Investment Rating - The report maintains a "Buy" rating for the company, with a revised target price of 23.75 yuan, down from the previous 30.39 yuan [6][12]. Core Insights - The company exceeded profit expectations in Q2 2024, with a revenue growth of 9% and a profit increase of 46.69%, primarily driven by improved cost efficiency [12]. - The company is benefiting from a favorable product mix and regional market performance, particularly in Hebei, Shandong, and Anhui, where revenue growth rates were 14.52%, 35.99%, and 14.56% respectively [12]. - The report highlights that the company is positioned well within the industry as it enters a destocking phase, allowing it to gain market share and achieve a valuation premium [12]. Financial Summary - For 2024, the company is expected to achieve an EPS of 0.95 yuan, with upward revisions for 2024 and downward adjustments for 2025-2026 [12]. - The company reported a net profit of 1.68 billion yuan for Q2 2024, with a net profit margin improvement to 12.55%, up by 3.22 percentage points year-on-year [12]. - The financial outlook includes projected revenues of 5.887 billion yuan for 2024, with a growth rate of 12% [9]. Performance Metrics - The company’s net profit for 2023 was 666 million yuan, with a forecasted increase to 869 million yuan in 2024, representing a growth of 30.5% [9]. - The report indicates a significant improvement in sales expense ratio, which decreased by 4.71 percentage points, contributing to enhanced profitability [12]. - The company’s total assets are projected to reach 10.958 billion yuan by 2024, with a net asset return (ROE) of 15.2% [11].

盈利改善超预期，降本增效成果兑现 ——24H1 老白干半年报点评 核心观点 ⚫ 事件：公司发布 2024 年半年报，上半年实现营业收入 24.7 亿元（yoy+10.7%）； 实现归母净利润 3.0 亿元（yoy+40.3%）；24H1 扣非归母净利润为 2.8 亿元 （yoy+46.4%）。24Q2，公司实现营业收入 13.4 亿元（yoy+9.0%），实现归母净 利润 1.7 亿元（yoy+46.7%）。 ⚫ 山东、安徽表现突出，老白干本部增速良好。24H1，公司 100 元以上/100 元以下 分别实现收入 12.5/12.0 亿元，分别同比增长 19.7%/12.9%；24Q2，公司 100 元以 上/100 元以下收入分别同比+10.4%/+12.7%。分地区，24H1 河北/山东/安徽/湖南/ 其他省份分别实现收入 14.3/0.8/2.7/4.7/1.9 亿元，分别同比增长 14.5%/36.0%/14.6%/10.1%/50.9%。24Q2 河北/山东/安徽/湖南/其他省份收入分别 同比增长 9.3%/33.4%/15.2%/3.7%/50.8%。24H1 末，公司合同负债为 18.6 亿元 ...

盈利改善超预期，降本增效成果兑现 ——24H1 老白干半年报点评 核心观点 ⚫ 事件：公司发布 2024 年半年报，上半年实现营业收入 24.7 亿元（yoy+10.7%）； 实现归母净利润 3.0 亿元（yoy+40.3%）；24H1 扣非归母净利润为 2.8 亿元 （yoy+46.4%）。24Q2，公司实现营业收入 13.4 亿元（yoy+9.0%），实现归母净 利润 1.7 亿元（yoy+46.7%）。 ⚫ 山东、安徽表现突出，老白干本部增速良好。24H1，公司 100 元以上/100 元以下 分别实现收入 12.5/12.0 亿元，分别同比增长 19.7%/12.9%；24Q2，公司 100 元以 上/100 元以下收入分别同比+10.4%/+12.7%。分地区，24H1 河北/山东/安徽/湖南/ 其他省份分别实现收入 14.3/0.8/2.7/4.7/1.9 亿元，分别同比增长 14.5%/36.0%/14.6%/10.1%/50.9%。24Q2 河北/山东/安徽/湖南/其他省份收入分别 同比增长 9.3%/33.4%/15.2%/3.7%/50.8%。24H1 末，公司合同负债为 18.6 亿元 ...

[Table_Title]修内功拓渠道，Q2 业绩+47% ——老白干酒 2024 年中报点评 [Table_Summary] 报告要点： 事件 公司公告 2024 年中报。2024H1，公司实现总收入 24.70 亿元（+10.65%），归 母净利 3.04 亿元（+40.25%），扣非归母净利 2.78 亿元（+46.41%）。2024Q2， 公司实现总收入 13.40 亿元（+9.00%），归母净利 1.68 亿元（+46.69%），扣 非归母净利 1.53 亿元（+59.11%）。 100 元以上价位带产品 H1 收入同比+19.66% 1）100 元以上价位带产品 H1 收入同比+19.66%。2024H1，公司 100 元以上、 100 元以下（含 100 元）价位带产品收入分别为 12.53、11.99 亿元，同比 +19.66%、+12.93%；24Q2，公司 100 元以上、100 元以下（含 100 元）价位 带产品收入分别为 7.26、6.04 亿元，同比+10.45%、+12.70%。 2）经销渠道增长稳健，直销渠道逐季改善。2024H1，公司经销、直销（含团 购）、线上收入分别为 2 ...

2024 年 08 月 28 日 老白干酒 (600559) ——24H1 点评：控费成效显著，业绩超预期 报告原因：有业绩公布需要点评 增持（维持）投资要点： | --- | |------------------------------------| | | | 市场数据： | | 收盘价（元） 一年内最高/最低（元） | | 市净率 | | 息率（分红/股价） | | 流通 A 股市值（百万元） | | 上证指数/深证成指 | 注："息率"以最近一年已公布分红计算 | --- | |----------------| | 年 06 月 30 日 | | 5.25 | | 49.13 | | 915/904 | | -/- | 一年内股价与大盘对比走势： 08-2809-2810-2811-2812-2801-2802-2803-2804-2805-2806-2807-2808-28 -40% -30% -20% -10% 0% 10% 老白干酒 沪深300指数 (收益率) 相关研究 《老白干酒（600559）点评： 23 年报及 24Q1 点评：控费成效显著，业绩超预期》 2024/04/27 《老白干 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][4] Core Views - The company has demonstrated significant cost reduction and efficiency improvements, leading to profits exceeding expectations [2] - Revenue for H1 2024 reached 2.47 billion yuan, a year-on-year increase of 10.65%, while net profit attributable to shareholders was 304 million yuan, up 40.25% year-on-year [2] - The company continues to enhance its cost-effectiveness ratio, with gross and net profit margins for H1 2024 at 65.84% and 12.32%, respectively [2] Financial Performance - H1 2024 total revenue was 2.47 billion yuan, with a net profit of 304 million yuan, and a non-recurring net profit of 278 million yuan [2] - In Q2 2024, total revenue was 1.34 billion yuan, with a net profit of 168 million yuan, reflecting a year-on-year increase of 46.69% [2] - The company’s cash flow from operating activities for H1 2024 was 223 million yuan, compared to 169 million yuan in the same period last year [2] Product and Market Development - The company has seen a continuous improvement in product structure, with revenue from various divisions showing strong growth [2] - H1 2024 revenue from direct sales channels grew significantly, with total revenue from distributors, direct sales, and online sales at 2.29 billion yuan, 129 million yuan, and 31 million yuan, respectively [3] - The company has expanded its brand influence, with total distributors at 11,423, a slight decrease from the end of 2023 [3] Earnings Forecast - The earnings per share (EPS) for 2024-2026 are adjusted to 0.92, 1.11, and 1.30 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 18, 15, and 13 times [4]

2024年08月29日 食品饮料 老白干酒(600559.SH) 费用率持续优化，业绩环比提速 推荐 ( 维持) 事项： 股价:16.3元 主要数据 | --- | --- | |-------------------|--------------------------------| | 行业 | 食品饮料 | | 公司网址 | www.hengshuilaobaigan.net | | 大股东/持股 | 河北衡水老白干酿酒(集团)有限公 | | | 司/25.14% | | 实际控制人 | 衡水市财政局 | | 总股本(百万股) | 915 | | 流通A股(百万股) | 904 | | 流通B/H股(百万股) | | | 总市值(亿元) | 149 | | 流通A股市值(亿元) | 147 | | 每股净资产(元) | 5.25 | | 资产负债率(%) | 49.1 | 行情走势图 相关研究报告 【平安证券】老白干酒（600559.SH）*首次覆盖报 告*甲等金奖铸就品质，武陵酒飘香复兴在途*推荐 20240718 证券分析师 张晋溢 投资咨询资格编号 S1060521030001 ZHANGJINY ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 2.47 billion yuan for H1 2024, representing a year-on-year increase of 10.7%, with a net profit of 300 million yuan, up 40.25% year-on-year [3] - The company's main brands, including the core products, showed strong performance, with revenue growth of 19.1% and 15.1% for the main brand and Wuling respectively in H1 2024 [3] - The gross margin performance exceeded annual guidance, with a Q2 gross margin of 68.5%, and a reduction in sales expense ratio by 4.7 percentage points to 30.1% [4] - The company is expected to see steady profit growth in the upcoming quarters, with revised net profit forecasts for 2024-2026 being 870 million, 1.09 billion, and 1.32 billion yuan respectively, reflecting year-on-year growth of 30%, 25%, and 21% [4] Financial Performance Summary - Total revenue for 2022 was 4.653 billion yuan, with projections of 5.257 billion yuan for 2023, 5.795 billion yuan for 2024, and 6.480 billion yuan for 2025, indicating a compound annual growth rate (CAGR) of 10.23% from 2023 to 2024 [2] - The net profit for 2022 was 707.6 million yuan, with forecasts of 665.94 million yuan for 2023, 868.14 million yuan for 2024, and 1.08791 billion yuan for 2025, showing a significant recovery in 2024 with a year-on-year growth of 30.36% [2] - The latest diluted EPS is projected to be 0.95 yuan for 2024, with a P/E ratio of 17.18 based on current market price [2] Market Data - The closing price of the stock is 16.30 yuan, with a market capitalization of approximately 14.91 billion yuan [6] - The stock has a price-to-book ratio of 3.11 [6] - The company has a total asset-liability ratio of 49.13% [7]

证券代码：600559 证券简称:老白干酒 公告编号：2024-018 河北衡水老白干酒业股份有限公司 2024 年半年度经营数据公告 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 年上半年度主要经营数据（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） ...

会任期届满之日止。该议案尚需提交公司股东大会审议。 一、关于董事辞职的情况 河北衡水老白干酒业股份有限公司（以下简称"公司"）董事会 于近日收到公司董事刘勇先生提交的书面辞职报告，公司董事刘勇先 生因工作调整，申请辞去公司董事职务，辞职后仍在公司担任董事会 秘书及在子公司担任其他职务。根据《公司法》《公司章程》等相关 规定，刘勇先生的辞职不会导致公司董事会成员低于法定最低人数， 不影响公司董事会的正常运行，其辞职报告自送达公司董事会之日起 生效。 刘勇先生在担任公司董事期间，恪尽职守、勤勉尽责，为促进公 司的规范运作和健康发展发挥了积极作用，公司及董事会对其在任职 期间为公司发展所做的贡献表示衷心的感谢！ 二、关于补选董事的情况 为保障公司规范运作，结合公司经营管理需要，公司于2024年8 月27日召开第八届董事会第七次会议，审议通过了《关于董事辞职暨 补选董事的议案》。经公司董事会的提名以及独立董事专门会议审核 通过，同意提名赵旭东先生（简历详见附件）为公司第八届董事会非 独立董事候选人，任期自公司股东大会审议通过之日起至第八届董事 证券代码：600559 证券简称：老白干酒 公告编号：2024-020 河 ...