yuan per share in 2024, with a P/E ratio of 25.65 based on the current price [1] Market Position and Strategy - The company is enhancing its marketing transformation and solidifying its pricing system, particularly in the domestic market, while also expanding its presence in the provincial markets [2] - The company added 13 new distributors in the provincial markets in Q3 2024, indicating a positive trend in market expansion [2] Profitability Metrics - The sales expense ratio and management expense ratio decreased to 24.1% and 16% respectively in Q3 2024, reflecting improved efficiency in marketing expenditure and management [2] - The company expects to maintain a steady growth trajectory, with projected net profits of 401.81 million yuan, 486.88 million yuan, and 598.67 million yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 22%, 21%, and 23% [2]

公 司 报 告 公 司 季 报 点 评 证 券 研 究 报 告 金徽酒(603919.SH) 省外市场发力，产品结构升级 推荐 ( 维持) 股价:20.32元 | --- | --- | |------------------------|----------------------------------| | 行业 | 食品饮料 | | 公司网址 | www.jinhuijiu.com | | 大股东 / 持股 | 甘肃亚特投资集团有限公司 /21.57% | | 实际控制人 | 李明 | | 总股本 ( 百万股 ) | 507 | | 流通 A 股 ( 百万股 ) | 507 | | 流通 B/H 股 ( 百万股 ) | | | 总市值 ( 亿元 ) | 103 | | 流通 A 股市值 ( 亿元 ) | 103 | | 每股净资产 ( 元 ) | 6.45 | | 资产负债率 (%) | 24.4 | | 行情走势图 | | | | | 相关研究报告 【平安证券】金徽酒（603919.SH）*半年报点评*收 入稳定增长，费用投放有序*推荐20240819 【平安证券】金徽酒（603919.SH）*季报 ...

[Table_StockNameRptType] 金徽酒（603919） 公司点评 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------- ...

证券研究报告 非金融公司|公司点评|金徽酒（603919） 三季报点评：高档产品势能向上，省外 市场开始发力 请务必阅读报告末页的重要声明 glzqdatemark1 2024年10月26日 证券研究报告 |报告要点 我们预计公司 2024-2026 年营业收入分别为 29.12/32.33/35.56 亿元，同比增速分别为 14.31%/11.02%/10.00% ， 归母 净 利润 分别 为 3.98/4.47/4.98 亿 元， 同比 增速 分别 为 21.03%/12.32%/11.37%，对应三年 CAGR 为 14.82%，对应 2024-2026 年 PE 估值分别为 26/23/21X。鉴于公司结构升级趋势延续，基地市场表现稳健，省内市占率有望稳步提升，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10月26日 金徽酒(603919) 三季报点评：高档产品 ...

来源：公司年报、国金证券研究所 业绩简评 2024 年 10 月 25 日，公司披露 24 年三季报，期内实现营收 23.3 亿元，同比+15.3%；归母净利 3.3 亿元，同比+22.2%。单 Q3 实现 营收 5.7 亿元，同比+15.8%；归母净利 0.4 亿元，同比+109%，业 绩符合市场预期。 经营分析 产品端看，24Q3 100 元以下/100-300 元/300 元以上产品分别实现 营收 0.8/3.1/1.6 亿元，同比分别-24%/+15%/+42%。区域端看， 24Q3 省外节奏快于省内，期内省内/省外分别实现营收 3.7/1.7 亿元，同比分别+4%/+38%。此前公司对省外持续推进营销模式调 整，重点向大客户运营、用户建设/消费方面倾斜，逐步已在下半 年开始显现成果，因此省外 Q3 增速明显回升，而省内节奏仍稳扎 稳打。此外，期内省内/省外经销商数量分别-10/+13 家，变化有 限。 利润端看，24Q3 归母净利率同比+3.0pct 至 6.6%，其中毛利率 -1.5pct、销售费用率-3.2pct，毛销差提升预计系产品结构向上 叠加费用精准聚焦转型；此外管理费用率-1.8pct、 ...

Investment Rating - The investment rating for the company is "Buy" [2][3] Core Views - The company maintains a revenue growth rate advantage, with a notable performance in products priced above 300 yuan, and a rapid profit growth due to a low base [2][3] - The target price is set at 28.20 yuan, unchanged from the previous forecast [2][3] Financial Summary - For the first three quarters of 2024, the company reported revenue of 2.328 billion yuan, a year-on-year increase of 15.31%, and a net profit attributable to shareholders of 333 million yuan, up 22.17% year-on-year [3] - In Q3 2024 alone, revenue reached 574 million yuan, reflecting a year-on-year growth of 15.77%, while net profit surged by 108.84% to 38 million yuan [3] - The gross margin improved by 1.5 percentage points to 61.1%, and the sales expense ratio decreased by 3.2 percentage points [3] Product Performance - Products priced above 300 yuan saw revenue of 160 million yuan, a year-on-year increase of 42.06%, while products priced between 100-300 yuan grew by 14.92% [3] - The performance of the 100 yuan and below category declined by 24.33% due to promotional controls and seasonal effects [3] Regional Performance - Domestic revenue grew by 4.4% year-on-year, while revenue from outside the province increased significantly by 37.9% [3] - The company is focusing on markets like Shaanxi and Ningxia, with efforts to strengthen product focus and consumer cultivation [3]

金徽酒（603919.SH）2024 年三季报点评 3 [盈利预测与财务指标 Table_Forcast] 结构升级势能强劲，省内外扩张有序推进 2024 年 10 月 26 日 ➢ 事件：2024 年 10 月 25 日，公司发布 24 年三季报，公司 23Q1-Q3 实现 营收 23.3 亿元，同增 15.3%；实现归母净利润 3.3 亿元，同增 22.2%；经营活 动产生的现金流量净额 3.5 亿元，同增 42.4%；期末合同负债 4.8 亿元，同增 10.3%。单季度看，23Q3 实现营收 5.7 亿元，同增 15.8%；实现归母净利润 0.4 亿元，同增 108.8%。 ➢ 产品结构持续优化升级，省内+西北区域扩张提速。分产品看，24Q1-Q3 公 司 300 元以上/100-300 元/100 元以下产品分别实现营收 4.7/12.0/6.0 亿元， 同比+43.8%/+15.0%/-2.5%，占比 16.5%/52.5%/30.9%，省内升学宴、婚宴 等宴席场景较优，双节促销活动拉动年份、柔和等高价位产品动销。公司持续优 化产品结构，将金徽年份系列打造成西北高端白酒代表，带动柔和、正能量系列 等 ...

Revenue and Profit - Revenue for the third quarter of 2024 was RMB 574.23 million, a year-on-year increase of 15.77%[3] - Net profit attributable to shareholders of the listed company for the third quarter of 2024 was RMB 38.07 million, a year-on-year increase of 108.84%[3] - The company's total revenue for the first three quarters of 2024 was RMB 2,328,198,243.51, an increase from RMB 2,019,004,170.17 in the same period of 2023[16] - The company's net profit attributable to the parent company for the first three quarters of 2024 was RMB 1,830,451,994.44, up from RMB 1,694,207,705.93 in the same period of 2023[15] - Net profit for the first three quarters of 2024 was 328,790,659.31, up from 268,896,417.16 in the same period of 2023[18] Assets and Liabilities - Total assets as of the end of the third quarter of 2024 were RMB 4.32 billion, a decrease of 1.92% compared to the end of the previous year[3] - The company's total assets as of September 30, 2024, were RMB 4,317,751,679.54, a slight decrease from RMB 4,402,322,052.51 at the end of 2023[14] - The company's total liabilities as of September 30, 2024, were RMB 1,055,588,364.79, down from RMB 1,079,553,886.56 at the end of 2023[15] - The company's inventory as of September 30, 2024, was RMB 1,548,603,109.35, a decrease from RMB 1,619,837,953.76 at the end of 2023[14] - The company's accounts receivable as of September 30, 2024, was RMB 22,531,855.38, significantly higher than RMB 7,184,554.07 at the end of 2023[14] Cash Flow - Net cash flow from operating activities for the first three quarters of 2024 was RMB 349.13 million, a year-on-year increase of 42.37%[3] - Cash received from sales of goods and services for the first three quarters of 2024 was 2,486,623,161.70, up from 2,204,279,090.53 in the same period of 2023[19] - Net cash flow from operating activities for the first three quarters of 2024 was 349,126,597.93, compared to 245,224,428.79 in the same period of 2023[20] - Cash paid for the purchase of fixed assets, intangible assets, and other long-term assets for the first three quarters of 2024 was 224,120,122.65, a significant increase from 29,856,274.06 in the same period of 2023[20] - Net cash flow from financing activities for the first three quarters of 2024 was -396,163,574.11, compared to -150,177,999.10 in the same period of 2023[21] - Cash and cash equivalents at the end of the first three quarters of 2024 were 757,717,298.80, down from 874,148,216.51 at the end of the same period in 2023[21] Earnings Per Share and Return on Equity - Basic earnings per share for the third quarter of 2024 were RMB 0.08, a year-on-year increase of 116.22%[3] - The weighted average return on equity for the third quarter of 2024 was 1.38%, an increase of 0.80 percentage points year-on-year[3] - Basic earnings per share for the first three quarters of 2024 were 0.66, compared to 0.54 in the same period of 2023[19] Operating Costs and Expenses - The company's total operating costs for the first three quarters of 2024 were RMB 1,918,576,051.36, up from RMB 1,700,191,394.89 in the same period of 2023[16] - The company's sales expenses for the first three quarters of 2024 were RMB 474,378,262.17, an increase from RMB 430,200,677.21 in the same period of 2023[16] - The company's management expenses for the first three quarters of 2024 were RMB 245,397,272.19, up from RMB 210,784,739.31 in the same period of 2023[16] - R&D expenses for the first three quarters of 2024 were 39,724,443.24, a slight increase from 39,585,626.85 in the same period of 2023[18] Shareholder Information - The top shareholder, Gansu Yate Investment Group Co., Ltd., held 21.57% of the shares as of the end of the third quarter of 2024[9] - The number of ordinary shareholders at the end of the third quarter of 2024 was 51,123[8] - The company repurchased 10,415,243 shares, accounting for 2.0532% of the total share capital, with a total payment of RMB 192,593,744.02[13] Government Subsidies - Government subsidies received during the third quarter of 2024 amounted to RMB 3.85 million[5] Product Revenue Breakdown - Revenue from products priced above RMB 100 accounted for 85.94% of the main business revenue in the third quarter of 2024[7]

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》第十六条相关规定，现将金徽酒股份有限公司（简称"公司"） 2024 年前三季度（1-9 月）主要经营数据（未经审计）公告如下： 一、主要经营数据 1、按产品档次分类情况 证券代码:603919 证券简称:金徽酒 公告编号:临 2024-066 金徽酒股份有限公司 2024 年前三季度经营数据公告 单位：万元 币种：人民币 | 产品档次 | 年 2024 1-9 | 月营业收入 | 年 2023 1-9 | 月营业收入 | 同比变动（%） | | --- | --- | --- | --- | --- | --- | | 300 元以上 | | 47,242.12 | | 32,852.38 | 43.80 | | 100-300 元 | | 119,923.43 | | 104,321.00 | 14.96 | | 元以下 100 | | 59,835.55 | | 61,397.58 ...

证券代码:603919 证券简称:金徽酒 公告编号:临 2024-067 金徽酒股份有限公司 2024 年度"提质增效重回报"行动方案 半年度评估报告 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。 金徽酒股份有限公司（简称"金徽酒""公司"）深入贯彻党的二十大和中央金 融工作会议精神，积极落实国务院《关于进一步提高上市公司质量的意见》和上海 证券交易所《关于开展沪市公司"提质增效重回报"专项行动的倡议》，将提质增 效工作纳入日常经营管理活动，为持续推动公司高质量发展，落实以投资者为本的 理念，切实履行上市公司的责任和义务，保障投资者权益，共同促进资本市场平稳 健康发展，公司于 2024 年 4 月 20 日发布了《金徽酒股份有限公司 2024 年度"提 质增效重回报"行动方案公告》（简称"行动方案"，公告编号：临 2024-032）。 2024 年上半年，公司根据行动方案内容，积极开展和落实相关工作，现将上 半年行动方案执行情况报告如下： 一、聚焦主营业务，提升经营质量 2024 年上半年，金徽酒持续聚焦做强主业，以转型促发 ...