新疆伊力特实业股份有限公司关于参加新疆辖区 上市公司2024年投资者网上集体接待日活动的公告 证券代码：600197 证券简称：伊力特 公告编号：2024-022 新疆伊力特实业股份有限公司关于参加新疆辖区 上市公司 2024 年投资者网上集体接待日活动的公告 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、准确性和完整性承法律责任。 为进一步加强与投资者的互动交流，新疆伊力特实业股份有限公司（以下 简称“公司”）将参加由新疆上市公司协会根据新疆证监局工作部署，联合深圳 市全景网络有限公司联合举办的“2024 年新疆辖区上市公司投资者网上集体接待 日活动”，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录“全景路演”网站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP， 参与本次互动交流，活动时间为 2024年6月 14日（周五）16:00-18:00。届时公 司高管将在线就公司 2023年度业绩、公司治理、发展战略、经营状况、融资计划、 股权激励和可持续发展等投资者关心的问题，与投资者进行 ...

公司报告 | 年报点评报告 高档酒占比持续提升，期待改革带来边际变化 高档酒占比提升显著，伊力王有望持续引领升级。 23 年疆内市场占比提升，24 年疆外加速改革下有望占比提升。 结构上行推升毛利率，合同负债表现优秀。 伊力特（600197） 证券研究报告 | --- | --- | |----------------------------|-------------------------------| | | 2024 年 05 月 06 日 | | 投资评级 | | | 行业 食品饮料 | / 白酒Ⅱ | | 6 | 个月评级 买入（维持评级） | | 当前价格 | 21.21 元 | | | 目标价格 元 | | 基本数据 | | | A 股总股本 ( 百万股 | 471.99 | | 流通 A 股股本 ( 百万股 | ) 471.99 | | A 股总市值 ( 百万元 | 10,010.82 | | 流通 A 股市值 ( 百万元 | ) 10,010.82 | | 每股净资产 ( 元 ) | 8.33 | | 资产负债率 (%) | 21.08 | | 一年内最高 / 最低 ( | 29.77/1 ...

[Table_MainInfo] 公司研究/食品/饮料 证券研究报告 伊力特（600197）公司季报点评 [Table_Summary] 投资要点： 23 年白酒量价齐升，酒类毛利率明显改善。23 年公司白酒业务收入 21.85 亿 元，同比+37.1%，其中销量/吨价分别同比+24.5%/10.1%，销量高速增长部分 系 22 年同期基数较低、23 年消费场景恢复所致；吨价提升我们认为与结构 持续升级以及 23 年初产品提价有关。分产品看，23 年公司高档/中档/低档白 酒收入分别同比+46.6%/+9.1%/+88.4%至 14.66/5.51/1.69 亿元，其中高档白酒 量/价分别同比+45.3%/+0.9%，收入占比提升至 65.7%。分区域看看，公司 23 年疆内/疆外收入分别同比+50.3%/+5.2%至 16.97/4.89 亿元。分渠道看，23 年 批发代理/直销/线上销售分别同比+32.8%/127.6%/3.0%至 17.93/2.58/1.35 亿元。 23 年底疆内/外经销商数量较 22 年底分别增加 1/4 家。 Huijing Yan hj.yan@htisec.com 组织改革 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [22] Core Views - The company reported a total revenue of 2.231 billion yuan in 2023, a year-on-year increase of 37.5%, with a net profit attributable to the parent company of 340 million yuan, up 105.5% year-on-year [14] - The company aims for a revenue target of 2.8 billion yuan and a total profit target of 495 million yuan for 2024 [17] Financial Performance Summary - In 2023, the company's white liquor business revenue reached 2.185 billion yuan, a year-on-year increase of 37.1%, with sales volume and price increasing by 24.5% and 10.1% respectively [15] - The gross margin for the company improved to 48.2% in 2023, with a significant increase in liquor gross margin by 1.7 percentage points [16] - The company expects earnings per share (EPS) for 2024-2026 to be 0.94, 1.19, and 1.46 yuan respectively [17] Market Position and Strategy - The company has made organizational reforms and personnel adjustments, including the introduction of two marketing experts from the liquor industry to enhance its marketing capabilities [17] - The company has seen an increase in the number of distributors both within and outside the region, with a 50.3% increase in revenue from within the region and a 5.2% increase from outside [15]

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]

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [9][23]. Core Insights - The company reported a revenue of 2.231 billion yuan for 2023, a year-on-year increase of 37.46%, and a net profit of 340 million yuan, up 105.53% year-on-year. The performance aligns with the company's prior forecasts [5][10]. - For Q1 2024, the company achieved a revenue of 831 million yuan, reflecting a 12.39% year-on-year growth, and a net profit of 159 million yuan, which is a 7.08% increase year-on-year [5][18]. - The company aims for a revenue target of 2.8 billion yuan and a total profit of 495 million yuan for 2024 [5]. Financial Performance Summary - The company's revenue growth for 2023 was driven by high-end liquor sales, which reached 1.466 billion yuan, a 46.65% increase year-on-year. Mid-range liquor sales grew by 9.14% to 550 million yuan, while low-end liquor sales surged by 88.42% to 169 million yuan [10]. - The company’s cash flow from operations for 2023 was 302 million yuan, with a significant increase in cash received from sales, totaling 2.306 billion yuan, up 32.78% year-on-year [13]. - The net profit margin for 2023 was 15.49%, an increase of 5.04 percentage points, attributed to lower tax rates and reduced sales and management expenses [20]. Future Projections - The company forecasts net profits of 396 million yuan, 453 million yuan, and 505 million yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 16.5%, 14.3%, and 11.5% [9][11]. - The projected price-to-earnings ratios for 2024, 2025, and 2026 are 24x, 21x, and 19x respectively, indicating a favorable valuation outlook [9]. Market Context - The company is expected to benefit from the recovery of liquor demand in Xinjiang and the gradual implementation of marketing reforms, which are anticipated to enhance its market position [9][14].

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].