证 券 研 究 报 告 金种子酒（600199）2024 年三季报点评 推荐（维持） 面临改革阵痛，期待破局重生 目标价：15 元 事项： ❖ 公司发布 2024 年三季报，24 年前三季度营收 8.06 亿元，同降 24.9%；归母净 利润-1.00 亿元，去年同期为-0.35 亿，扣非归母净利润-1.11 亿元，去年同期为 -0.49 亿元。单 Q3 营收 1.39 亿元，同降 54.4%；归母净利润-1.11 亿元，去年 同期 0.03 亿元，扣非归母净利润-1.15 亿元，去年同期为-0.06 亿元，销售回款 1.5 亿元，同降 62.7%。Q3 末合同负债 1.02 亿元，环比 Q2 末减少 0.4 亿元。 评论： ❖ 面临改革阵痛，营收承压下滑。公司单 Q3 营收 1.39 亿元，同降 54.4%，其中 药业销售收入 0.4 亿元，同降 62.6%，主要系公司停止药业销售所致；白酒业 务收入 1.0 亿元，同降 50.3%，白酒营收高基数下下滑明显。具体分产品看， 单 Q3 高 端 / 中 端 / 低 端 酒 分别实现 营 收 0.1/0.3/0.6 亿元， 同 减 26.6%/42.7%/56. ...

安徽金种子酒业股份有限公司 2024 年第三季度报告 单位：元 币种：人民币 证券代码：600199 证券简称：金种子酒 安徽金种子酒业股份有限公司 2024 年第三季度报告 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： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | |------------------------------------------------|-----------------|--------------------------------------|-----------------|------------------ ...

[Table_Title] 费用投放加码拖累利润，新品仍具增长潜力 证券研究报告 | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------|--------------------------------------------------------------|---------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------|------ ...

上 市 公 司 食品饮料 证 券 研 究 报 告 2024 年 08 月 28 日 金种子酒 (600199) ——24H1 点评：聚焦白酒主业，业绩符合预期 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 27 日 | | 收盘价（元） | 10.36 | | 一年内最高/最低（元） | 26.60/10.35 | | 市净率 | 2.7 | | 息率（分红/股价） | | | 流通 A 股市值（百万元） | 6,815 | | 上证指数 / 深证成指 | 2,848.73/8,103.76 | | --- | --- | |------------------------------|------------------------| | | | | | | | | | | 基础数据 : | 年 06 月 30 日 | | 每股净资产（元） | 3.84 | | 资产负债率 % | 23.55 | | 总股本/流通 A 股（百万） | 658/658 | ...

证 券 2024 年 08 月 28 日 研 究 报 告 基本数据 2024-08-27 当前股价（元） 10.36 总市值（亿元） 68 总股本（百万股） 658 流通股本（百万股） 658 52 周价格范围（元） 10.36-26.41 日均成交额（百万元） 189.47 公 司 研 究 二季度经营承压，毛利率同比改善趋势仍存 —金种子酒（600199.SH）公司事件点评报告 买入(维持) 事件 分析师：孙山山 S1050521110005 sunss@cfsc.com.cn 分析师：廖望州 S1050523100001 liaowz@cfsc.com.cn 市场表现 0 20 (%) 金种子酒 沪深300 -80 -60 -40 -20 资料来源：Wind，华鑫证券研究 相关研究 1、《金种子酒（600199）：经营状 态逐步改善，金种子扬帆起航》 2024-06-03 2、《金种子酒（600199）：一季报 扭亏为盈，经营稳步改善》2024- 04-30 3、《金种子酒（600199）：一季报 同、环比扭亏，经营稳步改善》 2024-04-16 2024 年 8 月 27 日，金种子酒发布 2024 ...

证 券 研 究 报 告 金种子酒（600199）2024 年中报点评 推荐（维持） 步入压力周期，期待改革显效 目标价：12 元 当前价：10.36 元 | --- | --- | --- | --- | --- | --- | --- | |----------|-------------------------------------------------------|---------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------|-------------------|----------------------------------------------------------|--------------------| | 事项 ...

Financial Performance - Revenue for the first half of 2024 was RMB 666.69 million, a decrease of 13.16% compared to the same period last year[12] - Net profit attributable to shareholders of the listed company was RMB 11.10 million, compared to a loss of RMB 37.81 million in the same period last year[12] - Net cash flow from operating activities was negative RMB 190.40 million, compared to negative RMB 12.59 million in the same period last year[12] - Basic earnings per share for the reporting period were RMB 0.0169, compared to a loss of RMB 0.0575 in the same period last year[13] - Weighted average return on equity (ROE) for the reporting period was 0.44%, an increase of 1.94 percentage points compared to the same period last year[13] - Revenue for the first half of 2024 was RMB 666.69 million, a decrease of 13.16% year-over-year[22] - Net profit attributable to shareholders was RMB 11.10 million, achieving a turnaround from a loss in the same period last year[22] - Operating costs decreased by 29.78% year-over-year, primarily due to the discontinuation of pharmaceutical sales[25] - Sales expenses increased by 24.54% year-over-year, driven by higher advertising and labor costs[25] - R&D expenses increased by 45.70% year-over-year, reflecting increased investment in R&D projects[25] - Total revenue for the first half of 2024 decreased to RMB 666,685,557.53 from RMB 767,728,571.86 in the same period last year[70] - Operating profit for the first half of 2024 improved to RMB 10,718,080.24 compared to a loss of RMB 34,721,908.83 in the first half of 2023[70] - Net profit for the first half of 2024 was RMB 14,965,972.30, a significant improvement from a loss of RMB 32,901,861.00 in the same period last year[70] - Research and development expenses increased to RMB 10,908,049.77 in the first half of 2024 from RMB 7,486,731.16 in the first half of 2023[70] - Net profit attributable to parent company shareholders was RMB 11,097,993.44, a significant improvement from a loss of RMB -37,814,688.43 in the previous period[71] - Total revenue for the first half of 2024 was RMB 377,172,686.95, an increase from RMB 313,497,815.28 in the same period last year[72] - Operating costs decreased to RMB 302,310,326.77 from RMB 311,063,090.28, reflecting improved cost management[72] - R&D expenses increased significantly to RMB 7,308,358.14, up from RMB 1,912,375.42, indicating higher investment in innovation[72] - Net cash flow from operating activities was RMB 699,264,552.10, a decrease from RMB 886,975,523.59 in the previous year[74] - Basic earnings per share improved to RMB 0.0169, compared to a loss of RMB -0.0575 in the prior period[71] - Total comprehensive income for the period was RMB 11,936,832.48, a recovery from a loss of RMB -36,832,632.04[71] - Sales revenue from goods and services provided was RMB 661,310,389.58, down from RMB 873,464,479.38 in the previous year[74] - Other income increased to RMB 2,314,720.50, up from RMB 1,896,405.03, reflecting diversified revenue streams[72] - Interest income was RMB 1,658,601.47, a decrease from RMB 3,816,322.06, indicating lower returns on financial assets[72] - Operating cash flow for the first half of 2024 was -190.4 million yuan, a significant decrease compared to -12.6 million yuan in the same period last year[76] - Cash outflow for purchasing goods and accepting services was 437.8 million yuan, down 17% from 527.3 million yuan in the previous year[76] - Cash paid for employee compensation was 166.6 million yuan, a slight decrease from 171.3 million yuan in the same period last year[76] - Cash outflow for taxes and fees increased by 33% to 201.6 million yuan compared to 151.7 million yuan in the previous year[76] - Net cash flow from investment activities was 8.5 million yuan, a significant improvement from -38.6 million yuan in the same period last year[76] - Cash received from disposal of fixed assets and intangible assets was 42.5 million yuan, a substantial increase from 27,000 yuan in the previous year[76] - Net cash flow from financing activities was 35.9 million yuan, compared to -5.8 million yuan in the same period last year[77] - Cash and cash equivalents at the end of the period decreased by 146 million yuan to 323.1 million yuan[77] - Parent company's operating cash flow was -126.2 million yuan, a significant decrease from -28.1 million yuan in the same period last year[78] - Comprehensive income for the period was 111 million yuan, contributing to an increase in undistributed profits[80] Assets and Liabilities - Total assets at the end of the reporting period were RMB 3.33 billion, a decrease of 4.35% compared to the end of the previous year[12] - Cash and cash equivalents decreased by 29.66% to 356.83 million yuan, accounting for 10.73% of total assets[28] - Accounts receivable decreased by 36.11% to 94.16 million yuan, accounting for 2.83% of total assets[28] - Prepayments decreased by 72.43% to 8.74 million yuan, accounting for 0.26% of total assets[28] - Other current assets increased by 134.00% to 10.68 million yuan, accounting for 0.32% of total assets[28] - Construction in progress increased by 69.83% to 97.66 million yuan, accounting for 2.94% of total assets[28] - Total assets decreased from 3,476,257,231.71 to 3,325,112,636.04, a decline of 4.35%[66] - Current assets decreased from 2,188,609,819.85 to 2,015,640,873.01, a decline of 7.90%[65] - Non-current assets increased from 1,287,647,411.86 to 1,309,471,763.03, a growth of 1.69%[65] - Total liabilities decreased from 945,036,906.27 to 783,123,531.45, a decline of 17.13%[66] - Current liabilities decreased from 783,694,824.50 to 624,576,634.42, a decline of 20.31%[66] - Non-current liabilities decreased from 161,342,081.77 to 158,546,897.03, a decline of 1.73%[66] - Owner's equity increased from 2,531,220,325.44 to 2,541,989,104.59, a growth of 0.43%[66] - Cash and cash equivalents decreased from 507,310,869.72 to 356,826,411.57, a decline of 29.66%[64] - Accounts receivable decreased from 147,373,377.75 to 94,158,581.41, a decline of 36.11%[64] - Inventory increased from 1,467,431,309.01 to 1,512,953,722.43, a growth of 3.10%[65] - Total assets as of June 30, 2024, were RMB 3,191,871,697.86, slightly increased from RMB 3,187,107,529.23 at the end of 2023[67] - Total liabilities as of June 30, 2024, increased to RMB 1,532,149,632.06 from RMB 1,456,254,888.83 at the end of 2023[68] - Accounts receivable decreased to RMB 8,904,540.24 as of June 30, 2024, from RMB 42,481,085.77 at the end of 2023[67] - Inventory increased to RMB 1,419,380,899.46 as of June 30, 2024, from RMB 1,364,884,114.37 at the end of 2023[67] - Total equity decreased to RMB 1,659,722,065.80 as of June 30, 2024, from RMB 1,730,852,640.40 at the end of 2023[68] - Total owner's equity at the end of the period is RMB 2,531,220,325.44, with a decrease of RMB 23,536,537.17 compared to the previous period[85] - Comprehensive income for the period shows a loss of RMB 22,069,577.53, contributing to the overall decrease in owner's equity[83] - Special reserves decreased by RMB 3,827,592.52 during the period, with RMB 3,827,592.52 used[85] - The company's total capital at the end of the period is RMB 657,796,824.00, with capital reserves of RMB 1,174,961,782.84[82] - Other comprehensive income remains unchanged at RMB 83,137,500.00[82] - Undistributed profits decreased by RMB 22,069,577.53, reflecting the impact of the period's losses[83] - Minority shareholders' equity increased by RMB 2,360,632.88, partially offsetting the overall decrease in owner's equity[83] - The company's total assets at the end of the period are RMB 2,541,989,104.59, with a slight decrease from the previous period[82] - Special reserves at the beginning of the period were RMB 23,872,596.77, which decreased to RMB 20,045,004.25 by the end of the period[83] - The company's general risk provision remains unchanged at RMB 122,917,310.76[82] - Total owner's equity at the end of the period is 1,659,722,065.80[87] - The company's comprehensive income for the period decreased by 121,810,015.90[89] - Special reserves decreased by 3,420,151.83 during the period[89] - The company's total owner's equity at the beginning of the period was 1,855,332,808.13[88] - The company's total owner's equity at the end of the period is 1,730,102,640.40[90] - The company's capital reserve is 1,174,897,068.31[87] - The company's undistributed profit is -319,365,237.72[90] - The company's total owner's equity decreased by 125,230,167.73 during the period[89] - The company's special reserves at the beginning of the period were 14,889,326.88[88] - The company's special reserves at the end of the period are 11,469,175.05[90] Environmental and Sustainability - Wastewater discharge: Chemical Oxygen Demand (COD) concentration at 30,000 mg/L, total discharge of 73.5494 tons, within the permitted limit of 3,000 tons[39] - Total nitrogen discharge concentration at 1,000 mg/L, total discharge of 2.4408 tons, within the permitted limit of 1,000 tons[39] - Ammonia nitrogen discharge concentration at 550 mg/L, total discharge of 3.5972 tons, within the permitted limit of 550 tons[39] - Total phosphorus discharge concentration at 300 mg/L, total discharge of 0.4395 tons, within the permitted limit of 300 tons[40] - Environmental protection engineering covers 5,000 square meters, established in 1996, with significant reduction in wastewater treatment[41] - Company awarded the 2023 Anhui Province Environmental Protection "Integrity Enterprise" title[46] - Carbon peak target established as a core task for future development, with differentiated emission reduction measures[46] - Promotion of electric forklifts to replace diesel forklifts, reducing fuel consumption and greenhouse gas emissions[47] - Installation of photovoltaic power generation facilities on company rooftops to increase renewable energy usage[47] Corporate Governance and Shareholding - Vice President Chen Xingjie retired due to reaching the legal retirement age[37] - No profit distribution or capital reserve conversion plan for the first half of the year[38] - The company plans to transfer 92% equity of Jintaiyang Pharmaceutical through public listing, approved by the board and shareholders[32] - The total number of ordinary shareholders at the end of the reporting period is 104,114[58] - Anhui Jinzhongzi Group Co., Ltd. holds 178,257,084 shares, accounting for 27.10% of the total shares[58] - China Bank Limited - China Merchants CSI Liquor Index Graded Securities Investment Fund holds 32,521,543 shares, accounting for 4.94% of the total shares[58] - Hong Kong Securities Clearing Company Limited holds 9,265,983 shares, accounting for 1.41% of the total shares[58] - China Construction Bank Limited - Penghua CSI Liquor Trading Open-end Index Securities Investment Fund holds 7,187,648 shares, accounting for 1.09% of the total shares[58] - Zhou Jianzhong holds 5,312,415 shares, accounting for 0.81% of the total shares[58] - Lin Wenlong holds 3,625,448 shares, accounting for 0.55% of the total shares[58] - Li Weijing holds 3,624,200 shares, accounting for 0.55% of the total shares[58] - China Merchants Bank Limited - Yinhua Fuli Selected Hybrid Securities Investment Fund holds 3,411,919 shares, accounting for 0.52% of the total shares[58] - Qiu Yunjing holds 1,978,600 shares, accounting for 0.30% of the total shares[58] Product and Market Strategy - National large-scale liquor enterprises produced 2.147 million kiloliters of liquor in the first half of 2024, a year-on-year increase of 3.0%[15] - The company's main products include Jinzhongzi series, Seed series, Zuisanqiu series, and Yingzhou series, with Jinzhongzi Fuxiang as the core product[15] - Jinzhongzi Fuxiang liquor contains 2,224 aroma substances, with key flavor components including pyrazines, esters, aldehydes, and guaiacol compounds[17] - The company's ancient fermentation pits, dating back to 1507, are among the oldest and best-preserved in the Huanghuai region, contributing to the unique microbial ecosystem[18] - The company operates 8 liquor research platforms, including a CNAS-accredited laboratory and a postdoctoral workstation, with 5 national-level liquor judges and 129 core technical personnel[19] - Jinzhongzi and Zuisanqiu are recognized as China Well-known Trademarks, and Yingzhou is designated as a China Time-honored Brand[20] - The company has established a market-oriented organizational system and performance management system through strategic restructuring with China Resources[21] - The company achieved an 80% terminal coverage rate for its core products[23] - The company launched a series of high-end activities, including the Fuxiang Baijiu Value Forum and the Fuyang Marathon, to enhance brand value[23] - The company optimized its sales management and focused on core business actions, such as the TOP store campaign and the Spring Festival campaign[23] - The company strengthened its digital infrastructure, improving overall operational efficiency and implementing projects like the five-code production line transformation[23] - The company collaborated with Jiangnan University to research and improve the brewing process and quality of Fuxiang Baijiu[23] Subsidiaries and Investments - Anhui Jintaiyang Biochemical Pharmaceutical Co., Ltd. achieved a net profit of 10.48 million yuan with total assets of 200.42 million yuan[33] - Fuyang Jinzhizi Liquor Sales Co., Ltd. achieved a net profit of 62.18 million yuan with total assets of 821.58 million yuan[33] - The company's subsidiary, Jintaiyang Pharmaceutical, enjoys a preferential corporate income tax rate of 15% from January 1, 2022, to December 31, 2024, due to its high-tech enterprise certification[177] Financial Instruments and Accounting Policies - The company's financial statements are prepared on a going concern basis, with no issues identified that would affect its ability to continue operations for the next 12 months[95] - The company's accounting period runs from January 1 to December 31[98] - The company's normal operating cycle is one year[99] - The company's functional currency is the Chinese Yuan (RMB)[100] - Significant non-wholly owned subsidiaries are those with total assets, operating income, or total profit exceeding 5% of the consolidated financial statements[101] - Important prepayments with an age exceeding 1 year and significant in amount are those exceeding RMB 5 million or 0.5% of total profit[101] - Significant construction in progress is defined as projects exceeding RMB 5 million or 0.5% of total profit[101] - Important accounts payable with an age exceeding 1 year are those exceeding RMB 5 million or 0.5% of total profit[101] - Significant contract liabilities with an age exceeding 1 year are those exceeding RMB 5 million or 0.5% of total profit[101] - Significant other payables with an age exceeding 1 year are those exceeding RMB 5 million or 0.5% of total profit[101] - The company's consolidated cash flow statement includes the cash flows of subsidiaries from the acquisition date to the end of the reporting period[106] - Disposal of subsidiaries or businesses does not adjust the opening balance of the consolidated balance sheet, but includes their income, expenses, and profits from the beginning to the disposal date in the consolidated income statement[106] - The company's long-term equity investments in

证券研究报告 | 公司深度 | 白酒Ⅱ 分析师：杨骥 执业证书号：S1230522030003 yangji@stocke.com.cn ❑ 金种子酒是安徽地产名酒之一，2022 年华润入股，对公司从品牌、组织、渠道 等方面进行全面重塑。在"一体两翼"品牌战略指导下，公司坚定"做强底盘， 提质增效，做大馥合香，再创新辉煌"的战略，2024 年将采取"6+3+2"策略， 聚焦馥 7/馥 9+头号种子/特贡+柔和/金 6 六款核心产品。短期来看，公司底盘产 品在渠道覆盖率提升叠加百元价格带扩容趋势强的背景下有望延续放量；中长 期来看，随着省内消费升级趋势持续，馥合香系列及头号种子单品培育成熟后 有望给公司带来新的业绩增量，带动金种子品牌价值回归。 ❑ 华润强势入局，组织+渠道+品牌全面重塑。1）组织重塑：管理团队重建，具有 丰富工作经验的华润系老兵全面进驻，实现组织架构完善、流程制度优化。2） 战、春耕行动、中秋百日战和春节攻坚战等市'场营销主题行动为抓手，对终端 店、消费者端进行直接费用投放拉动动销，并不断深化安徽以及环安徽地区的渠 道布局，目前环皖地区渠道布局完成率超 70%，省外重点市场渠道布局超 80%。 ...

增持（维持） 证券分析师 熊鹏 资格编号：S0120522120002 邮箱：xiongpeng＠tebon.com.cn 研究助理 市场表现 -69% -57% -46% -34% -23% -11% 0% 11% 23% 2023-07 2023-11 2024-03 金种子酒 沪深300 [Table_Main] 证券研究报告 | 公司点评 金种子酒(600199.SH) 2024 年 07 月 13 日 所属行业：食品饮料/白酒Ⅱ 当前价格(元)：12.53 邮箱：yousc3＠tebon.com.cn 1.《金种子酒（600199.SH）：中高端 酒引领成长，改革创新继续深化》， 2024.5.5 2.《金种子酒（600199.SH）："春节攻 坚战"效果良好，24Q1 同比扭亏》， 2024.4.16 3.《金种子酒（600199.SH）：白酒业 务 高 增 ， 毛 利 率 大 幅 提 升 》， 2023.10.29 投资要点 事件 1：公司发布 2024 年半年度业绩预告，预计 24H1 实现归母净利润 1000- 1500 万元，上年同期归母净利润-3781 万元，扭亏为盈；预计 24H1 实 ...

（2）预计 2024 年半年度实现归属于母公司所有者的扣除非经常性损益后的 净利润为 300 万元到 450 万元。 （二）每股收益：-0.0575 元。 截至本公告日，公司不存在影响本次业绩预告内容准确性的重大不确定因素， 本次业绩预告未经注册会计师审计。 安徽金种子酒业股份有限公司 | --- | --- | |-------------------------------------------------------------------------|------------------------------------------------------------------| | | | | | 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。 | | 本次业绩预告的适用情形为：净利润实现扭亏为盈。 公司预计 2024 年半年度实现归属于母公司所有者的扣除非经常性损益 后的净利润为 300 万元到 450 万元。 （一）业绩预告期间 （二）业绩预告情况 （三）本次业绩预告未经注册会计师审计。 三 ...