2024年10月31日 来源：公司年报、国金证券研究所 酒鬼酒 (000799.SZ) 增持(下调评级) 公司点评 证券研究报告 业绩仍承压，待改革与培育成效显现 业绩简评 2024 年 10 月 30 日,公司披露 24 年三季报,期内实现营收 11.9 亿元,同比-44.4%;归母净利 0.6 亿元,同比-88.2%。其中, 24Q3 实现营收 2.0 亿元，同比-67.2%;归母净利-0.6 亿元,录 得亏损，低于市场预期。 经营分析 期内公司转盈为亏,营收规模再缩水,主要系:1)双节动销承 压,渠道回款情绪走弱,聚焦培育成效尚未显现;2)固定开支 对净利润存有影响，叠加为去化社会库存培育动销需前置加大费 投、产品结构走弱,影响利润表现。为此,公司阐明:1）坚持 "价在量先"经营原则,优化渠道价值链以提振渠道信心;2) 竖持 BC 联动营销模式转型，省内重点做，省外做重点，聚焦内 参甲辰版、酒鬼红坛,梳理产品体系、收缩非核心产品。 从报表结构来看：1）2403 归母净利率同比-42.2pct 至-32.8%, 其中毛利率=11.6pct 至 64.0%,系次高及以上产品受景气冲击影 响更大、期内产品结构 ...

Financial Performance - Q3 2024 revenue decreased by 67.24% year-over-year to ¥196,909,961.95, and year-to-date revenue decreased by 44.41% to ¥1,191,058,956.83[2] - Net profit attributable to shareholders was -¥64,532,001.44 for Q3 2024, a decline of 213.67%, and year-to-date net profit was ¥56,487,634.90, down 88.20%[2] - Total operating revenue for Q3 2024 was CNY 1,191,058,956.83, a decrease of 44.4% compared to CNY 2,142,449,940.98 in the same period last year[13] - Net profit for Q3 2024 was CNY 56,487,634.90, a significant decline from CNY 478,717,779.35 in Q3 2023, representing an 88.2% decrease[14] - The total comprehensive income attributable to the parent company for Q3 2024 was CNY 56,487,634.90, compared to CNY 478,717,779.35 for the same period last year[15] - Basic and diluted earnings per share for Q3 2024 were both CNY 0.1738, down from CNY 1.4733 year-over-year[15] Cash Flow and Assets - The company reported a net cash flow from operating activities of -¥411,415,035.55 year-to-date, representing a decline of 817.04%[2] - The company's cash and cash equivalents decreased from CNY 2,361,201,175.92 to CNY 1,341,052,150.70, a decline of approximately 43.2%[10] - Cash inflow from operating activities for Q3 2024 was CNY 1,173,225,469.09, a decrease from CNY 2,057,639,186.77 in the previous year[16] - Net cash outflow from operating activities was CNY -411,415,035.55, compared to a net inflow of CNY 57,376,841.90 in the same period last year[16] - The ending balance of cash and cash equivalents was CNY 1,341,050,350.70, down from CNY 2,485,522,468.02 year-over-year[17] - Total current assets decreased from CNY 4,259,787,342.63 to CNY 3,308,157,333.15, a reduction of approximately 22.3%[10] - The total assets at the end of Q3 2024 were ¥5,046,458,158.91, a decrease of 10.99% compared to the end of the previous year[2] Shareholder Information - The total number of common shareholders at the end of the reporting period is 143,506[9] - The company has a major shareholder, Zhonghuang Co., Ltd., holding 31.00% of shares[9] - The second-largest shareholder, China Bank Co., Ltd. - CMB Index Fund, holds 4.93% of shares[9] - There are no changes reported in the top 10 shareholders due to securities lending or borrowing activities[10] Inventory and Liabilities - Inventory increased from CNY 1,556,888,541.70 to CNY 1,670,485,190.41, reflecting a growth of about 7.5%[10] - Total liabilities decreased to CNY 1,035,638,811.21 in Q3 2024 from CNY 1,390,579,468.32 in the same period last year, a reduction of 25.5%[12] Strategic Initiatives - The company is undergoing a marketing model transformation, which has led to a significant decline in performance due to weak demand in the liquor industry and cautious repayment willingness from distributors[5] - The company plans to optimize the product value chain and stabilize product prices to boost distributor confidence amid declining industry demand[7] - The focus will be on developing core terminals and enhancing consumer engagement through the BC linkage sales model to drive terminal sales[7] - The company aims to strengthen its presence in the Hunan market and establish model markets outside the province to create localized advantages[8] - The strategy includes concentrating on key products like the Neican Jiachen version and Jiugui Hongtan to refine the product portfolio and enhance brand strength[8] - The company is enhancing its internet and special channel group purchasing capabilities to expand its consumer base and drive sales growth[8] Research and Development - Research and development expenses increased to CNY 16,128,214.07 in Q3 2024, up from CNY 12,677,380.91 in Q3 2023, indicating a growth of 27.5%[13] Accounts Receivable and Prepayments - The company reported accounts receivable of CNY 30,625,047.09, down from CNY 37,538,668.53, a decrease of about 18.4%[10] - The company’s prepayments increased significantly from CNY 13,483,931.04 to CNY 29,595,013.55, an increase of approximately 119.5%[10]

证券代码：000799 证券简称：酒鬼酒 公告编号：2024-25 酒鬼酒股份有限公司 关于参加湖南辖区 2024 年度投资者网上集体接待日 活动的公告 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。 为进一步加强与投资者的互动交流，酒鬼酒股份有限公司（以下 简称"公司"）将参加由湖南证监局、湖南省上市公司协会与深圳市 全景网络有限公司联合举办的"湖南辖区 2024 年度投资者网上集体 接待日"活动，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演" 网站（https://rs.p5w.net），或关注微信公众号：全景财经，或下 载全景路演 APP,参与本次互动交流，活动时间为 2024 年 10 月 10 日 （星期四）15:30-17:00。届时公司董事会秘书、证券事务代表将在 线就公司业绩、公司治理、发展战略、经营状况等投资者关心的问题 与投资者进行沟通与交流，欢迎广大投资者踊跃参与！ 特此公告！ 酒鬼酒股份有限公司董事会 2024 年 9 月 28 日 ...

1 证券代码：000799 证券简称：酒鬼酒 酒鬼酒股份有限公司投资者关系活动记录表 编号：2024-9-20 | --- | --- | --- | |-------------------------|-------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券代码：000799 证券简称：酒鬼酒 公告编号：2024-24 出席本次 2024 年半年度网上业绩说明会的人员有：公司副董事 长、总经理郑轶，独立董事李世辉，董事会秘书汤振羽，财务总监赵 春雷，酒鬼湘泉销售管理中心副总经理王恒俊，证券事务代表宋家麒。 敬请广大投资者积极参与。 酒鬼酒股份有限公司（以下简称"公司"）已于 2024 年 8 月 29 日在巨潮资讯网（http://www.cninfo.com.cn/）上披露了《2024 年 半年度报告》。 为便于广大投资者进一步了解公司 2024 年半年度经营情况，公 司定于 2024 年 9 月 19 日（星期四）下午 15:30 至 16:30 采用网络远 程的方式举行 2024 年半年度网上业绩说明会。投资者可登陆网站 https://eseb.cn/1hJQOTbhIDm 参与互动交流。为广泛听取投资者的 意见和建议，提前向投资者征集问题，提问通道自发出公告之日起开 放。 参与方式一：登录网站 https://eseb.cn/1hJQOTbhIDm； 参与方式二：微信扫一扫以下二维码： 酒鬼酒股份有限公司 关于召开2024年半年度网上业绩说明会的公 ...

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company experienced significant revenue and profit declines in the first half of 2024, with total revenue of 999.4 million yuan, down 35.5% year-on-year, and a net profit attributable to shareholders of 121 million yuan, down 71.32% year-on-year [5]. - The report highlights intensified industry competition, leading to continued revenue pressure in Q2 2024, with total revenue of 500 million yuan, down 13.27% year-on-year [5]. - The gross margin has decreased, and the selling expense ratio has increased, with the net profit margin dropping by 15.2 percentage points to 12.17% in H1 2024 [5]. - The report anticipates earnings per share (EPS) of 0.84 yuan and 1.12 yuan for 2024 and 2025, respectively, with corresponding net profits of 274 million yuan and 363 million yuan [6]. Summary by Sections Financial Performance - In H1 2024, the company reported total revenue of 999.4 million yuan, a decrease of 35.5% year-on-year, and a net profit of 121 million yuan, down 71.32% year-on-year [5]. - The gross margin for H1 2024 was 73.35%, down 6.8 percentage points year-on-year, while the net profit margin fell to 12.17% [5]. - The company’s Q2 2024 revenue was 500 million yuan, a decline of 13.27% year-on-year, with a net profit of approximately 47.64 million yuan, down 60.87% year-on-year [5]. Product Performance - The white liquor business generated revenue of 990 million yuan in H1 2024, down 35.62% year-on-year, with sales volume of 4,418 tons, a decrease of 18.77% [6]. - The average price per ton of white liquor was 224,000 yuan, down 20.75% year-on-year [6]. Future Projections - The report projects EPS of 0.84 yuan for 2024 and 1.12 yuan for 2025, with corresponding net profits of 274 million yuan and 363 million yuan, leading to price-to-earnings (PE) ratios of 42 and 32 times, respectively [6].

华福证券 酒鬼酒（000799.SZ） 保持聚焦战略，逐季持续改善 投资要点： 事件： 酒鬼酒 2024H1 实现营业总收入 9.94 亿元，同比下滑 35.5%；实 现归母净利润 1.21 亿元，同比下滑 71.32%。其中，2024Q2 公司实现 营业总收入 5 亿元，同比下滑 13.34%；实现归母净利润 0.48 亿元，同 比下滑 60.66%，Q2 营业收入降幅较 Q1 大幅收窄，终端建设成果逐步 开始向客户回款效果转化。 酒鬼动销提速，内参甲辰版持续导入，湘泉调整到位量增提速 分产品看，24H1 年酒鬼系列实现营收 5.91 亿元，同比下滑 30.11%， 其中，酒鬼销量/吨价同比分别-29.35%/-1.08%。公司酒鬼系列围绕红 坛大单品持续推进"1+3+1"产品策略，动销不断提速，稳价措施在主 销产品红坛 18 上效果不断显现，库存状况逐步转向良性。 内参方面，24H1 内参系列实现营收 1.73 亿元，同比下滑 60.85%。 分量价看，内参销量/吨价同比分别-44.44%/-29.53%。公司持续导入甲 辰版，通过控盘控价、投入 C 端费用强化动销，缩短新老产品并轨运 行时间，并在华北布 ...

公司报告 | 半年报点评 Q2 内参回归正常，收入端环比改善 事件：2024Q2 公司收入/归母净利润/扣非归母净利润分别为 5.00/0.48/0.47 亿元（同比-13.27%/-60.87%/-59.86%）。 Q2 内参回归正常，收入端环比改善。24H1 内参/酒鬼/湘泉/其他营业收入 1.73/5.91/0.49/1.77 亿元（同比-60.85%/-30.11%/+36.33%/-17.51%）。量价 角度，24H1 内参销量同比-44.44%至 250 吨，吨价同比-29.53%至 69.14 万 元/吨，酒鬼销量同比-29.35%至 2133 吨，吨价同比-1.08%至 27.72 万元/吨。 24Q2 内参正常发货，甲辰版导入较顺利；酒鬼系列红坛、内品延续向好势 能，成功切入宴席场景贡献增量。 24H1 样板市场建设稳步推进，下半年有望带动公司经营持续改善。24H1 经销商数量净减少 473 家至 1301 家，平均经销商规模同比-12.22%至 76.08 万元/家，经销商数量下降预计主要系公司 24 年以来持续调整优化渠道客 户。分区域看，24H1 省内/省外收 入分别 为 4.13/5 ...

[ T able_StockInfo] 2024 年 08 月 30 日 证券研究报告•2024 年半年报点评 当前价：36.72 元 酒 鬼 酒（000799）食品饮料 目标价：——元（6 个月） 积极调整降幅收窄，持续推进营销转型 [Table_Summary 事件：公司发布] 2024 年度半年报，2024H1 实现营业总收入 9.9 亿元，同比 -35.5%；实现归母净利润 1.2亿元，同比-71.3%。2024单 Q2实现营业总收入 5.0 亿元，同比-13.3%；实现归母净利润 0.48 亿元，同比-60.9%。2024H1 归 母净利润处于业绩预告范围内。 产品动销有所承压，渠道推进深度变革。2024H1：1、分产品看，内参、酒鬼、 湘泉、其他系列收入分别为 1.7 亿元(-60.9%)、5.9 亿元(-30.1%)、0.5 亿元 (+36.3%)、1.8亿元(-17.5%)，次高端及以上产品动销下滑明显。2、分区域看， 省内、省外分别实现营收 4.1 亿元(-33.7%)、5.8 亿元(-36.7%)，受制于全国范 围内商务消费复苏疲弱，省内外动销均承压。3、公司营收集中在次高端和高端 价位， ...

股 票 研 究 [table_Authors] 訾猛(分析师) 李耀(分析师) 021-38676442 021-38675854 zimeng@gtjas.com liyao022899@gtjas.com [当前价格： Table_CurPrice] 36.72 登记编号 S0880513120002 S0880520090001 公 司 更 新 报 告 52 周内股价区间（元） 34.52-97.16 总市值（百万元） 11,931 总股本/流通A股（百万股） 325/325 流通 B 股/H 股（百万股） 0/0 [Table_Balance] 资产负债表摘要(LF) 股东权益（百万元） 4,075 每股净资产（元） 12.54 市净率（现价） 2.9 净负债率 -47.73% [Table_Trend] 升幅(%) 1M 3M 12M 绝对升幅 -8% -29% -59% 相对指数 -6% -18% -39% 4401056 证 券 研 究 报 告 | --- | --- | --- | --- | --- | --- | |------------------------------------- ...