市场表现 [Table_QuoteInfo] -45.48% -31.48% -17.48% -3.48% 10.52% 金种子酒 海通综指 | --- | |----------------------------| | | | 分析师 : 颜慧菁 | | Tel:(021)23183952 | | Email:yhj12866@haitong.com | | 证书 :S0850520020001 | | 联系人 : 张嘉颖 | | Tel:(021)23185613 | | Email:zjy14705@haitong.com | 风险提示。新品拓展不及预期，行业竞争加剧，食品安全问题。 请务必阅读正文之后的信息披露和法律声明 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|--------|--------|--------|--------|------------------------|-------|-------|-------|-------| | | | | | | ...

证券代码：600199 证券简称：金种子酒 公告编号：临 2024-019 安徽金种子酒业股份有限公司 关于召开 2023 年度暨 2024 年第一季度 业绩说明会的公告 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个别及连带责任。 重要内容提示： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2024 年 5 月 21 日（星期二）至 5 月 27 日（星期一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 jnsy199@163.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 安徽金种子酒业股份有限公司（以下简称"公司"）已于 2024 年 4 月 30 日 发布公司《2023 年年度报告》及《2024 年第一季度报告》，为便于广大投资者 更全面深入地了解公司 2023 年年度报告及 2024 年第一季度经营成果、财务状 况，公司计划于 2024 年 5 月 28 日下午 15:00-16:30 举行 2023 ...

05-1106-1107-1108-1109-1110-1111-1112-1101-1102-1103-1104-11 -60% -40% -20% 0% 20% 40% 金种子酒 沪深300指数 （收益率） 报告原因：有业绩公布需要点评 增持（维持）投资要点： ⚫ 事件：公司发布 2023 年报与 2024 年一季报，2023 年实现营业收入 14.69 亿，同比增长 23.92%，归母净利润-0.22 亿，同比亏损缩窄，公司收入业绩符合此前预告。24Q1 实现 营业收入 4.19 亿，同比下降 3.02%，归母净利润 0.18 亿，同比扭亏为盈，公司业绩符合 此前预告。 24Q1 公司酒类收入 3.69 亿，同比增长 32.69%。分产品看，24Q1 高端酒营收 0.25 亿， 同比增长 177.91%；中端酒营收 0.83 亿，同比增长 214.84%；低端酒营收 2.62 亿，同 比增长 7.66%。分区域看，24Q1 省内营收 3 亿，同比增长 20.95%，占比 81.28%，省外 营收 0.69 亿，同比增长 129.29%，占比 18.72%，占比提升 7.89 个百分点。 请务必仔细阅读正 ...

事件：公司公告，2023 年公司实现营收 14.69 亿元，同比+23.9%；实现归母净利 润-0.22 亿元。2024Q1 实现营收 4.19 亿元，同比-3.02%；实现归母净利润 0.18 亿元，同比扭亏。 2023 年酒类营收高增长，内部改革持续推进。2023 年，酒类业务实现营收 9.82 亿元，同比+43.5%。其中，高端酒/中端酒/低端就酒实现营收 0.53/2.30/6.99 亿元，预计受益于公司内部组织重塑、渠道重塑、品牌重塑、产品重塑等。从毛 利率看，2023 年整体净利率同比+13.9pcts，预计受益于产品结构提升、内部降 本增效等。税金及附加率同比+3.9pcts，预计系处置投资性房地产产生的土地增 值税所致。费用端看，2023 年销售费用率同比-4.6pcts，预计系费投模式转变； 管理费用率同比-1.1pcts，主要系辞退福利（进行大规模的人员优化）和折旧增 加所致。利润端看，2023 年归母净利润亏损主要系处理历史包袱和经营转型等。 2024Q1 利润实现扭亏，春节大会战进展顺利。2024Q1 白酒业务实现收入 3.69 亿 元，同比+32.7%，主要系春节大会战进展良好。其中 ...

[Table_Main] 证券研究报告 | 公司点评 金种子酒(600199.SH) 2024 年 05 月 05 日 增持（维持） 熊鹏，德邦证券大消费组组长&食品饮料首席分析师，上海交通大学及挪威科技大学双硕士。全面负责食品饮料行业各板块的研究，6 年行业研究经验，2022 年卖方分析师水晶球奖公募榜单上榜。曾任职于西部证券、国信证券、安信证券等，2022 年 12 月加入德邦证 券研究所。 投资评级说明 公司点评 金种子酒（600199.SH） 公司点评 金种子酒（600199.SH） 分析师声明 法律声明 事件：公司发布 2023 年报和 2024 一季报，2023 年公司实现营收 14.7 亿元，同 比增长 23.9%，实现归母净利润-0.2 亿元，同比减亏。根据计算，23Q4 公司实现 营收 4.0 亿元，同比增长 6.8%，实现归母净利润 0.1 亿元，实现扭亏。24Q1 公 司实现营收 4.2 亿元，同比减少 3.0%，实现归母净利润 0.2 亿元，实现扭亏。 23 年蜕变重生，白酒业务高增长。公司 23 年白酒/生化制药营收分别同比变化 +43.5%/-13.6%，其中中端酒（100-500 ...

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证 2024 年 04 月 30 日 究 司 告 | --- | --- | --- | --- | --- | |----------------------|--------|--------|-------------------------|-------| | 预测指标 | | | 2023A 2024E 2025E 2026E | | | 主营收入（百万元） | 1,469 | 1,931 | 2,563 | 3,470 | | 增长率（%） | 23.9% | 31.4% | 32.7% | 35.4% | | 归母净利润（百万元） | -22 | 54 | 307 | 605 | | 增长率（%） | -88.2% | 344.5% | 470.0% | 96.6% | | 摊薄每股收益（元） | -0.03 | 0.08 | 0.47 | 0.92 | | ROE（%） -0.9% | | 2.1% | 10.7% | 17.5% | 证券研究报告 诚信、专业、稳健、高效 孙山山：经济学硕士，6 年食品饮料卖方研究经验，全面覆盖食品饮料行业， 聚焦饮料子板块，深度研究白酒行业等。曾就职于国信 ...

证 2024 年 04 月 30 日 究 公 研 告 证券研究报告 诚信、专业、稳健、高效 证券研究报告 请阅读最后一页重要免责声明 3 证券研究报告 肖燕南：湖南大学金融硕士，于 2023 年 6 月加入华鑫证券研究所，研究方向 是次高端等白酒和软饮料板块。 本报告署名分析师具有中国证券业协会授予的证券投资咨询执业资格并注册为 证券分析师，以勤勉的职业态度，独立、客观地出具本报告。本报告清晰准确 地反映了本人的研究观点。本人不曾因，不因，也将不会因本报告中的具体推 荐意见或观点而直接或间接收到任何形式的补偿。 股票投资评级说明： 以报告日后的 12 个月内，预测个股或行业指数相对于相关证券市场主要指数 的涨跌幅为标准。 诚信、专业、稳健、高效 ▌ 免责条款 本报告版权仅为华鑫证券所有，未经华鑫证券书面授权，任何机构和个人不得 以任何形式刊载、翻版、复制、发布、转发或引用本报告的任何部分。若华鑫 证券以外的机构向其客户发放本报告，则由该机构独自为此发送行为负责，华 鑫证券对此等行为不承担任何责任。本报告同时不构成华鑫证券向发送本报告 的机构之客户提供的投资建议。如未经华鑫证券授权，私自转载或者转发本报 告，所 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 419,417,781.39, representing a decrease of 3.02% compared to the same period last year[5] - Total operating revenue for Q1 2024 was ¥419,417,781.39, a decrease of 3.9% compared to ¥432,469,904.21 in Q1 2023[24] - The net profit attributable to shareholders was CNY 17,644,862.01, with basic earnings per share at CNY 0.0268[5] - Net profit for Q1 2024 was ¥18,379,273.94, a significant recovery from a net loss of ¥40,471,051.98 in Q1 2023[25] - Earnings per share for Q1 2024 was ¥0.0268, compared to a loss per share of ¥0.0626 in Q1 2023[26] - The company recognized non-operating income of CNY 2,803,987.93, primarily from breach of contract income[9] - The company reported a significant increase in other income to ¥1,911,131.24 in Q1 2024 from ¥1,579,616.22 in Q1 2023, indicating improved operational efficiency[25] Cash Flow and Liquidity - The net cash flow from operating activities was negative at CNY -104,564,009.87[5] - Cash flow from operating activities showed a net outflow of ¥104,564,009.87 in Q1 2024, worsening from a net outflow of ¥1,343,025.35 in Q1 2023[29] - The net increase in cash and cash equivalents was -101,695,214.77, down from -31,930,880.34 in the previous period[30] - The ending balance of cash and cash equivalents was 367,415,654.95, compared to 474,474,208.05 at the end of the previous period[30] - The initial cash and cash equivalents balance was 469,110,869.72, reflecting a decrease in liquidity[30] Assets and Liabilities - Total assets at the end of the reporting period were CNY 3,413,627,856.99, a decrease of 1.80% from the end of the previous year[6] - As of March 31, 2024, the total assets of Anhui Jinzhongzi Wine Industry Co., Ltd. amounted to RMB 3,413,627,856.99, a decrease from RMB 3,476,257,231.71 as of December 31, 2023[19] - The company's current assets totaled RMB 2,123,200,740.46, down from RMB 2,188,609,819.85 in the previous quarter, indicating a decline of approximately 2.99%[19] - The total liabilities decreased to ¥864,903,880.50 in Q1 2024 from ¥945,036,906.27 in Q1 2023, a reduction of 8.5%[21] - The total current liabilities decreased to RMB 704,854,584.97 from RMB 783,694,824.50, a reduction of about 10.05%[20] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 103,451[13] - The largest shareholder, Anhui Jinzhongzi Group Co., Ltd., holds 27.10% of the shares[13] - The company has no significant changes in the shareholder structure or related party transactions during the reporting period[16] Research and Development - Research and development expenses increased by 181.61% during the reporting period[10] - Research and development expenses increased to ¥6,553,414.95 in Q1 2024, up from ¥2,327,116.58 in Q1 2023, indicating a focus on innovation[25] Other Financial Metrics - The weighted average return on equity increased by 2.33 percentage points to 0.70%[6] - The company reported a decrease in accounts payable from RMB 313,025,672.56 to RMB 299,293,092.50, a decline of about 4.4%[20] - The total cash inflow from financing activities amounted to 32,490,000.00, while cash outflow was 30,027,083.33, resulting in a net cash flow of 2,462,916.67[30] - The company distributed 27,083.33 in cash for dividends, profits, or interest payments[30]

Financial Performance - The company achieved operating revenue of 1,469.43 million yuan in 2023, representing a growth of 23.92% compared to 2022[12]. - The company achieved operating revenue of RMB 1,469.43 million, an increase of 23.92% compared to the same period last year[35]. - The company's operating revenue reached ¥1,469,427,360.13, an increase of 23.92% compared to the same period last year[36]. - Total operating revenue for 2023 reached ¥1,469,427,360.13, an increase of approximately 24% compared to ¥1,185,751,744.31 in 2022[98]. - The company's net profit margin decreased, with undistributed profits showing a loss of ¥319,365,237.72 compared to a loss of ¥197,555,221.82 in the previous year[96]. - The net profit attributable to the parent company was a loss of RMB 22.07 million, a reduction in loss of RMB 165.05 million compared to the previous year[35]. - The net profit for 2023 was reported at -¥19,708,944.65, an improvement from -¥186,087,528.75 in the previous year[104]. - The total profit for the year was ¥3,446,280.32, contrasting with a total loss of -¥166,374,736.41 in 2022[104]. - The total comprehensive income for 2023 was -¥19,708,944.65, compared to -¥185,337,528.75 in 2022, showing a positive trend[104]. - The total comprehensive income for the year 2023 decreased by ¥22,069,577.53, resulting in a net loss of ¥19,708,944.65[125]. Cost Management - The company implemented cost-saving measures in procurement, saving over 30 million yuan throughout the year[19]. - Operating costs were ¥876,903,867.28, showing a slight increase of 0.54% year-on-year[36]. - Total operating costs for 2023 were ¥1,473,903,190.69, up from ¥1,370,736,556.64 in 2022, reflecting a rise of about 7.5%[98]. - The total cost of white liquor was 502,476,096.77 RMB, accounting for 58.10% of total costs, an increase of 19.94% year-on-year[75]. - The gross profit margin for high-end liquor products was 76.36%, while the low-end liquor products saw an increase in gross margin by 15.00 percentage points[40]. - The gross profit margin for liquor sales was impacted, with direct material costs increasing by 19.05% year-on-year[75]. Research and Development - The company completed the production research of 7 new products, including Methylprednisolone Acetate Tablets, and registered 4 varieties, including Dihydrocodeine Injection[24]. - The company established the Jinzhongzi Fuhuo Fragrance Technology R&D Base and received the Anhui Province Science and Technology Achievement Certificate for key technologies in the industrialization of mixed solid-state fermentation[23]. - The company has established various R&D platforms, including a national-level laboratory and a provincial technology center, to enhance innovation capabilities[31]. - Research and development expenses amounted to 25,214,104.31 RMB, representing 1.72% of total operating revenue[80]. - Research and development expenses for 2023 were ¥25,214,104.31, slightly up from ¥24,874,322.14 in 2022[98]. - The company has a total of 129 R&D personnel, accounting for 5.83% of the total workforce[81]. Market Expansion and Sales - The company completed the channel layout in Anhui province and surrounding areas, with over 70% completion rate in surrounding regions and over 80% in key markets outside the province[20]. - The company plans to continue expanding its market presence and product offerings, focusing on enhancing operational efficiency through lean procurement strategies[39]. - The revenue from direct sales (including group purchases) was ¥38,162,958.21, with a significant increase of 72.99% year-on-year[41]. - Sales in the domestic market accounted for 79.58% of total revenue, with a significant increase in sales volume to 15,065.92 thousand liters[156]. - The company expanded its dealer network, increasing the number of dealers in the province by 96 and outside the province by 135[157]. - The company’s liquor sales volume reached 18,326.44 thousand liters, a decrease of 20.36% compared to the previous year[72]. Financial Position - The total assets at the end of the period amount to 3,476,257,231.71 RMB, an increase from 3,394,502,005.53 RMB in the previous period[92]. - The company's cash and cash equivalents are reported at 507,310,869.72 RMB, slightly down from 510,641,096.39 RMB in the previous period[90]. - The inventory stands at 1,467,431,309.01 RMB, up from 1,328,567,555.88 RMB in the previous period[90]. - The company's total liabilities have increased to 783,694,824.50 RMB from 673,251,827.63 RMB in the previous period[92]. - The total equity attributable to shareholders decreased to ¥2,519,131,868.12 from ¥2,545,029,038.17, a decline of about 1%[96]. - The company's total equity attributable to shareholders at the end of 2023 was ¥2,554,756,862.61, a decrease from ¥2,743,894,145.82 at the end of the previous year[134]. Operational Efficiency - The company has implemented a digital transformation, including ERP system upgrades and marketing digitalization, to enhance management efficiency[34]. - The company’s EHS management has improved safety management levels, with the subsidiary Jinri Biochemical Pharmaceutical Company recognized as an Anhui Province Environmental Integrity Enterprise[24]. - The company has reduced short-term borrowings to zero, a decrease of 100% from the previous period[84]. - The company reported a financial cost of -¥6,723,248.24, a decrease from -¥13,701,150.70 in the previous year, reflecting improved financial management[104]. Industry Trends - The total sales revenue for the national liquor industry in 2023 reached ¥756.3 billion, representing a year-on-year growth of 9.7%[144]. - The total profit for the liquor industry in 2023 was ¥232.8 billion, reflecting a year-on-year increase of 7.5%[144]. - The company experienced a decline in the total production volume of major liquor enterprises, which was 4,492,000 hectoliters, a decrease of 2.8% year-on-year[144].