珍酒李渡（06979.HK）2024 年中报点评 强推（维持） 全年前低后高，奠定扎实基础 目标价：14 港元 当前价：7.4 港元 事项： ❖ 公司公布 2024 年中报，2024 上半年营业总收入 41.3 亿元，同增 17.5%；归母 净利润/Non-GAAP 净利润分别为 7.5/10.2 亿元，同比-52.6%/+26.9%。经营活 动现金流净额 5.7 亿元，同增 166.2%。 评论： ❖ 李渡高增释放潜力，增长务实平稳过渡。上半年收入/经调整净利润同增 17.5%/26.9%，增长务实，符合预期。分品牌看，珍酒/李渡/湘窖/开口笑分别同 增 17.2%/37.9%/2.4%/1.6%。其中，珍酒品牌量/价分别增长 7.9%/8.6%，判断 系珍十五放量，叠加珍 30 及真实年份酒提速贡献。李渡量/价分别同增 30.2%/5.9%，占比提升 2.4pcts 至 16.3%，判断系省内加快中档酒布局，省外市 场铺货贡献。湘窖及开口笑主要系去年基数较高致增速放缓。上半年高端/次 高端/中低档酒收入分别同比+17.9%/+32.6%/+2.7%，次高端及以上产品增长较 好。分渠道看，24H1 末经销商 ...

Investment Rating - The report maintains a "Buy" rating for the company,珍酒李渡 (6979.HK) [1] Core Views - The company reported a revenue of 4.13 billion HKD for H1 2024, representing a year-on-year growth of 17.5%. The net profit attributable to shareholders was 752 million HKD, with an adjusted net profit of 1.02 billion HKD, reflecting a year-on-year increase of 26.9% [3][4] - The growth in the珍酒 and李渡 brands was significant, with李渡 experiencing a 38% increase in revenue, driven by an improved product matrix and penetration into markets outside its home province [3][4] - The company is actively implementing a dual-channel growth strategy, which is expected to enhance the potential of its partners and prepare for future growth [3][4] Financial Performance - For H1 2024, the珍酒 brand saw a 17% increase in revenue, while李渡 grew by 38%. The high-end and next-high-end segments grew by 18% and 33%, respectively [3][4] - The overall gross margin improved by 0.9 percentage points, primarily due to a decrease in the proportion of mid-range products and the positive contribution from new self-owned production capacity [3][4] - The adjusted net profit margin increased by 1.8 percentage points to 24.6% [3][4] Future Projections - Revenue projections for 2024-2026 are 8.45 billion, 10.13 billion, and 11.96 billion HKD, with year-on-year growth rates of 20.1%, 20.0%, and 18.1%, respectively. Adjusted net profits are expected to be 2.04 billion, 2.53 billion, and 3.14 billion HKD, with growth rates of 25.6%, 24.1%, and 24.1% [4][5]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company achieved a revenue of 4.133 billion yuan in the first half of 2024, representing a year-on-year growth of 17.5%. However, the net profit attributable to the parent company decreased by 52.6% to 752 million yuan, while the adjusted net profit increased by 26.9% to 1.018 billion yuan [2][3] - The brand "Zhenjiu" saw both volume and price increases, with significant contributions from high-end products. The company continues to upgrade its product structure, with high-end and sub-high-end products accounting for 67.1% of revenue, up 4.7 percentage points year-on-year [2][3] - The company has optimized its cost structure, with a gross margin of 58.8%, an increase of 0.9 percentage points year-on-year. The sales and distribution expenses as a percentage of revenue decreased by 1.2 percentage points to 21.8% [3] Revenue and Profit Forecast - The adjusted net profit forecasts for 2024-2026 are 2.02 billion, 2.52 billion, and 3.03 billion yuan, respectively, corresponding to P/E ratios of 11, 9, and 8 times [3][8] - The company is expected to benefit from the strategic establishment of the Zhen Thirty division, which aims to enhance resource allocation and drive revenue growth in the second half of the year [3] Market Data - The total market capitalization of the company is 25.1 billion HKD, with a total share capital of 3.389 billion shares [6] - The stock price has fluctuated between 6.92 and 12.84 HKD over the past year, with a recent trading price of 7.40 HKD [6][5]

业绩简评 2024 年 8 月 21 日，公司披露 24H1 业绩，期内实现收入 41.3 亿元， 同比+17.5%；经调整净利润 10.2 亿元，同比+26.9%，略超市场预 期。 经营分析 分产品来看 ：24H1 珍酒/李渡/湘窖/开口笑分别实现营收 27.0/6.7/4.5/2.2 亿元，同比+17.2%/+37.9%/+2.4%/+1.6%，其中 销量分别 +7.9%/+30.2%/+2.5%/-11.9% ， 吨 价 分 别 +8.6%/+5.9%/-0.1%/+15.3% ， 毛 利 率 分 别 +1.2/-2.0/-1.4/ +3.1pct。李渡增速持续引领，期内对李渡高粱 1955/1975 焕新升 级，叠加积极拓展江西以外市场、扩大产品矩阵纳入更多次高端 及中端价位产品；珍酒增速平稳，期内推出次高端宴席新品珍宴， 近期珍三十单设事业部运作。 分价位来看：24H1 高端/次高端/中端及以下分别实现营收 10.9/16.8/13.6 亿元，同比 +18%/+33%/+3% ，毛利率分别 -0.4/-1.9/+2.0pct 至 69.9%/63.3%/44.2%。此外，24H1 末经销合 作伙伴/ ...

Investment Rating - The report maintains a rating of "Buy" for the company [7][14]. Core Insights - The company reported revenue in line with expectations and profits exceeding expectations, with strong cash flow performance driven by structural upgrades that enhanced profit margins [3][7]. - The independent operation of the "Zhen Thirty" division is expected to unlock growth potential through focused resource allocation and organizational empowerment [3][7]. Financial Performance Summary - For the first half of 2024, the company achieved revenue of 4.13 billion RMB, a year-on-year increase of 17%, and an adjusted net profit of 1.02 billion RMB, a year-on-year increase of 27%, surpassing expectations [7][8]. - The operating net cash flow for the period was 570 million RMB, a significant year-on-year increase of 166%, attributed to the easing of cash collection issues following a peak in base liquor inventory [7][8]. - The gross margin improved by 0.9 percentage points year-on-year to 58.8%, while the adjusted net profit margin increased by 1.8 percentage points to 24.6% [7][8]. Brand Performance - Revenue growth for the brands in the first half of 2024 was as follows: Zhen Jiu +17%, Li Du +38%, Xiang Jiao +2%, and Kai Kou Xiao +2% [7]. - The main brand, Zhen Jiu, saw both volume and price increases, with volume up by 8% and price up by 9%, leading to a gross margin increase of 1.2 percentage points to 59.2% [7]. - Li Du experienced a significant volume increase of 30% with a price increase of 6%, maintaining a gross margin of 66.8% [7]. Structural Upgrades and Future Outlook - The company has been optimizing operational efficiency and enhancing the effectiveness of its sales team, alongside refining channel management and customer relationships [7]. - The recent strategic upgrade of the Zhen Jiu brand, including the establishment of the Zhen Thirty division, is expected to further enhance growth potential by focusing on service and experience for partners and accelerating terminal construction [7].

业绩简评 2024 年 8 月 21 日，公司披露 24H1 业绩，期内实现收入 41.3 亿元， 同比+17.5%；经调整净利润 10.2 亿元，同比+26.9%，略超市场预 期。 经营分析 分产品来看 ：24H1 珍酒/李渡/湘窖/开口笑分别实现营收 27.0/6.7/4.5/2.2 亿元，同比+17.2%/+37.9%/+2.4%/+1.6%，其中 销量分别 +7.9%/+30.2%/+2.5%/-11.9% ， 吨 价 分 别 +8.6%/+5.9%/-0.1%/+15.3% ， 毛 利 率 分 别 +1.2/-2.0/-1.4/ +3.1pct。李渡增速持续引领，期内对李渡高粱 1955/1975 焕新升 级，叠加积极拓展江西以外市场、扩大产品矩阵纳入更多次高端 及中端价位产品；珍酒增速平稳，期内推出次高端宴席新品珍宴， 近期珍三十单设事业部运作。 分价位来看：24H1 高端/次高端/中端及以下分别实现营收 10.9/16.8/13.6 亿元，同比 +18%/+33%/+3% ，毛利率分别 -0.4/-1.9/+2.0pct 至 69.9%/63.3%/44.2%。此外，24H1 末经销合 作伙伴/ ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [4]. Core Insights - The company reported a revenue of 4.13 billion, a year-on-year increase of 17.5%, while the profit attributable to equity shareholders was 750 million, a decline of 52.6%. Adjusted net profit was 1.02 billion, reflecting a year-on-year growth of 26.9%, which aligns with expectations [4]. - The company is positioned as the only publicly listed liquor company in Hong Kong, focusing on the mid-to-high-end price segment. The two main products, Zhen 15 and Zhen 30, show potential for nationwide expansion, supported by ongoing market consolidation and product upgrades [4]. - The product structure has improved, with the mid-to-high-end price segments accounting for 67% of total revenue, an increase of 4.7 percentage points year-on-year [4]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved revenues of 4.13 billion, with Zhen liquor, Li Du, Xiang Jiao, and Kai Kou Xiao contributing 2.7 billion, 670 million, 450 million, and 220 million respectively, showing year-on-year growth rates of 17.2%, 37.9%, 2.4%, and 1.6% [4]. - The gross profit margin for the first half of 2024 was 58.8%, an increase of 0.9 percentage points year-on-year, driven by a higher proportion of mid-to-high-end products and cost efficiencies from in-house production [5]. Future Projections - The company forecasts Non-GAAP net profits of 2.0 billion, 2.37 billion, and 2.76 billion for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 24%, 18%, and 16% [6]. - The earnings per share are projected to be 0.59, 0.70, and 0.81 for 2024, 2025, and 2026, with corresponding price-to-earnings ratios of 14, 12, and 10 [6]. Brand Development - Zhen liquor's sales volume reached 6,932 tons in the first half of 2024, an increase of 8% year-on-year, with an average price of 389,800 per ton, also up by 8.6% [4]. - Li Du brand sales volume was 1,371 tons, a 30% increase year-on-year, with an average price of 492,000 per ton, reflecting a 5.9% increase [4].

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]