Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 4.09 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 6.3%, while the net profit attributable to the parent company was 560 million yuan, up 33.0% year-on-year [2] - In Q3 2024, the company's revenue was 1.62 billion yuan, with a slight year-on-year increase of 0.3%, and the net profit attributable to the parent company was 250 million yuan, reflecting a year-on-year growth of 25.2% [2] - The revenue growth in Q3 was primarily impacted by a slowdown in the Hebei region and intensified competition in Anhui, while the Wuling brand showed a recovery in growth [3] Summary by Sections Revenue and Profitability - The company's liquor revenue for Q3 2024 increased by 5.9% year-on-year, while the cumulative growth was 11.9%. The slowdown in Q3 was mainly due to the impact from Hebei and increased competition in Anhui [3] - The revenue from high-end liquor and mid-to-low-end liquor in Q3 increased by 9.9% and 2.3% respectively, with the growth in products priced above 100 yuan mainly driven by Wuling [3] Margin and Cost Management - The gross margin improved, with Q3 gross margin increasing by 0.6 percentage points to 66.8%. The company has been effectively managing costs, leading to better-than-expected margin performance [4] - The net profit margin in Q3 increased by 3.1 percentage points year-on-year, attributed to a high base last year and a reduction in tax rates [4] Earnings Forecast and Valuation - The forecast for net profit attributable to the parent company for 2024-2026 has been adjusted to 790 million, 950 million, and 1.14 billion yuan respectively, with year-on-year growth rates of 19%, 20%, and 20% [4] - The current market capitalization corresponds to a P/E ratio of 24, 20, and 16 for 2024-2026 [4]

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 证 券 研 究 报 告 ——老白干 2024 年三季报点评 [table_Authors]訾猛(分析师) 021-38676442 zimeng@gtjas.com 登记编号S0880513120002 | --- | --- | --- | --- | --- | --- | |-----------------------|-------|-------|-------|-------|-------| | | | | | | | | 李耀 ( 分析师 ) | | | | | | | 021-38675854 | | | | | | | liyao022899@gtjas.com | | | | | | | S0880520090001 | | | | | | 本报告导读： 公司 2024Q3 收入表现低于预期，但利润表现符合预期，盈利能力仍有改善；得益 于局部市场高占有及组织效率优化，公司后续盈利能力仍有提振空间。 投资要点： [Table_Summary] 投 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 24.86 CNY per share [3][6]. Core Insights - The company reported a revenue of 4.09 billion CNY for the first three quarters of 2024, representing a year-over-year increase of 6.3%. The net profit attributable to shareholders was 560 million CNY, up 33.0% year-over-year [2]. - The company achieved a stable profit level in Q3 2024, with a gross margin of 66.8%, a decrease in sales expense ratio to 25.5%, and a management expense ratio of 5.9% [2]. - The company’s revenue from products priced above 100 CNY grew by 15.7% year-over-year in the first three quarters of 2024, with notable performance in Shandong and Hunan provinces [2]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 4.09 billion CNY and a net profit of 560 million CNY, with respective year-over-year growth rates of 6.3% and 33.0% [2]. - The gross margin for the first three quarters was 66.2%, with a net profit margin of 13.6% [2]. Revenue Breakdown - In Q3 2024, the company reported a revenue of 1.62 billion CNY, with a net profit of 250 million CNY, reflecting a year-over-year increase of 25.2% [2]. - Revenue from products priced above 100 CNY reached 2.04 billion CNY in the first three quarters, with a growth rate of 15.7% [2]. Profit Forecast - The earnings per share (EPS) forecast for 2024-2026 is adjusted to 0.95 CNY, 1.24 CNY, and 1.53 CNY respectively [3][6]. - The company’s equity value is estimated at 22.74 billion CNY based on the FCFF valuation method [3].

Investment Rating - The report maintains a "Recommended" rating for the company [1][5] Core Views - The company has shown steady operational rhythm and continuous profit release, with a focus on channel reform and inventory reduction [5] - The revenue for the first three quarters of 2024 reached 4.09 billion yuan, a year-on-year increase of 6.3%, while the net profit attributable to the parent company was 560 million yuan, up 33.0% year-on-year [3] - The company is expected to achieve stable revenue growth due to solid base markets and improved direct sales efficiency of Wuling liquor, alongside optimized expense ratios leading to sustained profit growth [5] Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 1.62 billion yuan, a year-on-year increase of 0.3%, and a net profit of 250 million yuan, up 25.2% year-on-year [3] - The gross margin for Q3 2024 was 66.8%, an increase of 0.6 percentage points year-on-year, with a net profit margin of 15.6%, up 3.1 percentage points year-on-year [4] Revenue Breakdown - In Q3 2024, revenue from white liquor and other businesses was 161 million yuan and 0.06 million yuan, respectively, with year-on-year changes of +5.9% and -93.5% [4] - Revenue from products priced above and below 100 yuan was 790 million yuan and 820 million yuan, with year-on-year increases of 10% and 2% respectively [4] Future Projections - The profit forecasts for 2024-2026 have been adjusted to 870 million yuan, 1.05 billion yuan, and 1.24 billion yuan, respectively [5] - The company is expected to maintain a stable growth trajectory, supported by its market position and operational efficiency improvements [5]

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [5]. Core Insights - The company reported a total revenue of 4.088 billion in the first three quarters of 2024, reflecting a year-on-year growth of 6.29%, with a net profit of 556 million, up 33% year-on-year. The Q3 revenue was 1.618 billion, showing a slight increase of 0.26% year-on-year, while net profit for Q3 reached 252 million, a growth of 25.17% [4][5]. - The company is expected to maintain its profit forecasts for 2024-2026, with projected net profits of 846 million, 1.001 billion, and 1.161 billion respectively, representing growth rates of 27%, 18%, and 16% [5][8]. - The company benefits from product differentiation, competitive pricing, and strong channel relationships, particularly in the Hebei province, which has room for upgrades. The Wuling liquor market in Hunan is also showing steady growth potential [5][6]. Summary by Sections Market Data - Closing price: 20.39 yuan - Market capitalization: 18,438 million yuan - Price-to-earnings ratio (PE) for 2024-2026 is projected at 22x, 19x, and 16x respectively [2][5]. Financial Performance - Q3 2024 operating revenue was 1.618 billion, with a net profit of 252 million. The overall revenue for the first three quarters was 4.088 billion, with a net profit of 556 million [4][5]. - The company’s gross margin for Q3 was 66.77%, reflecting a year-on-year increase of 0.6 percentage points [7]. Revenue Breakdown - Q3 2024 revenue from white liquor was 1.61 billion, with a year-on-year growth of 5.9%. Revenue from products priced above 100 yuan was 790 million, up 9.9%, while those priced at or below 100 yuan generated 820 million, a growth of 2.3% [6][7]. - Regional performance showed that Hebei revenue was 910 million, growing 1.6%, while Hunan revenue reached 340 million, up 18.2% [6][7]. Future Projections - The company anticipates continued revenue growth, with total revenue projected to reach 5.807 billion in 2024, 6.372 billion in 2025, and 6.937 billion in 2026 [8][10].

Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company has achieved a revenue of 4.09 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 6.3%, with a net profit attributable to shareholders of 560 million yuan, up 33.0% year-on-year [1]. - The company continues to optimize its product structure, with products priced above 100 yuan generating 2.04 billion yuan in revenue, a year-on-year increase of 15.7% [1]. - The company is focused on its dual-brand strategy of "Hengshui Laobai Gan" and "Shibajiu Fang," aiming to enhance market penetration in high-end products [1]. Financial Performance - For Q3 2024, the company reported revenue of 1.62 billion yuan, a slight increase of 0.3% year-on-year, and a net profit of 250 million yuan, up 25.2% year-on-year [1]. - The gross profit margin for the first three quarters of 2024 was 66.2%, a decrease of 0.5 percentage points year-on-year, while the net profit margin improved to 13.6%, an increase of 2.7 percentage points year-on-year [1]. - The company expects revenues of 5.6 billion, 6.17 billion, and 6.91 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 868 million, 1.09 billion, and 1.31 billion yuan [2][4]. Market and Competitive Position - The company has seen strong growth in various regions, with Hebei achieving 2.34 billion yuan in revenue, a year-on-year increase of 9.1%, and Shandong showing a significant increase of 33.6% [1]. - The company has increased its number of distributors in Hebei to 1,901, while reducing the number in Hunan to 8,485, indicating a strategic focus on regional strengths [1]. - The company is actively pursuing cost control and efficiency improvements, which are expected to enhance its earnings elasticity [1].

证券代码：600559 证券简称:老白干酒 公告编号：2024-027 河北衡水老白干酒业股份有限公司 2024 年前三季度经营数据公告 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。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业 信息披露》之《第十二号——酒制造》第十六条相关规定，河北衡水 老白干酒业股份有限公司现将 2024 年前三季度主要经营数据（未经 审计）披露如下： 一、按产品档次分类情况 注：1.上表中营业收入不含"其他业务收入"，下同。 2.公司按产品的出厂价位段划分产品档次：100 元以上的产品主 要代表有 1915 衡水老白干酒、十八酒坊（甲等 20）、十八酒坊（甲等 15）、衡水老白干（古法 20）、衡水老白干（五星）、武陵上酱、39° 太平龙印升级版、文王皇宫宴、不惑、40.8°文王贡酒专十二、36° 孔府家酒·朋自远方 6 等；100 元（含 100 元）以下的产品主要代表 有十八酒坊（8 酒）、十八酒坊（王牌酒）、38°和顺 1975 金爵升级 版、武陵飘香、40.8°文王贡专九（压罐版 ...

Financial Performance - The company's operating revenue for Q3 2024 was CNY 1,617,872,456.01, representing a year-on-year increase of 0.26%[2] - Net profit attributable to shareholders for the same period was CNY 251,843,358.38, up 25.17% year-on-year[2] - The net profit after deducting non-recurring gains and losses reached CNY 239,817,887.93, reflecting a 22.51% increase compared to the previous year[2] - The basic earnings per share for Q3 2024 was CNY 0.28, an increase of 27.27% year-on-year[3] - Operating profit for the first three quarters of 2024 was CNY 736,739,721.99, compared to CNY 556,367,716.78 in 2023, representing a significant increase of 32.5%[17] - Net profit for the first three quarters of 2024 was CNY 736,272,153.02, up from CNY 560,671,873.33 in the same period last year, indicating a growth of 31.2%[17] - The net profit for the first three quarters of 2024 reached ¥556,188,673.45, an increase of 33.1% compared to ¥418,198,382.88 in the same period of 2023[18] - Basic and diluted earnings per share for the period were both ¥0.61, up from ¥0.46 in the previous year, representing a growth of 32.6%[18] Assets and Liabilities - Total assets at the end of the reporting period amounted to CNY 9,745,422,151.83, a 2.58% increase from the end of the previous year[3] - The total assets of the company increased to CNY 9,745,422,151.83 as of the end of the third quarter of 2024, compared to CNY 9,500,531,996.36 at the end of 2023, marking a growth of 2.6%[16] - The total liabilities decreased slightly to CNY 4,682,676,519.82 from CNY 4,690,247,814.03, showing a reduction of 0.2%[16] - The company's equity attributable to shareholders increased to CNY 5,062,745,632.01, up from CNY 4,810,284,182.33, reflecting a growth of 5.2%[16] Cash Flow - The net cash flow from operating activities decreased by 36.53% to CNY 418,991,681.44 compared to the same period last year[6] - Cash flow from operating activities generated a net amount of ¥642,263,121.44, a decrease of 22.6% from ¥829,121,346.60 in the first three quarters of 2023[20] - Total cash inflow from operating activities was ¥4,866,739,923.09, slightly down from ¥4,924,343,174.97 in the same period last year[20] - Cash outflow for operating activities totaled ¥4,224,476,801.65, an increase of 3.1% compared to ¥4,095,221,828.37 in the previous year[20] Investments and Expenditures - The company invested ¥2,085,000,000.00 in capital expenditures, up from ¥1,866,700,000.00 in the same period last year, indicating a 11.7% increase[21] - The company reported a significant increase in financial assets, with a rise of 44.33% attributed to increased wealth management purchases[5] - The company reported a significant increase in trading financial assets, rising to RMB 957,533,360.27 from RMB 663,444,990.43, which is an increase of approximately 44.4%[14] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 175,045, with the largest shareholder holding 25.14% of the shares[7] Research and Development - Research and development expenses for the first three quarters of 2024 were CNY 10,908,117.46, compared to CNY 10,309,568.52 in 2023, indicating an increase of 5.8%[17] Government Support - The company received government subsidies totaling CNY 10,401,011.11 during the reporting period, contributing to its financial performance[4] Inventory and Receivables - Inventory increased to RMB 3,436,778,434.24 from RMB 3,349,782,536.52, showing a rise of approximately 2.6%[14] - The accounts receivable decreased to RMB 3,523,606.71 from RMB 26,603,278.97, reflecting a substantial decline of about 86.8%[14] Future Outlook - The report does not provide specific future guidance or performance outlook for the upcoming quarters[12] - There are no updates on market expansion or mergers and acquisitions mentioned in the report[12] - The company has not disclosed any new product developments or technological advancements in this report[12]

证券代码：600559 证券简称：老白干酒 公告编号：2024-026 (一) 股东大会召开的时间：2024 年 10 月 29 日 (二) 股东大会召开的地点：河北省衡水市振华大街 999 号酒都大厦 13 楼 1308 会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： (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。 会议由公司董事会召集，公司董事长刘彦龙先生主持，大会采取现场投票和 网络投票相结合的方式进行表决。会议的召开与表决方式符合《公司法》及《公 司章程》的规定，会议合法有效。 (五) 公司董事、监事和董事会秘书的出席情况 1、 公司在任董事 8 人，出席 8 人，其中：独立董事兰霞、宋学宝、何海明 以通讯会议方式参加会议。 2、 公司在任监事 5 人，出席 5 人； 二、 议案审议情况 河北衡水老白干酒业股份有限公司 2024 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 ...

冀华股见字 2409 号 河北冀华律师事务所 关于河北衡水老白干酒业股份有限公司 2024 年第一次临时股东大会法律意见书 中国•河北•石家庄 CHINA HEBEI SHIJIAZHUANG 桥西区石铜路 11 号 邮编：050000 电话：0311-85518221 传真：0311-85288018 官网：www.jihualawyer.com 邮箱：my15666@163.com 法律意见书 河北冀华律师事务所 关于河北衡水老白干酒业股份有限公司 2024 年第一次临时股东大会法律意见书 致：河北衡水老白干酒业股份有限公司 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》")、《上市公司股东大会规则)》(下称"《股东大 会规则》")、《上海证券交易所上市公司股东大会网络投票实施细则)》(以下 简称"《网络投票实施细则》")及《河北衡水老白干酒业股份有限公司章程》(下 称"《公司章程》")的规定，河北冀华律师事务所（下称"本所"）接受河北 衡水老白干酒业股份有限公司（下称"公司"）的委托，指派马跃彬、邵明涛律 师（下称"本所律师"）出席公司 2024 年第一 ...