证券代码：600559 证券简称：老白干酒 公告编号：2024-024 河北衡水老白干酒业股份有限公司 关于召开 2024 年第一次临时股东大会的通知 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： (一) 股东大会类型和届次 2024 年第一次临时股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票 相结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2024 年 10 月 29 日 9 点 30 分 召开地点：河北省衡水市振华大街 999 号酒都大厦 13 楼 1308 会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 10 月 29 日 至 2024 年 10 月 29 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 ...

1 由于丰联酒业系公司的全资子公司，其财务报表已纳入公司合并 报表范围内，本次吸收合并不会对公司的正常经营、未来财务状况和 经营成果产生实质影响，不会损害公司及全体股东特别是中小股东的 利益。本次吸收合并不涉及公司股本及股东变化，亦不涉及公司董事 会、监事会和高级管理人员的组成变化。 证券代码：600559 证券简称：老白干酒 公告编号：2024-022 河北衡水老白干酒业股份有限公司 第八届董事会第八次会议决议公告 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。 一、 董事会会议召开情况 河北衡水老白干酒业股份有限公司第八届董事会第八次会议于 2024 年 10 月 10 日在公司十三楼会议室以现场与通讯相结合的方式 召开。本次会议召开前，公司已于 2024 年 9 月 30 日以书面或邮件方 式发出会议通知和会议资料。公司董事均收到会议通知和会议资料， 知悉本次会议的审议事项。会议应到董事 8 人，实到董事 8 人。会议 由董事长刘彦龙先生主持，监事及高级管理人员列席了会议。会议召 开符合《中华人民共和国公司法》等相关法律 ...

[Table_StockInfo] 2024 年 09 月 18 日 证券研究报告•公司深度报告 买入 （维持） 当前价：16.25 元 老白干酒（600559）食品饮料 目标价：21.85 元（6 个月） 请务必阅读正文后的重要声明部分 一树三香五花齐放，冀鲁湘皖香飘全国 [Table_Summary 推荐逻辑：1、受益于消费者品牌意识增强、"少喝酒、喝好酒"观念广泛传播， ] 高端、次高端市场持续扩容，各子品牌在基地市场品牌势能突出，将充分受益 品牌份额集中度提升红利。2、老白干本部品牌、产品、渠道得到全面理顺，品 牌战略更加清晰，全面升级为"甲等金奖，大国品质"；产品更加聚焦，1915、 甲等 20/15 等体量均在 2 亿元左右及以上，大单品雏形已现；渠道模式优化革 新，虚拟股权模式下绑定经销商利益，渠道推力显著增强。3、武陵酒聚焦"常 德+长沙"，产能已由 600吨扩大至 5000吨，新产能逐渐放量可支撑市场拓展， 武陵酒作为高端品牌，将持续带动公司产品结构向上。在品牌集中度持续提升、 股权激励到位经营势能增强、多品牌发力带来显著增量等多重因素作用下，"量 价齐升"带动公司业绩弹性持续释放。 行业马 ...

证券代码：600559 证券简称：老白干酒 公告编号：2024-021 河北衡水老白干酒业股份有限公司 关于召开 2024 年半年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： 会议召开时间：2024 年 09 月 24 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 09 月 13 日(星期五)至 09 月 23 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 8 月 29 日发布公司 2024 年半年度报告，为便于广大投资者 更全面深入地了解公司 2024 年半年度经营成果、财务状况，公司计 划 ...

事件描述 事件点评 资料来源：最闻 市场数据：2024 年 9 月 2 日 持续优化产品结构，利润超预期。2024H1 公司营业收入 24.7 亿，同比 +10.65%；归母净利润 3.04 亿，同比+40.25%,其中单 Q2 实现营收 13.40 亿， 同比+9.00%；归母净利润 1.68 亿，同比+46.69%，利润超此前预期。1）分 产品，24H1 老白干/文王/板城/武陵/孔府家实现营收 12.53/3.02/3.57/4.92/0.92 亿，同比+19.1%/+20.21%/+6.49%/+15.11%/+28.11%。2）分价格，2024H1 出厂价 100 元以上/100 元以下产品分别实现营收 12.53/11.99 亿元，同比 +19.66%/+12.93%，两个价格带均保持两位数增长。3）分区域，2024H1 河 北/湖南/安徽/山东/其他/境外营收为 14.28/4.70/2.72/0.83/1.89/0.09 亿，同比 +14.52%/+10.10%/+14.56%/+35.99%/+50.94%/-15.15%。 收盘价（元）： 17.39 年内最高/最低（元）： 25.75/1 ...

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 ...