香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 ZJLD Group Inc 珍酒李渡集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：6979） 截至2024年6月30日止六個月 中期業績公告 董事會欣然公佈，本集團截至2024年6月30日止六個月的未經審計綜合財務業績 連同截至2023年6月30日止六個月的比較數字如下。 財務摘要 下表載列截至2024年6月30日止六個月我們的關鍵財務數據，連同2023年同期 的比較數字及變動（以百分比表示）。 截至6月30日止六個月 | | 2024年 | 2023年 | | | --- | --- | --- | --- | | | （未經審計） | （未經審計） | 變動 | | | （人民幣千元） | （人民幣千元） | (%) | | 收入 | 4,133,191 | 3,518,957 | 17.5 | | 毛利 | 2,428,682 | 2,037,148 | 19.2 | | 期內本公 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2][4]. Core Viewpoints - The establishment of the new "Zhen San Shi" division is expected to enhance resource allocation towards terminal construction and service, thereby improving channel layout and organizational efficiency, which may unlock growth potential [4]. - The company anticipates adjusted EPS of 0.59 CNY, 0.73 CNY, and 0.89 CNY for the years 2024-2026, with a target price set at 12.6 HKD based on a 20X PE for 2024 [4]. - The "Zhen Jiu" brand strategy has been upgraded with the addition of the "Zhen San Shi" division, focusing on expanding distribution channels and enhancing market presence [4]. - The company achieved approximately 4.6 billion CNY in revenue from the "Zhen Jiu" brand in 2023, contributing about two-thirds of total revenue, with "Zhen San Shi" expected to generate around 1 billion CNY [4]. - The company is implementing a dual-channel growth strategy, actively expanding its network and enhancing its operational efficiency, which is expected to yield positive results in the second half of 2024 [4]. Financial Summary - The company reported a revenue of 5,856 million CNY in 2022, with projections of 7,030 million CNY for 2024, reflecting a growth rate of 20% [5]. - The net profit for 2022 was 1,197 million CNY, with an expected increase to 1,623 million CNY in 2024, indicating a growth rate of 36% [5]. - The PE ratio is projected to decrease from 26.73 in 2022 to 19.73 in 2024, suggesting improved valuation metrics [5].

Summary of Conference Call Company/Industry Involved - The conference call pertains to the company "Li Du" in the food and beverage industry, specifically focusing on its products related to liquor and wine [1] Core Points and Arguments - The call welcomed participants and indicated that all attendees were in a state of elite readiness, suggesting a high level of engagement and preparedness for the discussion [1] Other Important but Possibly Overlooked Content - The call included a formal introduction and declaration of participants, which may indicate the importance of networking and collaboration within the industry [1]

Investment Rating - The report assigns a "Buy-B" rating to Zhenjiu Lidu (06979 HK) for the first time [1] Core Views - Zhenjiu Lidu has a clear business strategy and is driven by multiple brands for growth [1] - The company's multi-brand synergy is expected to benefit from the ongoing optimization of the sauce-flavored baijiu competitive landscape, accelerating the momentum of high-quality leading brands [2] - The company is expected to achieve revenue of 8 449, 10 018, and 11 782 billion yuan in 2024-2026, with year-on-year growth of 20%, 19%, and 18% respectively [2] - Net profit attributable to the parent company is expected to be 1 996, 2 462, and 3 019 billion yuan in 2024-2026, with year-on-year growth of -14%, +23%, and +23% respectively [2] Brand Performance and Strategy Zhenjiu - Zhenjiu maintains a clear dual-channel strategy and product upgrades, with expected incremental contributions in the second half of the year [1] - Zhen 30 shifted from group purchase channels to circulation channels, achieving double-digit growth in the first half of 2024 [1] - Zhenjiu upgraded its experiential marketing to "Sacred Land Tour" and "National Banquet," enhancing brand image and providing a solid foundation for business expansion [1] - Zhenjiu's annual production capacity exceeds 41 000 tons, with expected storage exceeding 100 000 tons this year, providing a solid foundation for high-end product expansion [2] Lidu - Lidu is transitioning from "small and beautiful" to "large and refined," expanding its product matrix and strengthening traditional channel distribution and national layout [1] - Lidu focuses on two product matrices: Lidu Gaoliang and Lidu King, with different price positioning for each series [1] - Lidu adopts different strategies for domestic and external markets, focusing on brand recognition and expanding core customer groups in external markets [1] Xiangjiu - Xiangjiu continues to deepen its presence in the Hunan market through a large network strategy and experiential marketing [1] - With the continuous improvement of channel penetration in Hunan and strong product competitiveness, Xiangjiu is expected to achieve steady growth [1] Regional and Channel Strategy - Zhenjiu focuses on five core provinces: Guizhou, Henan, Shandong, Guangdong, and Hunan, with continued penetration in 2024 [1] - The dual-channel growth strategy has shown significant results, with Zhenjiu's business unit and high-end liquor business unit having clearer positioning and goals [2] Financial Projections - Revenue is expected to grow from 5 856 million yuan in 2022 to 11 782 million yuan in 2026, with a CAGR of 18% [3] - Gross margin is expected to increase from 55% in 2022 to 61% in 2026 [3] - EPS is projected to be 0 59, 0 73, and 0 89 yuan per share in 2024-2026, with corresponding P/E ratios of 13 13x, 10 64x, and 8 68x [2] Valuation and Comparables - Zhenjiu Lidu's 2024 P/E ratio of 13x is lower than the average of 17x for comparable companies in the sub-high-end baijiu sector [8] - Comparable companies include Shanxi Fenjiu, Shuijingfang, Shedejiu, and Jiuguijiu, with average 2024-2026 P/E ratios of 17x, 14x, and 12x respectively [8] Product and Market Outlook - Zhenjiu will focus on the 500-1 000 yuan price range, targeting the sub-high-end and high-end markets, with key products including Zhen 15, Zhen 30, and the high-end bottled series [1] - The high-end bottled series is expected to grow significantly, with a projected market share of 2-3 billion yuan in the next five years [1]

珍酒李渡(06979.HK) 坚持长期发展,探索差异竞争 | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | |--------------------|-----------|-----------|-----------|-----------|----------| | 营业收入(百万元) | | | | | | | 增长率 yoy ( % ) | 14.8 | 20.1 | 21.5 | 20.6 | 18.0 | | 归母净利润(百万元) | | | | | | | 增长率 yoy ( % ) | -0.2 | 126.0 | -12.8 | 25.4 | 21.4 | | ROE ( % ) | -27.0 | 18.4 | 13.8 | 14.7 | 15.2 | | EPS 最新摊薄(元) | | | | | | | P/E (倍) | | | | | 11.2 9.2 | | P/B (倍) | | | | | | 资料来源:公司财报,长城证券产业金融研究院 事件:6 月 21 日,珍酒李渡集团 2024 年股东周年大会及投资者日活动在贵 州遵义 ...

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company maintains its annual guidance, with a focus on the premium liquor segment, indicating a strong growth trajectory [4][5] - The company is expected to achieve a revenue growth rate of approximately 20% for the year, supported by strategic initiatives in branding, production capacity, distribution channels, and team development [5][6] Summary by Sections Company Overview - The company held its annual shareholder meeting on June 21, 2024, where the chairman outlined the development strategy for the year [3] Product Strategy - The company is focusing on the premium and above price segments, planning to launch new products in the mid-high-end category and upgrade existing core products to enhance competitiveness [4] Channel Strategy - The company is successfully advancing its dual-channel strategy, with nearly 20,000 seed partners and plans to expand to 100,000. It aims to enhance brand recognition and expand its core customer base through targeted strategies [4] Brand Strategy - The company is shifting its marketing focus from traditional media to experiential marketing, enhancing brand image through initiatives like "Holy Land Journey" and "National Treasure Banquet" [4] Financial Projections - Revenue projections for 2024-2026 are set at 84 billion, 100 billion, and 118 billion respectively, with net profits expected to be 20 billion, 24 billion, and 29 billion [6][30] - The earnings per share (EPS) are projected to be 0.59, 0.72, and 0.87 for the respective years [6] Valuation - The current price-to-earnings (P/E) ratio is estimated at 12 for 2024, which is considered reasonable given the company's growth potential [6][30]

公司研 究 证 券研究 报 告 食品饮料 2024年06月24日 珍 酒李渡（06979.HK）2023股东大会点评 强 推 （维持） 目标价：14港元 经营务实，聚焦发力 当前价：8.41港元 事项： 华创证券研究所 ❖ 公司于21日举行股东周年大会及投资者日活动，会议期间集团董事长吴向东 围绕集团战略规划、业务拓展及行业趋势等内容进行面对面交流。我们前往参 证券分析师：沈昊 会，收获颇丰，具体反馈如下： 邮箱：shenhao@hcyjs.com 评论： 执业编号：S0360521050001 ❖ 现场井然有序，公司诚意十足。本次会议为珍酒李渡上市后，首次于遵义举办 股东大会，吸引超150位股东及投资者参会。公司精心安排，设置珍酒厂区参 证券分析师：欧阳予 观，与会者亲身尝试调酒，感受珍酒传承创新细节，且为参会人员准备了笔记 邮箱：ouyangyu@hcyjs.com 本、ESG礼盒、“国之珍宴”体验券等伴手礼，诚意十足，细节满满。 执业编号：S0360520070001 ❖ 延展产品矩阵，聚焦核心市场。公司认为当前压力周期下，虽中小酒企加速出 证券分析师：田晨曦 清，但头部酒企表现依然稳健，对今年及明年行 ...

好的,祝大家下午好,感谢大家参与今天下午我们对近期我们外发的新九里都的首次公开报告的讲解。 我是国际实验院研究员叶涛。我们这次主要还是顺着我们的报告,给大家讲一下真酒理度主要的一个投资的看点,以及目前我们对白酒或者真酒理度的一个看法。其实真酒理度它是一个相对来说偏偏态型的一个白酒公司,可以看到它旗下有真酒、理度、三角、开口笑这个四个主要的品牌,然后它的分布来看的话,二三年主要是以真酒为主,然后将理度、三角是在十一级上下,开口笑的话相对来说会略少一点。 整体而言,我们是把公司的一个看点分成了两个维度去看。第一个是公司本身的一个体制下的一个看点,也就是所谓的,我们之前提到的一个深埋白酒饭式的管理层和一个民营公司体系。这个其实相对来说,我们觉得是会具备一个不错的灵活性。而目前来看,灵活性在一个偏传统的态度里面,其实是会有很多的一个弊异,就在组织、渠道、营销等等维度之后面我们再继续展开。这个是公司层面的。 而另外一个是它的一个产品层面的,因为它的几个品牌其实从价钱分布上是涵盖了加强龙虾和加强杏,然后其中啊,珍酒包括三胶的一部分的一个产品是以龙虾杏主要是珍酒,其实这块的话,我们觉得还是能够享受目前来看加强杏白酒持续渗透 ...

中间品正式而上 目前所有参会者全处于静音状态 下面开始播报名字声明声明播报完毕后 主持人可直接开始发言本次电话会议紧面向国金证券的专业投资机构客户或受邀客户 仅供交流研究观点专家发言内容仅代表其个人观点 会议内容并不构成对任何人的投资建议 未经国金证券事先说明 今天的各位投资者大家下午好感谢大家参与今天下午我们对 近期我们外发的斟酒里度的首次覆盖报告的讲解,然后我是国际食品的研究员叶涛,就我们这次啊,主要还是顺着我们的报告给大家讲一下斟酒里度主要的一个投资的看点以及目前我们对白酒或者是斟酒里度的一个看法。 其实珍酒里度它是一个相对来说偏平台型的一个白酒公司,可以看到它旗下有珍酒,里度,餐角,开口笑这个四个主要的品牌,然后它的分布来看的话,二三年主要是以珍酒为主,然后将里度餐角是在十一级上下,开口笑的话相对来说会略少一点,整体而言我们是把公司的一个看点分成了两个维度去看, 第一个是公司本身的一个体制下的一个看点,也就是所谓的我们这边提到的一个深埋白酒饭式的管理层,以他的一个民营公司体系,这个其实相对来说我们觉得是会具备一个不错的灵活性,然后目前来看灵活性在一个偏传统的赛道里面其实是会有很多的一个弊异,就在组织渠 ...

投资逻辑 公司于23年 4月上市，旗下品牌矩阵以珍酒、李渡、湘窖、开口 笑为主，上述品牌23 年营收分别为45.8/11.1/8.3/3.8 亿元，同 比分别+20%/+25%/+17%/+14%，从香型分布上涵盖了酱香、浓香、 兼香型。公司看点在于：1）深谙白酒商业范式的管理层+民营体 系。2）珍酒享受酱香型白酒持续消费渗透的行业β，是公司进攻 的强茅。3）李渡依托“沉浸式体验”为载体的圈层营销，湘窖&开 口笑扎根湖南精细耕耘，是公司稳健的底盘。 港币(元) 成交金额(百万元) 看点 1：体制保障公司灵活性内核，乘势而上的能力是优势。制度 15.00 800 保障下，公司灵活性在组织、渠道、营销等维度展现：1）组织体 700 13.00 600 系灵活性，例如珍酒构建双渠道战略、优化经销商结构，较此前更 11.00 500 400 聚焦、定位更明确。2）公司具备敏锐的渠道感知力、完善的自下 9.00 300 而上沟通机制，灵活调整渠道返利模式、消费端促销活动设计。3） 200 7.00 100 公司善用各类宣发以实现大众认知中公司形象的快速渗透，例如 5.00 0 对珍酒品牌提炼“1234 歌”营销话术，产 ...