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2024年一季报点评:2024Q1业绩稳健增长,产品渠道均衡发展
东莞证券· 2024-04-29 03:00
公 司 点 评 2024 年 4 月 29 日 点评: | --- | --- | |--------------------------------------------|----------| | 2024 年 4 月 26 日 \n收盘价(元 ) | 1709.43 | | 总市值(亿元) | 21473.82 | | 总股本(亿股 ) | 12.56 | | 流通股本(亿股 ) | 12.56 | | ROE (TTM) | 32.54% | | 12 月最高价(元 ) | 1897.00 | | 12 月最低价(元 ) | 1555.55 | 资料来源:同花顺,东莞证券研究所 买入(维持) 2024Q1 业绩稳健增长,产品渠道均衡发展 贵州茅台(600519)2024 年一季报点评 ◼ 公司2024Q1业绩稳健增长。公司作为高端白酒龙头,品牌影响力强、市 场认可度高,今年一季度业绩实现稳健增长。2024Q1,公司实现营业总 收入464.85亿元,同比增长18.04%;实现归母净利润240.65亿元,同比 增长15.73%。公司规划2024年实现营业总收入同比增长15%左右,一季度 稳健增长的业绩为 ...
营收开门红,销售投入谋长远
广发证券· 2024-04-29 02:33
[Table_Contacts] 证券研究报告 营收开门红,销售投入谋长远 事件:公司发布 2024 年一季报。公司 24Q1 实现营业总收入 464.8 亿 元,同比+18.0%;归母净利润 240.7 亿元,同比+15.7%。其中规母净 利润增速慢于营收主要系税金和附加费用(24Q1 同比+31.8%)和销 售费用同比提升(24Q1 同比+50.8%)。 茅台和系列酒双发力,批发渠道势能提升。分产品来看,24Q1 公司茅 台 酒 / 系 列 酒 分 别 实 现 收 入 397.1/59.4 亿 元 , 分 别 同 比 +17.7%/+18.4%。分渠道来看,2023 年公司批发代理和直销渠道分别 实现收入 263.2/193.2 亿元,分别同比+25.8%/+8.5%。 毛利率保持稳定,税金和销售费用提升。从毛利率来看,公司 24Q1 实 | --- | --- | --- | --- | --- | --- | |----------------------------------------------|--------|--------|--------|--------|--------| | [ ...
贵州茅台:增长符合预期,各渠道均衡发展
中泰证券· 2024-04-29 02:30
贵州茅台(600519.SH)/食品饮 料证券研究报告/公司点评 2024 年 4 月 28 日 [Table_Industry] | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------|-----------------|-----------------|-----------------|-----------------------|-------------------------|-----------|-----------|-----------|---------------------| | 图表 1 : 盈利预测表 \n资产负债表 \n会计年度 | 2023 | 2024E | 2025E | 单位:百万元 \n2026E | 利润表 \n会计年度 | 2023 | 2024E | 2025E | 单位:百万元 \n2026E | | 货币资金 | 69,070 | 83,850 | 100,922 | 121,69 ...
贵州茅台2024一季报点评:韧性充足,Q1稳健增长
国元证券· 2024-04-29 02:30
[Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 [Table_Invest]买入|维持 贵州茅台(600519)公司点评报告 2024 年 04 月 28 日 [Table_Title] 韧性充足,Q1 稳健增长 ——贵州茅台 2024 一季报点评 [Table_Summary] 事件 公司公告 2024 一季报。24Q1,公司实现总营收 464.85 亿元,同比+18.04%, 归母净利 240.65 亿元,同比+15.73%,扣非归母净利 240.51 亿元,同比 +15.75%。 Q1 批发渠道提速,茅台酒、系列酒均稳健增长 1)茅台酒、系列酒收入均实现双位数增长。24Q1,公司茅台酒/系列酒分 别实现收入 397.07/59.36 亿元,同比分别+17.75%/+18.39%,茅台酒收入 占主营业务收入的 86.99%,同比-0.06pct。 2)批发渠道收入较快增长,直销渠道表现稳健。24Q1,公司直销/批发渠 道分别实现收入 193.19/263.24 亿元,同比分别+8.49%/+25.78%,直销收 入占主营业务收入的 42.33%,同比-3.64pct。24Q1 ...
2024年一季报点评:24Q1收入超预期,顺利实现开门红
西南证券· 2024-04-29 02:00
[Table_StockInfo] 2024 年 04 月 26 日 证券研究报告•2024 年一季报点评 买入 (维持) 当前价:1709.43 元 贵州茅台(600519)食品饮料 目标价:——元(6 个月) [Table_Summary 事件:公司发布] 2024年一季报,24Q1实现收入 457.8亿元,同比+18.1%,归 母净利润 240.7亿元,同比+15.7%;24Q1 收入端略超市场预期。 24Q1 收入超预期,顺利实现开门红。1、公司积极备战春节动销旺季,茅台酒 和系列酒均 15%以上的较快增长,各大单品在酒业弱周期下皆保持良性增长态 势,彰显出公司强大的品牌力和增长韧性。2、分产品,24Q1 茅台酒实现收入 397.1 亿元,同比+17.7%,其中普飞投放量加大带动销量增加,23Q4普飞直接 提价带动整体吨价提升;24Q1 系列酒实现收入 59.4 亿元,同比增长 18.4%, 系列酒产品力突出,渠道利润丰厚,竞争优势持续强化。3、分渠道,24Q1 批 发渠道实现收入 263.2亿元,同比+25.8%,预计主要系传统经销渠道茅台酒投 放量加大贡献;直销渠道实现收入亿元 193.2亿元,同 ...
2024Q1季报点评:销售稳定兑现,着眼长期价值
东吴证券· 2024-04-29 01:32
Investment Rating - Buy (Maintained) [1] Core Views - The company reported stable sales in Q1 2024, with revenue and net profit attributable to shareholders reaching 457.8 billion yuan and 240.65 billion yuan, respectively, representing year-on-year growth of 18.1% and 15.7% [2] - The company's revenue growth momentum remained strong, with fine-tuned channel structure adjustments [2] - The company's long-term value proposition remains intact, supported by its strong brand premium and multi-dimensional consumption scenarios [3] Financial Performance - Revenue for 2024Q1 was 457.8 billion yuan, up 18.1% year-on-year, while net profit attributable to shareholders was 240.65 billion yuan, up 15.7% year-on-year [2] - Revenue from Moutai liquor increased by 17.7% year-on-year in Q1 2024, while revenue from series liquor grew by 18.4% [2] - Direct sales channels, including iMoutai, saw revenue growth of 9.0% and 8.3%, respectively, reflecting the company's efforts to stabilize product pricing [2] - The company's net profit margin in Q1 2024 was 54.4%, down 1.2 percentage points year-on-year, mainly due to increased operating taxes and sales expenses [5] Product and Channel Analysis - Moutai liquor revenue grew by 17.7% year-on-year in Q1 2024, with a slowdown in the growth rate of non-standard product releases [2] - Series liquor revenue increased by 18.4% year-on-year, driven by the new Hanjiang product and controlled growth of the 1935 product [2] - Direct sales channels, including iMoutai, contributed to revenue growth, with the company adjusting channel releases to stabilize pricing [2] Financial Forecasts - Revenue is expected to grow to 1,738.82 billion yuan in 2024, 1,996.26 billion yuan in 2025, and 2,275.85 billion yuan in 2026, with year-on-year growth rates of 15.49%, 14.81%, and 14.01%, respectively [1] - Net profit attributable to shareholders is forecasted to reach 871.96 billion yuan in 2024, 1,004.27 billion yuan in 2025, and 1,155.00 billion yuan in 2026, with year-on-year growth rates of 16.68%, 15.17%, and 15.01%, respectively [1] - EPS is projected to be 69.41 yuan in 2024, 79.95 yuan in 2025, and 91.94 yuan in 2026 [1] Valuation Metrics - The current P/E ratio is 34.24x for 2022, 28.73x for 2023, 24.63x for 2024, 21.38x for 2025, and 18.59x for 2026 [1] - The P/B ratio is 8.96x, with a market capitalization of 2,147,382.21 million yuan [9] Strategic Outlook - The company has a rich toolbox for sales regulation, with a focus on maintaining the price of its core product, Feitian Moutai [3] - Long-term growth is supported by the company's strong brand premium and multi-dimensional consumption scenarios, with potential for better demand and supply optimization [3] - The company's production expansion is expected to provide more flexibility in adjusting volume and pricing in the medium term [6]
2024年一季报点评:收入增长亮眼,一季度实现开门红
国海证券· 2024-04-28 15:30
日均成交额(百万) 5,290.25 2024 年 04 月 28 日 公司研究 评级:买入(维持) 研究所: 证券分析师: 刘洁铭 S0350521110006 liujm@ghzq.com.cn 证券分析师: 秦一方 S0350523120001 qinyf@ghzq.com.cn 联系人 : 景皓 S0350124030009 jingh@ghzq.com.cn [Table_Title] 收入增长亮眼,一季度实现开门红 ——贵州茅台(600519)2024 年一季报点评 事件: 最近一年走势 2024 年 4 月 26 日,贵州茅台发布 2024 年一季报。2024Q1 公司实现营 业总收入 464.85 亿元,同比+18.04%;实现归母净利润 240.65 亿元, 同比+15.73%。 投资要点: 超越年度增速目标,一季度实现开门红。2024Q1 公司营业总收入同 比+18.04%,超过年报中披露的全年 15%的目标。现金流表现更加 亮眼,销售商品收到的现金同比+29.34%,经营性净现金流同比 +75.17%,充沛的现金流为全年的业绩增长打下坚实的基础,体现 公司经营的韧性。利润端,我们预计由于 ...
2024年一季报点评:开足马力,优质开局
华创证券· 2024-04-28 08:02
证 券 研 究 报 告 开足马力,优质开局 目标价:2600 元 公司发布 2024 年一季报,24Q1 公司实现总营收 464.8 亿元,同增 18.1%,归 母净利润 240.7 亿元,同增 15.7%。销售回款 462.6 亿元,同增 29.3%,经营 性现金流净额 91.9 亿元,同增 75.2%,Q1 末合同负债 95.2 亿元,环比下降 46.0 亿元。 评论: Q1 营收保持稳健,批发渠道增速亮眼。公司 Q1 收入同增 18.1%,表现不俗。 分产品看,茅台酒同增 17.7%,主要系春节旺季催化叠加发货进度加快所致。 系列酒营收 59.4 亿元,同增 18.4%,增速环比收窄,考虑系茅台 1935 主动控 货梳理渠道以保持良性经营所致。分渠道看,批发渠道/直销渠道营收同增 25.8%/8.5%,直销占比 42.2%,较 23 年下降 3.4pcts,考虑系传统经销商发货 进度加快,叠加 i 茅台增速放缓(同增仅 9.0%)所致。分地区看,国内/国外 营收分别同增 17.7%/23.6%,国际化战略布局快速推进。 现金流表现优异,盈利受税负影响短期承压。Q1 毛利率 92.6%,同比持平, 营业税 ...
开门红业绩稳健,短期利润率波动不改盈利向好趋势
华福证券· 2024-04-28 06:30
华福证券 贵州茅台(600519.SH) 开门红业绩稳健,短期利润率波动不改盈利向好 趋势 事件: 分产品看,公司茅台酒/系列酒 24Q1 分别实现营收 397.07/59.36 亿元,同比分别增长 17.75%/18.39%,去年 Q1 茅台酒/系列酒同比分别 增长 16.8%/46.3%,基数较高,今年茅台酒与系列酒增长相对均衡。 分渠道看,直销/经销渠道分别实现营收 193.19/263.24 亿元,同比 分别增长 8.49%/25.78%。其中,公司在"i 茅台"平台实现营收 53.43 亿元,同比增长 8.96%,占营业收入的比重为 11.67%。自推进渠道改 革以来,公司直销渠道占比持续提升,24Q1 经销渠道提速,直销渠道 占比同比下滑 3.6pct 至 42.3%,利润更高的直销渠道占比下降预计对 毛利率产生一定压力。 分地区看,公司国内/国外分别实现营收 448.30/8.13 亿元,同比分 别增长 17.73%/23.56%,截至 24Q1 经销商数量分别为 2097/106 个。 费用端管控较好,净利率微降。 团队成员 分析师: 刘畅(S0210523050001) lc30103@hf ...
2024年一季报点评:业绩符合预期,现金流表现亮眼
光大证券· 2024-04-28 06:02
Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a total revenue growth of 18.04% year-on-year in Q1 2024, slightly exceeding market expectations, with a net profit growth of 15.73% [20] - The company has set a firm annual revenue growth target of 15%, despite short-term price fluctuations of its products [4] - The company’s cash flow performance is strong, with a significant increase in sales cash receipts by 29.34% year-on-year, reaching 462.57 billion yuan [3] Summary by Relevant Sections Financial Performance - In Q1 2024, the company reported total revenue of 464.85 billion yuan, a year-on-year increase of 18.04%, and a net profit attributable to shareholders of 240.65 billion yuan, up 15.73% [20] - The gross profit margin for Q1 2024 was 92.61%, remaining stable year-on-year, while the sales net profit margin was 53.46%, down 1.18 percentage points year-on-year [3] - The company’s operating cash flow net amount reached 91.87 billion yuan, a year-on-year increase of 75.16% [3] Revenue Breakdown - Revenue from Moutai liquor and series liquor in Q1 2024 was 397.07 billion yuan and 59.36 billion yuan, respectively, with year-on-year growth of 17.75% and 18.39% [16] - Direct sales and wholesale channel revenues were 193.19 billion yuan and 263.24 billion yuan, showing year-on-year growth of 8.49% and 25.78% [16] Profit Forecast and Valuation - The report maintains profit forecasts for 2024-2026 at 885.43 billion yuan, 1014.56 billion yuan, and 1153.68 billion yuan, respectively, with corresponding EPS of 70.49 yuan, 80.76 yuan, and 91.84 yuan [4] - The current stock price corresponds to P/E ratios of 24, 21, and 19 for the years 2024, 2025, and 2026, respectively [4]