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 ...

海 外 公 司 （ 中 国 香 港 ） 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 战略升级，发力珍三十 珍酒李渡(6979) [Table_Industry] 食品饮料 [Table_Invest] 评级： 增持 股票研究 /[Table_Date] 2024.08.18 ——珍酒李渡（6979.HK）更新报告 | --- | --- | --- | |----------|------------------|-------------------------| | | 訾猛(分析师) | 李美仪(分析师) | | | 021-38676442 | 021-38038667 | | | zimeng@gtjas.com | limeiyi026738@gtjas.com | | 登记编号 | S0880513120002 | S0880524080002 | [当前价格 Table_CurPrice] (港元)： 7.16 本报告导读： 公司近期新设珍三十事业部，珍三十独立运营后将聚焦资源用于终端建设和服务， 进一步完善渠 ...

大家好欢迎收看大家声望红颜食饮珍酒李渡深度报告汇报电话会议目前所有参会者均处精英状态现在开始播报名字声明声明播完后主持人可直接开始发言 请参会人员务必注意本次电话会议交流内容仅限参会人员内部参考任何机构或个人不得以任何形式对电话会议任何内容进行泄露或外发请勿以任何方式索要、泄露、散布、转发电话会议纪要任何泄露电话会议纪要等信息的行为均为侵权行为声望洪源研究保留追究泄露转发者法律责任的权利 各位投资者上午好我是身外食品的颜真男今天由我来给大家汇报我们蒸酒里度的深度报告酱香次高端全国化空间可期这个报告的话它主要分成了五个部分第一个部分是对整个酱酒行业的近期情况的一个更新介绍然后第二第三部分其实是对 蒸酒理度的整体的公司的品牌还有核心竞争力的介绍第四部分是我们在基于未来酿酒行业发展空间的情景下对蒸酒未来全国化的空间的测算然后第五部分是观点假设和营利预测第六部分是风险提示 首先就是从整个酱酒行业来看的话剔除掉茅台以后整个行业的规模大概在千亿左右过去酱酒行业的发展通常是伴随着茅台批价的快速上行整个行业警惕度提升以大量的产业资本进入导致的这样的一个繁荣 那带来的也就是过去特别像19到21年过度竞争带来这个21年以后产品价 ...

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]

珍酒李渡(06979.HK) 坚持长期发展,探索差异竞争 | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | |--------------------|-----------|-----------|-----------|-----------|----------| | 营业收入(百万元) | | | | | | | 增长率 yoy ( % ) | 14.8 | 20.1 | 21.5 | 20.6 | 18.0 | | 归母净利润(百万元) | | | | | | | 增长率 yoy ( % ) | -0.2 | 126.0 | -12.8 | 25.4 | 21.4 | | ROE ( % ) | -27.0 | 18.4 | 13.8 | 14.7 | 15.2 | | EPS 最新摊薄(元) | | | | | | | P/E (倍) | | | | | 11.2 9.2 | | P/B (倍) | | | | | | 资料来源:公司财报,长城证券产业金融研究院 事件:6 月 21 日,珍酒李渡集团 2024 年股东周年大会及投资者日活动在贵 州遵义 ...

全年指引不变,酱酒α持续显现 珍酒李渡(6979.HK) | 评级: 买入 | | 股票代码: | 6979 | |-------------------|------|-----------------------------|-----------| | 上次评级: 买入 | | 52 周最高价/最低价(港元 ): | 11.9/7.56 | | | | ) | 273.80 | | 最新收盘价(港元): | 8.08 | 自由流通市值 (亿港元) | 273.80 | | | | 自由流通股数 (百万) | 3,388.62 | 事件概述 6 月 21 日珍酒李渡集团 2024 年股东周年大会及投资者日活动在贵州遵义召开,珍酒李渡集团董事长吴向 东为集团 2024 年的发展定调。 分析判断: ► 珍酒渠道转型顺利推进,营销体验全面升级 根据酒业家,本次股东大会董事长吴向东就公司 24 年以来的变化,及未来发展战略做了解答。 1) 产品方面,聚焦次高端以上价格带,将推出次高端价格带宴席产品,并将对珍三十和珍十五两款核 心大单品主要在酒体方面进行升级,提高产品的竞争力和性价比。 2) 渠道方面,24 年珍酒 ...

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 ...