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贵州茅台:2024年三季报点评:业绩韧性延续,全年目标达成可期
国海证券· 2024-10-27 08:12
2024 年 10 月 27 日 公司研究 评级:买入(维持) [Table_Title] 业绩韧性延续,全年目标达成可期 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 ——贵州茅台(600519)2024 年三季报点评 事件: 最近一年走势 2024 年 10 月 25 日,贵州茅台发布 2024 年三季报。2024 年前三季度 公司实现营业总收入 1231.23 亿元,同比+16.91%;归母净利润 608.28 亿元,同比+15.04%;扣非归母净利润 607.79 亿元,同比+15.08%。 投资要点: Q3 稳健增长,业绩韧性延续。公司 2024Q3 实现营业总收入 396.71 亿元,同比+15.56%,归母净利润 191.32 亿元,同比+13.23%,扣 非归母净利润 191.09 亿元,同比+13.28%。在行业普遍面临供需承 压的市场环境下,2024Q3 及前三季度营收增速均超额完成 15%的 年度增长目标,展现出公司作为行业龙头所具备的穿越周期的韧性 ...
贵州茅台:增长韧性延续,年度目标顺利完成可期
华福证券· 2024-10-27 08:10
华福证券 贵州茅台(600519.SH) 增长韧性延续,年度目标顺利完成可期 投资要点: 事件: 贵州茅台发布三季报,24 年前三季度公司实现营收 1207.76 亿元, 同比增长 16.95%;实现归母净利润 608.28 亿元,同比增长 15.04%; 实现扣非净利润 607.79 亿元,同比增长 15.08%。2024 年公司规划了 15%的营收目标,从前三季度的情况来看全年目标有望顺利达成。 单三季度来看,公司实现营业收入 388.45 亿元,同比增长 15.29%; 实现归母净利润 191.32 亿元,同比增长 13.23%;实现扣非净利润 191.09 亿元,同比增长 13.28%。 公司 2024Q3 预收账款(统计口径为合同负债与其他流动负债的总 和)为 111.66 亿元,同比下降 13%。按照"季度营业收入+季度间预 收账款变动"所体现出来的真实营收,公司 2024Q3 真实营收同比增长 约 1.79%。 双轮驱动稳健增长,渠道平衡发展 分产品看,公司茅台酒/系列酒 24Q3 分别实现营收 325.59/62.46 亿元,同比分别增长 16.32%/13.14%,茅台酒增长稳健,茅台 19 ...
贵州茅台:24Q3点评:保持稳健增速业绩符合预期
申万宏源· 2024-10-27 06:44
食品饮料 证 券 研 究 报 告 2024 年 10 月 25 日 贵州茅台 (600519) ——24Q3 点评:保持稳健增速 业绩符合预期 | --- | --- | |-----------------------------|-------------------------------| | 市场数据: | 2024 年 10 月 25 日 | | 收盘价(元) | 1,558.85 | | 一年内最高/最低(元) | 1,910.00/1,245.83 | | 市净率 | 9.0 | | 息率(分红/股价) | 3.21 | | 流通 A 股市值(百万元) | 1,958,224 | | 上证指数/深证成指 | 3,299.70/10,619.85 | | --- | --- | |-------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产(元) | 189.23 | | 资产负债率 % | 13.63 | | 总股本/流通 A 股(百万) ...
贵州茅台:业绩稳定增长,龙头行稳致远
平安证券· 2024-10-27 05:30
公 司 报 告 公 司 季 报 点 评 证 券 研 究 报 告 2024年10月26日 食品饮料 贵州茅台(600519.SH) 业绩稳定增长,龙头行稳致远 推荐 ( 维持) 事项: 股价:1558.85元 | --- | --- | |------------------------|--------------------------------------| | 行业 | 食品饮料 | | 公司网址 | www.moutaichina.com | | 大股东 / 持股 | 中国贵州茅台酒厂 ( 集团 ) 有限责任公 | | | 司 /54.07% | | 实际控制人 | 贵州省人民政府国有资产监督管理委 | | | 员会 | | 总股本 ( 百万股 ) | 1,256 | | 流通 A 股 ( 百万股 ) | 1,256 | | 流通 B/H 股 ( 百万股 ) | | | 总市值 ( 亿元 ) | 19,582 | | 流通 A 股市值 ( 亿元 ) | 19,582 | | 每股净资产 ( 元 ) | 189.23 | | 资产负债率 (%) | 13.6 | | 行情走势图 | | 相关研究报告 ...
贵州茅台:公司事件点评报告:业绩持续稳增长,定海神针作用强
华鑫证券· 2024-10-27 01:30
证 券 研 报 公 司 研 2024 年 10 月 26 日 究 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...
贵州茅台:业绩稳定兑现,彰显龙头定力
财通证券· 2024-10-27 00:23
业绩稳定兑现,彰显龙头定力 贵州茅台(600519) / 白酒Ⅱ / 公司点评 / 2024.10.26 投资评级:买入(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-10-25 | | 收盘价 ( 元 ) | 1,558.85 | | 流通股本 ( 亿股 ) | 12.56 | | 每股净资产 ( 元 ) | 189.23 | | 总股本 ( 亿股 ) | 12.56 | | 最近 12 月市场表现 | | -31% -21% -10% 0% 11% 21% 贵州茅台 沪深300 上证指数 白酒Ⅱ 分析师 吴文德 SAC 证书编号:S0160523090004 wuwd01@ctsec.com 分析师 任金星 SAC 证书编号:S0160524010001 renjx@ctsec.com 相关报告 1. 《高质量双过半,提分红显信心》 2024-08-09 2. 《稳价动作频出,长期价值不改》 2024-06-23 3. 《坚守本质,行稳致远》 2024-05- 31 证券研究报告 ❖ 事件:2024 ...
贵州茅台:2024年三季报点评:Q3营收显韧性 年度目标兑现可期
民生证券· 2024-10-26 15:30
贵州茅台(600519.SZ)2024 年三季报点评 Q3 营收显韧性 年度目标兑现可期 2024 年 10 月 26 日 推荐 维持评级 当前价格: 1,558.85 元 [Table_Author] 分析师:王言海 分析师:孙冉 执业证号:S0100521090002 执业证号:S0100522110004 邮箱:wangyanhai@mszq.com 邮箱:sunran@mszq.com ➢ 事件:公司于 10 月 26 日发布 2024 年三季报,24 年 Q1-3 公司累计实现 营收/归母净利润/扣非后归母净利润 1231.23/608.28/607.79 亿元,同比 +16.91%/+15.04%/+15.08%,全年 15%的营收目标兑现可期。其中单 24Q3 实现营收/归母净利润/扣非后归母净利润 396.71/191.32/191.09 亿元,同比 +15.56%/+13.23%/+13.28%。截至 24Q3 期末合同负债 99.31 亿元,较 23 年 末减少 41.95 亿元,单 Q3 期内环比减少 0.62 亿元。用"单季度营收+Δ合同负 债"核算真实营收,以抵消公司因订单确认、发货 ...
贵州茅台:Q3业绩符合预期,稳字当头韧性强
国金证券· 2024-10-26 13:00
来源:公司年报、国金证券研究所 业绩简评 2024 年 10 月 25 日,公司披露 24 年三季报,期内实现营业总收入 1231.2 亿元,同比+16.9%;归母净利 608.3 亿元,同比+15.0%。 其中,24Q3 实现营业总收入 396.7 亿元,同比+15.6%;归母净利 191.3 亿元,同比+13.2%,业绩符合市场预期。 经营分析 分产品看:1)24Q1-Q3 茅台酒/系列酒分别实现营收 1011.3/193.9 亿元,同比+15.9%/+24.4%。其中,单 Q3 分别实现营收 325.6/62.5 亿元,同比+16.3%/+13.1%。2)预计茅台酒内部结构仍有提升, Q3 飞天茅台仍享受提价红利,叠加非标产品有所增量贡献营收增 长。3)系列酒增速放缓预计受茅台 1935 渠道优化影响。 分渠道看:1)24Q1-Q3 直销/批发代理分别实现营收 519.9/685.3 亿元,同比+12.5%/+21.0%。其中,单 Q3 分别实现营收 182.6/205.4 亿元,同比+23.5%/+9.7%。i 茅台渠道 Q3 不含税收入 45.2 亿元, 同比-18.4%。2)考虑 i 茅台同比下滑 ...
贵州茅台:2024年三季报点评:稳中求进,Q3符合预期
国泰君安· 2024-10-26 05:23
股 票 研 究 证 券 研 究 报 告 ——贵州茅台(600519.SH)2024 年三季报点评 | --- | --- | |---------------------------------|-------| | | | | [table_Authors] 訾猛 ( 分析师 ) | | | | | | 021-38676442 | | | zimeng@gtjas.com | | | 登记编号 S0880513120002 | | | --- | --- | |-------------------------|-------| | | | | 李美仪 ( 分析师 ) | | | 021-38038667 | | | limeiyi026738@gtjas.com | | | S0880524080002 | | 本报告导读: 公司 Q3 业绩符合预期,从投放结构及飞天价盘维护的角度我们预计 Q4 公司仍将 以非标茅台为抓手,灵活调整发货节奏,呵护渠道信心,全年总收入 15%目标无虞。 投资要点: [Table_Summary] 投资建议:维持增持评级。公司 Q3 业绩符合预期,产品结构化发 力,全年总收 ...
贵州茅台(600519) - 2024 Q3 - 季度财报
2024-10-25 10:05
Financial Performance - Revenue for the third quarter reached RMB 38.845 billion, a year-on-year increase of 15.29%[2] - Net profit attributable to shareholders of the listed company was RMB 19.132 billion, up 13.23% compared to the same period last year[2] - Total operating revenue for the first three quarters of 2024 reached 123.12 billion RMB, a 16.9% increase compared to 105.32 billion RMB in the same period of 2023[14] - Net profit attributable to the parent company's shareholders for the first three quarters of 2024 was 60.83 billion RMB, up 15.0% from 52.88 billion RMB in the same period of 2023[15] - Total comprehensive income for the first three quarters of 2024 was 63.03 billion RMB, a 15.0% increase compared to 54.83 billion RMB in the same period of 2023[15] - Sales revenue from goods and services for the first three quarters of 2024 reached RMB 129.69 billion, an increase of 16.6% compared to RMB 111.25 billion in the same period of 2023[17] - Basic earnings per share for the first three quarters of 2024 were RMB 48.42, up 15.0% from RMB 42.09 in the same period of 2023[17] - Total comprehensive income attributable to minority shareholders for the first three quarters of 2024 was RMB 2.20 billion, an increase of 13.0% compared to RMB 1.95 billion in the same period of 2023[17] Assets and Liabilities - Total assets as of the end of the reporting period amounted to RMB 286.771 billion, an increase of 5.16% from the end of the previous year[3] - Total assets increased to 286.77 billion RMB as of September 30, 2024, compared to 272.70 billion RMB at the end of 2023[10][11] - Current assets rose to 238.42 billion RMB from 225.17 billion RMB at the end of 2023, driven by increases in monetary funds and inventory[10] - Inventory grew to 48.22 billion RMB, up from 46.44 billion RMB at the end of 2023[10] - Non-current assets increased to 48.35 billion RMB from 47.53 billion RMB at the end of 2023, with growth in fixed assets and construction in progress[11] - Fixed assets rose to 20.24 billion RMB, up from 19.91 billion RMB at the end of 2023[11] - Construction in progress increased to 2.88 billion RMB from 2.14 billion RMB at the end of 2023[11] - Total liabilities as of the end of Q3 2024 stood at 39.08 billion RMB, a decrease from 49.04 billion RMB at the end of Q3 2023[12] - Total owner's equity reached 247.69 billion RMB at the end of Q3 2024, up from 223.66 billion RMB at the end of Q3 2023[12] - Contract liabilities decreased to 9.93 billion RMB from 14.13 billion RMB at the end of 2023[11] - Accounts payable decreased to 2.65 billion RMB from 3.09 billion RMB at the end of 2023[11] - Employee benefits payable dropped significantly to 446.95 million RMB from 5.40 billion RMB at the end of 2023[11] - Taxes payable decreased to 6.34 billion RMB from 6.95 billion RMB at the end of 2023[11] Cash Flow and Operating Activities - Operating cash flow for the first three quarters was RMB 44.421 billion, a decrease of 11.16% year-on-year[3] - Net cash flow from operating activities for the first three quarters of 2024 was RMB 44.42 billion, a decrease of 11.2% compared to RMB 50.00 billion in the same period of 2023[17] - Total cash inflows from operating activities for the first three quarters of 2024 were RMB 134.64 billion, up 19.6% from RMB 112.51 billion in the same period of 2023[17] - Total cash outflows from operating activities for the first three quarters of 2024 were RMB 90.22 billion, an increase of 44.3% compared to RMB 62.51 billion in the same period of 2023[17] - Net cash flow from investing activities for the first three quarters of 2024 was negative RMB 605.41 million, an improvement from negative RMB 8.32 billion in the same period of 2023[18] - Cash and cash equivalents at the end of the third quarter of 2024 stood at RMB 155.19 billion, a decrease of 2.6% compared to RMB 159.34 billion at the end of the third quarter of 2023[18] - Cash dividends and profit distributions paid in the first three quarters of 2024 amounted to RMB 38.94 billion, up 12.4% from RMB 34.66 billion in the same period of 2023[18] - Cash received from interest and commissions for the first three quarters of 2024 was RMB 2.18 billion, a decrease of 6.5% compared to RMB 2.33 billion in the same period of 2023[17] Equity and Shareholder Information - Equity attributable to shareholders of the listed company increased by 10.22% to RMB 237.709 billion[3] - Basic earnings per share for the quarter were RMB 15.23, up 13.23% year-on-year[3] - Weighted average return on equity increased by 0.32 percentage points to 8.39%[3] Dealer and Market Information - Domestic dealer count increased by 43 to 2,122, with all new dealers being series liquor dealers[6] - International dealer count remained unchanged at 106[6] Expenses and Income - R&D expenses for the first three quarters of 2024 were 140.40 million RMB, a 38.8% increase compared to 101.13 million RMB in the same period of 2023[14] - Sales expenses for the first three quarters of 2024 were 4.24 billion RMB, a 38.3% increase compared to 3.06 billion RMB in the same period of 2023[14] - Interest income for the first three quarters of 2024 was 2.35 billion RMB, a 14.6% increase compared to 2.05 billion RMB in the same period of 2023[14] - Other comprehensive income for the first three quarters of 2024 was -305,452.86 RMB, compared to 1,707,739.52 RMB in the same period of 2023[15] Main Business Income - Main business income from Maotai liquor reached RMB 101.126 billion, accounting for the majority of total revenue[5]