AGSW(600199)

Search documents
白酒出清筑底,大众渐次改善
Huachuang Securities· 2025-04-15 09:45
Investment Rating - The report maintains a "Recommendation" rating for the food and beverage industry, particularly highlighting the white wine sector as it is expected to clear and stabilize, with gradual improvements in the mass market [1]. Core Insights - The white wine sector is currently in a clearing and bottoming phase, with expectations for marginal improvement in the second half of the year. The industry has seen risks transition from off-balance sheet channels to on-balance sheet for most listed companies, leading to a slight slowdown in payment and delivery progress in Q1. However, leading companies have largely completed their initial targets for the year [4][9]. - In the mass market, beer shows signs of marginal improvement, with standout performance in the snack category, particularly for konjac products. The dairy sector is expected to rebound in Q2 after a period of adjustment [19][25]. Summary by Sections White Wine Sector - The white wine sector is in a clearing and bottoming phase, with expectations for improvement in the second half of the year. Q1 saw a slowdown in payment and delivery, but leading companies have met their initial targets [4][9]. - High-end brands like Moutai and Wuliangye are expected to see revenue and profit growth of approximately 9% and 10%, and 4% and 3% respectively in Q1 [10][12]. - The mid-range segment is experiencing varied performance, with brands like Fenjiu and Gujing showing growth, while others like Yanghe are facing challenges [10][12]. Mass Market - The beer sector is showing signs of recovery, with leading brands like Qingdao and Yanjing achieving revenue growth of 4% and 6% respectively in Q1 [26][29]. - The snack segment, particularly konjac products, is performing well, with brands like Salted and Wei Long seeing significant growth [19][25]. - The dairy sector is expected to improve as inventory levels stabilize, with companies like Yili and Mengniu showing resilience [25]. Investment Recommendations - The report suggests bottom-fishing in the white wine sector, with a focus on brands like Moutai, Wuliangye, and Fenjiu, while also recommending attention to the mass market for potential turning points in beer and dairy [5][19].
白酒指数PE跌破20倍,金种子酒股价创4年新低
Mei Ri Jing Ji Xin Wen· 2025-04-13 10:03
每经记者 刘明涛 每经编辑 彭水萍 全球贸易冲突加剧导致本周市场出现巨震,白酒指数周跌2.24%,指数市盈率跌破20倍大关,处于历史估值低位。值得关注的是,在诸多白酒企业股价开始 逐步企稳之时,金种子酒本周股价创了4年来新低,年内股价跌幅已达21.65%,股价表现在白酒行业垫底。 指数型基金托底白酒 在"对等关税"冲击市场的背景下,本周白酒指数波动明显加大,虽然指数周跌2.24%,但是个股股价分化严重,呈现龙头公司抗跌,二三线酒企大跌的特 征。 据WIND数据统计,本周有9只酒企股价实现上涨,其中,白酒公司占据5只,舍得酒业、山西汾酒周涨幅则均超1%,跑赢大盘和行业指数。回购利好和增 持利好加持的茅台与五粮液,本周股价表现平稳,基本处于收平状态。 相较一线白酒企业,二三线白酒企业本周股价出现明显回调,酒鬼酒、珍酒李渡以及金种子酒周跌幅均超过5%,大幅跑输白酒指数。其中,金种子酒本周 跌幅高达7.38%,股价于周中创下4年新低的9.77元/股,其年跌幅也超过20%,达到21.65%,为所有白酒公司最差。 在非白酒行业中,会稽山本周涨幅达到4.59%,表现较强,而兰州黄河、百威亚太周跌幅分别达6.51%和6.81 ...
34% 关税下的白酒股:茅台五粮液抗跌,牛栏山酒鬼酒跌停
Sou Hu Cai Jing· 2025-04-07 18:36
按2025年4月7日收盘价涨跌 | 企业名称 | 收盘价 | 涨跌幅 | 年度涨幅 | | --- | --- | --- | --- | | | (元) | (按涨幅排序) | 2025年初至4月7日 | | 山西汾酒 | 216.5 | -0.76% | 19.12% | | 今世象 | 51.31 | -2.30% | 13.44% | | 一得酒业 | 56.84 | -3.37% | -13.79% | | 五粮液 | 126.78 | -3.95% | -7.77% | | #酒屋热 | 73.4 | -4.36% | -9.61% | | 贵州茅台 | 1500 | -4.39% | -1.57% | | 美盛花 | 18.42 | -4.76% | -6.02% | | 沪南老窖 | 125.56 | -5.29% | 1.39% | | 迎驾贡酒 | 51.22 | -5.60% | -5.04% | | 古井贡酒 | 164.1 | -5.94% | -4.76% | | 口子箸 | 33.86 | -7.76% | -13.71% | | 水井坊 | 45.15 | -8.32% | - ...
2025年春季糖酒会白酒专题:即时零售将加速白酒渠道现代化变革
Minsheng Securities· 2025-04-07 10:23
Investment Rating - The report maintains a "Buy" recommendation for key companies in the liquor industry, including Guizhou Moutai, Wuliangye, Luzhou Laojiao, Shanxi Fenjiu, and others [4][5]. Core Insights - The liquor industry is experiencing a transformation driven by instant retail, which is expected to reduce the survival space of traditional distributors and retail stores, leading to increased concentration [1][11]. - Consumer demand has reached a bottom, with structural upgrades being the main supporting logic for recovery, dependent on the activity level of the economy [2][3]. - The report highlights the importance of brand proximity to consumers, with increased investment in consumer-facing marketing, although short-term profit growth may be impacted [2][18]. Summary by Sections Section 1: Industry Trends - The 112th National Sugar and Wine Products Trade Fair showed a decline in traditional trading functions, with a shift towards trend forums and new product showcases [10]. - Instant retail is becoming a crucial channel for brand promotion, with significant growth in the sector, projected to exceed 2 trillion yuan by 2030 [12][15]. - The report notes that the liquor industry is seeing a reduction in supply, with a stable profit growth forecast for 2024, despite a slight decline in production [27][31]. Section 2: Company Strategies - Wuliangye is reforming its marketing system and adjusting its organizational structure to enhance direct sales and control over pricing [38][39]. - Water Well Square is focusing on a dual-brand strategy to cater to different market segments, with plans to launch high-end products priced above 800 yuan [42][43]. - Shede Liquor is implementing an employee stock incentive plan to align interests and drive performance, with ambitious growth targets set for the coming years [47][48]. Section 3: Financial Projections - The report provides financial forecasts for key companies, indicating stable revenue and profit growth for leading brands like Guizhou Moutai and Jinhuijiu, while some mid-tier brands face profitability challenges [36][37].
金种子酒(600199) - 2025年第一次临时股东大会决议公告
2025-02-13 10:15
证券代码:600199 证券简称:金种子酒 公告编号:2025-007 安徽金种子酒业股份有限公司 2025 年第一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。 重要内容提示: 本次会议是否有否决议案:无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 1,866 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数(股) | 190,015,051 | | 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 | 28.8865 | | 份总数的比例(%) | | (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。 本次会议由公司董事会召集,由公司董事长谢金明先生主持,采用现场会议 记名式投票表决方式结合网络投票方式举行。会议的召集、召开及表决方式符合 (一) 股东大会召开的时间:2025 年 2 月 13 日 (二) 股东大会召开的地点:安徽省阜阳市清河东路 523 号金种子研发大楼 9 楼会议室 (三) 出席会议的普通股股东和恢复表 ...
金种子酒(600199) - 2025年第一次临时股东大会法律意见书
2025-02-13 10:15
法律意见书 安徽天禾律师事务所 关于安徽金种子酒业股份有限公司 2025 年第一次临时股东大会 之法律意见书 天律意 2025 第 00246 号 致:安徽金种子酒业股份有限公司 法律意见书 (一)2025年1月13日,公司召开第七届董事会第十三次会议,审议通过了《关 于召开 2025 年第一次临时股东大会的议案》,本次股东大会由公司董事会负责召集。 (二)2025年1月14日,公司发布了公告《关于召开 2025年第一次临时股东大 会的通知》。 根据《中华人民共和国公司法》(下称《公司法》)、《中华人民共和国证券法》(下 称《证券法》、中国证券监督管理委员会(下称"中国证监会")《上市公司股东大会 规则》(下称《股东大会规则》以及《安徽金种子酒业股份有限公司公司章程》(下称 《公司章程》)等有关规定,安徽天禾律师事务所接受安徽金种子酒业股份有限公司 (以下简称"公司")委托,指派李刚律师、毛文斌律师(下称"天禾律师")出席 公司 2025 年第一次临时股东大会(下称"本次股东大会"),对本次股东大会相关事 项进行见证,并出具法律意见。 本法律意见书是天禾律师根据对有关本次股东大会事实的了解及对我国现行法律、 ...
金种子酒(600199) - 2025年第一次临时股东大会会议资料
2025-02-06 11:16
安徽金种子酒业股份有限公司 2025 年第一次临时股东大会 会议资料 2025 年第一次临时股东大会会议资料 2025 年第一次临时股东大会会议资料 安徽金种子酒业股份有限公司 2025年第一次临时股东大会会议议程 现场会议时间:2025年2月13日14:30 2025 年 2 月 13 日 目 录 一、程序文件 | 2025 | 年第一次临时股东大会会议议程 1 | | --- | --- | | 2025 | 年第一次临时股东大会会议须知 3 | | 二、会议议案 | | | | 议案一、关于更换公司监事的议案 5 | 一、大会介绍 主持人:董事长谢金明先生 1、主持人宣布现场会议开始 表决方式:现场投票与网络投票相结合的方式 董事长谢金明先生介绍出席会议的公司董事、监事、高级管理人员、见证律师 等有关人员 2、董事、总经理何秀侠女士向大会报告出席现场会议的股东、股东代表及其 代表的有表决权的股份数额 3、董事、总工程师杨红文先生宣读会议须知 二、会议议案报告 序号 议案名称 报告人 1 关于更换公司监事的议案 陈新华 三、审议、表决 现场会议地点:阜阳市清河东路523号金种子研发大楼9楼会议室 1、与会 ...
金种子酒:公司事件点评报告:费投加大致利润承压,关注后续改革效果
Huaxin Securities· 2025-01-17 05:23
Investment Rating - Maintain "Buy" rating [1][4] Core Views - The company's performance fell short of expectations, with significant pressure on profits [2] - 2024 net profit attributable to parent company is expected to be -291 to -201 million yuan, compared to -22 million yuan in the same period last year [2] - 2024Q4 net profit attributable to parent company is expected to be -191 to -101 million yuan, compared to 13 million yuan in the same period last year [2] - Revenue performance was weak, with increased expense allocation [3] - The company raised prices for its chassis series products in March, leading to a decline in terminal acceptance of products such as Rouhe, resulting in weak product sales [3] - The company increased expense allocation through activities such as the China Power IP, Kaijiao Festival, concerts, and online outdoor investments in key markets [3] - After CR's entry, the company has undergone positive reforms in management, channels, and product systems [4] - Short-term friction in operations is expected, but the long-term development direction is positive [4] - Adjusted EPS for 2024-2026 are -0.04, 0.03, and 0.14 yuan, respectively [4] Financial Forecasts - Revenue and profit forecasts [10] - 2024E revenue: 868 million yuan, a decrease of 41.0% year-on-year [10] - 2025E revenue: 875 million yuan, an increase of 0.8% year-on-year [10] - 2026E revenue: 1,007 million yuan, an increase of 15.1% year-on-year [10] - 2024E net profit attributable to parent company: -262 million yuan [10] - 2025E net profit attributable to parent company: 21 million yuan [10] - 2026E net profit attributable to parent company: 94 million yuan [10] - Key financial indicators [11] - 2024E gross margin: 26.8% [11] - 2025E gross margin: 37.9% [11] - 2026E gross margin: 41.3% [11] - 2024E ROE: -11.4% [11] - 2025E ROE: 0.9% [11] - 2026E ROE: 3.9% [11] Market Performance - Current stock price: 12.01 yuan [6] - Total market capitalization: 7.9 billion yuan [6] - 52-week price range: 10.09-17.9 yuan [6] - Average daily trading volume: 244.2 million yuan [8]
金种子酒(600199) - 2024 Q4 - 年度业绩预告
2025-01-16 09:40
Financial Performance Forecast - The company expects a net profit attributable to shareholders of the parent company for 2024 to be between -291 million and -201 million yuan, with a net profit after deducting non-recurring gains and losses expected to be between -300 million and -210 million yuan [3]. - In the same period last year, the total profit was 3.4463 million yuan, and the net profit attributable to shareholders of the parent company was -22.0696 million yuan, with a net profit after deducting non-recurring gains and losses of -57.6064 million yuan [5]. - The preliminary financial data provided is subject to change and will be finalized in the audited annual report for 2024 [8]. - There are no significant uncertainties affecting the accuracy of this earnings forecast as of the announcement date [7]. - The earnings forecast has not been audited by a registered accountant [4]. - Investors are advised to pay attention to investment risks based on the preliminary nature of the forecast data [8]. Revenue and Sales Performance - The decline in revenue is primarily due to decreased sales of chassis products, with price sensitivity among consumers leading to reduced willingness to purchase [6]. Expenses and Investments - Increased expenses are attributed to significant investments in brand building and promotional activities for the Fuhuo Xiang series products, which included major events and online marketing efforts [6]. - The company established deep cooperation with nearly 10,000 top tobacco shops throughout the year, enhancing core terminal construction [6]. - The company has increased hardware investments to improve distributor capabilities and support for Fuhuo Xiang customers [6].
金种子酒(600199) - 董事会审核通过关于监事会提议召开临时股东大会的公告
2025-01-13 16:00
证券代码:600199 证券简称:金种子酒 公告编号:临 2025-004 安徽金种子酒业股份有限公司 董事会审核通过关于监事会提议召开临时股东大 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法 律责任。 安徽金种子酒业股份有限公司(以下简称"公司")董事会于近日收到 公司监事会发出的《关于提请召开安徽金种子酒业股份有限公司临时股东 大会的函》,具体内容如下: "安徽金种子酒业股份有限公司(以下简称"金种子酒"或"公司") 监事会近日收到公司监事屠华先生的书面辞职报告,根据《中华人民共和 国公司法》、《中华人民共和国证券法》、《上海证券交易所股票上市规则》、 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》及《公司 章程》等有关规定,为了保证公司监事会工作的正常开展,根据控股股东 的推荐意见,现提名雷霆先生为公司第七届监事会非职工监事候选人,任 期自公司股东大会审议通过之日起至第七届监事会届满时止。 鉴于本次监事会审议的事项尚需提交公司股东大会审议,根据相关法 律法规的规定,监事会向董事会提议召开临时股东大会审议 ...