Core Viewpoint - Company achieved record high revenue and profit in 2024, with a revenue of 3.021 billion yuan and a net profit of 388 million yuan, reflecting year-on-year growth of 18.59% and 18.03% respectively [1] Group 1: Financial Performance - In 2024, the company reported a revenue of 3.021 billion yuan, an increase of 18.59% year-on-year [1] - The net profit attributable to shareholders was 388 million yuan, up 18.03% year-on-year [1] - The basic earnings per share were 0.77 yuan, with a weighted average return on equity of 11.70% [1] - The company plans to distribute a cash dividend of 5 yuan per 10 shares, totaling 248 million yuan, which represents 64% of the net profit [1] Group 2: Marketing and Brand Development - The company is focused on transforming its marketing strategy to build a national brand, leveraging its unique ecological environment and rich brewing history [2] - It aims to enhance product quality through advanced techniques and collaborations with universities and research institutions [2] - The company has established a new brand expression system to deepen the brand's connotation and enhance its influence through diversified communication channels [5] Group 3: Product and Market Strategy - In 2024, all three main product lines achieved double-digit growth, with products priced above 300 yuan increasing by 41.17% [4] - The company is optimizing its product structure, with mid-to-high-end products now accounting for 70.75% of sales [4] - The company is expanding its market presence in the East China and Northern markets while solidifying its base in Northwest China [5] Group 4: Future Goals - The company aims to achieve a revenue of 3.280 billion yuan and a net profit of 408 million yuan in 2025, marking another record high [6] - It will continue to focus on national layout, deepening its presence in Northwest China, and implementing precise marketing strategies [6] - The company plans to enhance user engagement through personalized marketing and deepen market penetration [6]

Investment Rating - The report maintains a "Buy" rating for the company [1][4] Core Insights - The company achieved a revenue of RMB 3.02 billion in 2024, representing a year-on-year increase of 18.6%, and a net profit attributable to shareholders of RMB 390 million, up 18.0% year-on-year [3][8] - The product structure continues to optimize, with a steady increase in market share within the province [3][7] - The company reported a strong performance in the second half of the year, with a revenue growth of 23.7% year-on-year, and a significant increase of 31.1% in Q4 2024 [7][8] Financial Performance - For 2024, the company’s revenue was RMB 3,021 million, with a gross profit margin of 60.9%, down 1.5 percentage points year-on-year [8] - The company’s net profit margin for 2024 was 12.8%, remaining stable compared to the previous year [7][8] - The company’s earnings per share (EPS) for 2024 was RMB 0.77, reflecting an 18.0% increase from the previous year [6][8] Market Position - The company’s domestic market revenue reached RMB 2.23 billion in 2024, growing by 16.1% year-on-year, accounting for 76.9% of total revenue [7] - The company has 1,001 distributors, with 288 in the domestic market and 713 in the provincial market, showing a year-on-year increase in both categories [7] Future Projections - Revenue projections for 2025, 2026, and 2027 are RMB 3.28 billion, RMB 3.65 billion, and RMB 4.13 billion, respectively, with year-on-year growth rates of 8.6%, 11.1%, and 13.2% [4][6] - The net profit attributable to shareholders is expected to reach RMB 408 million, RMB 468 million, and RMB 550 million for the years 2025, 2026, and 2027, respectively [4][6]

Investment Rating - The report maintains a "Buy" rating for the company [1][4] Core Views - The company achieved a revenue of RMB 3.02 billion in 2024, representing a year-on-year increase of 18.6%, with a net profit attributable to shareholders of RMB 390 million, up 18.0% year-on-year [3][8] - The product structure continues to optimize, and the market share in the province steadily increases, indicating strong operational performance [3][7] Financial Performance - In Q4 2024, the company reported revenue of RMB 690 million, a year-on-year increase of 31.1%, while the net profit for the same period was RMB 60 million, down 2.1% year-on-year [8] - The gross profit margin for 2024 was 60.9%, a decrease of 1.5 percentage points compared to the previous year, with Q4 2024 gross margin at 50.1%, down 8.3 percentage points year-on-year [7][8] Market Position - The company’s revenue from the domestic market reached RMB 2.23 billion in 2024, growing 16.1% year-on-year, accounting for 76.9% of total revenue [7] - The company has 1,001 distributors, with 288 in the domestic market and 713 in the provincial market, showing a significant increase in distribution channels [7] Future Projections - Revenue projections for 2025, 2026, and 2027 are RMB 3.28 billion, RMB 3.65 billion, and RMB 4.13 billion, respectively, with year-on-year growth rates of 8.6%, 11.1%, and 13.2% [4][6] - The net profit attributable to shareholders is expected to reach RMB 410 million, RMB 470 million, and RMB 550 million for the years 2025, 2026, and 2027, with growth rates of 5.1%, 14.7%, and 17.7% respectively [4][6]

Core Viewpoint - The 2024 ESG report released by Jinhui Liquor highlights the company's commitment to environmental, social, and governance practices, despite the lack of standardized carbon emission calculations in the industry [1][3]. Group 1: ESG Report Overview - Jinhui Liquor has published its 2024 ESG report, marking it as the ninth annual report on social responsibility [1]. - The report's content has expanded, with an increase in pages from 38 to 53, and the addition of three new environmental topics [3][4]. - The company has adopted a "multi-standard" approach for the report, referencing eight different disclosure standards, including guidelines from major stock exchanges and the United Nations Sustainable Development Goals [1][2]. Group 2: Carbon Emission Disclosure - Jinhui Liquor has reported a reduction in carbon emissions by 2,519.47 tons but has not disclosed total annual carbon emissions or detailed scope 1, 2, and 3 emissions [3]. - The lack of total carbon emission disclosure is attributed to the absence of a unified calculation standard within the liquor industry [3]. Group 3: Water Resource Management - For the first time, Jinhui Liquor has disclosed water resource usage metrics, reporting a total water usage of 754,023.5 m³, a water consumption intensity of 1.86 m³ per 10,000 yuan, and a water recycling rate of 20.28% [4][5]. - The company has implemented various water-saving measures, including optimizing the water supply system and recycling wastewater for irrigation [5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of —— yuan over the next six months [1] Core Views - The company continues to upgrade its product structure and is making steady progress in national expansion [1] - The company achieved a revenue of 30.21 billion yuan in 2024, representing a year-on-year growth of 18.6%, and a net profit of 3.88 billion yuan, also up by 18.0% [7] - The growth momentum for high-end products priced above 300 yuan remains strong, with significant sales increases in key product lines [7] - The company is focusing on marketing transformation and actively cultivating consumer bases in both domestic and provincial markets [7] Financial Summary - **Revenue Forecast**: Expected revenues for 2025, 2026, and 2027 are 32.86 billion yuan, 36.31 billion yuan, and 40.65 billion yuan respectively, with growth rates of 8.75%, 10.51%, and 11.95% [2] - **Net Profit Forecast**: Projected net profits for the same years are 4.11 billion yuan, 4.62 billion yuan, and 5.32 billion yuan, with growth rates of 5.91%, 12.40%, and 15.04% [2] - **Earnings Per Share (EPS)**: EPS is expected to be 0.81 yuan in 2025, 0.91 yuan in 2026, and 1.05 yuan in 2027 [2] - **Return on Equity (ROE)**: ROE is projected to increase from 11.48% in 2024 to 12.56% in 2027 [2] Product and Market Analysis - **Product Segmentation**: Revenue from products priced above 300 yuan, between 100-300 yuan, and below 100 yuan for 2024 was 5.7 billion yuan, 14.9 billion yuan, and 8.5 billion yuan respectively, with growth rates of 41.2%, 15.4%, and 4.0% [7] - **Regional Performance**: Revenue from within the province was 22.3 billion yuan, up 16.1%, while revenue from outside the province was 6.7 billion yuan, up 14.7% [7] - **Cost and Profitability**: The gross margin for 2024 was 60.9%, a decrease of 1.5 percentage points year-on-year, attributed to increased promotional activities [7] Strategic Outlook - The company is actively pursuing a strategy of national expansion while deepening its market presence in the northwest region [7] - The focus on high-end products is expected to drive growth, with a clear path for future development [7]

Core Viewpoint - The company, Jin Hui Jiu, reported a strong performance in its 2024 annual report, with revenue and net profit both showing significant year-on-year growth, indicating successful product structure upgrades and national expansion efforts [1][2]. Financial Performance - In 2024, the company achieved revenue of 3.02 billion yuan, a year-on-year increase of 18.6%, and a net profit of 390 million yuan, up 18.0% year-on-year [1]. - For Q4 2024, revenue reached 690 million yuan, reflecting a year-on-year growth of 31.1%, while net profit was 60 million yuan, a slight decline of 2.1% [1]. Product Segmentation - Revenue from products priced above 300 yuan, between 100-300 yuan, and below 100 yuan for 2024 was 570 million yuan, 1.49 billion yuan, and 850 million yuan, respectively, with year-on-year growth rates of 41.2%, 15.4%, and 4.0% [2]. - The high-end product series, particularly the Jin Hui 28-year product, showed strong sales growth, contributing to an increase in the mid-to-high-end product share to 70.8% [2]. Regional Performance - Revenue from domestic and external markets in 2024 was 2.23 billion yuan and 670 million yuan, respectively, with year-on-year growth of 16.1% and 14.7% [2]. - In Q4 2024, domestic revenue grew by 24.5% year-on-year, while external revenue increased by 10.4% [2]. Cost Efficiency - The gross profit margin for 2024 decreased by 1.5 percentage points to 60.9%, primarily due to increased promotional activities [3]. - The sales and management expense ratios were 19.7% and 10.1%, respectively, both showing a decrease year-on-year, indicating improved cost efficiency [3]. - The net profit margin remained stable at 12.9%, with a slight year-on-year decline of 0.1 percentage points [3]. Marketing Strategy - The company is actively pursuing a national expansion strategy while deepening its presence in the northwest region, focusing on consumer engagement and product upgrades [4]. - The company has successfully established model markets in northern and eastern China, optimizing its business model and consumer cultivation efforts [4]. Future Outlook - The company expects strong growth in high-end products priced above 300 yuan, with a clear growth path supported by national expansion and product structure upgrades [4]. - Earnings per share (EPS) forecasts for 2025-2027 are projected at 0.81 yuan, 0.91 yuan, and 1.05 yuan, with corresponding price-to-earnings (PE) ratios of 23x, 21x, and 18x [4].

Core Viewpoint - The company, Jin Hui Jiu, reported strong performance in its 2024 annual report, with significant revenue and profit growth, alongside an ongoing optimization of its product structure [1][2]. Financial Performance - In 2024, the company achieved a revenue of 3.021 billion yuan, representing a year-on-year increase of 18.59%, and a net profit attributable to shareholders of 388 million yuan, up 18.03% year-on-year [1]. - For Q4 2024, the company recorded a revenue of 693 million yuan, reflecting a year-on-year growth of 31.11%, while the net profit attributable to shareholders was 55 million yuan, down 2.05% year-on-year [1]. Product and Market Development - The company’s product revenue for 2024 was segmented as follows: products priced above 300 yuan generated 566 million yuan (up 41.17%), products priced between 100-300 yuan generated 1.487 billion yuan (up 15.38%), and products below 100 yuan generated 849 million yuan (up 3.99%) [2]. - The company’s revenue from Gansu province reached 2.231 billion yuan (up 16.14%), while revenue from outside the province was 670 million yuan (up 14.67%) [2]. Profitability and Cash Flow - The company’s gross profit margin for 2024 was 60.92%, a decrease of 1.52 percentage points year-on-year, attributed mainly to a decline in the gross margin of other businesses [3]. - The company reported a strong cash flow performance, with cash receipts from sales amounting to 3.419 billion yuan (up 16.45%) and a net operating cash flow of 558 million yuan (up 23.95%) [3]. Future Outlook - The company aims for a revenue target of 3.280 billion yuan and a net profit of 408 million yuan for 2025, representing year-on-year growth of 8.90% and 5.15%, respectively [4]. - The company has completed a share buyback of 193 million yuan for employee stock ownership or equity incentives [4].

Investment Rating - The report maintains an "Accumulate" rating for Jinhui Liquor (603919) with a target price of 20.93, compared to the last closing price of 19.02 [1]. Core Views - Jinhui Liquor's performance meets expectations, with a continued upgrade in product structure [1]. - The company achieved a revenue of 3.021 billion yuan in 2024, representing a year-on-year increase of 18.59%, and a net profit of 388 million yuan, up 18.03% year-on-year [4][8]. - The product structure has improved, with products priced above 100 yuan accounting for 70.7% of total sales, an increase of 3.3 percentage points [5]. - The company has implemented a strategy of "one county, one policy" to enhance channel coverage in provincial markets, while focusing on expanding into sample markets outside the province [5]. Financial Performance - In Q4 2024, the company reported a revenue of 693 million yuan, a year-on-year increase of 31.11%, but a slight decline in net profit to 55 million yuan, down 2.05% year-on-year [4][6]. - The gross profit margin for 2024 was 60.92%, a decrease of 1.5 percentage points year-on-year, with Q4 gross margin at 50.13%, down 8.3 percentage points year-on-year [6]. - The company aims for a revenue target of 3.280 billion yuan in 2025, reflecting an 8.6% year-on-year growth, and a net profit target of 408 million yuan, up 5.1% year-on-year [6][7]. Sales and Distribution - Sales through distributors, direct sales (including group purchases), and online channels reached 2.744 billion yuan, 74 million yuan, and 84 million yuan respectively, with online sales growing rapidly, particularly on platforms like JD and Douyin [5]. - The company expanded its distributor network, ending 2024 with 288 distributors in the province and 713 outside, netting an increase of 16 and 121 distributors respectively [5]. Earnings Forecast - The earnings forecast for 2025-2027 anticipates revenue growth rates of 9%, 10%, and 10%, with net profit growth rates of 7%, 12%, and 13% respectively [7][8]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.82 yuan, 0.91 yuan, and 1.03 yuan, with corresponding price-to-earnings (PE) ratios of 23x, 21x, and 18x [7][8].

2025 年 03 月 25 日 公司研究 评级：增持(维持) 研究所： 证券分析师： 刘洁铭 S0350521110006 liujm@ghzq.com.cn 联系人 ： 郝天宇 S0350124060016 haoty@ghzq.com.cn [Table_Title] 业绩增速亮眼，结构持续优化 ——金徽酒（603919）2024 年报点评 最近一年走势 | 相对沪深 300 表现 | 2025/03/24 | | | | | | --- | --- | --- | --- | --- | --- | | 表现 | | 3M | 1M | | 12M | | 金徽酒 | | -4.1% | 3.3% | | -8.4% | | 沪深 300 | | -1.2% | -0.9% | | 11.0% | | | 2025/03/24 | | | | | | 当前价格（元） | | | | 19.02 | | | 周价格区间（元） 52 | 15.47-24.18 | | | | | | 总市值（百万） | 9,648.09 | | | | | | 市场数据 | | | | | | | 日均成交额（百万） | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved a revenue of 3.021 billion yuan in 2024, representing a year-on-year increase of 18.59%, with a net profit attributable to shareholders of 388 million yuan, also up by 18.03% [6][10] - The company is focusing on product structure upgrades and marketing transformation, which are expected to drive market share growth [8][10] - The company aims to achieve a revenue target of 3.28 billion yuan in 2025, with a continued emphasis on high-end product sales and market penetration [10][12] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 3.021 billion yuan, with a net profit of 388 million yuan, and a cash flow from operations of 558 million yuan, up by 24% year-on-year [6][9] - The gross margin was 60.92%, while the net margin was 12.59%, showing slight declines from the previous year [9] Product and Market Analysis - The company’s sales volume reached 20.8 million kiloliters, a year-on-year increase of 15.86%, with over 70% of revenue coming from products priced above 100 yuan [7][8] - Revenue from high-end products (above 300 yuan) grew by 41.17%, indicating a strong market demand for premium offerings [7] Strategic Initiatives - The company is enhancing its marketing strategies, focusing on both domestic and new markets, with revenue from provincial and non-provincial sales growing by 16.14% and 14.67% respectively [8] - The company plans to leverage smart brewing technology to improve production efficiency and product quality [10] Future Projections - Revenue projections for 2025-2027 are 3.405 billion, 3.762 billion, and 4.054 billion yuan, with expected growth rates of 12.7%, 10.5%, and 7.7% respectively [12][14] - The net profit for the same period is projected to be 430 million, 462 million, and 503 million yuan, with growth rates of 10.7%, 7.6%, and 8.7% [12][14]