金徽酒（603919） [Table_Tag] [Table_Summary] 投资要点 ◼ 净利率保持提升，市场培育亦加大力度。Q1 公司销售毛利率 65.4%，同 比+0.4pct，主要系公司百元以上产品结构提升所致。费用方面，当前属 于公司转型发展期，在品牌、人力、市场、产品及消费氛围培育上持续 加大力度，春节期间相应增加品牌宣传力度，加大扫码红包、反向激励 等投入，加强消费者联动性培育，销售费用率 18.0%，同比+0.2pct。综 合影响下，24Q1 归母净利率 20.6%，同比+0.2pct，保持提升。 证券分析师 孙瑜 执业证书：S0600523120002 suny@dwzq.com.cn 证券分析师 王颖洁 执业证书：S0600522030001 wangyj@dwzq.com.cn 市场数据 | --- | --- | |--------------------------|--------| | | | | | | | 每股净资产 ( 元 ,LF) | 6.99 | | 资产负债率 (%,LF) | 24.02 | | 总股本 ( 百万股 ) | 507.26 | | 流通 A 股 ( ...

Investment Rating - Maintains a "Buy" rating with a target price of 28.70 CNY [11][16] Core Views - The company's revenue growth momentum continues, with strong performance in high-end products driving structural upgrades [16] - The company's leading position in the local market is further solidified, with significant growth in products priced above 300 CNY [16] - The company's continuous investment in consumer engagement and brand building is expected to enhance brand recognition and market share [16] Financial Performance - 24Q1 revenue reached 10.76 billion CNY, a year-on-year increase of 20.41% [16] - 24Q1 net profit was 2.21 billion CNY, a year-on-year increase of 21.58% [16] - 24Q1 gross margin increased by 0.4 percentage points to 65.4% [16] - 24Q1 net profit margin increased by 0.2 percentage points to 20.6% [16] Revenue and Profit Trends - Revenue growth rates for 2022A, 2023A, 2024E, 2025E, and 2026E are 12%, 27%, 22%, 21%, and 19% respectively [16] - EBIT growth rates for the same periods are -26%, 26%, 32%, 28%, and 27% respectively [16] - Net profit growth rates are -14%, 17%, 26%, 27%, and 27% respectively [16] Profitability and Valuation Metrics - Operating profit margins for 2022A, 2023A, 2024E, 2025E, and 2026E are 14.0%, 13.9%, 15.0%, 15.9%, and 17.0% respectively [16] - ROE for the same periods are 8.9%, 9.9%, 11.8%, 14.1%, and 16.5% respectively [16] - ROIC for the same periods are 8.1%, 9.0%, 11.2%, 13.5%, and 15.9% respectively [16] - EV/EBITDA for the same periods are 32.27, 24.01, 14.20, 11.65, and 9.20 respectively [16] Market Performance - The stock's absolute price return over the past 12 months is -23% [16] - The stock's relative price return compared to the index over the past 12 months is -14% [16] - The stock's 52-week price range is 18.00-30.11 CNY [17] Product Structure and Market Strategy - Products priced above 300 CNY saw an 86.5% year-on-year increase in revenue, while products priced between 100-300 CNY saw a 24.1% increase [16] - The company is focusing on strengthening its presence in the local market and expanding into surrounding regions, with expected acceleration in sales outside the province [16] Capital Structure and Cash Flow - The company's net debt to equity ratio is -37.80% [16] - Free cash flow for 2022A, 2023A, 2024E, 2025E, and 2026E are 373, 370, 510, 704, and 704 million CNY respectively [11]

Investment Rating - The report maintains a "Buy" rating for the company, projecting a significant growth in net profit for the years 2024 to 2026, with expected figures of 402 million, 473 million, and 544 million respectively, representing year-on-year growth rates of 22%, 18%, and 15% [1] Core Views - The company's marketing transformation is showing initial positive effects, and product upgrades are expected to continue. The primary growth sources for the next three years are anticipated to come from the expansion into government and business group purchases, as well as banquet channels, which will enhance the product structure. The current growth momentum for mid-to-high-end liquor is strong, and the company's market share is expected to increase both within and outside the province [1][2] Financial Performance Summary - For Q1 2024, the company achieved an operating revenue of 1.076 billion, a year-on-year increase of 20.41%, and a net profit of 221 million, reflecting a growth of 21.58% [34] - The company's gross profit margin for Q1 2024 was 65.4%, up 0.43 percentage points year-on-year, primarily due to improvements in product structure [11] - The company reported a net profit margin of 20.39% for Q1 2024, an increase of 0.11 percentage points year-on-year [11] Market Data - As of April 19, 2024, the closing price of the company's stock was 19.33 yuan, with a one-year high of 30.8 yuan and a low of 17.2 yuan [3] - The company's market capitalization is approximately 9.805 billion yuan [3] Product Performance - In Q1 2024, the revenue from liquor priced above 300 yuan reached 191 million, a significant year-on-year increase of 86.48%. The revenue from liquor priced between 100-300 yuan was 551 million, up 24.13%, while revenue from liquor priced below 100 yuan decreased by 4.2% [26] - The company’s revenue from its home province was 848 million, a year-on-year increase of 22.55%, accounting for 79.59% of total revenue [26]

来源：公司年报、国金证券研究所 2024 年 4 月 19 日，公司披露 24 年一季报，期内实现营收 10.8 亿元，同比+20.4%；归母净利 2.2 亿元，同比+21.6%，业绩符合 预期。 考虑省外拓展中需持续费投，我们分别下调 24、25 年归母净利 13%/15%，预计 24-26 年收入分别为 30.8/36.7/43.2 亿元，分别 +21%/+19%/+18%；归母净利润分别为 4.2/5.4/6.8 亿元，分别 +29%/+27%/+25%，对应 EPS 为 0.84/1.06/1.33 元，对应 PE 分别 为 23/18/15X，维持"买入"评级。 风险提示 区域市场竞争加剧，省内升级不及预期，省外扩张低预期。 业绩简评 省内市场挖掘增量，结构升级明显加快。1）分区域看，公司聚焦 省内，布局全国，省内/外经销商数量环比 23 年末分别+11/+17 个至 283/609 家，对应收入 8.5/2.2 亿元，同比+22.5%/+13.2%， 其中省内市场贡献主要收入且增速更快。2）分产品看，300 元以 上/100-300 元/100 元以下分别实现营收 1.9/5.5/3.2 亿元，同 ...

券 研 公 研 究 告 育终端，并通过 BC 联动扩展大客户资源，同时，政商务团购 势能持续释放。 2024Q1 公司互联网销售 0.32 亿 元 （+58%），主要受益于互联网团队品牌塑造工作成效释放， 目前互联网客群正逐渐由省内拓宽至省外，逐步实现市场扩 张。2024Q1 公司省内/省外营收分别为 8.48/2.18 亿元，分 别同增 23%/13%，甘肃省内受益于天水旅游业爆发带动需求 端旺盛，关注五一假期市场表现，省外市场通过西北一体化 运营聚焦营销资源，打造样板市场，实现外埠市场辐射。 ▌ 风险提示 请阅读最后一页重要免责声明 2 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------|-------|-------------------------|-------|-------|-----------------------------------|-----------------|-------------------------|------- ...

Investment Rating - The report maintains a "Recommended" rating for the company [7][8]. Core Insights - The company achieved a revenue of 1.076 billion yuan in Q1 2024, representing a year-on-year growth of 20.41%. The net profit attributable to the parent company was 221 million yuan, up 21.58% year-on-year [7]. - The product structure optimization is significant, with high-end products showing remarkable growth. The revenue from high-end, mid-range, and low-end products in Q1 2024 was 191 million, 551 million, and 324 million yuan, respectively, with growth rates of 86.48%, 24.13%, and -4.20% [7]. - The company continues to strengthen its market presence in Gansu province while expanding into new markets in the Northwest and East China regions [7]. Financial Summary - The company forecasts revenue growth from 2.548 billion yuan in 2023 to 3.076 billion yuan in 2024, with a growth rate of 20.7% [3]. - The net profit attributable to the parent company is expected to increase from 329 million yuan in 2023 to 401 million yuan in 2024, reflecting a growth rate of 21.9% [3]. - The earnings per share (EPS) is projected to rise from 0.65 yuan in 2023 to 0.79 yuan in 2024 [3]. - The company’s sales gross margin for Q1 2024 was 65.40%, an increase of 0.43 percentage points year-on-year, while the net profit margin was 20.39%, up 0.11 percentage points [7]. - The total assets are expected to grow from 4.402 billion yuan in 2023 to 4.771 billion yuan in 2024 [5].

重要内容提示 1 / 14 | --- | --- | --- | --- | |--------------------------------------------------------|------------------|------------------|----------------------------------------| | 项目 | 本报告期 | | 本报告期比上年同期增减变动幅度 ( % ) | | 营业收入 | | 1,075,552,902.20 | 20.41 | | 归属于上市公司股东的净利润 | | 221,042,846.30 | 21.58 | | 归属于上市公司股东的扣除非经常性损益的净利润 | | 221,944,522.03 | 22.48 | | 经营活动产生的现金流量净额 | | 343,087,420.19 | 46.60 | | 基本每股收益（元 / 股） | | 0.44 | 22.22 | | 稀释每股收益（元 / 股） | | 0.44 | 22.22 | | 加权平均净资产收益率（ % ） | | 6.43 | 增加 0.82 个百分点 ...

证券代码：603919 证券简称：金徽酒 公告编号：临 2024-028 金徽酒股份有限公司 2023 年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东大会召开的时间：2024 年 4 月 19 日 (二)股东大会召开的地点：甘肃省陇南市徽县伏家镇金徽酒股份有限公司会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 17 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 310,654,615 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总数的比例（%） | 61.2416 | (四)本次会议由董事会负责召集，董事长周志刚先生主持会议，本次会议以现场 与通讯相结合的方式召开。会议的召集、召开和表决方式、表决程序符合《公司法》和 《公司章程》的有关规定。 (五)公司董事、监事和董事会秘书的出席情况 1、公司在 ...

证券代码：603919 证券简称：金徽酒 公告编号：临 2024-035 金徽酒股份有限公司 关于召开 2023 年度暨 2024 年第一季度 业绩说明会的公告 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法律责任。 重要内容提示： 会议召开时间：2024 年 05 月 06 日(星期一)下午 15:00-16:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 04 月 24 日(星期三)至 04 月 30 日(星期二)16:00 前登 录上证路演中心网站首 页点击 " 提问预征集 " 栏目或通过公司 邮 箱 （jhj@jinhuijiu.com）进行提问。公司将在 2023 年度暨 2024 年第一季度业绩说明 会（简称"业绩说明会"）上就投资者普遍关注的问题进行回答。 金徽酒股份有限公司（以下简称"公司"）已分别于 2024 年 3 月 16 日在上 海证券交 ...

证券代码:603919 证券简称:金徽酒 公告编号:临 2024-034 金徽酒股份有限公司 2024 年第一季度经营数据公告 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》第十六条相关规定，现将金徽酒股份有限公司（简称"公司"） 2024 年第一季度主要经营数据（未经审计）公告如下： 一、2024 年第一季度主要经营数据 | 渠道类型 | 2024 年 1-3 | 月营业收入 | 2023 年 | 1-3 | 月营业收入 | 同比变动（%） | | --- | --- | --- | --- | --- | --- | --- | | 经销商 | | 100,633.23 | | | 84,317.13 | 19.35 | | 直销（含团购） | | 2,721.19 | | | 2,072.04 | 31.33 | 徽酒股份有限公司 1、按产品档次分类情况 单位：万元 币种：人民币 | 产品档次 | 年 2024 1-3 | 月 ...