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 ...

证券研究报告 | 公司动态点评 2024 年 03月 26日 珍酒李渡（06979.HK） 增长高质量，势能正当时 财务指标 2022A 2023A 2024E 2025E 2026E 买入（维持评级） 营业收入（百万元） 5856 7030 8540 10302 12159 股票信息 增长率yoy（%） 14.8 20.1 21.5 20.6 18.0 归母净利润（百万元） 1029.87 2327.08 2028.61 2543.45 3088.50 行业 食品饮料 增长率yoy（%） -0.2 126.0 -12.8 25.4 21.4 2024年3月26日收盘价（港元） 10.900 ROE（%） -27.0 18.4 13.8 14.7 15.2 总市值（百万港元） 36,936.00 EPS最新摊薄（元） 0.30 0.69 0.60 0.75 0.91 流通市值（百万港元） 36,936.00 P/E（倍） 35.9 15.9 18.2 14.5 12.0 总股本（百万股） 3,388.62 P/B（倍） -9.7 2.9 2.5 2.1 1.8 流通股本（百万股） 3,388.62 资料来源： ...

Investment Rating - The report assigns a "Buy" rating to the company, with a current price of HKD 10.90 and a fair value of HKD 13.13, maintaining the previous "Buy" rating [1]. Core Insights - The company achieved a revenue of CNY 7.03 billion in 2023, representing a year-on-year growth of 20.1%, with an adjusted net profit of CNY 1.623 billion, up 35.5% year-on-year, meeting expectations [2]. - The overall gross margin increased by 2.71 percentage points to 58.02% in 2023, driven by product structure upgrades, cost reductions from self-brewed base liquor, and simplified packaging styles [2]. - The company is expected to maintain strong growth momentum in 2024, with notable performance from its brands, particularly Zhenjiu and Lidu, which saw revenues of CNY 4.58 billion and CNY 1.11 billion, respectively, with year-on-year growth of 19.9% and 25.1% [2]. - The forecast for 2024-2025 indicates revenues of CNY 8.507 billion, CNY 10.106 billion, and CNY 11.827 billion, with corresponding growth rates of 20.5%, 18.8%, and 17.0% [4]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of CNY 7,059.71 million, with a growth rate of 20.1% compared to 2022 [4]. - The adjusted net profit for 2023 was CNY 1,622.60 million, reflecting a growth rate of 35.5% [4]. - The gross margin for 2023 was 58.02%, an increase from the previous year, attributed to various cost optimization strategies [2][4]. Growth Projections - The company anticipates revenue growth of 20.5% in 2024, followed by 18.8% in 2025, and 17.0% in 2026 [4]. - The adjusted net profit is projected to reach CNY 2,051.38 million in 2024, with a growth rate of 26.4% [4]. Valuation - The report suggests a valuation based on a 20x PE ratio for 2024, leading to a fair value estimate of HKD 13.13 per share [2].

2024年3月27日 公司研究 23 年顺利收官，成长势能强劲 ——珍酒李渡（6979.HK）2023 年度业绩点评 要点 买入（维持） 当 前价：10.9港元 事件：珍酒李渡发布2023年度业绩，公司23年实现收入70.3亿元，同比增长 20.1%，经调整净利润16.2亿元，同比增长35.5%，符合此前发布的业绩预告， 同时，公司公告23年派发股息合计约6.1亿元港币。 作者 分析师：叶倩瑜 产品组合持续优化，珍酒品牌价增亮眼。公司 23 年业绩圆满达成指引，1）分 执业证书编号：S0930517100003 品牌看，23年珍酒/李渡/湘窖/开口笑收入分别为45.8/11.1/8.3/3.8亿元，同比 021-52523657 增长19.9%/25.1%/17.0%/13.6%，珍酒品牌结构提升明显，销量略有减少、均 yeqianyu@ebscn.com 分析师：杨哲 价同比增幅达到 22%，珍三十、高端光瓶酒表现出色，同时公司顺应消费场景 执业证书编号：S0930522080001 变化、以老珍酒/映山红布局中端价位。当前珍酒产品结构清晰、23年公司针对 021-52523795 部分支线产品亦有优化。此 ...

公司研 究 证 券研究 报 告 食品饮料 2024年03月27日 谢谢谢谢谢寻寻寻 珍 酒李渡（06979.HK）2023年报点评 强 推 （维持） 目标价：14港元 业绩有效兑现，增长趋势延续 当前价：10.9港元 事项： 华创证券研究所  公司公布 2023 年报，23 年实现总营收 70.3 亿元，同增 20.1%；归母净利润 /Non-GAAP净利润分别为23.3/16.2亿元，同增126%/35.5%。测算单H2，营 证券分析师：欧阳予 业总收入 35.1 亿元，同增 25.6%，归母净利润/Non-GAAP 净利润 7.4/8.2 亿 邮箱：ouyangyu@hcyjs.com 元，同增46.9%/52.0%。 执业编号：S0360520070001 评论： 证券分析师：沈昊  全系产品增势良好，珍酒系列价增显著。公司 23H2 收入/Non-GAAP 净利润 同增25.6%/52.0%，整体增势强劲。分品牌看，珍酒/李渡/湘窖/开口笑收入分 邮箱：shenhao@hcyjs.com 别同增25.4%/32.6%/16.5%/24.9%。量价拆分看，珍酒量/价同增0.02%/25.42%， 执 ...