证券代码：600559 证券简称：老白干酒 公告编号：2025-001 河北衡水老白干酒业股份有限公司董事、高级管理 人员减持股份计划公告 本公司董事会、全体董事及相关股东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： 董事、高级管理人员持股的基本情况：截止本公告日，河北衡水老白干 酒业股份有限公司（以下简称"公司"）副董事长张煜行先生持有公司股份 27 万 股，占公司总股本的 0.0295%；副总经理李玉雷先生持有公司股份 27 万股，占 公司总股本的 0.0295%；副总经理郑宝洪先生持有公司股份 27 万股，占公司总 股本的 0.0295%；上述股份来源均为公司实施 2022 年限制性股票激励计划所获 授的股份。 本次减持计划的主要内容：因个人资金需求，张煜行先生、李玉雷先生、 郑宝洪先生三人拟以集中竞价交易方式分别减持公司股份不超过 6.75 万股，即 上述董事、高管减持公司股份合计不超过 20.25 万股，占公司总股本的 0.0222%。 若在减持计划实施期间，公司发生送股、资本公积金转增股本、股份回购、可转 债转股等事项 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [1]. Core Views - The company, as a leading player in the Hebei liquor market, is experiencing significant internal reform driven by stock incentives, leading to improved management efficiency, product structure upgrades, and cost-effectiveness optimization. This positions the company for continued performance improvement and market share growth, with expected diluted EPS of 0.9, 1.1, and 1.3 CNY for 2024-2026, respectively [1][3]. Summary by Sections Company Overview - The company has over 2000 years of brewing history and is recognized in North China. It was established in 2001 and has expanded its product range through acquisitions, including the purchase of Fenglian Liquor in 2018, which diversified its offerings into various flavor profiles [2][19]. Financial Performance - The company reported revenues of 4,653 million CNY in 2022, with a growth rate of 15.5%. For 2023, revenues increased to 5,257 million CNY, reflecting a 13% growth. The projected revenues for 2024, 2025, and 2026 are 5,603 million CNY, 6,173 million CNY, and 6,782 million CNY, respectively [5][39]. Product Structure and Market Position - The company has successfully diversified its product offerings, with high-end liquor sales growing at a CAGR of 17% from 2018 to 2023, while mid-range and low-end liquor sales grew at 8% and declined by 2%, respectively. High-end liquor now accounts for 51% of total revenue [3][42]. Management and Governance - The management team has remained stable, with key personnel retaining their positions through recent board transitions. The company has implemented stock incentive plans to enhance internal motivation and performance [3][25][32]. Brand and Market Strategy - The company operates multiple brands, including Hengshui Laobai Gan, Wuling Liquor, and others, which contribute to a diversified revenue stream. The strategic focus on regional brands supports a nationwide expansion strategy [19][33]. Profitability and Cost Management - The company has seen a significant increase in profitability, with a net profit of 666 million CNY in 2023, down from 708 million CNY in 2022, but expected to rebound with a projected profit of 853 million CNY in 2024. The company has also successfully reduced its sales expense ratio, contributing to improved margins [5][39].

%% %% 丨证券研究报告丨 公司研究丨点评报告丨老白干酒（600559.SH） [Table_Title] 老白干酒 2024 年三季报点评：白酒业务稳健增 长，利润率继续提升 | --- | |-------| | | | | | | 分析师及联系人 [Table_Author] 董思远 徐爽 朱梦兰 石智坤 伍爽 SAC：S0490517070016 SAC：S0490520030001 SAC：S0490522050003 SAC：S0490522090002 SFC：BQK487 SFC：BVF934 请阅读最后评级说明和重要声明 老白干酒（600559.SH） cjzqdt11111 2024-11-17 公司研究丨点评报告 相关研究 [Table_Title 老白干酒 2024 2] 年三季报点评：白酒业务稳健增 长，利润率继续提升 [Table_Summary2] 事件描述 公司 2024Q1-3 营业总收入 40.88 亿元（同比+6.29%）；归母净利润 5.56 亿元（同比+33%）， 扣非净利润 5.18 亿元（同比+34.28%）。公司 2024Q3 营业总收入 16.18 亿元（同 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at 22.99 yuan, indicating a positive outlook for the stock over the next six months [4]. Core Insights - The company has demonstrated a continuous upgrade in product structure, leading to a significant increase in net profit margin, which is expected to continue [4]. - The revenue for Q3 2024 reached 1.618 billion yuan, with a year-on-year growth of 0.26%, while the net profit attributable to the parent company increased by 25.17% to 252 million yuan [1][4]. - The company is benefiting from the expansion of the high-end market segment, with products priced above 100 yuan showing a revenue increase of 9.95% [2]. Summary by Sections Financial Performance - In Q3 2024, the company's gross margin improved by 0.60 percentage points to 66.77%, and the net margin increased by 3.10 percentage points to 15.57% [4]. - The operating cash flow for Q3 2024 was 419 million yuan, reflecting a decrease of 36.53% compared to the previous year [4]. Market and Channel Analysis - Revenue from different regions in Q3 2024 showed varied performance, with notable growth in Hunan (+18.22%) and a decline in Anhui (-7.09%) [3]. - The number of distributors increased to 11,483 by the end of Q3 2024, indicating a robust distribution network [3]. Future Projections - The company is expected to achieve revenue growth rates of 9%, 8%, and 8% for the years 2024, 2025, and 2026, respectively, with net profit growth rates projected at 28%, 22%, and 24% [4].

证券代码：600559 证券简称：老白干酒 公告编号：2024-028 关于召开 2024 年第三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法律责任。 重要内容提示： 河北衡水老白干酒业股份有限公司 会议召开时间：2024 年 11 月 19 日(星期二) 上午 10:00- 11:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 12 日(星期二) 至 11 月 18 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 hslbg@hengshuilaobaigan.net 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。 河北衡水老白干酒业股份有限公司（以下简称"公司"）已于 2024 年 10 月 31 日发布公司 2024 年第三季度报告，为便于广大投资 者更全面深入地了解公司 2024 年第三季度经营成果、财务状况 ...

中报点评 F 证券研究报告 白酒 老白干酒（600559.SH） 买入-A(维持) 费用管控效果凸显，盈利持续提升 2024 年 11 月 6 日 公司研究/公司快报 | --- | --- | --- | |---------------------------------------------------|---------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 公司近一年市场表现 | | 事件描述 | | | | 事件：公司发布前三季度报告称，前三季度归母净利润 5.56 亿元，同比 增长 33.0% ；营业收入 40.88 亿元，同比增长 6.29% ；基本每股收益 0 ...

Investment Rating - The report assigns an "Add" rating to the company with a target price of 23.10, compared to the last closing price of 20.39 [1][2]. Core Views - The company has shown a continuous improvement in product structure, leading to sustained profit realization. The revenue for the first three quarters of 2024 reached 4.088 billion, a year-on-year increase of 6.3%, while the net profit attributable to shareholders was 556 million, up 33.0% year-on-year [2][3]. - The third quarter of 2024 saw total revenue of 1.618 billion, a slight increase of 0.3% year-on-year, with liquor revenue specifically at 1.61 billion, reflecting a 5.9% year-on-year growth [2][3]. - The company has optimized its product structure, with products priced above 100 yuan generating 791 million in revenue, a 10.0% increase year-on-year, while those below 100 yuan generated 821 million, a 2.3% increase [2][3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the gross margin was 66.2%, a decrease of 0.6 percentage points year-on-year, while the gross margin for Q3 2024 was 66.8%, an increase of 0.6 percentage points year-on-year [2][3]. - The net profit margin for Q1-Q3 2024 reached 13.6%, an increase of 2.7 percentage points year-on-year, with Q3 2024 net profit margin at 15.6%, up 3.1 percentage points year-on-year [2][3]. Revenue and Profit Forecast - The report forecasts revenue growth rates of 6%, 9%, and 8% for 2024, 2025, and 2026 respectively, with net profit growth rates of 26%, 14%, and 13% for the same years [2][3]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 0.92, 1.05, and 1.18 yuan respectively, with corresponding price-to-earnings (PE) ratios of 22x, 20x, and 17x [2][3].

[Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 [Table_TargetPrice] 老白干酒(600559)公司点评报告 2024 年 11 月 03 日 [Table_Title] Q3 业绩增 25%，河北大本营稳固 ——老白干酒 2024 年三季报点评 [Table_Invest]买入|维持 [Table_Summary] 报告要点： 事件 公司公告 2024 年三季报。2024 年前三季度，公司实现总收入 40.88 亿元 （+6.29%），归母净利 5.56 亿元（+33.00%），扣非归母净利 5.18 亿元 （+34.28%）。2024Q3，公司实现总收入 16.18 亿元（+0.26%），归母净利 2.52 亿元（+25.17%），扣非归母净利 2.40 亿元（+22.51%）。 产品结构持续优化，100 元以上产品增速领先 1）产品结构持续优化，100 元以上产品增速领先。2024 年前三季度，公司 100 元以上、100 元以下（含 100 元）产品收入分别为 20.44、20.20 亿元， 同比+15.71%、+8.35%，24Q3 收入分别为 7.91 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a total revenue of 4.088 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 6.3%, with a net profit attributable to shareholders of 556 million yuan, up 33.0% year-on-year [4][5] - In Q3 2024, the company achieved a revenue of 1.618 billion yuan, a slight increase of 0.3% year-on-year, and a net profit of 252 million yuan, which is a 25.2% increase year-on-year [4][5] - The company continues to optimize its product structure and enhance brand communication, leading to growth in mid-to-high-end liquor sales [5] Summary by Sections Revenue and Profitability - The company's liquor revenue in Q3 2024 increased by 5.9% to 1.612 billion yuan, with revenues from products priced above and below 100 yuan increasing by 9.9% and 2.3% respectively [5] - The company’s net profit margin improved by 3.1 percentage points year-on-year to 15.6% in Q3 2024, with a gross margin of 66.8% [6] Cost Management - The company has maintained stable expense ratios, with sales, management, R&D, and financial expense ratios showing minimal changes [6] - The effective tax rate decreased by 4.8 percentage points year-on-year, contributing to profit improvement [6] Cash Flow and Receivables - The company reported a decrease in cash receipts from sales by 11.9% year-on-year to 1.624 billion yuan, and a net cash flow from operating activities of 419 million yuan, down 36.5% year-on-year [6] Earnings Forecast - The company is expected to have EPS of 0.92, 1.12, and 1.33 yuan per share for 2024, 2025, and 2026 respectively, with a target P/E ratio of 25-30 times for 2024, leading to a fair value range of 22.91-27.49 yuan [7]

证 券 研 报 公 司 研 究 2024 年 11 月 03 日 | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...