Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 148.80 CNY [4]. Core Views - The company has demonstrated steady operations and a robust dividend plan, which enhances investor confidence. The commitment to a minimum annual cash dividend of 70% of net profit, with a floor of 20 billion CNY, reflects strong management confidence and aims to boost market sentiment [2]. - The company is expected to achieve net profits of 32.7 billion CNY, 34.4 billion CNY, and 36.1 billion CNY for the years 2024 to 2026, representing year-on-year growth rates of 8.3%, 5.2%, and 4.9% respectively [2]. Financial Performance Summary - For the first three quarters of 2024, the company reported cumulative revenue of 67.916 billion CNY, a year-on-year increase of 8.6%, and a net profit attributable to shareholders of 24.931 billion CNY, up 9.19% year-on-year. In Q3 alone, revenue was 17.268 billion CNY, with a net profit of 5.874 billion CNY, reflecting a slower growth rate compared to previous quarters due to market pressures [1]. - The gross profit margin for the first three quarters of 2024 was 77.06%, with a slight decrease to 76.17% in Q3. The net profit margin for the same periods was 36.71% and 34.02% respectively, indicating a stable profitability despite increased marketing expenses [1][5]. - The company’s sales revenue for Q3 was 28.211 billion CNY, showing a significant year-on-year increase of 18.07%, which outpaced revenue growth, suggesting improved cash flow management [1]. Future Projections - The company is projected to maintain a strong financial outlook with expected revenues of 89.675 billion CNY, 94.538 billion CNY, and 99.063 billion CNY for the years 2024 to 2026, with corresponding growth rates of 7.69%, 5.42%, and 4.79% [5]. - The earnings per share (EPS) is forecasted to increase from 8.43 CNY in 2024 to 9.30 CNY in 2026, with a price-to-earnings (PE) ratio decreasing from 18 to 16 over the same period [6].

Investment Rating - The report maintains a "Strong Buy" rating for Wuliangye [1][2] Core Views - The company reported a total revenue of 67.92 billion yuan for the first three quarters of 2024, an increase of 8.6% year-on-year, and a net profit attributable to shareholders of 24.93 billion yuan, up 9.2% year-on-year. In Q3 alone, revenue was 17.27 billion yuan, growing by 1.4%, while net profit was 5.87 billion yuan, increasing by 1.3% [1][2] - The company plans to maintain a dividend payout ratio of no less than 70% for the years 2024-2026, with a minimum total dividend of 20 billion yuan (before tax) [1][2] Financial Performance Summary - Total revenue for 2023 is projected at 83.27 billion yuan, with a year-on-year growth rate of 12.6%. For 2024, the expected revenue is 89.96 billion yuan, reflecting an 8.0% growth [6] - The net profit attributable to shareholders for 2023 is estimated at 30.21 billion yuan, with a growth rate of 13.2%. The forecast for 2024 is 33.16 billion yuan, indicating a 9.8% increase [6] - Earnings per share (EPS) for 2023 is projected at 7.78 yuan, with estimates of 8.54 yuan for 2024, 9.15 yuan for 2025, and 9.92 yuan for 2026 [6] Cash Flow and Profitability - The company reported a significant increase in cash flow, with operating cash flow net amounting to 16.37 billion yuan in Q3, up 48.0% year-on-year. The cash collection rate exceeded 90% [2][5] - The gross profit margin for Q3 improved by 2.8 percentage points to 76.2%, attributed to price increases and a higher proportion of premium products [2][5] Management and Strategy - The company is focusing on high-quality development, with a pragmatic approach to managing external demand pressures. The growth target for 2025 has been adjusted to a single-digit increase, slightly above GDP growth [2][5] - The management has shown improvements in operational strategies, with a focus on maintaining stable pricing for key products while promoting growth in secondary products [2][5]

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company's performance in Q3 2024 met expectations, with revenue of 67.92 billion RMB, a year-on-year increase of 8.6%, and a net profit attributable to shareholders of 24.93 billion RMB, up 9.2% year-on-year. The Q3 revenue was 17.27 billion RMB, reflecting a 1.4% year-on-year growth, while the net profit was 5.87 billion RMB, a 1.3% increase year-on-year [4]. - The company plans to increase its cash dividend payout ratio to no less than 70% and at least 20 billion RMB (before tax) for the years 2024-2026 [4]. - The company is expected to achieve stable growth through controlled product launches and channel adjustments, despite some pressure on high-end liquor sales during the festive season [5]. Summary by Sections Performance Analysis - In Q3 2024, the company maintained a balanced approach to product launches, focusing on high-demand products while controlling the supply of mainstream products. The gross profit margin remained stable, and the sales expense ratio increased by 2.8 percentage points [5]. - The net profit margin for Q3 2024 was 34.0%, consistent with the previous year, while the management expense ratio saw a slight increase of 0.2 percentage points [5]. - The company reported a cash dividend rate increase to 70%, with an expected dividend yield of 4.0% for 2024 [5]. Profit Forecast and Valuation - Revenue projections for 2024-2026 are expected to grow by 9.4%, 8.0%, and 7.9%, respectively, while net profit is projected to increase by 10.3%, 8.6%, and 8.8% for the same period. The estimated earnings per share (EPS) are 8.58, 9.32, and 10.14 RMB [6]. - The current price-to-earnings (P/E) ratios are projected to be 17.3, 16.0, and 14.7 for 2024, 2025, and 2026, respectively, supporting the "Buy" rating [6].

Investment Rating - The investment rating for the company is "Outperform" [1] Core Views - The report highlights strong cash flow performance and continuous improvement in profitability, with a focus on shareholder returns through increased cash dividends [4][5] - The company achieved total revenue of 67.916 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 8.6%, and a net profit of 24.931 billion yuan, up 9.2% year-on-year [4] - The company plans to maintain a cash dividend payout ratio of no less than 70% from 2024 to 2026, with a total cash dividend of at least 20 billion yuan each year [4] Financial Performance Summary - In Q3 2024, the company reported total revenue of 17.268 billion yuan, a year-on-year increase of 1.4%, and a net profit of 5.874 billion yuan, up 1.3% year-on-year [4] - The gross margin improved by 2.77 percentage points to 76.2% in Q3 2024, attributed to product price increases and optimization of product mix [5] - Operating cash flow for Q3 2024 increased by 18.7% year-on-year to 28.211 billion yuan, while operating net cash flow rose by 48.0% to 16.366 billion yuan [5] Earnings Forecast and Investment Recommendations - The company is expected to have EPS of 8.46, 9.33, and 10.37 yuan per share for 2024, 2025, and 2026 respectively [6] - Based on comparable company valuations, a price-to-earnings ratio (P/E) of 20-25x is suggested for 2024, leading to a fair value range of 169.16 to 211.45 yuan [6] - The report maintains an "Outperform" rating based on these projections [6] Key Financial Data and Projections - The company’s projected total revenue for 2024 is 90.312 billion yuan, with a net profit of 32.830 billion yuan [7] - The gross margin is expected to reach 76.8% in 2024, with a net profit margin of 36.4% [9] - The company’s return on equity (ROE) is projected to be 23.6% in 2024, indicating strong profitability [9]

Investment Rating - The report maintains a "Buy" investment rating for Wuliangye [1][2] Core Views - The company's performance is in line with expectations, with a robust dividend plan boosting market confidence [1] - For the first three quarters of 2024, total revenue reached 67.916 billion yuan, representing an 8.60% year-on-year increase, while net profit attributable to shareholders was 24.931 billion yuan, up 9.19% year-on-year [1] - The report highlights strong cash flow performance, with net cash flow for Q1-Q3 2024 reaching 29.794 billion yuan, a year-on-year increase of 33.08% [1] Summary by Sections Financial Performance - Total revenue for Q1-Q3 2024 was 67.916 billion yuan, with a net profit of 24.931 billion yuan, both showing positive year-on-year growth [1] - The gross margin and net margin for Q1-Q3 2024 were 77.06% and 38.20%, respectively, with slight improvements compared to the previous year [1] - The company reported a strong cash flow with net cash flow of 29.794 billion yuan for Q1-Q3 2024, reflecting a significant increase [1] Dividend Policy - The company announced a dividend plan for 2024-2026, committing to distribute at least 70% of the annual net profit as cash dividends, with a minimum of 20 billion yuan each year [1] Earnings Forecast - The report slightly adjusts the EPS forecast for 2024-2026 to 8.49, 8.99, and 9.98 yuan, respectively, indicating a positive outlook for the company's earnings [1][4]

Investment Rating - The report maintains a "Recommended" rating for Wuliangye [2][5] Core Views - The company achieved a revenue of 67.9 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 8.6%, with a net profit attributable to shareholders of 24.9 billion yuan, up 9.2% year-on-year [4] - In the third quarter of 2024, the company reported a revenue of 17.3 billion yuan, a year-on-year increase of 1.4%, and a net profit of 5.9 billion yuan, reflecting a year-on-year growth of 1.3% [4] - The company is actively controlling the pace of shipments to maintain channel health amid a challenging consumption environment, leading to a decrease in contract liabilities in the third quarter [5] - The gross profit margin for the third quarter was 76.2%, an increase of 2.8 percentage points year-on-year, primarily due to structural optimization [5] - The company plans to increase shareholder returns, committing to a cash dividend of no less than 70% of the annual net profit for 2024-2026, with a minimum of 20 billion yuan each year [5] Financial Summary - For the fiscal year 2024, the company is projected to achieve a revenue of 89.7 billion yuan, with a net profit of 32.7 billion yuan, reflecting a year-on-year growth of 8.2% [6] - The gross margin is expected to remain stable at 75.8% for the next few years, with a net profit margin gradually increasing to 36.8% by 2026 [10] - The company's return on equity (ROE) is projected to decline from 23.3% in 2023 to 20.8% by 2026 [10] - The earnings per share (EPS) is expected to grow from 7.78 yuan in 2023 to 9.46 yuan in 2026 [10]

证券代码：000858 证券简称：五粮液 公告编号：2024/第 034 号 1 三、《股东回报规划》决策程序 宜宾五粮液股份有限公司 关于 2024-2026 年度股东回报规划的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 为保障公司利润分配政策的连续性、稳定性和可预期性，提高投 资者回报，宜宾五粮液股份有限公司（以下简称"公司"）根据中国 证券监督管理委员会《上市公司监管指引第 3 号—上市公司现金分红 （2023 年修订）》及公司《章程》等规定，结合公司实际情况，公 司董事会拟定《2024-2026 年度股东回报规划》（以下简称《股东回 报规划》），具体内容如下： 一、《股东回报规划》制定原则 公司现金分红须符合相关法律法规和公司《章程》等有关规定， 综合考虑投资者的合理投资回报及公司可持续发展需要，在保证公司 持续经营能力不受影响的前提下，实施科学合理的股东回报，并保证 利润分配政策的持续性和稳定性。 二、《股东回报规划》主要内容 2024-2026 年度，公司每年度现金分红总额占当年归母净利润的 比例不低于 70%，且不低于 200 亿元（含 ...

本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 宜宾五粮液股份有限公司 第六届监事会 2024 年第 4 次会议决议公告 宜宾五粮液股份有限公司（以下简称"公司"）第六届监事会 2024 年第 4 次会议，于 2024 年 10 月 29 日以通讯及传阅方式完成议案审 议，应参与审议表决监事 5 人，实际参与审议表决监事 5 人。 会议的召开方式符合《公司法》和公司《章程》的规定。 二、监事会审议议案情况 议案一：2024 年第三季度报告 证券代码：000858 证券简称：五粮液 公告编号：2024/第 032 号 具体内容详见《关于 2024-2026 年度股东回报规划的公告》。 本议案尚需提交股东大会审批。 本议案同意 5 票，反对 0 票，弃权 0 票。表决结果：通过。 1 三、备查文件 第六届监事会 2024 年第 4 次会议决议。 特此公告 宜宾五粮液股份有限公司监事会 具体内容详见《2024 年第三季度报告》。 本议案同意 5 票，反对 0 票，弃权 0 票。表决结果：通过。 议案二：关于制定《2024-2026 年度股东回 ...

宜宾五粮液股份有限公司 第六届董事会 2024 年第 11 次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 宜宾五粮液股份有限公司（以下简称"公司"）第六届董事会 2024 年第 11 次会议，于 2024 年 10 月 29 日以通讯及传阅方式完成 议案审议，应参与审议表决董事10 人，实际参与审议表决董事10人。 会议的召开方式符合《公司法》及公司《章程》的规定。 证券代码：000858 证券简称：五粮液 公告编号：2024/第 031 号 为保障公司利润分配政策的连续性、稳定性和可预期性，提高投 资者回报，公司拟制定《2024-2026 年度股东回报规划》，主要内容 如下：每年度现金分红总额占当年归母净利润的比例不低于 70%，且 不低于 200 亿元（含税）。 具体内容详见《关于 2024-2026 年度股东回报规划的公告》。 本议案尚需提交股东大会审批。 本议案同意 10 票，反对 0 票，弃权 0 票。表决结果：通过。 1 二、董事会会议审议情况 议案一：2024 年第三季度报告 具体内容详见《2024 年第 ...

宜宾五粮液股份有限公司 2024 年第三季度报告 证券代码：000858 证券简称：五粮液 公告编号：2024/第 033 号 宜宾五粮液股份有限公司 2024 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重 大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记 载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务 信息的真实、准确、完整。 3.第三季度报告是否经过审计 □是 否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |------------------------------------------------------|--------------------|-------------------------|--------------------------|------ ...