今天呢也非常荣幸能够请到久贵酒的宋总来给我们就近期的这个一些的情况做一个简要的介绍那么整体上的会议呢差不多是二十分钟左右吧首先呢是可能由我这边来介绍宋总一些近期的一些情况吧那我第一个问题呢可能是关于就是新的这个管理层 因为我们可能也看到这个公司人员的服务经历有回到公司了然后政府的话是有一个调整就不知道这一块的话是否您这个有没有一些解读可能还有点情 这边有信息吗?嗯,挺有信息的,挺有信息的嗯,好的主要是关于公司的人条这方面的情况嗯,就是应该是说对公司整体转移的公司总经理一般就觉得全部都蛮不顾这些老车总经理本人的事情然后现在可能还是不太行那个声音还是不太行孙老师我这边已经 你没用耳机是吧?我试用过耳机了,试用过耳机了,发动机比较合适现在呢?现在好一些,现在好一些,可能我估计会不会用耳机的也有 就是那个之前的这个有些变种嘛包括王岐山总统的离职然后在当前的那个环境下整体的团队工作压力还有工作强度都比较高特别是曾毅总之间的那个工作的那个程度也比较大然后 在当前这个环境我们很难去做一些条件上的控制了就是说我们已经在全力的去做开拨口但是这个具体发货是会算在20年还是25年这个方面我们很难去做这种具体的发货人士来说的话还是尽 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 56.39 CNY and a projected PE ratio of 106X for 2024 [4][9]. Core Insights - The company has initiated a comprehensive marketing transformation in 2023, adjusting its market strategy and marketing expenditure. However, the overall industry is entering an adjustment phase in 2024, leading to intensified competition and continued pressure on performance. The return of Mr. Cheng Jun, who previously contributed to significant profit growth, is expected to help the company navigate through this challenging period and return to growth [2][4][7]. Financial Performance Summary - Revenue and Profit Forecasts: The company is projected to generate revenues of 1.74 billion CNY, 1.95 billion CNY, and 2.14 billion CNY for the years 2024, 2025, and 2026 respectively. Corresponding net profits are expected to be 172.48 million CNY, 202.76 million CNY, and 233.31 million CNY for the same years [4][6][17]. - Historical Performance: In 2022, the company reported a revenue of 4.05 billion CNY, with a net profit of 1.05 billion CNY. However, in 2023, revenue dropped to 2.83 billion CNY, and net profit fell to 547.81 million CNY, reflecting a significant decline [6][14]. - Valuation Metrics: The company’s PE ratio is projected to decrease from 106.23 in 2024 to 78.53 in 2026, indicating a potential recovery in earnings [6][17]. Management Changes - The company announced the return of Mr. Cheng Jun as the new General Manager, following the resignation of Mr. Zheng Yi. Mr. Cheng previously served as Vice General Manager and is expected to leverage his experience to stabilize and grow the company [7][9].

证券代码：000799 证券简称：酒鬼酒 公告编号：2024-28 酒鬼酒股份有限公司 第九届董事会第五次（临时）会议决议公告 本公司及其董事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 因工作调整原因，郑轶先生辞去公司总经理职务，辞职后郑轶先 生仍担任公司副董事长职务。根据工作需要，公司第九届董事会聘任 程军先生为公司总经理，任期自董事会聘任之日起至第九届董事会任 期届满时止。 经核实，程军先生未持有公司股票，不存在《深圳证券交易所上 市公司自律监管指引第 1 号——主板上市公司规范运作》第 3.2.2 所 列的不得被提名担任上市公司高级管理人员情形，符合有关法律、行 政法规、部门规章、规范性文件、《深交所股票上市规则》及交易所 其他相关规定等要求的任职资格。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 附:程军先生简历 酒鬼酒股份有限公司董事会 2024年12月20日 1 附件：聘任高级管理人员简历 一、董事会会议召开情况 酒鬼酒股份有限公司（以下简称公司）第九届董事会第五次（临 时）会议通知于 2024 年 12 月 18 日以电子邮件或短信息等书面方式 ...

证券代码：000799 证券简称：酒鬼酒 公告编号：2024-27 酒鬼酒股份有限公司 关于公司高级管理人员辞职的公告 本公司及其董事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 近日，酒鬼酒股份有限公司（以下简称"公司"）董事会收到郑 轶先生提交的书面辞职报告。郑轶先生因工作调整原因辞去公司总经 理职务，仍担任公司副董事长职务。 根据《深圳证券交易所上市公司自律监管指引第 1 号——主板 上市公司规范运作》3.2.8 条规定，郑轶先生的辞职报告自送达公司 董事会时生效。 经核实，郑轶先生持有公司股票 10100 股，郑轶先生所持公司股 票将严格遵守《上市公司股东、董监高减持股份的若干规定》《上市 公司董事、监事和高级管理人员所持本公司股份及其变动管理规则》 《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监 管指引第 18 号——股东及董事、监事、高级管理人员减持股份》等 规定进行管理。 公司董事会对郑轶先生在任职总经理期间对公司作出的贡献表 示感谢。 酒鬼酒股份有限公司董事会 2024 年 12 月 20 日 ...

公司报告 | 季报点评 Q3 需求承压业绩低于预期，静待营销转型发力 事件：2024Q1-3 公司营业收入/归母净利润/扣非归母净利润分别为 11.91/0.56/0.51 亿元（同比-44.41%/-88.20%/-89.27%）；2024Q3 公司营业收 入/归母净利润/扣非归母净利润分别为 1.97/-0.65/-0.66 亿元（同比 -67.24%/-213.67%/-219.48%）。 Q3 白酒需求偏弱，公司业绩季度承压。三季度公司收入、利润承压明显， 我们预计主要系：①Q3 公司管理层变动对公司短期经营产生一定影响；② Q3 动销整体偏弱背景下，公司控制节奏推动渠道库存去化；③经销商客户 在当前经济环境下经营意愿偏保守，回款谨慎。 营销改革深化阶段费用率提升，盈利水平承压。2024Q3 公司毛利率/净利 率分别同比-11.65/-42.22 个百分点至 64.04%/-32.77%；销售费用率/管理费 用率分别同比变动+30.21/+13.61 个百分点至 66.30%/18.97%。24Q3 公司经 营 性现 金 流 同 比-687.26% 至-2.03 亿 元 ； 合 同 负债 同 比 /环 ...

Investment Rating - The report does not provide a specific investment rating for the company [1]. Core Views - The company reported a significant decline in revenue and net profit for the first three quarters of 2024, with revenue at 1.19 billion yuan, down 44.4% year-on-year, and net profit at 60 million yuan, down 88.2% year-on-year [1]. - The third quarter of 2024 saw revenue of 200 million yuan, a decrease of 67.2% year-on-year, and a net loss of 60 million yuan [1]. - The company is facing challenges in product sales and cautious channel repayments, with weak demand in the mid-to-high-end product segments [1]. - The company is actively adjusting its strategy to focus on core products and improve market presence, particularly in its home market of Hunan [1]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 1.19 billion yuan, down 44.4% year-on-year, and a net profit of 60 million yuan, down 88.2% year-on-year [1]. - In Q3 2024, revenue was 200 million yuan, down 67.2% year-on-year, with a net loss of 60 million yuan [1]. - The company’s white liquor sales volume for the first half of 2024 was 4,418 tons, down 18.8% year-on-year [1]. Product Performance - The company’s product lines showed varied performance, with the "Inner Reference" series sales down 44.4%, while the "Xiangquan" series saw a 36.2% increase [1]. - The average price per ton for white liquor was 224,000 yuan, down 20.8% year-on-year [1]. Cost and Profitability - The gross margin for the first three quarters of 2024 was 71.8%, a decrease of 7.1 percentage points year-on-year [1]. - The net profit margin was 4.7%, down 17.6 percentage points year-on-year [1]. - Operating cash flow for Q3 2024 was negative 200 million yuan, a significant decline compared to the previous year [1]. Strategic Adjustments - The company is focusing on its core product lines, particularly the "Jiu Gui" and "Inner Reference" series, and is optimizing its product structure [1]. - Efforts are being made to enhance market presence in Hunan and expand into other provinces with sample market initiatives [1]. - The company is increasing promotional activities and strengthening its online and group purchase channels to boost sales [1]. Earnings Forecast - The earnings per share (EPS) for 2024-2026 are projected to be 0.29 yuan, 0.38 yuan, and 0.47 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 176, 134, and 108 [2].

证券研究报告·公司点评报告·白酒Ⅱ 酒鬼酒（000799） 24Q3 业绩点评：逆境承压，摩砺以须 2024 年 11 月 04 日 增持（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|----------|---------|---------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 4050 | 2830 | 1551 | 1691 | 1942 | | 同比（ % ） | 18.63 | (30.14) | (45.18) | 9.02 | 14.81 | | 归母净利润（百万元） | 1,048.86 | 547.81 | 61.17 | 70.77 | 132.19 | | 同比（ % ） | 17.39 | (47.77) | (88.83) | 15.69 | 86.78 | | EPS- 最新摊薄（元 / 股） | 3.23 | 1.69 ...

证 2024 年 11 月 03 日 报 告 基本数据 2024-11-01 当前股价（元） 51.01 总市值（亿元） 166 总股本（百万股） 325 流通股本（百万股） 325 52 周价格范围（元） 34.33-77.24 日均成交额（百万元） 358.17 公 司 研 究 利润不及预期，改革期持续调整 —酒鬼酒（000799.SZ）公司事件点评报告 2024 年 10 月 30 日，酒鬼酒发布 2024 年三季报。 投资要点 ▌业绩承压明显，利润不及预期 收入表现承压，利润不及预期。2024Q1-Q3 总营收 11.91 亿 元（同减 44.41% ），归母净利润 0.56 亿元（同减 88.20%），扣非净利润 0.51 亿元（同减 89.27%）。2024Q3 总营收 1.97 亿元（同减 67.24%），归母净利润-0.65 亿元 （去年同期为 0.57 亿元），扣非净利润-0.66 亿元（去年同 期为 0.55 亿元）。产品结构下行，费用投放偏刚性。 2024Q1-3 毛利率/净利率分别为 71.81%/4.74%，分别同比7.09/-17.60pcts；2024Q3 分别为 64.04%/ ...

[Table_StockNameRptType] 酒鬼酒（000799） 公司点评 | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is not explicitly stated in the report, but it suggests to "continue to pay attention" to the company due to its proactive reforms and potential recovery in sales [2][7]. Core Views - The company reported a significant decline in revenue and profit for Q3 2024, with total revenue of 197 million yuan, down 67.24% year-on-year, and a net profit loss of 65 million yuan, down 213.67% year-on-year. This performance was below previous expectations [2][6]. - Despite the challenges in the mid-to-high-end market segment, the company is undergoing a marketing transformation, which has led to a reduction in social inventory pressure and an increase in consumption activities such as bottle openings and banquet numbers. However, cautious payment collection from distributors has caused a mismatch between expense input and revenue, impacting profits [2][6]. - The company is increasing promotional investments, but its profitability remains under pressure, with a gross margin of 64.04%, down 11.65 percentage points year-on-year. The sales expense ratio has increased significantly, indicating higher promotional costs [6][7]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved total revenue of 1.191 billion yuan, down 44.41% year-on-year, and a net profit of 56 million yuan, down 88.20% year-on-year [6]. - The Q3 2024 revenue was 197 million yuan, with a significant year-on-year decline, and the sales cash collection was 244 million yuan, down 57.91% [6][7]. Future Projections - The company is expected to see revenues of 1.387 billion yuan in 2024, with a year-on-year decline of 50.99%, followed by a recovery in 2025 and 2026 with projected revenues of 1.537 billion yuan and 1.694 billion yuan, respectively [7]. - The net profit projections for 2024, 2025, and 2026 are 59 million yuan, 152 million yuan, and 226 million yuan, respectively, indicating a significant recovery in profitability in the following years [7]. Market Position and Strategy - The company is focusing on proactive reforms and channel improvements, which are expected to lead to a gradual recovery in sales of major products. The report emphasizes the importance of monitoring these developments closely [2][7].