证券研究报告 非金融公司|公司点评|百润股份（002568） 2024 年半年报点评： 需求短暂承压，期待新品催化 请务必阅读报告末页的重要声明 glzqdatemark1 2024年07月31日 证券研究报告 |报告要点 2024H1 需求短暂承压，全国化持续推进。考虑到我国预调酒与威士忌烈酒市场扩容空间较大， 公司预调酒业务龙头地位稳定且稳步增长、威士忌业务产能与储备等优势明显，维持"买入" 评级。 |分析师及联系人 邓周贵 徐锡联 刘景瑜 吴雪枫 SAC：S0590524040005 SAC：S0590524040004 SAC：S0590524030005 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年07月31日 百润股份(002568) 2024 年半年报点评： 需求短暂承压，期待新品催化 | --- | --- | |------------|-----------------| | 行 业： | 食品饮料/非白酒 | | 投资评级： | 买入（维持） | | 当前价格： | 16.21 元 | 基本数据 总股本/流通股本(百万股) 1,0 ...

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The report indicates that the company's performance is under pressure due to weak demand in the first half of 2024, but medium to long-term growth is expected to be driven by the continued expansion of moderately priced refreshing new products [2][3] - The company achieved a revenue of 1.628 billion yuan in H1 2024, a year-on-year decrease of 1.38%, and a net profit attributable to shareholders of 402 million yuan, down 8.36% year-on-year [8] - The report highlights the company's focus on a 3-5-8 degree product matrix, which is expected to enhance brand momentum and drive growth in refreshing products [8] Summary by Sections Financial Performance - The company reported a revenue of 1.628 billion yuan in H1 2024, with a net profit of 402 million yuan, reflecting a decline in both metrics compared to the previous year [8] - The gross margin for H1 2024 was 70.08%, an increase of 4.19 percentage points year-on-year, while the net profit margin was 24.55%, down 1.99 percentage points year-on-year [8] - The company has adjusted its EPS forecasts for 2024-2026 to 0.75, 0.84, and 0.96 yuan respectively, reflecting a year-on-year change of -3.4%, +13.4%, and +13.7% [8] Market Position and Strategy - The company is focusing on enhancing its product matrix with a specific emphasis on refreshing products, which are expected to capture market share and drive future growth [8] - The report notes that the company is reducing discounts in online channels to stabilize pricing, which is seen as a long-term beneficial strategy [8] Valuation - The target price has been adjusted to 22.50 yuan from the previous 26.10 yuan, based on a 30X PE ratio for 2024 [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][7] Core Views - The company has shown stable operations under high base pressure, with expectations for growth in its refreshing and whiskey products [4][5] - The company reported a slight decline in revenue and net profit for the first half of 2024, with revenue at 1.628 billion yuan, down 1.38% year-on-year, and net profit at 402 million yuan, down 8.36% year-on-year [2][3] - The company is focusing on enhancing brand marketing and expanding consumer engagement through its "Long Can" product line, which is expected to improve consumer loyalty [3][5] Financial Performance Summary - For H1 2024, the company achieved revenue of 1.628 billion yuan, a decrease of 1.38% year-on-year, and a net profit of 402 million yuan, down 8.36% year-on-year [2] - In Q2 2024, revenue was 826 million yuan, down 7.25% year-on-year, with a net profit of 233 million yuan, down 7.28% year-on-year [2] - The gross margin improved significantly, with H1 2024 gross margin at 70.1%, up 4.2 percentage points year-on-year, and Q2 gross margin at 71.8%, up 5.5 percentage points year-on-year [4][5] Product and Market Insights - The company’s pre-mixed drinks and food flavoring segments reported revenues of 1.431 billion yuan and 176 million yuan respectively in H1 2024, with the pre-mixed drinks segment experiencing a slight decline of 1.42% year-on-year [3] - The company is actively reducing its online sales channel, with online revenue share decreasing to 9.6%, while offline channels maintained good growth despite high base pressure [3][4] - The company is expected to see significant contributions from its new 500mL large can product and ongoing whiskey product development, with projected revenue growth of 5% in 2024, 21% in 2025, and 18% in 2026 [5][6]

食品饮料 2024 年 07 月 31 日 百润股份 (002568) ——外部需求疲软 强爽表现承压 | --- | --- | |------------------------------------|---------------------| | 市场数据： | 2024 年 07 月 30 日 | | 收盘价（元） | 16.21 | | 一年内最高/最低（元） | 36.90/15.00 | | 市净率 | 4.3 | | 息率（分红/股价） | 3.08 | | 流通 A 股市值（百万元） | 11,627 | | 上证指数/深证成指 | 2,879.30/8,468.58 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |--------------------------|---------------------| | 基础数据: | 2024 年 06 月 30 日 | | 每股净资产（元） | 3.99 | | 资产负债率% | 42.10 | | 总股本/流通 A 股（百万） | 1,049/717 | | 流通 B 股/H 股（百万） | -/- ...

2024 年 7 月 31 日 公司研究 需求疲软致业绩承压，关注 Q4 威士忌新品 ——百润股份（002568.SZ）2024 年半年报点评 增持（维持） 当前价：16.21 元 作者 分析师：陈彦彤 执业证书编号：S0930518070002 021-52523689 chenyt@ebscn.com 分析师：汪航宇 执业证书编号：S0930523070002 021-52523174 wanghangyu@ebscn.com 分析师：聂博雅 执业证书编号：S0930522030003 021-52523808 nieboya@ebscn.com 市场数据 | --- | --- | |---------------------|-------------| | 总股本(亿股) | 10.49 | | 总市值(亿元)： | 170.10 | | 一年最低/最高(元)： | 15.00/37.09 | | 近 3 月换手率： | 63.51% | 股价相对走势 -58% -41% -24% -7% 10% 07/23 11/23 01/24 05/24 百润股份 沪深300 收益表现 | --- | --- ...

2024 年 07 月 31 日 Q2 预调酒略承压，期待威士总上线 百润股份（002568. SZ）公司事件点评报告 买入(维持) 事件 2024 年 7 月 30 日，百澜殷份发布 2024 年 中报。 投资委总 ■ 二季度业绩咯永压，食投节奏芯控妆好 2024H1 音來 16. 28 亿元（同滿 1. 38%），非非準利润 4. 02 亿 元（同 减 8.36%），指非非非非非非河 3.92 亿元（同 减 9.20%）： 共中，202402 营收 8.26 亿元（同减 7.25%），归 非冷利润 2.33 亿元（同减 7.28%），标非归非冷利润 2.30 亿元（同志 5.70%），公司业绩好手市场预期。重利方面， 2024H1 毛利率/冷利率分別为 70.08%/24.55%，分別同比 +4.19/-2.00pcts： 共 中 ， 202402 毛利率 / 净 利率 分 利为 71.79%/28.05%，分別同比+5.53/-0.12pcts，毛利率大幅提 升 。 食用 方面， 2024H1 领 售 / 容 理 食用 幸 分 别 同 比 +4.32/+1.41pcts, 202402 分別同比-0.0 ...

证 2024 年 07 月 31 日 报 告 公 司 研 究 究 Q2 预调酒略承压，期待威士忌上线 —百润股份（002568.SZ）公司事件点评报告 买入(维持) 事件 分析师：孙山山 S1050521110005 sunss@cfsc.com.cn 联系人：肖燕南 S1050123060024 xiaoyn@cfsc.com.cn | --- | --- | |----------------------|-------------| | 基本数据 | 2024-07-30 | | 当前股价（元） | 16.21 | | 总市值（亿元） | 170 | | 总股本（百万股） | 1049 | | 流通股本（百万股） | 717 | | 52 周价格范围（元） | 15.26-36.65 | | 日均成交额（百万元） | 220.32 | 市场表现 -70 -60 -50 -40 -30 -20 -10 0 10 (%) 百润股份 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《百润股份（002568）：董事长 解除置留，新品铺货顺利》2024- 05-26 2、《百润股份（002568）：Q ...

华西证努股份有限公司 HUAXI SECURITIES CO.,LTD. 证券研究报告 | 公司总计报告 2024 年 07 月 30 日 预调酒上半年承压，期待下半年威士总产品 百 润股份 (002568) 滑 冷成 条 巩 成 :评点：002568 上达许短：天52 周惠商价/菜货价(无):36. 98/15. 4 間 茶价格（无）:あす位 (乾元)170.10 自由途通李佳 ( 亿元 )菜新收食价（无）116. 2716. 21 台南途通殷數 ( 百万 )717. 28 事件燃浅 公司发布 24 年中报，24H1 实现状入 16.28 亿元，同比-1.38%，均年净利润 4.03 亿元，同比-8.36%，构非 台韋冷利润 3.92 亿元，同比-9.20%。2402 实现状入 8.26 亿元，同比-7.25%，台韋冷利润 2.33 亿元，同比- 7.28%，招非非非非非利润 2.31 亿元，同比-5.7%。符合市场预期。 分析判断： 袁们判断上半年轻黄永压导致预调鸡尾滴业务下滑 a 分产品未添，24H1 预调动足运/食用杏精/其他业务分别实现状入 14.3/1.76/0.21 化艺，分别同比- 1.42% ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 1.63 billion and a net profit of 400 million for H1 2024, showing a year-on-year decline of 1.4% and 8.4% respectively. In Q2 2024, revenue and net profit were 830 million and 230 million, both down 7.3% year-on-year [3] - The company is focusing on steady sales growth and channel optimization, with a notable decline in online channel revenue due to stricter controls. The introduction of new products and packaging is expected to enhance consumer engagement [3][4] - The gross margin has improved significantly, with a Q2 gross margin increase of 5.5 percentage points year-on-year, attributed to product optimization and cost management [3] Financial Forecasts - The company’s revenue projections for 2024-2026 are adjusted to 34.3 billion, 39.6 billion, and 46.5 billion respectively, with year-on-year growth rates of 5%, 16%, and 17%. Net profit forecasts are set at 8.3 billion, 9.7 billion, and 11.8 billion, with growth rates of 2%, 18%, and 21% [4] - The report indicates a projected P/E ratio of approximately 21, 17, and 14 for the years 2024, 2025, and 2026 respectively [4] Market Data - The closing price of the stock is 16.21 yuan, with a market capitalization of 17.01 billion [5] - The company has a P/B ratio of 4.06 and a total A-share market value of 11.63 billion [5] Basic Data - The company has a net asset value per share of 3.99 yuan and a debt-to-asset ratio of 42.10% [6]

迁泰将投告 百洲最後 (002568 CH) Q2 收入永压，冷利率率比亚客提升 中视点评부휴坏充 2024 辛７月 30 日 | 中国内地长并 高盖象或收入永压，流浪查点安咸、咸士恩市堂村选第二减长向咸 24H1 苍状/归寻冷利/秒非非净利 16.3/4.0/3.9 亿元, 同比-1.4% /-8.4% /-9.2%: 24Q2 容成/归草净利/补非归草净利 8.3/2.3/2.3 亿元，同比 -7.3%/-7.3%/-5.7%。Q2 预调活因去年提价考因素形成高基贫、金水消费复 茶栽務，收入整体承压，其体有：微ሑ、滋良进入千稳期，公司通过增办不 同口味、特续打造热点、橡动网点下沉；清爽变点爱力，3-4 月份橡出 500ml 大城与无梯族本、提升性价比、拓展另性牵体；尤外，公司底士总成品预计 24Q4 报出，产品系列卡富，期待茅二成长直线打造。盘利站，Q2 炉存冷 科学网比/环比-0.01/+7.1pct，环比模升得益于产品社构/成本贡献。表们预 计 24-26 升 EPS 0.80/0.86/0.91 无 多考可比公司 24 辛辛均 PE 25x(Wind 一县预期)，给予 24 年 25x PE，目标价 ...