Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected price increase of over 20% in the next six months [2][4]. Core Insights - The company achieved a revenue of 7.03 billion RMB in 2023, representing a year-on-year growth of 20%. The Non-GAAP net profit reached 1.623 billion RMB, up 35.5% year-on-year. The proposed dividend is 0.18 HKD per share, totaling approximately 550 million RMB, which is about 34% of the Non-GAAP net profit [4][5]. - The company maintains its profit forecast for 2024-2026, projecting Non-GAAP net profits of 2.014 billion RMB, 2.372 billion RMB, and 2.761 billion RMB respectively, with year-on-year growth rates of 24%, 18%, and 16% [4][5]. - The company focuses on the mid-to-high-end market segment, with strong growth potential for its key products, particularly "珍酒" and "李渡" brands, which are expected to continue their robust growth momentum [4][5]. Financial Performance Summary - In 2023, the company reported a gross margin of 58%, an increase of 8 percentage points year-on-year. The gross margins for its main brands were 58% for "珍酒", 68.4% for "李渡", 59.1% for "湘窖", and 40.7% for "开口笑" [4][5]. - The company’s revenue is projected to grow to 8.213 billion RMB in 2024, with a year-on-year growth rate of 17%. The Non-GAAP net profit is expected to reach 2.014 billion RMB, reflecting a growth rate of 24% [5][8]. - The company’s operating profit for 2023 was 2.116 billion RMB, with a net profit margin of 23%, an increase of 3 percentage points year-on-year [4][8].

股 票 研 究 [Table_industryInfo] 食品饮料 [ Table_Main[珍I Tnaf 酒bol]e 李_Ti渡tle]（ 6979） [评Tab级le_：Inv est] 增持6979 当前价格（港元）： 10.56 珍酒发力，势能延续 2024.03.26 海 ——2023年年报点评 [ 交Ta易bl数e_M据a rket] 外 訾猛(分析师) 李美仪(研究助理) 52周内股价区间（港元） 6.92-12.84 当前股本（百万股） 3,389 公 021-38676442 021-38038667 当前市值（百万港元） 35,784 司 zimeng@gtjas.com limeiyi026738@gtjas.com 证书编号 S0880513120002 S0880122070042 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 公司 2023年业绩符合预期，四大品牌各有亮点，产品结构持续提升叠加费率回落有 珍酒李渡 恒生指数 香 望释放利润弹性。2023年公司每股派息0.18港元，以经调整净利润计分红率约35%。 45% 摘要： 港 31% [ ...

Financial Performance - The company reported a revenue of RMB 7,030,467 thousand for the year ended December 31, 2023, representing a 20.1% increase compared to RMB 5,855,917 thousand in 2022[5]. - Gross profit for the same period was RMB 4,079,948 thousand, reflecting a 26.0% increase from RMB 3,238,930 thousand in the previous year[5]. - Net profit attributable to equity shareholders was RMB 2,327,083 thousand, a significant increase of 126.0% from RMB 1,029,866 thousand in 2022[5]. - Adjusted net profit (non-IFRS measure) reached RMB 1,622,602 thousand, up 35.5% from RMB 1,197,289 thousand in the prior year[5]. - The company achieved a net cash inflow from operating activities of RMB 361,226 thousand, a turnaround from a cash outflow of RMB 710,616 thousand in 2022, marking a 150.8% improvement[5]. - The net increase in cash and cash equivalents was RMB 4,011,543 thousand, a substantial rise of 3,231.0% compared to RMB 120,431 thousand in the previous year[5]. - The gross margin improved to 58.0% in 2023 from 55.3% in 2022, while the net margin increased to 33.1% from 17.6%[7]. - Operating profit for the year was RMB 2,115,587,000, compared to RMB 1,631,947,000 in the previous year, reflecting a growth of 29.6%[89]. - The company's cash and cash equivalents as of December 31, 2023, amounted to RMB 6,053,200,000, a substantial increase from RMB 1,683,400,000 in 2022[78]. - Basic earnings per share for the year were RMB 0.78, compared to RMB 0.44 in 2022, while diluted earnings per share were RMB 0.49, up from RMB 0.43[89]. Brand Performance - The flagship brand, Zhenjiu, contributed approximately 65.2% of the company's revenue for the year ending December 31, 2023[18]. - Zhenjiu was ranked as the fourth largest sauce-flavored liquor brand in China by revenue in 2023, achieving the highest year-on-year growth rate among the top five brands[18]. - Li Du has achieved significant success and is the fifth largest mixed-flavor liquor brand in China by revenue as of 2023, contributing approximately 15.8% to the company's total revenue[21]. - Li Du's products have the highest year-on-year growth rate among the top five mixed-flavor liquor brands in China[21]. - Xiang Jiao contributed approximately 11.9% to the company's total revenue for the year ending December 31, 2023[23]. - Kai Kou Xiao contributed approximately 5.5% to the company's total revenue for the year ending December 31, 2023[24]. Product Development and Strategy - The company has implemented a dual-channel growth strategy, focusing on both traditional and emerging distribution channels to enhance market presence[11]. - New product launches in 2023 included several high-end and mid-range offerings, such as the Zhen 15 series and Zhen 30 series, which have received multiple international awards[19][20]. - The company has successfully optimized its product mix to increase revenue contributions from higher-margin products in the mid to high-end price range[16]. - The company aims to enhance overall production capacity by increasing storage for base liquor and semi-finished products across multiple production bases[43]. - The company plans to implement a dual-channel growth strategy for Zhenjiu and expand the product matrix for Li Du to support future growth[42]. Market Expansion and Distribution - The company has built a multi-channel sales network to effectively meet diverse consumer needs and expand consumer reach[28]. - As of December 31, 2023, the total number of distributors increased to 7,261, up from 6,618 in 2022, representing a growth of approximately 9.7%[30]. - The company has focused on maintaining healthy inventory levels among distributors to ensure optimal sales performance[16]. - The company aims to continue expanding its market share in key regions while selectively entering high-growth potential areas[11]. Corporate Governance and Sustainability - The company received an ESG "AA" rating from Wind Information in August 2023, highlighting its commitment to sustainable practices[35]. - The company has complied with all corporate governance code provisions since the listing date[135]. - The board of directors includes both executive and independent non-executive members, ensuring corporate governance[144]. - The company emphasizes ESG (Environmental, Social, and Governance) practices in its operations[144]. Financial Position and Assets - The company's total assets as of December 31, 2023, amounted to RMB 12,882,193 thousand, compared to RMB 7,245,900 thousand in 2022, indicating a growth of 77.5%[90]. - The net current assets increased significantly to RMB 8,029,380 thousand from RMB 2,673,915 thousand, a rise of 200.5%[90]. - Non-current liabilities decreased to RMB 49,134 thousand from RMB 10,302,118 thousand, a reduction of 99.52%[91]. - The company's equity as of December 31, 2023, was RMB 12,675,754 thousand, compared to a deficit of RMB 3,815,214 thousand in 2022, indicating a turnaround in financial position[91]. Employee and Operational Insights - The company has established a comprehensive employee stock incentive plan in October 2023, covering all key personnel, to attract and retain top talent[10]. - The product development team consists of 233 employees, with most holding a bachelor's degree or higher, and is led by a technical committee of 61 industry experts[25]. - Employee costs rose to RMB 1,757,744,000 in 2023, a 43.8% increase from RMB 1,222,312,000 in 2022[108]. - The company had 11,008 full-time employees as of December 31, 2023, with employee costs for the year amounting to approximately RMB 1,687,700,000[87]. IPO and Capital Management - The company successfully listed on the Hong Kong Stock Exchange on April 27, 2023, marking the largest IPO in Hong Kong for the year and the first successful listing of a liquor company in nearly eight years[8]. - The company plans to distribute a final dividend of HKD 0.18 per share, totaling approximately HKD 609.95 million for the year ending December 31, 2023[131]. - The company has allocated 55% of the net proceeds (approximately HKD 2,744.5 million) for the construction and development of production facilities, with HKD 864.9 million already spent[132].

证券研究报告 | 公司动态点评 2024 年 03月 11日 珍酒李渡（06979.HK） 23 年预期兑现，高成长有望延续 财务指标 2022A 2023E 2024E 2025E 买入（维持评级） 营业收入（百万元） 5856 7161 8699 10494 股票信息 增长率yoy（%） 14.8 22.3 21.5 20.6 Non-IFRS净利润（百万元） 1200 1619.26 2101.85 2697.88 行业 食品饮料 增长率yoy（%） 34.9 29.8 28.4 2024年3月11日收盘价（港元） 10.140 ROE（%） -31.5 -73.7 -2233.4 103.6 总市值（百万港元） 34,360.64 EPS最新摊薄（元） 0.35 0.48 0.62 0.80 流通市值（百万港元） 34,360.64 P/E（倍） 28.6 21.2 16.3 12.7 总股本（百万股） 3,388.62 P/B（倍） -9.0 -15.6 -365.1 13.2 流通股本（百万股） 3,388.62 资料来源：公司财报，长城证券产业金融研究院 近3月日均成交额（百万港元） 60.85 ...

股 票 研 究 [Table_industryInfo] 食品饮料 [ Table_Main[珍I Tnaf 酒bol]e 李_Ti渡tle]（ 6979） [评Tab级le_：Inv est] 增持 当前价格（港元）： 9.40 2023 圆满收官，2024 高增可期 2024.03.11 海 ——2023年业绩预增点评 [ 交Ta易bl数e_M据a rket] 外 訾猛(分析师) 李梓语(分析师) 52周内股价区间（港元） 6.92-12.84 当前股本（百万股） 3,389 公 021-38676442 021-38032691 当前市值（百万港元） 31,853 司 zimeng@gtjas.com liziyu@gtjas.com 证书编号 S0880513120002 S0880519080010 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 珍酒李渡2023年业绩符合预期，2024年开门红珍酒动销表现超预期奠定基础，李渡 珍酒李渡 恒生指数 核心单品换代升级有望持续高增，强品牌、强渠道下公司成长趋势有望延续。 香 45% 摘要： 港 31% [T 维abl持 ...

申万宏源研究 上海市南京东路99号 | +86 21 2329 7818 www.swsresearch.com 简单金融 成就梦想 食品饮料 | 公司点评 23 年收入利润超预期 24 年全国化潜力验证 2024年3月11日 珍酒李渡(06979:HK) 事件：公司公告2023年盈利预告，2023年公司实现营业收入不低于70亿元（人民币， 买入 下同），测算同比增长不低于19.5%；净利润不低于23 亿元；Non-GAAP净利润不低于 16亿元，测算同比增长不低于33%。公司业绩略高于我们预期。 有业绩公布需要点评 投资分析意见：由于公司公告业绩快报略高于预期，且春节期间产品动销表现积极，略上 调盈利预测，预测 2023~2025 年珍酒实现营业收入 70.4/81.5/92.6 亿（前次为 69/80/90.7 亿），分别同比增长 20%/16%/14%，剔除股权激励、股份支付以及公允价 市场数据：2024年3月8日 值变动等影响后的Non-GAAP净利润分别为16.4/20/23.7亿（前次为16/20/23亿）， 收盘价（港币） 9.40 分别同比增长37%/22%/18%，对应PE分别为21/17/ ...

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公司研 究 证 券研究 报 告 食品饮料 2024年03月12日 珍 酒李渡（06979.HK）2023年业绩预告点评 强 推 （维持） 目标价：14港元 23 顺利收官，24 趋势延续 当前价：10.14港元 事项： 华创证券研究所  公司发布2023年盈利预告，预计23年实现总营收超70亿元，同增超19.5%， 证券分析师：沈昊 归母净利润/Non-GAAP净利润超23/16亿元，同增超123.3%/33.6%。测算23H2 收入超34.8亿元，同增超24.6%，归母净利润/Non-GAAP净利润超7.1/8.0亿 邮箱：shenhao@hcyjs.com 元，同增超41.6%/47.8%。 执业编号：S0360521050001 评论： 证券分析师：欧阳予  收入环比加速，利润弹性释放。公司23H2收入同增超24.6%，下半年环比提 邮箱：ouyangyu@hcyjs.com 速明显，考虑系22Q4及23Q1场景限制导致基数较低所致，23H2 Non-GAAP 执业编号：S0360520070001 净利润同增超47.8%，考虑系产品结构提升叠加成本优化带动毛利提升，22年 证券分析师：田晨曦 下半 ...

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of HKD 13.89 per share based on a 20x PE for 2024 [3][11]. Core Views - The company, Zhenjiu Lidu, is a high-growth white liquor enterprise with multiple brands and flavor types, benefiting from the "sauce liquor boom" and a strong brand presence [2][10]. - The management team is experienced, with an average of 17 years in the industry, led by Wu Xiangdong, who has over 20 years of operational experience [2][33]. - The company is expected to see significant profit growth, with net profits projected to reach HKD 16.48 billion, HKD 21.58 billion, and HKD 26.99 billion from 2023 to 2025, representing year-on-year growth rates of 60%, 31%, and 25% respectively [2][11]. Summary by Sections Company Overview - Zhenjiu Lidu operates multiple brands, including its flagship sauce liquor brand Zhenjiu and the semi-high-end Jiangxi Lidu, along with regional leaders Xiangjiao and Kaikouxiao [2][18]. - The company has a concentrated ownership structure, with Wu Xiangdong holding 81.3% of the shares, ensuring stable management [29][31]. Market Position and Growth Drivers - The company benefits from the ongoing trend of sauce liquor, which, despite only accounting for 8.4% of total liquor production, contributes 31.5% of industry revenue and over 45% of profits [2][45]. - Zhenjiu's product strategy includes a clear upward price extension, with flagship products like Zhen 15 and Zhen 30 driving growth in the high-end market [2][9]. Financial Performance and Projections - The company reported revenues of HKD 5.1 billion in 2021 and HKD 5.9 billion in 2022, with projections of HKD 7.1 billion, HKD 8.5 billion, and HKD 10.2 billion for 2023 to 2025, respectively [7][19]. - The net profit for 2022 was HKD 1.03 billion, with forecasts of HKD 1.65 billion, HKD 2.16 billion, and HKD 2.70 billion for the following three years [7][11]. Competitive Landscape - The company is positioned as a second-tier leader in the sauce liquor market, with a strong brand effect that allows it to maintain growth even as the overall market experiences pressure [10][11]. - The competitive strategy includes a diversified product range and a well-structured distribution network, enhancing market penetration and brand loyalty [2][9].

[Table_Main] 证券研究报告 | 公司点评 珍酒李渡(6979.HK) 2024年03月09日 买入（维持） 珍酒李渡（6979.HK）：李渡核心大单 所属行业：必需性消费/食物饮品 品提价，有望持续提升品牌价值 当前价格(港币)：9.40元 证券分析师 投资要点 熊鹏 资格编号：S0120522120002 事件：近日，李渡酒业宣布，第二代李渡高粱1955正式上市，是近十年首次换代，  邮箱：xiongpeng＠tebon.com.cn 价格上调为1230元/瓶。2月18日，李渡酒业曾宣布，停止生产第一代500ml装 研究助理 李渡高粱1955与1975。 李渡1955近年来多次提价，此次提价有望进一步提升品牌价值。李渡1955近年  来多次提价：17年8月零售价上涨100元至580元；19年5月提价至770元； 市场表现 19年12月提价至850元；20年6月提价至900元；20年9月提价至950元； 珍酒李渡 恒生指数 20年11月提价至1010元；21年2月提价至1050元。2022年李渡品牌实现营 57% 收 8.9 亿元（占比 15.1%），其中次高端及以上产品营收 6.8 亿元。2 ...