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 2.47 billion yuan for the first half of 2024, representing a year-on-year increase of 10.7%, with a net profit attributable to shareholders of 304 million yuan, up 40.3% year-on-year [6] - The second quarter of 2024 saw a revenue of 1.34 billion yuan, a 9.0% increase year-on-year, and a net profit of 168 million yuan, reflecting a 46.7% year-on-year growth [6] - The company’s white liquor revenue grew significantly, with a 16.3% increase to 2.45 billion yuan in the first half of 2024, and a 11.5% increase in the second quarter [6] - The company’s gross profit margin decreased by 1.3 percentage points year-on-year, while the net profit margin increased by 2.6 percentage points to 12.3% [7] - The forecast for earnings per share (EPS) for 2024-2026 is 0.97, 1.19, and 1.44 yuan per share, respectively, with a target price range of 24.23 to 29.07 yuan based on a P/E ratio of 25-30 times for 2024 [7] Summary by Sections Financial Performance - In the first half of 2024, the company achieved total revenue of 2.47 billion yuan, with a net profit of 304 million yuan [6] - The second quarter revenue was 1.34 billion yuan, with a net profit of 168 million yuan [6] - The company’s white liquor revenue for the first half of 2024 was 2.45 billion yuan, with significant growth across various brands and price segments [6] Profitability and Cost Management - The gross profit margin for the first half of 2024 was 65.9%, with a decrease of 1.3 percentage points year-on-year [7] - The net profit margin improved to 12.3%, driven by a reduction in sales and management expense ratios [7] Future Outlook - The company is expected to see EPS growth from 0.97 yuan in 2024 to 1.44 yuan in 2026, indicating a positive growth trajectory [8] - The estimated revenue for 2024 is projected to be 5.78 billion yuan, with a year-on-year growth rate of 10.0% [8]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 2.47 billion yuan, a year-on-year increase of 10.65%, and net profit attributable to shareholders of 304 million yuan, up 40.25% [6] - The second quarter of 2024 saw revenue of 1.34 billion yuan, a 9.00% year-on-year increase, and net profit of 168 million yuan, which is a 46.69% increase compared to the same period last year [6] - The company has successfully optimized its product structure, leading to positive revenue growth across different price segments and brands [6] - The company expects revenue growth to continue, projecting revenues of 5.97 billion yuan, 6.91 billion yuan, and 8.02 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 13.5%, 15.9%, and 16.0% [7] Financial Performance Summary - For the first half of 2024, the company achieved a gross margin of 68.48% and a net margin of 12.55%, with a notable decrease in sales and management expense ratios [7] - The operating cash flow for the first half of 2024 was 220 million yuan, a 32.2% increase year-on-year, indicating strong cash flow performance [7] - The company’s total assets were reported at 9.43 billion yuan, with a total market capitalization of approximately 16.52 billion yuan [8] Brand and Regional Performance - Revenue from different brands showed positive growth, with notable increases for brands such as Laobai Gan and Wuling, achieving year-on-year growth rates of 19.1% and 20.2% respectively [6] - Regional performance varied, with Shandong showing a 33.4% increase in revenue, while overseas revenue experienced a slight decline of 9.8% [6] Future Projections - The report forecasts net profit attributable to shareholders to reach 870 million yuan, 1.12 billion yuan, and 1.44 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 30.9%, 28.4%, and 28.7% [7][9] - The company is expected to maintain a strong return on equity, projected to be 17.2% in 2024 and increasing to 24.9% by 2026 [9]

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]