Investment Rating - The report maintains a "Recommend" rating for the company [2][5] Core Viewpoints - The company achieved a revenue of 1.33 billion yuan in the first half of 2024, representing a year-on-year growth of 9%, with a net profit attributable to the parent company of 200 million yuan, up 12% year-on-year [2] - In the second quarter of 2024, the company recorded a revenue of 500 million yuan, a 4% increase year-on-year, and a net profit of 39 million yuan, which is a significant 39% increase year-on-year [2] - The company is experiencing rapid growth in direct sales channels and has shown strong performance in markets outside its home region, with second-quarter revenues from high-end, mid-range, and low-end products reaching 300 million, 150 million, and 40 million yuan respectively, reflecting year-on-year growth of 1%, 24%, and 8% [4] - The gross profit margin improved to 48.2% in the second quarter of 2024, an increase of 6.1 percentage points year-on-year, driven by the rapid expansion of direct sales channels [4] - The company is actively pursuing channel reforms and has made significant progress in new product recruitment, with plans to recruit around 50 new distributors throughout the year [4] Financial Summary - The company's total revenue is projected to grow from 2.23 billion yuan in 2023 to 2.82 billion yuan in 2025, with a compound annual growth rate of approximately 14% [3] - Net profit is expected to increase from 340 million yuan in 2023 to 450 million yuan in 2025, reflecting a growth rate of 17.1% [3] - The gross margin is forecasted to improve gradually from 48.2% in 2023 to 50.0% by 2026 [3] - The return on equity (ROE) is anticipated to rise from 8.9% in 2023 to 12.6% in 2026 [3] Market Position - The company is positioned as a leading player in the food and beverage industry, specifically in the liquor segment, with a strong focus on channel reform and product innovation [4][5] - The company has a significant market presence in both domestic and provincial markets, with a notable increase in revenue from outside its home region [4]

2024年08月27日 来源:公司年报、国金证券研究所 伊力特 (600197.SH) 增持(维持评级) 公司点评 证券研究报告 Q2 符合预期，营销赋能持续推进 业绩简评 2024年8月27日,公司披露 24年半年报,期内实现营收 13.3亿 元，同比+8.9%;归母净利 2.0 亿元，同比+12.1%。24Q2 实现营收 5.0 亿元，同比+3.6%;归母净利 0.4 亿元，同比+38.9%。 经营分析 分产品来看，24H1 高档/中档/低档分别实现营收 8.7/3.4/1.0 亿 元,同比+7%/+14%/29%; 24Q2 分别实现营收 3.0/1.5/0. 4 亿元, 同比+1%/+24%/+8%。期内小老等仍以控量挺价为主,伊力王完善了 扫码、陈列等营销措施。结构优化叠加提价逐步传导至表观,2402 公司毛利率+6. 1pct 至 48. 2%。 分区域来看，24H1 疆内/疆外分别实现营收 10.0/3.2 亿元，同比 +4%/+34%,其中品牌运营职能转移至四川伊力特酒类销售公司,上 半年实现销售收入 4485 万元;24Q2 疆内/疆外收入分别为 3. 3/1. 7 亿元,Q2 同比-1%/ ...

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥1,329,659,897.31, an increase of 8.94% compared to ¥1,220,523,063.37 in the same period last year[8]. - Net profit attributable to shareholders of the listed company was ¥197,823,035.61, reflecting a growth of 12.13% from ¥176,421,013.45 in the previous year[8]. - The net profit after deducting non-recurring gains and losses was ¥193,746,848.08, up by 11.68% from ¥173,491,493.44 year-on-year[8]. - Basic earnings per share for the first half of 2024 were ¥0.4191, up 12.12% from ¥0.3738 in the same period last year[8]. - The diluted earnings per share were ¥0.4153, reflecting a 9.00% increase from ¥0.3810 year-on-year[8]. - The weighted average return on net assets increased to 5.05%, up by 0.35 percentage points from 4.70% in the previous year[8]. - The company reported a net profit of -1.34 million yuan for Xinjiang Yilite Brewing Co., Ltd., with total assets of 535.03 million yuan and net assets of 309.13 million yuan[22]. - Xinjiang Yilite Sales Co., Ltd. achieved revenue of 1.26 billion yuan and a net profit of 142.66 million yuan during the reporting period[22]. - The company’s total comprehensive income attributable to the parent company for the first half of 2024 was ¥197,823,035.61, compared to ¥176,421,013.45 in the same period of 2023[68]. - The company reported a total comprehensive income of 178,968,084.71 RMB for the current period, which includes a significant increase in other equity instruments by 3,048,680.75 RMB[83]. Cash Flow and Liquidity - The company's net cash flow from operating activities was negative at -¥14,543,323.62, a significant decline compared to ¥166,654,904.37 in the same period last year, representing a decrease of 108.73%[8]. - The company reported a net cash outflow from operating activities of ¥14,543,323.62 for the first half of 2024, compared to a net inflow of ¥166,654,904.37 in the same period of 2023[72]. - Cash and cash equivalents decreased to CNY 454,685,173.32 from CNY 579,945,969.59, a decline of approximately 21.59%[60]. - The company has a total cash balance of RMB 454,685,173.32 at the end of the reporting period, down from RMB 579,945,969.59 at the beginning of the period, indicating a decrease of approximately 21.6%[159]. Assets and Liabilities - As of the end of the reporting period, net assets attributable to shareholders amounted to ¥4,020,425,593.96, a 5.26% increase from ¥3,819,423,296.38 at the end of the previous year[8]. - Total assets reached ¥5,232,146,202.84, marking a 6.01% increase from ¥4,935,378,679.11 at the end of the previous year[8]. - Total liabilities increased to CNY 1,129,093,983.24 from CNY 1,031,518,546.78, which is an increase of approximately 9.45%[62]. - The company's equity attributable to shareholders rose to CNY 4,020,425,593.96 from CNY 3,819,423,296.38, reflecting an increase of about 5.25%[62]. - The total liabilities at the end of the reporting period are not explicitly stated but can be inferred from the equity changes and comprehensive income reported[84]. Inventory and Receivables - The inventory level increased to ¥2,027,500,515.28, accounting for 38.75% of total assets, up from 38.36% last year[17]. - Accounts receivable increased by 282.77 million yuan, a growth rate of 1,558.47%, primarily due to increased credit limits for distributors and additional receivables of 331.50 million yuan[19]. - The total accounts receivable at the end of the period amounted to ¥317,238,134.45, with a bad debt provision of ¥16,326,331.35, representing a provision ratio of 5.15%[166]. - The total bad debt provision for the period was ¥15,137,320.50, resulting in a total bad debt provision of ¥17,368,438.89 at the end of the period[168]. - The company has recognized a bad debt provision of RMB 68,000,000.00 for bank acceptance bills, which is 100% of the total amount[162]. Market and Competition - The company continues to focus on high-quality development amidst increasing competition in the liquor industry, with 80% of enterprises reporting market cooling[12]. - The company faces significant competition risks in the liquor industry, with market share increasingly concentrated among leading brands, emphasizing the importance of brand strength and product uniqueness[24]. - The company anticipates ongoing pressure from alternative alcoholic beverages, such as wine and other drinks, which could impact the white liquor market[24]. Environmental and Social Responsibility - The company processed 184,104.685 m³ of wastewater in the first half of 2024, with a sludge treatment volume of 300 tons and a compliant water discharge volume of 184,104.685 tons[30]. - The company actively provides free distiller's grains to low-income farmers, enhancing their livelihoods and promoting local employment[36]. - The company has implemented measures to reduce carbon emissions as part of its environmental responsibility initiatives[35]. Corporate Governance and Compliance - The controlling shareholder, Xinjiang Yili Group, has committed to avoiding competition with the public company and ensuring fair transactions, with no violations reported during the commitment period[37]. - The company has ensured compliance with the commitments made regarding performance compensation measures linked to executive remuneration[43]. - The company maintains a good integrity status for itself and its controlling shareholders during the reporting period[45]. Research and Development - The company has completed the design and sampling of strategic products, including the "Yili Wang" and "T10" upgraded version, enhancing its product line[13]. - Research and development expenses for the first half of 2024 were ¥11,165,221.14, compared to ¥10,013,529.27 in the same period last year, marking a 11.52% increase[66]. - The company is focused on ongoing research and development in the liquor production sector to enhance its competitive edge[91]. Future Outlook - The company plans to expand its market presence and invest in new technologies to drive future growth[64]. - The company plans to recruit approximately 50 new distributors for its new products, aiming for a total return of ¥40 million by the end of the year[16]. - The company is preparing for the 2024 National Baijiu Judges Annual Conference to improve quality evaluation and product innovation[16].

新疆伊力特实业股份有限公司 二、关于聘任李洪超为公司副总经理的议案（此项议案同意票 7 票，反对票 0 票，弃权票 0 票）； 证券简称：伊力特 股票代码：600197 公告编号： 2024-035 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 新疆伊力特实业股份有限公司（以下简称"公司"）2024 年 8 月 17 日以传 真方式发出召开公司九届十次董事会会议的通知，2024 年 8 月 27 日以通讯方式 召开公司九届十次董事会会议，应参会董事 7 人，实际收到有效表决票 7 票。会 议的召集、召开符合《公司法》及《公司章程》的规定，会议所做决议合法有效。 会议审议通过了以下议案： 一、公司 2024 年半年度报告全文及摘要（此项议案同意票 7 票，反对票 0 票，弃权票 0 票）； 公司董事会审计委员会事前已审议通过本议案，并提交董事会审议。 公司全体董事及高级管理人员认真审阅了公司 2024 年半年度报告全文及摘 要，并签署了书面确认意见。内容详见《上海证券报》以及上海证券交易所网 站（www.sse.com.cn） ...

新疆伊力特实业股份有限公司关于聘任李洪超为公司副总经理的公告 证券简称：伊力特 股票代码：600197 公告编号：2024-037 新疆伊力特实业股份有限公司 高级管理人员简历如下： 李洪超，男，51 岁，党员，大学本科学历。 1992.04--2000.03 伊力特实业股份有限公司热电厂工人 2000.03-- 2007.06 伊力特实业股份有限公司热电厂值长 2007.06--2009.05 伊力特实业股份有限公司热电厂电气技术员兼安全员 2009.05--2013.04 伊力特实业股份有限公司生产设备部科员 2013.04--2020.12 伊力特实业股份有限公司生产设备部副部长 关于聘任李洪超为公司副总经理的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 为规范公司运作，提高公司管理层经营管理水平，公司经过公开市场化招 聘、报名、资格审查、面试、组织考察、体检、公示等程序，经公司党委会提 名，董事会提名委员会资格审查，公司董事会同意聘任李洪超为公司副总经理 （简历附后）。 李洪超先生具备任职的专业知识，其任职资格 ...

新疆伊力特实业股份有限公司 2024 年半年度经营数据公告 证券代码：600197 证券简称：伊力特 公告编号：2024-036 新疆伊力特实业股份有限公司 2024 年半年度经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上海证券交易所上市公司行业信息披露指引第十四号-酒制造》、《关 于做好主板上市公司 2024 年半年度报告披露工作的重要提醒》的要求，现将公 司 2024 年半年度主要经营数据（未经审计）公告如下： 1、酒类产品按产品档次分类情况 2、酒类产品按销售渠道分类情况 3、酒类产品按区域分类情况 单位：万元 币种：人民币 产品名称 2024 年 1-6 月销售收入 2023 年 1-6 月销售收入 增减变动幅度 （%） 高档酒 86,945.01 81,203.16 7.07 中档酒 34,218.66 30,057.75 13.84 低档酒 10,160.54 7,871.63 29.08 合计 131,324.21 119,132.54 10.23 单位：万元 币种：人民币 产品名称 20 ...

证券代码：600197 证券简称：伊力特 公告编号：2024-034 新疆伊力特实业股份有限公司 2024 年第二次临时股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 (五) 公司董事、监事和董事会秘书的出席情况 1、公司在任董事 7 人，出席 7 人； 重要内容提示： 本次会议是否有否决议案：有 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 450 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 207,610,344 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 43.9846 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 公司本次股东大会采取现场投票与网络投票相结合的方式召开，会议的召集、 召开及表决方式符合《公司法》及《公司章程》的规定，公司聘请了国浩律师（乌 (一) 股东大会召开的时间：2024 年 8 月 9 日 (二) 股东大会召开的地点：新疆乌鲁木齐水 ...

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 年第二次临时股东大会的 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 邮编：830000 15th Floor of Shengda Plaza, 499 Yuntaishan Street, Urumqi Economic and Technological Development Zone, Xinjiang 830000 ,China 电话/Tel: +86 991 3070688 传真/Fax: +86 0991 3070288 网址/Website: http://www.grandall.com.cn 2024 年 8 月 国浩律师（乌鲁木齐）事务所 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 年第二次临时股东大会的 法律意见书 致：新疆伊力特实业股份有限公司 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《中华人民共和国公司法》（以下 简称"《公司法》"）、《中华人民共和国证券法》（以下简称" ...

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证券代码：600197 证券简称：伊力特 公告编号：2024-032 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 6 月 27 日的 2023 年年度股东大会审议通 过。 二、 分配方案 新疆伊力特实业股份有限公司 2023 年年度 权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利 0.39 元 相关日期 | | | | | 日 | | --- | --- | --- | --- | --- | | 股份类别 Ａ股 | 股权登记日 2024/8/7 | 最后交易日 － | 除权（息）日 2024/8/8 | 现金红利发放 2024/8/8 | 差异化分红送转： 否 （一） 发放年度：2023 年年度 （二） 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 （三） 分配方案： 截至 2024 年 7 月 30 日收盘后公司总 ...