Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's revenue for 2024 is projected to be 5.358 billion yuan, representing a year-on-year increase of 2%, while the net profit attributable to shareholders is expected to reach 787 million yuan, up 18% [1] - The management's continuous improvement, regional operation of five brands, and effective cost control are expected to enhance profitability [1] - The product structure is continuously improving, with notable performance from brands such as Kongfu Family and Wuling Wine [1][4] Revenue and Profitability - In 2024, the revenue breakdown by product includes: - Laobai Gan: 2.590 billion yuan (+9.96%) - Bancheng Shaoguo: 858 million yuan (-10.33%) - Wenwang Gong: 550 million yuan (+0.53%) - Kongfu Family: 230 million yuan (+28.12%) - Wuling Wine: 1.099 billion yuan (+12.30%) - The average price per ton for these products has also increased, with Wuling Wine seeing a rise of 30.34% [1][4] Market Performance - The company's main markets, including Hebei, Anhui, Hunan, and Shandong, have shown steady growth, with Shandong experiencing a remarkable increase of 31.39% in revenue [2] - In Q1 2025, the revenue from high-end wines (over 100 yuan) reached 661 million yuan, a year-on-year increase of 25.50%, accounting for 56.85% of total revenue [1][2] Cost Control and Profit Margins - The gross margin for 2024 is projected at 65.95%, with a non-recurring net profit margin of 13.78% [3] - In Q1 2025, the gross margin improved to 68.58%, reflecting a year-on-year increase of 5.86 percentage points [3] - The company aims to control total operating costs within 4.359 billion yuan for 2025 [4] Financial Forecasts - The company forecasts revenue growth rates of 4% and 6% for 2025 and 2026, respectively, with net profit growth rates of 12% and 13% [4] - The projected earnings per share for 2024 is 0.86 yuan, with a price-to-earnings ratio of 20.68 [5]

Core Viewpoint - The revenue growth of Laobai Gan liquor has significantly declined, with a 2024 revenue of 5.36 billion yuan, a mere 1.91% increase year-on-year, raising concerns about the sustainability of profit growth despite a net profit increase of 18.19% [2][4][5] Financial Performance - In 2024, Laobai Gan achieved a total revenue of 5.36 billion yuan, up 1.91% from 2023's 5.26 billion yuan, which had a 12.98% growth [3][4] - The net profit attributable to shareholders was 787 million yuan, reflecting an 18.19% increase compared to 666 million yuan in 2023 [3][4] - The net profit after deducting non-recurring gains and losses was 738 million yuan, a 20.12% increase from 614 million yuan in 2023 [3] Revenue Breakdown - The primary sales region for Laobai Gan remains Hebei, generating 3.12 billion yuan in revenue, a 2.61% increase [5] - Other notable revenue contributions include Hunan at 1.10 billion yuan (12.30% growth), Anhui at 550 million yuan (0.53% growth), and Shandong at 210 million yuan (31.39% growth) [5] Product Performance - The core product line, Laobai Gan series, generated 2.59 billion yuan, accounting for 48% of total revenue, with a growth of 9.96% [8] - The Wuling series saw a revenue of 1.10 billion yuan, up 13.30%, while the Kongfu family series grew by 28.12% to 230 million yuan [8] - High-end products priced above 100 yuan generated 2.70 billion yuan, a 5.29% increase, while products priced at or below 100 yuan generated 2.62 billion yuan, a 7.09% increase [8][9] Strategic Challenges - Laobai Gan's struggle to expand its market presence and high-end product sales is attributed to limited geographical reach and insufficient brand recognition [5][7] - The company faces intense competition not only from leading domestic brands but also from local competitors in Hebei [7] - The high pricing strategy for the 1915 series has not translated into significant market traction, highlighting the challenges of positioning as a premium brand [10] Future Outlook - The company's ability to penetrate the high-end market through targeted marketing and the success of its regional strategies will be critical for future growth [12] - Without achieving a revenue scale of 10 billion yuan within the next 3-5 years, Laobai Gan risks falling out of the second-tier market [12]

河北衡水老白干酒业股份有限公司 2024 年年度股东会会议资料 二 O 二五年五月 2024 年年度股东会会议须知 为了维护全体股东的合法权益，确保股东会的正常秩序和议事效 率，保证股东会的顺利进行，根据《中华人民共和国公司法》、《中 华人民共和国证券法》、《上市公司股东会规则》以及《公司章程》、 《股东会议事规则》等相关规定，特制定 2024 年年度股东会会议须 知，出席会议的全体人员应当认真阅读并一致遵守： 一、 本次会议全体出席人员应以维护股东合法权益、确保大会 正常进行、提高议事效率为原则，认真履行法定职责。 二、 请参会人员携带相关证件在会议召开前十五分钟到达会场， 登记参会资格并签到，未能提供有效证件并办理签到的，不得参加现 场表决和发言。 三、 为保证本次会议的严肃性和正常秩序，除依法出席（或列 席）会议的公司股东（或股东代表）、董事、董事候选人、监事、董 事会秘书、高级管理人员、聘请的律师和董事会邀请参会的人员外， 公司有权依法拒绝其他人士入场。对于干扰会议秩序、寻衅滋事和侵 犯其他股东合法权益的行为，公司有权采取必要措施予以制止并报告 有关部门查处。 四、 股东（或股东代表）应自觉遵守会场秩 ...

Core Viewpoint - The Chinese liquor industry is experiencing a deep adjustment in 2024, characterized by declining production and sales, sluggish terminal movement, shrinking consumption scenarios, and insufficient consumer confidence, leading to price inversions for various products [1] Group 1: Industry Trends - The liquor industry is facing dual declines in production and sales, with a notable slowdown in revenue growth for liquor companies in 2024 [1] - The number of liquor companies experiencing revenue declines increased from 2 to 6 compared to the previous year, with brands like Jiu Gui Jiu and Shun Xin Agriculture facing significant downturns for two consecutive years [1] Group 2: Sales Expenses - The total sales expenses for 19 listed liquor companies reached 45.87 billion yuan in the previous year, marking an 11% year-on-year increase, which outpaced revenue growth [2] - The median sales expense ratio rose from 16.26% to 19.1%, indicating a growing burden on companies [2] - Notably, Wu Liang Ye had the highest sales expenses at 10.692 billion yuan, followed by Gu Qing Gong Jiu and Kweichow Moutai [2] Group 3: Management Expenses - The total management expenses for listed liquor companies amounted to 22.85 billion yuan, slightly up from 22.66 billion yuan the previous year, with a median management expense ratio of 7.27% [3] - Eleven companies reported an increase in management expenses, while eight companies saw a decline [3] - Companies like Shanxi Fen Jiu, Shui Jing Fang, and Tian You De Jiu experienced management expense growth exceeding 10% [3] Group 4: Expense Ratios - Jiu Gui Jiu had the highest sales expense ratio at 42.94%, followed by Jin Zhong Zi Jiu at 31.84% and Gu Qing Gong Jiu at 26.22% [4] - Kweichow Moutai had the lowest sales expense ratio at 3.24%, indicating efficient cost management [4] - The management expense ratios for Tian You De Jiu, Jiu Gui Jiu, and Jin Zhong Zi Jiu exceeded 10%, while companies like Wu Liang Ye and Kweichow Moutai maintained lower ratios [4]

丨证券研究报告丨 公司研究丨点评报告丨老白干酒（600559.SH） [Table_Title] 老白干酒 2024 年报及 2025 年一季报点评：一 季报平稳开局，盈利能力持续改善 报告要点 [Table_Summary] 公司 2024 年营业总收入 53.58 亿元，同比增长 1.91%；归母净利润 7.87 亿元，同比增长 18.19%。公司 2024Q4 营业总收入 12.7 亿元，同比下降 10.03%；归母净利润 2.31 亿元，同 比下降 6.79%。公司 2025Q1 营业总收入 11.68 亿元，同比增长 3.36%；归母净利润 1.52 亿 元，同比增长 11.91%。 分析师及联系人 [Table_Author] 董思远 徐爽 朱梦兰 石智坤 伍爽 SAC：S0490517070016 SAC：S0490520030001 SAC：S0490522050003 SAC：S0490522090002 SFC：BQK487 SFC：BVF934 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 老白干酒（600559.SH） cjzqdt11 ...

| | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 5,257 | 5,358 | 5,605 | 5,851 | 6,080 | | 同比增长 (%) | 13.0% | 1.9% | 4.6% | 4.4% | 3.9% | | 营业利润(百万元) | 884 | 1,059 | 1,198 | 1,315 | 1,407 | | 同比增长 (%) | -5.4% | 19.8% | 13.1% | 9.8% | 7.0% | | 归属母公司净利润(百万元) | 666 | 787 | 890 | 977 | 1,051 | | 同比增长 (%) | -5.9% | 18.2% | 13.1% | 9.7% | 7.6% | | 每股收益（元） | 0.73 | 0.86 | 0.97 | 1.07 | 1.15 | | 毛利率(%) | 67.2% | 65.9% | 66.6% | 67.2% | 67.6% | | 净利率(%) | 12.7% | 14.7% ...

基地市场保持稳健增长，24 年控费成效凸 显 核心观点 25.9/8.58/5.50/2.30/10.99 亿元，同比+9.96%/-10.33%/+0.53%/+28.12%/+12.3%。 按地区划分，24 年全年河北/山东/安徽/湖南/其他省份分别实现收入 31.2/2.1/5.5/11.0/3.3 亿元，分别同比+2.6%/+31.4%/+0.5%/+12.3%/+20.7%。 25Q1 河北/山东/安徽/湖南/其他省份分别实现收入 7.2/0.4/1.3/2.1/0.6 亿元，分别同 比+8.0%/+7.9%/+2.5%/+9.7%/-36.6%。24 年年末，公司在河北/山东/安徽/湖南/其 他省份经销商数量分别环比 24Q3 末+16/+17/+13/-66/+13 家。25Q1 末，公司在河 北/山东/安徽/湖南/其他省份经销商数量分别环比 24 年年末+13/-22/+7/+73/+12 家。 ⚫ 24 年控费成果显现费用率降低，25 年营业利润目标增速为 12%。24 全年归母净利 率为 14.69%，同比增加 2.02pct；全年累计销售/管理/财务/研发费用率分别为 23.69%/7. ...

Group 1 - The core viewpoint of the news is that Laobai Ganjiu reported a mixed performance in its 2024 financial results, achieving revenue growth but facing challenges in market expansion and high-end product transformation [2][3] Group 2 - Laobai Ganjiu's total revenue for 2024 was 5.358 billion yuan, a year-on-year increase of 1.91%, significantly lower than the growth rates of 12.98% in 2023 and 15.54% in 2022, and did not meet the initial target of 5.78 billion yuan for 2024 [2] - The net profit for 2024 was 787 million yuan, reflecting a robust year-on-year growth of 18.19%, primarily driven by cost reduction and efficiency improvements [2] - The main revenue contributor was the Hengshui Laobai Gan series, generating 2.59 billion yuan, accounting for 48% of total revenue, while the high-end 1915 series struggled with poor e-commerce sales and limited market acceptance [2] - The Wulingjiu series performed well, with revenue increasing by 13.3% to 1.098 billion yuan and a high gross margin of 81.06%, becoming a key driver of profit growth [2] - Overall gross margin for Laobai Ganjiu declined by 1.21 percentage points to 65.95%, indicating a need for improved cost control and product pricing power [2] Group 3 - In terms of regional markets, Hebei remained the primary market for Laobai Ganjiu, contributing 3.118 billion yuan in revenue, which accounted for nearly 60% of total revenue, but with a modest growth rate of 2.61% [3] - The Hunan market showed strong performance due to Wulingjiu, with a year-on-year revenue growth of 12.3%, although the number of distributors decreased by 230, indicating ongoing channel adjustments [3] - The Shandong market had the highest growth rate at 31.39%, but its small base indicates that national expansion remains a significant challenge [3] - Operating cash flow for Laobai Ganjiu decreased by 32.63% year-on-year, raising concerns about the quality of earnings despite revenue growth [3] - For 2025, Laobai Ganjiu set a cautious revenue target of 5.47 billion yuan, reflecting a growth rate of only 2.1%, highlighting the challenges in achieving sustainable growth amid sluggish high-end product sales and regional market slowdowns [3]

上 市 公 司 公 司 研 究 / 公 司 点 评 2025 年 04 月 29 日 老白干酒 (600559) 食品饮料 ——收入稳定增长，净利率持续提升 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 04 月 28 日 | | --- | --- | | 收盘价（元） | 17.59 | | 一年内最高/最低（元） | 25.54/15.81 | | 市净率 | 2.9 | | 股息率%（分红/股价） | 2.56 | | 流通 A 股市值（百万元） | 15,906 | | 上证指数/深证成指 | 3,288.41/9,855.20 | 注："股息率"以最近一年已公布分红计算 | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 5.97 | | 资产负债率% | 44.65 | | 总股本/流通 A 股（百万） | 915/904 | | 流通 B 股/H 股（百万） | -/- | 联系人 周缘 (8621)23297818× zhouyuan@swsresearch.com 本研究报告仅通过邮件提供给 中庚基 ...

Core Insights - The company reported a revenue of 5.358 billion yuan for 2024, a year-on-year increase of 1.9%, and a net profit attributable to shareholders of 787 million yuan, up 18.2% year-on-year [1] - The company is focusing on enhancing its product structure, particularly in the high-end segment, which has shown significant growth [1][4] Financial Performance - In Q4 2024, the company achieved a revenue of 1.270 billion yuan, a decrease of 10.0% year-on-year, and a net profit of 231 million yuan, down 6.8% year-on-year [1] - For Q1 2025, the company reported a revenue of 1.168 billion yuan, an increase of 3.4% year-on-year, and a net profit of 152 million yuan, up 11.9% year-on-year [1] - The overall gross margin for 2024 was 65.95%, a decrease of 1.2 percentage points year-on-year, while Q1 2025 saw a gross margin of 68.58%, an increase of 5.86 percentage points year-on-year [3] Product and Brand Performance - The company’s products priced above 100 yuan showed strong growth, with revenues of 2.704 billion yuan for 2024, up 5.3% year-on-year, and 661 million yuan for Q1 2025, up 25.5% year-on-year [1] - The company’s brands, including Wuling and Kongfu Family, showed varied performance, with Kongfu Family achieving a revenue increase of 28.1% year-on-year [2] Cost Management and Efficiency - The company has implemented cost control measures, resulting in a decrease in sales and management expense ratios for 2024 [3] - The company’s net profit margin for 2024 was 14.69%, an increase of 2.0 percentage points year-on-year, while Q1 2025 saw a net profit margin of 13.05%, up 1.0 percentage point year-on-year [3] Future Outlook - The company expects to achieve total revenues of 5.664 billion yuan and 6.188 billion yuan for 2025 and 2026, respectively, with year-on-year growth rates of 5.7% and 9.3% [4] - The company is focusing on long-term development and product structure enhancement, particularly in the high-end market segment [4]