Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 4,133,191, representing a 17.5% increase from RMB 3,518,957 in the same period of 2023[6]. - Gross profit for the same period was RMB 2,428,682, up 19.2% from RMB 2,037,148 in 2023[7]. - Profit attributable to equity shareholders decreased by 52.6% to RMB 751,718 from RMB 1,584,899 in the prior year[7]. - Adjusted net profit increased by 26.9% to RMB 1,018,123 compared to RMB 802,519 in 2023[7]. - Basic earnings per share decreased by 61.3% to RMB 0.230 from RMB 0.594 in 2023[7]. - Diluted earnings per share decreased by 12.8% to RMB 0.227 from RMB 0.260 in the same period last year[7]. - The net profit margin decreased significantly to 18.2% from 45.0% in 2023[11]. - The adjusted net profit margin improved to 24.6% compared to 22.8% in the previous year[11]. Revenue Contributions by Brand - Zhen Jiu, the flagship brand, contributed approximately 65.4% of the company's revenue for the six months ended June 30, 2024[22]. - Revenue from Zhen Jiu increased by 17.2% to RMB 2,702.2 million for the six months ended June 30, 2024, compared to RMB 2,305.9 million in the same period of 2023[66]. - Revenue from Li Du surged by 37.9% to RMB 674.5 million for the six months ended June 30, 2024, up from RMB 489.2 million in the same period of 2023[66]. - Revenue from Xiang Jiao rose by 2.4% to RMB 452.5 million for the six months ended June 30, 2024, compared to RMB 442.0 million in the same period of 2023[66]. - Revenue from Kai Kou Xiao increased by 1.6% to RMB 224.4 million for the six months ended June 30, 2024, from RMB 221.0 million in the same period of 2023[66]. Operational Efficiency and Strategic Initiatives - The company continues to focus on enhancing operational efficiency and expanding market presence through strategic initiatives[6]. - The company is implementing a dual-channel growth strategy to expand emerging sales channels and high-end customer base[17]. - The company is enhancing distributor quality to strengthen market competitiveness in distribution channels[17]. - The company aims to further strengthen brand recognition and expand the national sales network outside Jiangxi Province for its second growth engine, Li Du[21]. - The company is optimizing resource allocation across production costs and marketing expenses[17]. Product Development and Innovation - Zhen Jiu launched several new package-free baijiu products in the first half of 2023, including the Zhen 15 Series - Gold Medal Commemorative Edition and Zhen 30 Series - Grand Gold Medal Commemorative Edition[23]. - The company plans to expand its product matrix to include more premium and mid-range products to prepare for future scaled expansion[27]. - The company aims to enhance consumer experience by upgrading its main product lines, including the launch of the second generation of Li Du Sorghum 1955 and Li Du Sorghum 1975 in February 2024[27]. - Zhen Jiu strategically expanded its product portfolio to cater to specific consumption scenarios, launching "Zhen Banquet" in late May 2024[23]. Sustainability and ESG Initiatives - The Group received an ESG "AA" rating from Wind, becoming the first company in the baijiu industry to achieve this recognition[57]. - The Group's energy efficiency improvements are aligned with ISO50001 energy management system requirements[104]. - The Group implemented a packaging bottle washing water recycling system and reclaimed water reuse system to reduce water consumption intensity[105]. - The Group aims to implement over 100 ESG enhancement tasks in the next six months, focusing on sustainable practices[1]. - The transition from ceramic to glass bottles is part of the company's ESG strategy, with 89,000 ceramic bottles replaced in the first half of 2024[52]. Financial Position and Cash Flow - Net cash generated from operating activities surged by 166.2% to RMB 574,886 from RMB 215,960 in the previous year[7]. - Cash at bank and on hand was approximately RMB 6,111.8 million as of June 30, 2024, compared to RMB 6,053.2 million as of December 31, 2023[99]. - Total capital expenditure for the six months ended June 30, 2024, was approximately RMB 512.4 million, down from RMB 564.5 million in 1H2023[100]. - The company reported a balance of total equity at June 30, 2024, amounting to RMB 13,194,059,000[167]. Shareholder Information - As of June 30, 2024, Mr. Wu holds a 66.69% interest in the company through controlled corporations, with 2,259,964,000 shares[110]. - The total number of issued shares of the company as of June 30, 2024, is 3,388,623,550 shares[111]. - The Board did not recommend the payment of any interim dividend for the six months ended June 30, 2024[124]. - The Post-IPO Equity Incentive Plan allows for the issuance of up to 163,566,552 shares, which is 5% of the relevant class of shares in issue on the Listing Date[127].

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Insights - The company achieved a total revenue of 4.133 billion HKD in H1 2024, representing a year-on-year increase of 17.46%. However, the profit attributable to shareholders decreased by 52.57% to 0.752 billion HKD. The Non-IFRS net profit increased by 26.87% to 1.018 billion HKD [5][6]. - The company has seen steady growth across its brands, with revenue from the main brand, Zhenjiu, reaching 2.7 billion HKD (up 17.2% YoY), and Li Du achieving 0.68 billion HKD (up 37.9% YoY). The company is expanding its distribution channels and has increased its number of partners and retail outlets [5][6]. - The gross margin improved to 58.8% (up 0.9 percentage points YoY), driven by a higher proportion of premium products. The sales expense ratio decreased slightly to 21.8% [5][6]. Summary by Sections Financial Performance - Total revenue for H1 2024 was 4.133 billion HKD, up 17.46% YoY - Profit attributable to shareholders was 0.752 billion HKD, down 52.57% YoY - Non-IFRS net profit was 1.018 billion HKD, up 26.87% YoY [5][6]. Brand Performance - Zhenjiu revenue was 2.7 billion HKD (up 17.2% YoY) - Li Du revenue was 0.68 billion HKD (up 37.9% YoY) - Xiangjiao revenue was 0.45 billion HKD (up 2.4% YoY) - Kaikouxiao revenue was 0.22 billion HKD (up 1.6% YoY) [5][6]. Channel Expansion - The number of distribution partners increased to 3,107 (up 169 from the end of 2023) - The number of experience stores reached 1,061 (up 119 from the end of 2023) - The number of retailers increased to 3,192 (up 49 from the end of 2023) [5][6]. Margin and Cost Structure - Gross margin improved to 58.8% (up 0.9 percentage points YoY) - Sales expense ratio decreased to 21.8% (down 1.2 percentage points YoY) - The overall ton price was 292,000 HKD/ton (up 9.9%) [5][6]. Future Outlook - The company is expected to maintain steady revenue growth throughout 2024, benefiting from a multi-brand strategy and improvements in the sauce liquor industry [6]. - Projected EPS for 2024 and 2025 are 0.59 HKD and 0.70 HKD, respectively, with corresponding PE ratios of 11 and 9 times [6].

华福证券 珍酒李渡（06979.HK） 珍酒量价齐升，李渡增长领先，整体势能向上 投资要点： 事件： 珍酒李渡发布 24 年半年报。24H1 年公司实现收入 41.33 亿元，同 比增长 17.5%；实现经调净利润 10.18 亿元，同比增长 26.9%。公司营 收增长稳健，业绩兑现能力凸显。 珍酒基本盘稳健增长，李渡增速领先 珍酒：24H1 珍酒实现收入 27.0 亿元，同比增长 17.2%，收入占比 65.4%。分量价来看，珍酒销量/吨价同比分别增长 7.9%/8.6%。珍 15、 珍 30 系列及高端光瓶系列增长较好，叠加经销商单体规模增长，带动 珍酒实现高质量增长，量价齐升。今年年初，公司推出 2013 真实年份 酒，5 月下旬推出转为宴会场景打造的珍宴，产品矩阵持续丰富。盈利 端，珍酒 24H1 毛利率同比+1.2pct 至 59.2%，主要受益于次高端及以 上价格带产品收入提升，叠公司自酿基酒逐步替代外采基酒所致。 李渡：24H1 李渡实现收入 6.7 亿元，同比增长 37.9%，增速高于 公司整体，收入占比提升至 16.3%。分量价看，李渡销量/吨价同比分 别增长 30.2%/5.9%。李渡三大 ...

Investment Rating - The report maintains a "Recommended" rating for the company [3][4]. Core Viewpoints - The company achieved a revenue of 4.13 billion RMB in H1 2024, representing a year-on-year increase of 17.5%, with a net profit of 750 million RMB and an adjusted net profit of 1.02 billion RMB, reflecting a year-on-year growth of 26.9% [2]. - The growth is driven by the brands Zhenjiu and Lidu, with significant improvements in product structure and sales performance across different price segments [2]. - The company is expected to continue its sustainable growth through new product launches, optimizing distributors, and enhancing brand strength, particularly in key markets like Guangdong and Hunan [3]. Financial Performance Summary - In H1 2024, the company reported a gross margin of 58.8%, an increase of 0.9 percentage points year-on-year, with Zhenjiu and Lidu achieving gross margins of 59% and 66.8%, respectively [2]. - The company’s sales and management expense ratios were 21.85% and 6.65%, respectively, showing a decrease in sales expenses due to improved efficiency in the sales team [2]. - The forecast for revenue from 2024 to 2026 is projected to be 8.45 billion, 10.10 billion, and 11.62 billion RMB, with corresponding adjusted net profits of 2.02 billion, 2.46 billion, and 2.88 billion RMB, indicating growth rates of 24.5%, 21.6%, and 17.2% respectively [3][4].

[Table_MainInfo] 公司研究/饮料 证券研究报告 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | --- | --- | |-------------------------------------------------------|-------------| | [Table_StockInfo]08 月 22 日收盘价(HKD) | 7.10 | | 52 周股价波动(HKD) | 6.90-12.84 | | 股本结构 | | | [总股本 Table_CapitalInfo /流通 H 股(百万股] ) | 3389/3389 | | 总市值/流通市值 | | | (百万 HKD) | 24059/24059 | | 相关研究 | | | [Table_ReportInfo] 《高端引领结构优化，逆势向上彰显价 | | | 值》2024.03.28 | | | 《三大引擎共筑成长，精耕细作布局长 | | 远》2024.01.29 市场表现 [Table_QuoteInfo] | --- | --- | --- | --- | |------------- ...

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/ ...

组织赋能，利润超预期 珍酒李渡(6979) [Table_Industry] 食品饮料 [Table_Invest] 评级： 增持 ——珍酒李渡（6979.HK）2024 年半年报点评 [当前价格 Table_CurPrice] (港元)： 7.40 [Table_Market] 交易数据 | --- | --- | |-------------------------|------------| | 52 周内股价区间（港元） | 6.90-12.84 | | 当前股本（百万股） | 3,389 | | 当前市值（百万港元） | 25,076 | 52周内股价走势图 -22% -10% 3% 16% 28% 41% 珍酒李渡 恒生指数 2023/82023/9 2023/102023/112023/122024/12024/22024/32024/42024/52024/62024/72024/8 [Table_Report] 相关报告 战略升级，发力珍三十 2024.08.18 多品牌发力，效能释放中 2024.06.03 珍酒发力，势能延续 2024.03.26 2023 圆满收官，2024 高增可期 ...