Investment Rating - The report maintains a "Buy" rating for the company with a target price of 25.50 CNY per share [3][5][37]. Core Views - The issuance of special government bonds is expected to stimulate demand in the Hebei liquor market, with a projected 20% year-on-year increase in fixed asset investment projects in the first half of 2024 [2][12]. - The competitive landscape for Hebei liquor is improving, with reduced competition from the mid-to-low end segment due to adjustments at the competitor Congtai [2][23]. - The company is focusing on cost reduction and efficiency improvements, which could significantly enhance profit margins [2][24][26]. - Wuling liquor is leading high-end growth and is expected to expand its market presence across the province [2][27][28]. Summary by Sections Investment Rating - The company is rated as "Buy" with a target price of 25.50 CNY, based on a valuation of 233.31 billion CNY [3][5][37]. Financial Forecast - Earnings per share are projected to be 0.91 CNY, 1.18 CNY, and 1.45 CNY for 2024, 2025, and 2026 respectively [3][37]. - Revenue for 2023 is expected to be 5,257 million CNY, with a growth rate of 13% [4]. Market Demand and Competition - The Hebei liquor market is projected to benefit from increased economic activity due to government investment, with a market size of approximately 370 billion CNY in 2023 [2][17]. - The main price range for liquor consumption in Hebei is around 150 CNY, which is lower than other provinces like Anhui and Jiangsu [2][17]. - The competitive pressure from Congtai is expected to ease, allowing the company to increase its market share in Hebei [2][23]. Profitability and Cost Management - The company has a high expense ratio compared to its peers, but there is significant room for improvement in cost management [24][26]. - In Q1 2024, the sales expense ratio was 22.9%, showing a year-on-year decrease of 3.0 percentage points, while the net profit margin improved to 12.05% [26][24]. High-End Market Growth - Wuling liquor is positioned as a high-end product and is expected to capture a larger share of the local market, with a strong growth trajectory [27][34]. - The brand has been actively engaging in consumer education and brand-building activities to strengthen its market presence [28][34].

证券研究报告·公司研究简报·白酒Ⅱ 老白干酒（600559） 冀酒龙头积厚成势，费效优化稳步兑现 2024 年 08 月 14 日 买入（维持） | --- | --- | --- | --- | --- | --- | |----------------------------|--------|--------|--------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 4653 | 5257 | 5788 | 6539 | 7322 | | 同比（%） | 15.54 | 12.98 | 10.09 | 12.98 | 11.97 | | 归母净利润（百万元） | 707.60 | 665.94 | 855.56 | 1,077.33 | 1,305.02 | | 同比（%） | 81.81 | (5.89) | 28.47 | 25.92 | 21.13 | | EPS-最新摊薄（元/股） | 0.77 | 0.73 | 0.94 | 1.1 ...

证券所充报告 卷自千酒 (600559 CH) 果酒龙头改革释能,式陵复兴正当时 牟 养 研究 2024 年7月 22 日 | 中国内地 首次最重 杖并 其酒龙头底直深厚,内修外延改革养能 老白千酒是河北省白酒龙头,素有"河北王"称号,面临 12-15 年行业调整 及全国名演抢夺省内份领的发展困局,公司通过:1)品牌聚焦以重点交城: 2)把握核心终端以深化省内渗透;3)外延并购以办途省外扩张;三案马丰 齐器交围成功,实现"河北王"發势回归。当前行业再次步入稳步复苏阶段, 公司再迎来主品牌本土市占率授升与式陵名酒者内外办这渗透的关键节点。 我们看好主品牌顺利承接客内主流价位升级/竞争格局改善下的发展红利、 式陵涌至若化/全国化拓展贡献的汇查增长,盈利站在产品结构稳升/贯效持 续优化带动下有望持续释放弹性。22-23 年公司順利完成股权缴岛考核目 标,进一步释放经营活力。我们预计公司 24-26 年 EPS 0.94/1.18/1.43 元, 参考可比 24 年予均 22x PE (Wind 一致预期), 考虑共 24-26 年净利 CAGR (25%) 快手可比 (20%), 给予 24 辛 25x PE,目标 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [3][7]. Core Views - The company has a rich history of over 2000 years and has achieved significant recognition, including a first-class gold medal at the Panama International Exposition in 1915. The acquisition of Fenglian Liquor in 2018 has diversified its product offerings and enhanced its market position [3][13]. - The company is experiencing stable revenue growth and improving profitability, with a focus on high-end and mid-range products. The revenue for 2023 is projected to be 5,257 million yuan, with a year-on-year growth of 13% [4][18]. - The company is implementing a dual-brand strategy, focusing on different market segments and optimizing its product structure to enhance profitability [3][28]. Summary by Sections Company Overview - The company is located in Hengshui, Hebei Province, and has a long-standing history in liquor production. It has diversified its product lines through strategic acquisitions and brand development [3][13]. - The company operates under a stable ownership structure, with significant shares held by local government entities [5][14]. Financial Performance - The company reported a revenue of 5,257 million yuan in 2023, with a projected increase to 5,880 million yuan in 2024, reflecting a year-on-year growth of 11.9% [4][18]. - The net profit for 2023 is expected to be 666 million yuan, with a significant increase projected for the following years [4][18]. - The gross margin for 2023 is reported at 67.2%, indicating a positive trend in profitability [4][22]. Product Strategy - The company has adopted a multi-brand strategy, including the Hengshui Laobaigan and other regional brands, to cater to various market segments [3][28]. - The product structure is continuously being optimized, with a focus on high-end products, which accounted for 48.5% of total sales in 2023 [4][20]. Market Position - The company is positioned in a competitive market, with a focus on high-quality products and a strong brand image. It aims to capture both high-end and mid-range market segments effectively [3][26]. - The company is leveraging its historical reputation and quality to enhance its market presence and consumer loyalty [3][13].

差别有有点大年晚因为因为旺季和淡季可能就是差别略大一点总体来说我是年度应该比去年要要好一些就是我们到旺季正常会有一些库存水平波动对对对对嗯嗯然后因为提到我们这个刺刀专卖其实就是这几年我们刺刀专其实还是从这个二零年前后发力聚焦以来就是效果还是比较不错的所以也想请咱们 刘忠总跟大家系统性地回顾一下我们这一轮的频道端培育可能大家对公司的整个频道的精细化运作可能了解的没有特别全面也想请您介绍一下其实我们现在这个效果还是因为公司做了一些各方面的努力也想请您具体的介绍一下我们做了哪些动作然后思路是怎么样的 这一块的有几个方面的动作一个是包括我们次高端包括这个主要九体的质量就是品质就是有所提升就是把这个九体做了一下优化其次呢就是这个渠道渠道方面和这个动作方面来做了更细致更精准实际上也你 就是比方说名酒精名企业或者说这个一些动作吧实际上各个酒企的动作大体大同小异但是我的感觉就是看谁做的更细更精准更能让消费者和经销商有有有有这个体验感吧再一个再一个就是从我们这个 激励方面一个是入股一个是内部激励从员工那些经销商这个积极性方面都是积极性和主观能动性的方面都有提升从这几方面我们努力了一下然后总体看这个效果还是比较明显现在整体就是向 ...

Company and Industry Summary Industry or Company Involved - The discussion revolves around a company involved in the manufacturing or retail of knives, specifically focusing on a product line referred to as "刺刀" (daggers) [1] Core Points and Arguments - The company anticipates a better overall performance for the year compared to the previous year, indicating a positive outlook for the business [1] - There is an acknowledgment of seasonal fluctuations, with notable differences between peak and off-peak seasons, which may lead to inventory level variations [1] - The company has been focusing on the "刺刀" product line since around 2000, and this strategic focus has yielded positive results over the years [1] Other Important but Possibly Overlooked Content - The mention of inventory fluctuations suggests that the company is actively managing its supply chain and production levels in response to seasonal demand [1]

证券代码：600559 证券简称：老白干酒 公告编号：2024-015 河北衡水老白干酒业股份有限公司 2023 年年度权益分 派实施公告 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： 每股分配比例 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/6/20 | － | 2024/6/21 | 2024/6/21 | 差异化分红送转：否 一、 通过分配方案的股东大会届次和日期 A 股每股现金红利 0.45 元 本次利润分配方案经公司 2024 年 5 月 22 日的 2023 年年度股东大 会审议通过。 1. 发放年度：2023 年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结 算有限责任公司上海分公司（以下简称"中国结算上海分公司"）登记 在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本 914,747,444 ...

证券代码：600559 证券简称：老白干酒 公告编号：2024-014 河北衡水老白干酒业股份有限公司 关于 2022 年限制性股票激励计划 第一个解除限售期解锁暨上市流通公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上 市股数为 6,984,000 股。 本次股票上市流通总数为 6,984,000 股。 本次股票上市流通日期为 2024 年 6 月 7 日。 河北衡水老白干酒业股份有限公司（以下简称"公司"）于 2024 年 5 月 22 召开了第八届董事会第六次会议和第八届监事会第五次会议， 审议通过了《关于 2022 年限制性股票激励计划第一个限售期解除限售 条件成就的议案》。根据《2022 年限制性股票激励计划（草案）》、《2022 年限制性股票激励计划业绩考核办法》、《2022 年限制性股票激励计划 管理办法》（以下简称"本激励计划"）等其他相关规定和 2021 年度股 东大会的授权，公司董事会认为本激励计划规定的限制性股票第一个 解除限 ...

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 2022 年限制性股票激励计划首次授予部分第一期解 除限售相关事项的 法律意见书 河北冀华律师事务所 二〇二四年五月 1 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 2022 年限制性股票激励计划首次授予部分第一期解除限售 相关事项的法律意见书 冀华 2024（顾）字第 154 号 致：河北衡水老白干酒业股份有限公司 河北冀华律师事务所（（以下简称"本所"）受河北衡水老白干酒业股份有 限公司(以下简称"公司"或"老白干酒"）的委托，担任老白干酒 2022 年限制 性股票激励计划（以下简称"本次股票激励计划"）事项的专项法律顾问。 本所已根据《中华人民共 和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股权激励管理 办法》（以下简称"《管理办法》"）、《国有控股上市公司（境内）实施股权 激励试行办法》（以下简称"《试行办法》"）、《关于规范国有控股上市公司 实施股权激励制度有关问题的通知》（以下简称"《规范通知》"）等法律、行 政法规、部门规章及《河北衡水老白干酒业股份有限公司章程》（以下 ...

证券研究报告·公司点评报告·白酒Ⅱ 老白干酒（600559） 次高端击节而进，费效比乘势优化 2024 年 05月 31日 买入（维持） 证券分析师 孙瑜 [Table_EPS] 执业证书：S0600523120002 盈利预测与估值 2022A 2023A 2024E 2025E 2026E suny@dwzq.com.cn 营业总收入（百万元） 4653 5257 5806 6588 7379 同比（%） 15.54 12.98 10.43 13.48 12.00 股价走势 归母净利润（百万元） 707.60 665.94 851.68 1,090.27 1,332.11 老白干酒 沪深300 同比（%） 81.81 (5.89) 27.89 28.01 22.18 4% -1% EPS-最新摊薄（元/股） 0.77 0.73 0.93 1.19 1.46 -6% -11% P/E（现价&最新摊薄） 28.98 30.80 24.08 18.81 15.40 -16% -- 22 61 %% [ [TT aab bl le e_ _T Sa ug m] mary] -31% 投资要点 -36% -41% ...