贵州茅台（600519.SH） 买入 2023 年营收增长 18%，2024 年经营目标积极 2023 年业绩超出此前预告，费用端规模效应凸显。2023 年茅台酒实现营收 1265.9 亿元，同比+17.4%，主要系公司增加非标酒、企业团购及线上渠道等 投放。其中，预计茅台酒 i 茅台渠道贡献增量约 30 亿，巽风平台贡献约 18 亿。茅台酒销量/吨价同比+11.1%/+5.7%，预计生肖茅台、24 节气酒、精品 茅台等增量贡献。2023 年系列酒实现营收 206.3 亿元，同比+29.4%，预计系 1935 实现百亿贡献较大增量。从渠道结构看，公司持续发力线上 i 茅台、巽 风平台等，2023 年直销比例提升至 45.7%，i 茅台平台实现营收 223.7 亿， 同比+88%，巽风平台实现营收 18.3 亿元。从毛利率看，2023 年整体毛利率 同比+0.1pct，茅台酒/系列酒毛利率同比-0.1pct/+2.5pcts，预计系列酒增 速较高、吨成本略有上升所致。费用端看，2023 年销售费用率/管理费用率 同比+0.5pct/-0.6pct，预计系公司增加消费者培育、费用端规模效应所致。 从净利率看，20 ...

➢ 风险因素：宏观经济不确定性风险；技改建设项目进度不及预期风险 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------|---------|---------|---------|----------------|------------------|-----------------------|---------|---------|---------|----------------|----------------| | [ 资产负债表 Table_Finance] \n会计年度 | \n2022A | 2023A | 2024E | 单位 : \n2025E | 百万元 \n2026E | 利润表 \n 会计年度 | 2022A | 2023A | 2024E | 单位 : \n2025E | 百万元 \n2026E | | 流动资产 | 216,611 | 225,173 | 255,482 | 291,278 | 3 ...

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贵州茅台（ [Table_StockNameRptType] 600519） 公司研究/公司点评 增长势能足冲刺十四五 | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[Table_RightTitle] [Table_Title] 业绩稳增长，产品矩阵构建&渠道优化成果 显效 [Table_Summary] 报告关键要素: 投资要点: 分产品：产品矩阵全面构建，系列酒增长尤为亮眼。2023 年茅台酒收 入为1265.89亿元，YoY+17.39%，系列酒收入为206.3亿元，YoY+29.43%。 2023Q4 公司茅台酒收入和系列酒收入分别为 393.19 亿元和 50.36 亿 元，同比增速分别为+17.60%和+48.16%，均保持较高增长，系列酒表现 尤为亮眼。从量价来看，2023 年茅台酒销量同比+11.10%，吨价同比 +5.66%，系列酒销量同比+2.94%，吨价同比+25.74%，茅台酒量价齐升， 系列酒主要靠价格提升驱动营收增长。系列酒中的茅台 1935 上市仅两 年，已成为千元产品价格带的茅台明星产品，2023 年成功晋级营收百 亿级大单品。公司产品矩阵全面构建，已形成了千（贵州茅台）、百（茅 台 1935）、十亿（茅台王子酒、汉酱、贵州大曲、赖茅）级大单品格局。 | --- | --- | --- | --- | --- | |----------- ...

]yrtsudnI_elbaT[ 2023.10.25 《二次特别分红，彰显龙头信心》 2024 年 04 月 03 日 经营情况稳定，盈利能力略有提升。2023 年毛利率为 91.96%（同比 +0.09pcts），Q4 毛利率为 92.56%（同比+0.71pcts），略有提升。费 率方面，2023 年销售/管理/研发费率分别为 3.15%/6.59%/0.11%,分 别同比+0.49/-0.67/-0.00pcts。其中 Q4 销售/管理/研发/财务费率 分别为 3.57%/8.99%/0.13%/,分别同比+1.16/-0.33/0.08pcts。2023 年净利率为 50.60%，同比+0.06pcts。 [Table_Rank] 增持（维持） [Table_yemei] 贵州茅台（600519）2023 年报点评 | --- | --- | --- | --- | --- | |------------------------------------|---------|-------------------------|---------|---------| | [Table_FinanceI ...

www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 请务必阅读正文最后的中国银河证券股份有限公司免责声明。 2 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------|-----------|-----------|-----------|-----------|------------------|-----------|-----------|-----------|-----------| | [资Ta产bl 负e_债 Mo表ne（y] 百万元） | 2023A | 2024E | 2025E | 2026E | 利润表（百万元） | 2023A | 2024E | 2025E | 2026E | | 流动资产 | 225172.52 | 246052.27 | 268202.57 | 292696.42 | 营业收入 | 150560.33 | 174087.27 | 200957.59 | 22 ...

Dividend Distribution - The company plans to distribute a cash dividend of 308.76 yuan per 10 shares (tax included), totaling 38.79 billion yuan (tax included) based on the total share capital of 12.56 billion shares as of December 31, 2023[10] - The cash dividend distribution plan is subject to approval at the company's shareholders' meeting[10] - The company distributed a total cash dividend of 56.55 billion yuan, accounting for 75.67% of the 2023 net profit, an increase of approximately 1.8 billion yuan compared to the previous year[199] Earnings and Profitability - Basic earnings per share (EPS) for 2023 increased by 19.16% to 59.49 yuan compared to 49.93 yuan in 2022[20] - Diluted EPS for 2023 also rose by 19.16% to 59.49 yuan from 49.93 yuan in 2022[20] - Weighted average return on equity (ROE) for 2023 improved by 3.93 percentage points to 34.19% compared to 30.26% in 2022[20] - Net profit attributable to shareholders in 2023 was RMB 74.73 billion, up 19.16% year-over-year[32] - Net profit attributable to the parent company's shareholders in 2023 was 74.73 billion yuan, up from 62.72 billion yuan in 2022[79] - Net profit for 2023 was 64,786,396,951.58 RMB, a 12.2% decrease from 73,803,081,142.00 RMB in 2022[81] - Comprehensive income for 2023 totaled 77.53 billion yuan, up from 65.38 billion yuan in 2022[79] - The company achieved a total operating revenue of 1,505.60 billion yuan, a year-on-year increase of 18.04%, with a net profit attributable to shareholders of 747.34 billion yuan, up 19.16% year-on-year[199] Revenue and Sales - Revenue for 2023 reached RMB 147.69 billion, a 19.01% increase compared to 2022[32] - Q4 2023 revenue was RMB 44.43 billion, the highest among all quarters[34] - Total operating revenue for 2023 reached 150.56 billion yuan, a significant increase from 127.55 billion yuan in 2022[76] - Revenue for 2023 reached 81,415,570,788.59 RMB, a 14.2% increase from 71,301,796,876.93 RMB in 2022[81] - Sales revenue from goods and services in 2023 reached RMB 94.75 billion, compared to RMB 60.63 billion in 2022[168] - The revenue from Maotai liquor reached 126.59 billion yuan, accounting for 94.12% of the total revenue, with a slight decrease in gross margin by 0.07% year-on-year[189] - Other series liquor revenue increased by 29.43% year-on-year to 20.63 billion yuan, with a gross margin improvement of 2.54%[189] - Domestic revenue grew by 19.52% to 142.87 billion yuan, while international revenue increased by 2.61% to 4.35 billion yuan[189] - Direct sales revenue surged by 36.16% to 67.23 billion yuan, with a gross margin of 95.46%, despite a slight decrease of 0.74% year-on-year[189] Cash Flow and Liquidity - Operating cash flow surged by 81.46% to RMB 66.59 billion in 2023[32] - Q2 2023 operating cash flow was the highest at RMB 25.14 billion[34] - Cash flow from operating activities in 2023 was 168,256,168,955.95 RMB, a 22.1% increase from 137,815,874,923.81 RMB in 2022[84] - Net cash flow from operating activities increased to 66,593,247,721.09, up from 36,698,595,830.03 in the previous period[109] - Cash outflow for investment activities was 17,444,630,555.89, with a net cash flow of -9,724,414,015.16[109] - Cash outflow for financing activities was 58,889,101,991.94, with a net cash flow of -58,889,101,991.94[109] - Cash and cash equivalents as of December 31, 2023, were 69,070,136,376.12 RMB, an 18.5% increase from 58,274,318,733.23 RMB in 2022[89] - Cash and cash equivalents at the end of the period were 150,360,188,952.47, down from 152,378,738,982.83 at the beginning of the period[109] - The company's operating cash flow surged by 81.46% to 66.59 billion yuan, driven by increased sales and improved operational efficiency[200] Assets and Liabilities - Total assets grew by 7.15% to RMB 272.70 billion at the end of 2023[32] - Total assets increased to 171.58 billion yuan in 2023, compared to 161.88 billion yuan in 2022[74] - Total assets increased to 272.7 billion RMB from 254.5 billion RMB, reflecting a growth of 7.1%[93][98] - Inventory rose to 46.4 billion RMB from 38.8 billion RMB, marking a 19.6% increase[93] - Accounts receivable surged to 60.4 million RMB from 20.9 million RMB, a significant 188.5% rise[93] - Fixed assets remained stable at 19.9 billion RMB, showing minimal change[93] - Total liabilities slightly decreased to 49.04 billion RMB from 49.56 billion RMB, a 1.05% reduction[95][98] - Shareholders' equity grew to 223.66 billion RMB from 204.94 billion RMB, an increase of 9.1%[98] - Contract liabilities decreased to 14.13 billion RMB from 15.47 billion RMB, a 8.7% drop[95] - Employee benefits payable increased to 5.4 billion RMB from 4.78 billion RMB, up 12.9%[95] - Deferred tax assets rose to 4.65 billion RMB from 3.59 billion RMB, a 29.4% increase[93] - Retained earnings increased to 172.98 billion RMB from 161.28 billion RMB, a 7.3% growth[95] - The company's total assets at the end of 2023 were RMB 215.67 billion, reflecting growth from the previous year[173] - The company's total assets at the end of 2023 were RMB 148.693 billion, reflecting strong financial performance[176] Research and Development - Research and development expenses rose to 157.37 million yuan in 2023, up from 135.19 million yuan in 2022[76] - R&D expenses for 2023 were 157,371,873.01 RMB, a 16.4% increase from 135,185,680.40 RMB in 2022[81] - Research and development expenses increased by 16.41% to 157.37 million yuan, reflecting continued investment in innovation[200] Subsidiaries and Related Transactions - Guizhou Moutai Logistics Co., Ltd. received transportation services worth RMB 216,497,975.59, accounting for 64.45% of total transactions[45] - Zhuhai Longshi Cap Co., Ltd. purchased goods worth RMB 353,391,541.98, representing 10.52% of total transactions[45] - Renhuai Shenren Packaging Co., Ltd. purchased goods worth RMB 259,369,377.21, accounting for 7.72% of total transactions[45] - Guizhou Moutai Circular Economy Industrial Investment Co., Ltd. purchased goods worth RMB 141,561,000.00, representing 100% of total transactions[45] - Guizhou Moutai Logistics Park Grain Storage Co., Ltd. purchased goods worth RMB 125,734,378.80, accounting for 2.52% of total transactions[45] - Guizhou Fuming Packaging Co., Ltd. purchased goods worth RMB 79,633,744.86, representing 2.37% of total transactions[45] - Guizhou Xinyi Glass Co., Ltd. purchased goods worth RMB 74,837,333.43, accounting for 2.23% of total transactions[45] - Guizhou Moutai Hongyingzi Agricultural Technology Co., Ltd. purchased goods worth RMB 50,223,736.00, representing 1.01% of total transactions[45] - Guizhou Moutai Hospital purchased goods worth RMB 29,504,681.72, accounting for 98.14% of total transactions[45] - Guizhou Moutai Health Wine Co., Ltd. received labor services worth RMB 284,953,843.63, representing 21.11% of total transactions[45] - The company's subsidiary, Guizhou Moutai Group Finance Co., Ltd., purchased bonds issued by Guizhou Bank for a total price of 50,000.00 million yuan, with interest income of 1,622.67 million yuan recognized in the current period[48] - The company's subsidiary, Guizhou Moutai Wine Sales Co., Ltd., entrusted Guizhou Bank to collect and pay third-party payment channel transaction fees for the "i Moutai" digital marketing platform, amounting to 7,337.47 million yuan[48] - The company provided credit loans totaling 2.15 billion yuan to its subsidiaries, including 2 billion yuan to Guizhou Maotai Distillery (Group) Health Wine Co., Ltd[63] Investments and Financial Activities - The company's year-end deposit balance at Guizhou Bank is 2,409,693.12 million yuan, with interest income of 65,342.99 million yuan and matured large deposit investment income of 407.87 million yuan[48] - The company holds a 12% stake in Guizhou Bank Co., Ltd., among other strategic investments[87] - Investment income for 2023 was 35,364,314,663.45 RMB, a 25.8% decrease from 47,660,330,707.35 RMB in 2022[81] - Cash received from investments was 7,549,947,301.15[109] - Cash paid for dividends, profits, and interest was 58,754,786,730.01, up from 57,370,196,191.46[109] Employee and Tax Payments - Payments for employee benefits and wages increased to 13,845,293,907.26, up from 11,752,241,598.62[109] - Payments for taxes and fees increased to 66,683,472,509.22, up from 62,043,324,506.36[109] - Cash paid for employee benefits in 2023 was RMB 13.03 billion, compared to RMB 11.02 billion in 2022[168] - Cash paid for taxes in 2023 amounted to RMB 39.64 billion, slightly higher than RMB 37.87 billion in 2022[168] Brand Value and Market Position - The company's brand value reached 501 billion USD, ranking 24th in the Brand Finance 2024 Global 500, and 884.27 billion USD in the BrandZ 2023 China Top 100[199] Accounting and Financial Adjustments - The company's financial data for 2023 has been retrospectively adjusted due to changes in accounting policies related to deferred tax assets and liabilities[19] - The company's accounting policy changes resulted in a negative adjustment of RMB 30.175 million to owner's equity in 2023[178] Share Capital and Equity - The company's total share capital as of December 31, 2023, was 12.56 billion shares[10] - Total equity attributable to shareholders increased to 156.90 billion yuan in 2023, up from 148.67 billion yuan in 2022[74] - Shareholders' equity increased by 9.21% to RMB 215.67 billion at the end of 2023[32] - Total owner's equity at the end of 2023 was RMB 223.66 billion, up from RMB 196.96 billion at the end of 2022[162] - The company's total equity attributable to the parent company reached 197,506,672,396.00, with minority interests at 7,458,015,858.08[143] - The company's total equity at the end of the period is RMB 156,902,857,627.73[153] - The company was established on November 20, 1999, with an initial registered capital of RMB 185 million[157] - The company's total share capital increased from 25 million shares to 27.5 million shares after a capital reserve transfer in 2001[157] - In 2002, the company distributed a cash dividend of RMB 2 per 10 shares and issued a 1-for-10 stock dividend, increasing total share capital to 30.25 million shares[157] - The company's total share capital increased to 39.325 million shares after a 3-for-10 capital reserve transfer in 2003[157] - In 2004, the company distributed a cash dividend of RMB 5 per 10 shares and conducted a 2-for-10 capital reserve transfer, increasing total share capital to 47.19 million shares[157] - The company's total share capital doubled to 94.38 million shares after a 10-for-10 capital reserve transfer in 2006[157] - In 2010, the company distributed a cash dividend of RMB 23 per 10 shares and issued a 1-for-10 stock dividend, increasing total share capital to 103.818 million shares[157] - The company's total share capital increased to 114.1998 million shares after a 1-for-10 stock dividend and cash dividend of RMB 43.74 per 10 shares in 2013[157] - In 2014, the company distributed a cash dividend of RMB 43.74 per 10 shares and issued a 1-for-10 stock dividend, increasing total share capital to 125.61978 million shares[157] Non-Recurring Items - Non-recurring losses in 2023 totaled RMB 18.49 million, a significant reduction from RMB 75.43 million in 2022[38] - Government subsidies contributed RMB 17.14 million to non-recurring gains in 2023[38] Miscellaneous - The company's registered and office address is in Maotai Town, Renhuai City, Guizhou Province[14] - The company's website is http://www.moutaichina.com/[14] - The company's stock is listed on the Shanghai Stock Exchange with the ticker symbol 600519[30] - The company's financial expenses showed a significant decrease, with a net financial income of 1.79 billion yuan in 2023[76] - The company's total transaction amount for the year was 7,627,720,559.42 yuan[46] - The company's total rental fees for the year amounted to 42,906,029.72 yuan, with a cash payment of 31.81%[46] - The company's total sales revenue for the year was 5,384,603,095.58 yuan, with a cash payment of 3.66%[46] - The company's total labor fees for the year amounted to 432,178.18 yuan, with a cash payment of 45.62%[46] - The company's total asset transfer fees for the year were 13,925,889.91 yuan, with a cash payment of 100.00%[46] - The company's total utility fees for the year were 43,442.45 yuan, with a cash payment of 0.05%[46] - The company's total comprehensive income for 2023 was RMB 73.803 billion, a significant increase from the previous year[178] - The company's undistributed profit at the end of 2023 was RMB 113.516 billion, up from RMB 101.845 billion at the beginning of the year[176][178] - The company's total owner's equity increased by RMB 19.052 billion in 2023, reaching RMB 148.667 billion at year-end[176][178] - The company's capital reserve remained stable at RMB 1.374 billion throughout 2023[176][178] - The company's surplus reserve grew by RMB 7.38 billion in 2023, reaching RMB 32.520 billion[176][178] - The company's profit distribution to owners (or shareholders) in 2023 amounted to RMB 54.751 billion[178]

证 券 研 究 报 告 | --- | --- | --- | |-----------------------------------------|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 买入 （维持） | | 2023 年再创佳绩，彰显龙头韧性 \n贵州茅台（ 600519）2023 年年报点评 | | 2024 年 4 月 3 | 日 | 投资要点： | | 分析师：魏红梅 | | 事件：公司发布 2023 年度报告。 | | SAC 执业证书编号： | | 点评： | | S0340513040002 电话： 0769-22119462 | | ◼ 公司 2023 年再创佳绩。 2023 年公司实现营业总收入 1 ...

贵州茅台（600519）2023 年报点评 强推（维持） 事项： 23 年报超出前期预告。公司发布 2023 年年报，23 年实现总营收 1505.6 亿元， 同增 18.0%，归母净利润 747.3 亿元，同增 19.2%，测算单 Q4 实现总营收 452.4 亿元，同增 19.8%，归母净利润 218.6 亿元，同增 19.3%，Q4 销售回款 524.5 亿元，同增 17.4%。公司拟 10 股派 308.76 元，年报分红率维持 51.9%。 评论： 23 年销量增速达两位数，i 茅台驱动直营占比继续快速提升。全年营收/利润 增速分别同增 18.0%/19.2%，明显超出前期业绩预告。具体分产品看，茅台酒 收入增速 17.4%，其中茅台酒销量达 4.21 万吨，同比增长 11%，受益非标产 品放量加快及 11 月起飞天提价部分贡献，吨价提升 6%。系列酒 23 年收入突 破 200 亿元，同比高增 29.4%，测算量价分别贡献 3%/26%，Q4 同比高增 48.2%， 系茅台 1935 放量冲刺百亿目标贡献。分渠道看，23 年直营 i 茅台及线下直营 占比提升 14.5pcts 至 45.7%，二者 ...