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]

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 ...

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 ...