2024 年 04 月 28 日 公司研究 评级：买入(维持) 投资要点: 流通股本（万股） 47,198.58 铭，宋英男》——2022-10-31 事件: 最近一年走势 2023Q4 高速增长，产品结构持续优化。公司 2023 年营收及归母净 利润均略超此前业绩预告。其中 2023Q4 公司业绩实现高速增长， 营 业 收 入 / 归 母 净 利 润 分 别 为 5.88/1.11 亿 元 ， 同 比 分 别 +85.72%/+331.22%，我们认为主要系：1）2022 年同期疆内市场消 费场景缺失导致销售低基数；2）公司产品提价叠加高档酒销量提升 驱动收入增长。产品层面，2023 年高档/中档/低档产品营收分别为 14.66/5.51/1.69 亿元，同比分别+46.65%/+9.14%/+88.42%，其中 高档产品营收占比同比+4.36pct 至 67.08%。2023 年公司核心单品 小老窖、大老窖、小酒海等不断巩固市场优势，疆内 98 家"伊力王 酒 1956"终端升级，随着公司高端产品继续发力，我们认为未来伊 力王酒系列有望带动产品结构进一步升级。 表现 1M 3M 12M 伊力特 -6.7% ...

Investment Rating - The report maintains a "Buy" investment rating for the company [6][24]. Core Views - The company is expected to continue its performance recovery, with anticipated benefits from internal reforms and pricing strategies [6][24]. - The new management is expected to implement comprehensive internal reforms, which will enhance the company's operational efficiency and profitability [24]. Summary by Sections Financial Performance - The company's total revenue for 2023 was 22.31 billion, with Q4 and Q1 revenues of 5.88 billion and 8.31 billion respectively, showing year-on-year growth of 37%, 86%, and 12% [6]. - The net profit attributable to shareholders for 2023 was 3.40 billion, with Q4 and Q1 profits of 1.11 billion and 1.59 billion respectively, reflecting year-on-year growth of 106%, 333%, and 7% [6]. - The gross margin for Q1 2024 was 51.89%, an increase of 0.4 percentage points year-on-year [6]. Sales and Market Strategy - The company is expanding its sales team and adjusting its sales structure, with domestic revenue for Q1 2024 reaching 6.71 billion, a 7% increase year-on-year [8]. - The company plans to initiate a recruitment drive for traditional distributors and group buyers in Q3 2024, enhancing its channel layout [8]. Profit Forecast - The forecast for earnings per share (EPS) is 0.96 for 2024, 1.23 for 2025, and 1.49 for 2026, with corresponding price-to-earnings (PE) ratios of 21, 16, and 14 times [24]. - The main revenue growth rates are projected at 27.4% for 2024, 21.9% for 2025, and 17.6% for 2026 [11]. Product Performance - High-end liquor revenue for 2023 was 14.66 billion, with a year-on-year growth of 47%, while Q1 2024 revenue was 5.70 billion, growing 11% year-on-year [6]. - The company is expected to launch new packaging for its high-end products in Q2 2024, which is anticipated to further enhance profitability [8].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 21.78 CNY based on a 22x P/E ratio for 2024 [2][17]. Core Insights - The company achieved a revenue of 2.23 billion CNY in 2023, representing a year-on-year growth of 37.5%, and a net profit attributable to the parent company of 340 million CNY, up 105.5% year-on-year [18]. - The product structure is continuously upgrading, with high-end liquor sales reaching 1.47 billion CNY in 2023, a 46.6% increase, accounting for 67.1% of total revenue [18]. - The company is focusing on optimizing its product structure and implementing a dual pricing system to enhance market order and boost distributor confidence [18]. Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are 2.86 billion CNY, 3.48 billion CNY, and 4.11 billion CNY, respectively, with corresponding year-on-year growth rates of 28.2%, 21.5%, and 18.2% [34]. - The forecasted net profit for 2024 is 467 million CNY, with a growth rate of 37.4% [34]. - The earnings per share (EPS) are projected to be 0.99 CNY for 2024, 1.25 CNY for 2025, and 1.51 CNY for 2026 [34]. Market Performance - The company's stock has shown a relative performance of 3.31% over the past week and -2.73% over the past year compared to the CSI 300 index [2]. - The stock price as of April 26, 2024, was 20.14 CNY, with a 52-week high of 29.31 CNY and a low of 17.24 CNY [2].

Investment Rating - The report maintains a "Buy" rating for the company [1][2] Core Views - The company is expected to benefit from consumption upgrades within the region and a national market expansion strategy, indicating strong long-term growth potential [2][9] - The company achieved significant revenue growth in 2023, with total revenue reaching 22.3 billion yuan, a year-on-year increase of 37.5%, and a net profit of 3.4 billion yuan, up 105.4% [12][9] - The report highlights a notable improvement in product structure, with high-end liquor revenue increasing by 46.6% to 14.7 billion yuan, contributing to an overall price increase of 10.2% to 97,000 yuan per ton [12][9] Summary by Sections Financial Performance - Revenue projections for 2024-2026 are 28.77 billion yuan, 36.16 billion yuan, and 44.04 billion yuan, with corresponding growth rates of 28.96%, 25.66%, and 21.81% [12][22] - The company anticipates net profit growth to 3.81 billion yuan in 2024, 5.19 billion yuan in 2025, and 6.78 billion yuan in 2026, with growth rates of 11.97%, 36.45%, and 30.51% respectively [12][22] Product Segmentation - The low-end liquor series is expected to see sales growth of 20.0%, 15.0%, and 10.0% from 2024 to 2026, with price increases of 8.0%, 6.0%, and 5.0% respectively [7][18] - The high-end liquor series is projected to grow by 30.0%, 25.0%, and 20.0% in sales volume from 2024 to 2026, with price increases of 5.0% each year [33][18] Market Expansion - The company is focusing on brand building and product structure upgrades, with a clear strategy for national expansion and increased marketing efforts [12][9] - Significant growth is expected in the domestic market, with revenue from the region increasing by 50.3% to 17.0 billion yuan, while external market revenue grew by 5.2% to 4.9 billion yuan [12][9]

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Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for the stock over the next six months [8]. Core Insights - The company reported a revenue of 2.231 billion yuan and a net profit attributable to shareholders of 339.85 million yuan for 2023, reflecting a year-on-year growth of 37.5% and 105.5% respectively, slightly exceeding previous forecasts [19]. - The company is experiencing a gradual recovery, with high-end liquor sales needing further improvement. The revenue from liquor reached 2.19 billion yuan in 2023, with a notable performance from the flagship product, while lower-tier products faced competition and market challenges [19]. - The report anticipates a revenue target of 2.8 billion yuan for 2024, with projected revenues for 2024-2026 being 2.8 billion, 3.4 billion, and 4 billion yuan respectively, indicating a growth rate of 25%, 21%, and 20% [19]. Financial Performance Summary - Total revenue (in million yuan) for the years 2022A to 2026E is projected to grow from 1,623 to 4,030, with year-on-year growth rates of (16.24)%, 37.46%, 24.65%, 21.15%, and 19.61% respectively [1]. - Net profit attributable to shareholders (in million yuan) is expected to increase from 165.36 in 2022A to 719.64 in 2026E, with corresponding growth rates of (47.13)%, 105.53%, 32.61%, 27.19%, and 25.54% [1]. - The latest diluted EPS is projected to rise from 0.35 yuan in 2022A to 1.52 yuan in 2026E, with a P/E ratio decreasing from 57.49 to 13.21 over the same period [1]. Market Data - The closing price of the stock is 20.14 yuan, with a market capitalization of approximately 9.51 billion yuan [3]. - The stock has a price-to-book ratio of 2.42 and has fluctuated between a low of 17.24 yuan and a high of 29.77 yuan over the past year [3].

新疆伊力特实业股份有限公司 2024 年第一季度经营数据公告 证券代码：600197 证券简称：伊力特 公告编号：2024-021 新疆伊力特实业股份有限公司 2024 年第一季度经营数据公告 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个别及连带责任。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》之 《第十二号——酒制造》的相关规定，现将新疆伊力特实业股份有限公司（简称 "公司"）2024 年第一季度主要经营数据（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 1-3 月销售收入 2023 年 1-3 月销售收入 增减变动幅度 （%） 高档酒 56,957.74 51,512.57 10.57 中档酒 19,381.76 18,124.16 6.94 低档酒 5,716.50 3,774.36 51.46 合计 82,056.00 73,411.09 11.78 单位：万元 币种：人民币 产品名 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [11][9] - The target price is set at 28.50, down from the previous forecast of 30.72 [11][9] Core Views - The company's performance in 2023 met expectations, with significant revenue growth of 105.53% year-on-year, reaching 2,231 million [11][11] - The company is expected to benefit from marketing reforms and talent acquisition, which may enhance sales and profitability [11][11] - The net profit for 2023 is projected to be 340 million, reflecting a year-on-year increase of 105.5% [11][11] Financial Summary - Revenue for 2022 was 1,623 million, and for 2023 it is projected to be 2,231 million, indicating a growth rate of 37.5% [2][11] - Operating profit (EBIT) increased from 221 million in 2022 to 457 million in 2023, showing a growth rate of 106.9% [2][11] - The net profit attributable to shareholders rose from 165 million in 2022 to 340 million in 2023, marking a growth of 105.5% [2][11] Profitability Metrics - The operating profit margin improved from 13.6% in 2022 to 20.5% in 2023 [11][11] - The return on equity (ROE) increased from 4.5% in 2022 to 8.9% in 2023 [11][11] - The return on invested capital (ROIC) rose from 3.9% in 2022 to 8.4% in 2023 [11][11] Market Position and Strategy - The company is focusing on market-oriented talent recruitment and mechanism optimization, aiming for systematic marketing reforms [11][11] - The company anticipates a recovery in sales and profitability driven by the restoration of domestic market conditions [11][11] - The revenue from high, medium, and low-end liquor segments is expected to grow significantly, with respective increases of 46.7%, 9.1%, and 88.4% [11][11]

产品结构加速优化，期待改革势能向上 2024 年 04 月 26 日 [盈利预测与财务指标 Table_Forcast] [Table_Author] 分析师 王言海 执业证书： S0100521090002 邮箱： wangyanhai@mszq.com 研究助理 胡慧铭 执业证书： S0100122070002 邮箱： huhuiming@mszq.com 相关研究 1.伊力特（600197.SH）控股股东增持进展点 评：组织、产品、渠道加速改革，大股东增持 彰显信心-2024/04/05 2.伊力特（600197.SH）2023 年三季报点评： 低基数下增速亮眼，疆内市场稳步复苏-2023 /10/27 3.伊力特（600197.SH）2023 年半年报点评： 放缓回款节奏，疆外扩张持续-2023/08/26 4.伊力特（600197.SH）深度报告：搭乘新疆 经济快车，聚焦渠道+产品改革-2022/05/09 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 1 公司财务报表数据预测汇总 [TABLE_FINANCE] 利润表（百万元） 2023A 2024E 2025E 20 ...

新疆伊力特实业股份有限公司 审计报告 天职业字[2024]29307 号 目 录 审计报告 -- -1 -- 6 2023 年度财务报表 -- 2023 年度财务报表附注 -- --- 18 一、审计意见 我们审计了新疆伊力特实业股份有限公司(以下简称"伊力特")财务报表,包括 2023 年 12 月 31 日的合并及母公司资产负债表,2023 年度的合并及母公司利润表、合并及母公 司现金流量表、合并及母公司股东权益变动表,以及财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制,公允反映了 伊力特 2023 年 12 月 31 日的合并及母公司财务状况以及 2023 年度的合并及母公司经营成 果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册会计师对 财务报表审计的责任"部分进一步阐述了我们在这些准则下的责任。按照中国注册会计师职 业道德守则,我们独立于伊力特,并履行了职业道德方面的其他责任。我们相信,我们获取 的审计证据是充分、适当的,为发表审计意见提供了基础。 三、关键审计事项 您可使用手机"扫一扫" 此码用于证明该审 ...