国浩律师（乌鲁木齐）事务所 关于 之 法律意见书 新疆乌鲁木齐经济技术开发区云台山街 499 号盛达广场 15 层 郵編：830000 15th Floor, Sheng Da Building,No.499 YunTai Road,Urumqi 830000,China 電話/Tel:13899993996 (+86)(991)3070288 網址/Website:http://www.grandall.com.cn 2024 年第三次临时股东会见证法律意见书 国浩律师（乌鲁木齐）事务所 关于新疆伊力特实业股份有限公司 2024 年第三次临时股东会见证 之法律意见书 致：新疆伊力特实业股份有限公司 新疆伊力特实业股份有限公司 2024 年第三次临时股东会见证 国浩律师（乌鲁木齐）事务所（以下简称"本所"）接受新疆伊 力特实业股份有限公司（以下简称"公司"）的委托，根据《中华人 民共和国证券法》（以下简称"《证券法》"）、《中华人民共和国 公司法》（以下简称"《公司法》"）、中国证券监督管理委员会（以 下简称"中国证监会"）《上市公司股东大会规则》（以下简称"《股 东大会规则》"）《上海证券交易所股票上市规则 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [4]. Core Views - The company experienced a decline in sales performance in Q3 2024, with revenue and net profit decreasing by 23.32% and 17.75% year-on-year, respectively [1]. - High-end liquor revenue showed a smaller decline of 11.84%, indicating an improvement in product mix as its proportion increased by 9.16 percentage points to 77.81% [2]. - The company is expanding its market presence outside its home region, with revenue from outside the region increasing by 32.42% year-on-year, while domestic revenue fell by 33.41% [3]. - Profitability metrics improved, with gross margin and net margin rising by 9.22 and 0.20 percentage points to 59.85% and 13.42%, respectively, attributed to the higher proportion of high-end liquor [4]. - The company is implementing a new marketing strategy aimed at driving marginal changes, despite a slight downward adjustment in profit forecasts for 2024-2026 [4]. Financial Summary - For Q3 2024, the company reported revenues of 324 million yuan, net profit of 43 million yuan, and adjusted net profit of 44 million yuan [1]. - The revenue breakdown for high-end, mid-range, and low-end liquor in Q3 2024 was 250 million, 57 million, and 14 million yuan, respectively [2]. - The company’s total revenue for 2024 is projected to be 2,252.36 million yuan, with a slight growth rate of 0.95% [6]. - The expected net profit for 2024 is 346.10 million yuan, reflecting a growth rate of 1.84% [6].

新疆伊力特实业股份有限公司 2024 年第三次临时股东大会上网资料 新疆伊力特实业股份有限公司 Xinjiang Yilite Industry Co.,LTD 2024 年第三次临时股东大会会议资料 新疆伊力特实业股份有限公司 2024 年第三次临时股东大会上网资料 会议资料目录 1、公司 2024 年第三次临时股东大会会议议程 2、议案一关于变更会计师事务所及费用的议案 新疆伊力特实业股份有限公司 2024 年第三次临时股东大会上网资料 新疆伊力特实业股份有限公司 2024 年第三次临时股东大会会议议程 （会议时间：2024 年 11 月 15 日） | 项目 | 议 题 | 议题主持人 | | --- | --- | --- | | 1 | 宣布会议开始 | 主持人 | | 2 | 宣读参加股东大会的股东及股东代表到会情况 | 主持人 | | 3 | 宣读授权委托书 | 主持人 | | 4 | 关于变更会计师事务所及费用的议案 | 君洁 | | 5 | 现场股东对上述议案进行讨论、表决 | 主持人 | | 6 | 选举监票人 | 主持人 | | 7 | 宣布现场表决结果 | 监票人 | | 8 | 询问 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1][2]. Core Views - The company is experiencing short-term pressure in its domestic market, while showing strong growth in external markets. The overall revenue for Q1-Q3 2024 was 1.654 billion yuan, with a year-on-year increase of 0.64%. The net profit attributable to shareholders was 241 million yuan, reflecting a year-on-year increase of 5.27% [1]. - The new management team is expected to implement comprehensive internal reforms, which may enhance the company's internal momentum. The EPS forecasts for 2024-2026 have been adjusted to 0.74, 0.82, and 0.93 yuan respectively, with corresponding PE ratios of 22, 20, and 18 times [2]. Summary by Sections Performance Overview - The company's total revenue for Q3 2024 was 324 million yuan, a decrease of 23.32% year-on-year. The gross margin and net margin for Q1-Q3 2024 were 52.35% and 14.76%, respectively, showing year-on-year increases of 3.84 and 0.47 percentage points [1]. - The company reported a decrease in operating cash flow, with net cash flow from operating activities for Q1-Q3 2024 being 24 million yuan, down 88.50% year-on-year [1]. Product and Market Analysis - Revenue from high-end, mid-range, and low-end liquor for Q1-Q3 2024 was 1.119 billion, 399 million, and 116 million yuan, respectively, with year-on-year growth of 2.18%, 2.74%, and a decline of 3.53% [1]. - The company has seen a significant increase in direct sales, with a year-on-year growth of 52.42% in Q1-Q3 2024, while wholesale and agency sales have decreased by 6.11% [1]. Regional Performance - Revenue from domestic and external markets for Q1-Q3 2024 was 1.227 billion and 408 million yuan, respectively, with year-on-year changes of -5.54% and +33.48% [1]. - The company has increased its number of distributors to 276, up by 101 from the end of 2023, indicating a positive trend in market expansion [1].

[ T able_StockInfo] 2024 年 10 月 31 日 证券研究报告•2024 年三季报点评 买入 （维持） 当前价：16.84 元 伊 力 特（600197）食品饮料 目标价：20.75 元（6 个月） 深度改革战略明晰，疆外高增势能延续 [Table_Summary 事件：公司发布] 2024年三季报，前三季度实现营收 16.5亿，同比+0.6%；归母 净利润 2.4亿，同比+5.3%。单季度来看，24Q3实现营收 3.2亿，同比-23.3%； 归母净利润 0.4 亿，同比-17.8%。公司收入增长承压，业绩低于预期。 高档占比提升，疆外增长显著。1、分产品看，前三季度高档/中档/低档分别实 现营收 11.2/4.0/1.2 亿元，同比+2%/+3%/-4%；其中，24Q3 高档/中档/低档分 别实现营收 2.5/0.6/0.1亿元，同比-12%/-35%/-66%。当前白酒消费需求较弱， 行业竞争加剧，公司深度改革周期有所降速，Q3整体销售承压。随着对产品体 系全面梳理，坚定发展战略自营产品，高档产品占白酒营收比同比+9.2pp 至 77.8%，未来中高档酒新品调整、市场招商后有望迎来 ...

Investment Rating - The investment rating for the company is maintained at "Outperform" [5]. Core Insights - The company reported a total revenue of 1.654 billion in the first three quarters of 2024, a year-on-year increase of 0.64%, while the net profit attributable to the parent company was 241 million, up 5.27% year-on-year. However, the revenue for Q3 2024 was 324 million, a decline of 23.32% year-on-year, and the net profit for Q3 was 43 million, down 17.75% year-on-year, indicating that the revenue performance was below expectations [5][6]. - Due to weak demand for liquor, the profit forecast for 2024-2026 has been revised downwards, with expected net profits of 340 million, 357 million, and 392 million respectively, reflecting year-on-year growth of 0%, 5%, and 10% [5][6]. - The company's liquor revenue in Q3 2024 was 321 million, a decrease of 22.2% year-on-year, with high-end liquor revenue at 250 million (down 11.8%), mid-range liquor at 57 million (up 35.1%), and low-end liquor at 14 million (down 66.1%) [5][6]. Financial Summary - For the first three quarters of 2024, the company achieved total revenue of 1.654 billion, with a year-on-year growth rate of 0.6%. The net profit attributable to the parent company was 241 million, with a year-on-year growth rate of 5.3% [7]. - The projected total revenue for 2024 is 2.235 billion, with a slight year-on-year growth of 0.2%. The net profit is expected to remain at 340 million, reflecting a minimal growth of 0.1% [7]. - The gross profit margin for Q3 2024 was 59.85%, an increase of 9.22 percentage points year-on-year, while the net profit margin was 13.24%, up 0.2 percentage points year-on-year [6][7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 1.654 billion yuan for the first three quarters of 2024, a year-on-year increase of 0.64%, with a net profit attributable to the parent company of 241 million yuan, up 5.27% year-on-year. However, Q3 revenue was 324 million yuan, down 23.32% year-on-year, and net profit was 43 million yuan, down 17.75% year-on-year, primarily due to price maintenance and inventory control by the company [2][3] Summary by Sections Revenue and Profitability - For Q3 2024, the company's white liquor revenue was 320 million yuan, a year-on-year decline of 22.2%. High-end liquor revenue was 250 million yuan, down 11.8% year-on-year, with the flagship product, Yili Wang, contributing 130 million yuan, a 42% increase year-on-year. However, excluding Yili Wang, high-end liquor revenue fell by 36.4% due to inventory control measures [3] - The company's gross margin improved significantly, with Q3 gross margin rising by 9.2 percentage points to 59.85%, driven by the increased contribution from Yili Wang, which accounted for 39.3% of total liquor revenue, up 17.7 percentage points year-on-year [4] Financial Forecasts - The company adjusted its net profit forecasts for 2024-2026 to 340 million, 400 million, and 470 million yuan, respectively, reflecting a year-on-year growth of 0.4%, 16%, and 18%. The corresponding P/E ratios are projected to be 24, 20, and 17 times [5]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][2][7]. Core Views - The company has faced pressure in its domestic market, but it is actively expanding its direct sales outside the region [1]. - The third quarter of 2024 saw a significant decline in revenue and net profit compared to the previous year, indicating challenges in the current market environment [1]. - Despite the challenges, the company is focusing on optimizing its product structure and expanding its distribution network, particularly in Sichuan, where the number of cooperative distributors has increased [1]. Revenue and Profit Analysis - For the first three quarters of 2024, the company achieved revenue of 1.65 billion yuan, a year-on-year increase of 0.6%, and a net profit of 240 million yuan, up 5.3% year-on-year [1]. - In Q3 2024, revenue was 320 million yuan, down 23.3% year-on-year, and net profit was 40 million yuan, down 17.8% year-on-year [1]. - Revenue from high-end, mid-range, and low-end products for the first three quarters of 2024 was 1.12 billion, 400 million, and 120 million yuan, respectively, with year-on-year changes of +2%, +3%, and -4% [1]. Regional Performance - Revenue from the domestic market for the first three quarters of 2024 was 1.23 billion yuan, down 6% year-on-year, while revenue from outside the region was 410 million yuan, up 33% year-on-year [1]. - In Q3 2024, domestic revenue was 230 million yuan, down 33% year-on-year, while revenue from outside the region was 90 million yuan, up 32% year-on-year [1]. Cost and Margin Analysis - The company's net profit margin increased by 0.9 percentage points to 13.3% in Q3 2024, driven by an improved product mix that raised the gross margin by 9.2 percentage points [1]. - The sales expense ratio increased by 4.5 percentage points, and the management expense ratio rose by 3.7 percentage points [1]. Future Earnings Forecast - The report projects a 7% downward adjustment in net profit for 2024 and 2025, with expected revenues for 2024, 2025, and 2026 to be -1.8%, +7.7%, and +11.7%, respectively [2]. - The estimated net profits for 2024, 2025, and 2026 are 360 million, 400 million, and 480 million yuan, respectively, with corresponding EPS of 0.76, 0.86, and 1.01 yuan [2].

Investment Rating - The investment rating for the company is "Recommended" (maintained) [1][5] Core Views - The company is experiencing pressure in domestic consumption while making progress in external market recruitment. The revenue from domestic and external markets in Q3 2024 was 2.3 billion and 0.9 billion respectively, showing a year-on-year decline of 33% and an increase of 32% [4][5] - The company's gross margin continues to improve, reaching 59.8% in Q3 2024, an increase of 9.2 percentage points year-on-year, attributed to the rapid growth of direct sales channels and the resilience of high-end liquor [4][5] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 1.65 billion, a year-on-year increase of 0.6%, and a net profit attributable to the parent company of 240 million, up 5.3% year-on-year. However, Q3 2024 revenue was 320 million, down 23.3% year-on-year, with a net profit of 43 million, down 17.8% year-on-year [3][4] - The company has adjusted its net profit forecast for 2024-2026 to 350 million, 400 million, and 440 million respectively, down from previous estimates of 380 million, 450 million, and 520 million [5][6] Market Dynamics - The company is actively recruiting distributors outside its home province, with a total of 52, 12, and 212 distributors in provincial, external, and brand operation companies respectively, indicating a significant increase in external recruitment [5][6] - The sales channels are undergoing reform, with direct sales, wholesale agents, and online sales in Q3 2024 generating 130 million, 170 million, and 30 million respectively, showing year-on-year changes of +42%, -43%, and -11% [4][5] Profitability Metrics - The company's net profit margin in Q3 2024 was 13.3%, an increase of 0.9 percentage points year-on-year. The tax and additional charges accounted for 15.7% of revenue, down 2.2 percentage points year-on-year [4][5] - The forecasted gross margin for the upcoming years is expected to improve, with estimates of 49.3%, 50.0%, and 50.7% for 2024, 2025, and 2026 respectively [6][11]

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company reported a revenue of 1.65 billion yuan for the first three quarters of 2024, a year-on-year increase of 0.6%, and a net profit attributable to shareholders of 240 million yuan, up 5.3% year-on-year [3] - The company is facing short-term pressure in the domestic market due to weak white liquor consumption, but it is expected to benefit from marketing reforms and an optimized product structure in the medium to long term [3] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 320 million yuan, a decrease of 23.3% year-on-year, and a net profit of 40 million yuan, down 17.8% year-on-year [3] - The high-end liquor segment generated 1.12 billion yuan in revenue for the first three quarters, a 2.2% increase year-on-year, while the mid-range liquor segment saw a 2.7% increase to 400 million yuan [3] - The gross margin for the first three quarters of 2024 was 52.4%, an increase of 3.8 percentage points year-on-year, while the net margin was 14.6%, up 0.6 percentage points [3] - The company expects revenues of 2.32 billion yuan, 2.56 billion yuan, and 2.89 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 360 million yuan, 400 million yuan, and 450 million yuan for the same years [4][6]