Investment Rating - The investment rating for the company is "Buy" [3][5]. Core Insights - The company has a clear brand positioning and is experiencing ongoing organizational efficiency improvements, with significant growth potential in key markets such as Guizhou, Guangdong, Hunan, Henan, and Shandong [4][5]. - The adjusted EPS forecasts for 2024-2026 are 0.59, 0.73, and 0.89 respectively, with a target price of HKD 12.6 based on a 20X PE for 2024 [5]. - The company is focusing on multi-brand strategies to drive growth, with specific initiatives for its brands: 1. Zhenjiu is maintaining stable pricing while expanding its dual-channel growth strategy [5]. 2. Lidou is broadening its product matrix to include mid-to-high-end price segments and enhancing its market presence outside the province [5]. 3. Xiangjiao continues to deepen its local channel strategy and improve distributor quality through a large network strategy [5]. Financial Summary - The company reported a revenue of RMB 5,856 million in 2022, with projected revenues of RMB 7,030 million in 2024, RMB 8,326 million in 2025, and RMB 9,819 million in 2026, reflecting a growth rate of 18% [9]. - The net profit for 2022 was RMB 1,197 million, with projections of RMB 1,623 million in 2024, RMB 2,001 million in 2025, and RMB 2,482 million in 2026, indicating a growth rate of 23% [9]. - The PE ratio is expected to decrease from 26.73 in 2022 to 19.73 in 2024, and further down to 12.89 in 2026, suggesting an improving valuation [9].

Financial Performance - The company reported a significant increase in revenue, achieving a total of $X million for the fiscal year, representing a Y% growth compared to the previous year[2]. - In 2023, ZJLD Group achieved a revenue of RMB 7,030.47 million, a significant increase from RMB 5,855.92 million in 2022, reflecting a growth of approximately 19.99%[31]. - Revenue increased by 20.1% from RMB 5,855.9 million for the year ended December 31, 2022, to RMB 7,030.5 million for the year ended December 31, 2023[110][112]. - Profit for the period increased by 126.0% from a net profit of RMB 1,029.9 million in 2022 to RMB 2,327.1 million in 2023[171]. - Adjusted net profit (non-IFRS measure) for 2023 was RMB 1,622.6 million, compared to RMB 1,197.3 million in 2022, reflecting improved operational performance[173]. - The gross profit margin increased to 58.0% in 2023, compared to 55.3% in 2022, showcasing enhanced operational efficiency[31]. Product Development and Launches - New product launches are anticipated to contribute an additional C million in revenue, with a focus on expanding the product line in the D category[2]. - ZJLD Group aims to improve the quality of existing products and introduce new products covering various consumer scenarios and price ranges, with a target of nearly 100,000 tons of sauce aroma base liquor reserves this year[23]. - The company launched new product series and sub-brands, including the Ying Shan Hong sub-brand targeting the mid-range market, and various new package-free baijiu products in 2023[46][48]. - Li Du achieved approximately 15.8% of the company's revenue for the year ended December 31, 2023, making it the fifth largest mixed aroma baijiu brand in China with the highest year-on-year growth rate among the top five brands[51]. Market Expansion and Strategy - Market expansion efforts include entering F new regions, which are expected to drive additional sales growth of G%[2]. - ZJLD Group will continue to deepen its presence in key regions while selectively expanding into high-potential areas to increase market share[23]. - The company is executing a dual-channel growth strategy, focusing on both traditional and emerging distribution channels to enhance distributor quality[23]. - The company has optimized its distributor network to ensure strong and capable distributors in key markets, aiming to increase revenue contribution per distributor[87]. Financial Health and Investments - The company reported a strong cash flow position, with net cash flow of J million, allowing for further investment in growth initiatives[2]. - Cash at bank and on hand as of December 31, 2023, was approximately RMB 6,053.2 million, compared to RMB 1,683.4 million as of December 31, 2022[182]. - Total capital expenditure for the year ended December 31, 2023, was approximately RMB 961.2 million, down from RMB 1,422.2 million for the year ended December 31, 2022[184]. - The company is investing in new technology development, allocating E million towards R&D initiatives aimed at enhancing production efficiency[2]. ESG and Sustainability Initiatives - In 2023, ZJLD Group completed over 150 ESG management initiatives, achieving significant improvements in key ESG performance indicators and receiving an "AA" rating from Wind ESG[22]. - The company was recognized as one of the Top 100 Best ESG Practices among listed companies in Greater China in 2023, highlighting its commitment to sustainable development[24]. - The company is committed to environmental sustainability through the introduction of green packaging and package-free options[84]. Organizational and Structural Changes - Organizational adjustments have been completed to establish a solid foundation for business development in 2024[23]. - The company has launched an employee equity incentive plan covering nearly all key personnel to attract and retain high-quality talent post-IPO[21]. - The company continues to offer onboarding training for new hires, covering various aspects of corporate values and operational standards[188]. Brand and Marketing Strategies - A new marketing strategy has been implemented, focusing on digital channels, which is expected to increase brand awareness by I%[2]. - The company has invested in brand promotion initiatives, launching a new brand image advertisement campaign in November 2023, which has enhanced its brand value and recognition[102]. - Zhen Jiu was recognized as one of China's 500 Most Valuable Brands for 2023, with a brand value of approximately RMB 21.3 billion, ranking third among sauce aroma baijiu brands[45][47]. Production Capacity and Efficiency - The company has achieved "leap-forward" growth in production capacity since 2021, becoming the third-largest baijiu company in Guizhou Province, which is crucial for future sales expansion and product enhancement[19]. - The company has accumulated sufficient base liquor inventory to support rapid growth in premium and deluxe baijiu products, enhancing competitiveness in the premium market[67]. - The production facilities include qu-making, fermentation, distillation, blending, and packaging plants, corresponding to key steps in baijiu-making[66].

2024年4月11日 公司研究 动销良好，韧性彰显 ——珍酒李渡（6979.HK）跟踪报告 要点 买入（维持） 当 前价：10.36港元 近期我们跟踪珍酒李渡，更新观点如下： 24年扬帆起航，开年以来动销良好、渠道秩序健康。公司23年圆满收官、顺利 作者 达成此前收入/业绩指引。24年开年以来动销表现优秀，根据酒业家报道，一月 分析师：叶倩瑜 初多地珍酒经销商反馈在超额完成 23 年度目标的基础上、已普遍完成了 24 年 执业证书编号：S0930517100003 度目标的 30%左右，开门红目标达成、相较去年同期亦有较好增长，估计一季 021-52523657 度收入增速有望达到20%+、动销口径增速更快。三月逐步步入淡季、以调整消 yeqianyu@ebscn.com 分析师：杨哲 化为主，珍十五、珍三十“暗流价”稳中有升，价盘整体稳健，库存估计在两个 执业证书编号：S0930522080001 月以内的良性水平，验证渠道秩序维持健康。在外部环境有所波动的情况下，公 021-52523795 司坚持以开瓶为导向，费用下沉至消费者端，控价、去库存效果较为明显。 yangz@ebscn.com 分析师：李嘉祺 ...

公司研究 | 动态跟踪 珍酒李渡 06979.HK 买入（维持） 多元产品表现亮眼，结构提升盈利向好 股价（2024年03月27日） 10.72港元 目标价格 11.06港元 52周最高价/最低价 13.18/6.76港元 总股本/流通H股（万股） 338,862/338,862 H股市值（百万港币） 36,326 核心观点 国家/地区 中国 行业 食品饮料 ⚫ 公司发布业绩公告，2023年实现收入70.3亿元（yoy+20.1%），实现归母净利润 报告发布日期 2024年03月29日 23.3亿元（yoy+126.0%）；23H2实现收入35.1亿元（yoy+25.6%），实现归母净 利润7.4亿元（yoy+46.9%）。 1周 1月 3月 12月 ⚫ 多元产品表现亮眼，产品结构快速提升。分品牌，23年珍酒实现收入45.8亿元 绝对表现% 2.88 15.39 20.31 （yoy+19.9%），其中销量、吨价分别同比-1.8%、+22.0%，且珍酒毛利率同比 相对表现% 3.79 17.76 21.71 +3.2pct，主要因珍三十、年份光瓶酒快速放量带动产品结构提升；次高端珍十五收 恒生指数% -0.9 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company reported a revenue of 7.03 billion HKD in 2023, representing a year-on-year increase of 20.1%, and a net profit of 2.33 billion HKD, which is a significant increase of 126.0% year-on-year [6][10] - The gross profit margin improved by 2.7 percentage points to 58.0% in 2023, driven by high-end product leadership, capacity support, and lower packaging costs [6][10] - The company expects revenue growth of 20.4%, 19.0%, and 17.1% for the years 2024, 2025, and 2026, respectively, with net profits projected at 1.84 billion HKD, 2.26 billion HKD, and 2.78 billion HKD [6][10] Summary by Sections Financial Performance - In 2023, the company achieved an operating income of 7.03 billion HKD, a 20.1% increase from the previous year, and a net profit of 2.33 billion HKD, up 126.0% year-on-year [6][10] - The adjusted net profit for 2023 was 1.62 billion HKD, reflecting a 35.5% increase year-on-year [6][10] Profitability Metrics - The gross profit margin for 2023 was 58.0%, with notable improvements in the gross margins of high-end products [6][10] - The company’s net profit margin for 2023 was 33.10% [10] Revenue Forecast - Revenue projections for 2024, 2025, and 2026 are 8.47 billion HKD, 10.08 billion HKD, and 11.80 billion HKD, respectively, with corresponding year-on-year growth rates of 20.4%, 19.0%, and 17.1% [6][10] - The company anticipates adjusted EPS of 0.63, 0.76, and 0.89 HKD for the years 2024, 2025, and 2026 [6][10] Market Comparison - The company is compared to industry peers with a projected PE ratio of 16-20 times for 2024, indicating a reasonable value range of 10.1-12.6 HKD per share [6][10]

Investment Rating - The report maintains a "Buy" rating for the company珍酒李渡 (6979.HK) [4][6] Core Views - The company reported its first annual performance post-IPO, achieving a revenue of 7.03 billion CNY, a year-on-year increase of 20.1%, and a net profit of 2.33 billion CNY, a significant year-on-year growth of 126.0% [4][6] - The adjusted net profit reached 1.62 billion CNY, reflecting a year-on-year growth of 35.5% [4] - The second half of 2023 saw revenue of 3.51 billion CNY, up 25.6% year-on-year, and an adjusted net profit of 820 million CNY, up 52.0% year-on-year [4][5] Financial Performance - The company’s revenue for 2023 is projected to be 8.45 billion CNY in 2024, with a year-on-year growth rate of 20.1% [6][8] - The gross profit margin improved to 58.2% in the second half of 2023, an increase of 3.2 percentage points year-on-year [5][8] - The company’s net profit margin for 2023 is expected to be 33.1%, with a projected net profit of 2.04 billion CNY in 2024 [8][9] Brand Performance - In the second half of 2023, the brand珍酒 generated revenue of 2.28 billion CNY, while李渡 achieved 620 million CNY, marking year-on-year growth rates of 25.4% and 32.6% respectively [5] - The high-end product segment saw a revenue increase of 34.3%, indicating strong demand in premium categories [5] Market Position - The company’s market capitalization is currently 33.5 billion CNY, with an adjusted net profit corresponding to a PE ratio of 16.4x for 2024 [6][8] - The company has expanded its distribution channels, with the number of distributors and retail outlets increasing significantly by the end of 2023 [5][6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated strong growth momentum through multi-brand operations, with a focus on product structure upgrades and market expansion [6] - The financial performance for 2023 shows significant revenue and profit growth, with a proposed dividend of 0.18 HKD per share [2][3] - The company is expected to continue its market expansion, with revenue projections for 2024-2026 indicating substantial growth [6] Financial Performance Summary - For the second half of 2023, the company reported revenue of 3.51 billion (up 25.6%) and a net profit of 740 million (up 46.9%) [2] - The total revenue for 2023 reached 7.03 billion (up 20.1%), with a net profit of 2.33 billion (up 126.0%) [2] - The company’s gross margin improved to 58.0%, reflecting a 2.7 percentage point increase year-on-year [3] Revenue Breakdown - In 2023, the company achieved revenue of 7.03 billion, with high-end products contributing significantly, showing a 33.2% increase in revenue from high-end segments [3] - The average selling price per ton increased to 270,000 (up 10.0%), indicating strong pricing power [3] - The main products, including珍酒 and李渡, reported revenue growth of 19.9% and 25.1% respectively [3] Profitability Analysis - The company’s Non-GAAP net profit margin for 2023 was 23.1%, up 2.6 percentage points year-on-year [3] - The improvement in profitability is attributed to product structure optimization and a decrease in production costs [3] - The company plans to maintain high marketing expenditures to capture market share, with sales and management expense ratios at 23.1% and 6.8% respectively [3] Future Earnings Forecast - The company is projected to achieve total revenue of 8.47 billion, 10.04 billion, and 11.91 billion for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 20.4%, 18.6%, and 18.6% [6] - The forecasted net profit for 2024 is 1.84 billion, with a decrease of 21.0% compared to 2023, followed by growth in subsequent years [6] - The current stock price corresponds to a PE ratio of 20.1 for 2024, 16.4 for 2025, and 13.3 for 2026 [6]

Investment Rating - The report maintains an "Outperform" rating for Zhenjiu Lidu (6979 HK) with a target price of 13.5 HKD, indicating a 23% upside potential based on a 20X PE valuation for 2024 [12][16]. Core Insights - In 2023, Zhenjiu Lidu achieved a revenue of 7.03 billion yuan, a year-on-year increase of 20.1%, slightly exceeding market expectations. The net profit reached 2.33 billion yuan, with a non-deductible net profit of 1.62 billion yuan, reflecting a 34.9% year-on-year growth [10][15]. - The company plans to enhance its strategic positioning for the Zhenjiu and Lidu divisions in 2024, focusing on channel expansion and product upgrades to sustain growth [11][16]. Summary by Sections Financial Performance - Revenue for 2023 was 7.03 billion yuan, with Zhenjiu, Lidu, Xiangjiao, and Kaikouxiao contributing 4.58, 1.11, 0.83, and 0.39 billion yuan respectively, showing growth rates of 19.9%, 25.1%, 17.0%, and 13.6% year-on-year [10][15]. - The gross profit margin expanded by 2.7 percentage points to 58%, with Zhenjiu and Lidu showing significant improvements in their margins [10][15]. - The company reported a net profit margin of 23% for 2023, with a significant increase in the second half of the year [10][15]. Future Outlook - Revenue projections for 2024-2026 are set at 8.46, 10.16, and 12.24 billion yuan, with expected year-on-year growth rates of 20.3%, 20.2%, and 20.4% respectively [11][16]. - The net attributable profit is forecasted to be 1.73, 2.24, and 3.02 billion yuan for the same period, with non-deductible net profits expected to grow at 28.5%, 25%, and 24% year-on-year [11][16]. Strategic Initiatives - The company is shifting its business unit structure from product-based to channel-based for Zhenjiu, aiming to enhance market penetration and sales efficiency [11][16]. - New product launches, including the fourth generation of Zhen 15, are anticipated to drive both volume and price increases in 2024 [11][16].

珍酒李渡（6979.HK）2023年年报点评 23 年稳健收官，高质量增长可期 2024年03月28日 ➢ 事件：公司发布2023年年报，2023年公司实现营业收入70.30亿元，同 推荐 维持评级 比+20.1%；归母净利润23.27亿元，同比+126.0%；经调整净利润16.23亿元， 当前价格： 10.72港元 同比+35.5%。经测算，23H2公司实现营业总收入35.12亿元，同比+25.6%； 归母净利润7.42亿元，同比+46.9%；经调整净利润8.20亿元，同比+52.0%， 23 年收入、利润均符合此前业绩预告，净利润差值主要系上市前发行优先股及 认股权证产生公允值会计调整人民币 8 亿元。2023 年公司经营活动净现金流 [T able_Author] 3.6亿元，每股派息0.18港元、合计分红5.5亿元，以经调整净利润计算分红率 约35%。 ➢ 四大品牌稳健发展，珍酒、李渡吨价大幅提升。分品牌看，23年珍酒/李渡 / 湘 窖 / 开 口 笑 分 别 实 现 收 入 45.8/11.1/8.3/3.8 亿 元 ， 同 比 增 长 +19.9%/+25.1%/+17.0%/+13.6%，其中核 ...

华福证券 白酒Ⅲ 2024年03月27日 公 1 司 珍酒李渡（ ） 06979.HK 买入（维持评级） 研 究 23 年表现稳健，结构优化势能向上 当前价格： 10.72港元 目标价格： 13.33港元 投资要点： 基本数据  事件：珍酒李渡发布23年年报。2023年公司实现营收70.30亿元，同 总股本/流通股本(百万股) 3,388.62/3,388.62 比增长20%；实现经调净利润16.22亿元，同比增长35%。其中23H2，公 流通市值(百万港元) 36,326.04 每股净资产(港元) 4.28 司实现营收35.11亿元，同比增长26%，实现经调净利润8.20亿元，同比 资产负债率(%) 27.89 上升52%。公司营收增长稳健，盈利能力显著提升。 一年内最高/最低价(港元) 13.18/6.76  四大品牌均有增长，压舱石珍酒吨价稳健提升。 一年内股价相对走势 公 分品牌看，公司珍酒/李渡/湘窖/开口笑 23 年分别实现营收 司 45.83/11.10/8.34/3.85亿元，同比分别增长19.9%/25.1%/17.0%/13.6%， 财 销量分别变化-1.76%/+17.00%/+31 ...