核心观点 ⚫ 公司发布 2024 年三季报，前三季度实现营业收入 44.6 亿元，同比-15.0%；实现归 母净利润 6.7 亿元，同比-48.3%。单三季度来看，公司实现营业收入 11.9 亿元（- 30.9%），实现归母净利润 0.8 亿元（-79.2%）。 ⚫ 行业景气度下降，舍得动销承压。分档次，24 年前三季度公司中高档酒实现收入 35.0 亿（yoy-16%），低档酒实现收入 5.4 亿（yoy-23%）；其中 Q3 单季中高档实 现收入 9.0 亿（yoy-36%），预计行业景气度下降的背景下，双节期间品味舍得同比 跌幅扩大、舍之道增速有一定放缓。截至 24Q3 末，公司共有 2763 家经销商，较 24H1 末减少 46 家，预计公司对渠道有一定筛选优化。截至 24Q3 末，公司合同负 债为 1.74 亿元，环比 24H1 末提升 7%，同比下滑 47%。 ⚫ 毛利率下降叠加费用率被动提升，利润率承压。24 年前三季度，公司毛利率为 67.9%（yoy-7.4pct），预计主要因产品结构下移；销售/管理费用率为 21.4%/9.8%，分别同比+2.6pct/+0.5pct，费用率提升主要因收入 ...

华福证券 司 मे 舍得酒业（600702.SH） 压力持续释放，保持定力等待反转 投资要点： 事件： 舍得酒业发布 24 年三季报。前三季度公司实现营收 44.60 亿元， 同比下降 15.03%；实现归母净利润 6.69 亿元，同比下降 48.35%。其 中，24Q3 公司实现营收 11.89 亿元，同比下降 30.92%；实现归母净利 润 7804.48 万元，同比下降 79.23%，降幅较 Q2 边际有所收窄。 受需求承压影响较大，短期压力仍在 受经济环境影响，白酒需求疲弱，商务需求不及预期，宴席需求 增长不明显，次高端白酒普遍承压，公司持续实施"控量挺价"策略 以及加强市场营销，推动去库。 分产品看，公司中高端/普通酒前三季度分别实现营收 34.98/5.37 亿元，同比分别下滑 15.70%/22.53%。其中，24Q3 中高端/普通酒分别 实现营收 8.97/1.53 亿元，同比分别下滑 35.60%/14.94%，营收占比分 别为 85.42%/14.58%，普通酒占比同比提升 3.14pct。虽然公司整体增 长短期承压，但部分单品仍有较好表现，今年国庆期间，公司千元价 位段高端战略产品藏品舍 ...

请务必阅读正文之后的免责声明及其项下所有内容 舍得酒业（600702.SH） 中性 第三季度继续释放渠道风险，拟回购股份用于员工激励 2024 年第三季度公司收入同比-30.9%，净利润同比-79.2%。2024 年前三季度 公司实现营业总收入 44.60 亿元，同比-15.0%；归母净利润 6.69 亿元，同 比-48.3%。其中第三季度实现营业总收入 11.89 亿元，同比-30.9%；归母净 利润 0.78 亿元，同比-79.2%。 第三季度需求继续走弱，收入降幅环比扩大。分产品看，2024Q3 中高档酒收 入 8.97 亿元/同比-35.66%，低档酒收入 1.53 亿元/同比-14.96%，增速排序 和 2024H1 保持一致，T68（低基数下同比增长）>舍之道（持平或小幅下滑）> 品味（较高双位数下滑）；同时公司坚持聚焦战略，调整定制产品，对低档 酒产生影响。分区域看，2024Q3 省内收入 3.47 亿元/同比-21.59%，省外收 入 7.03 亿元/同比-37.86%。今年以来公司聚焦优势区域基地市场打造，深 耕遂宁大本营市场，省内收入降幅较小；后续公司将遂宁样板市场经验复制 至德州等其他 ...

来源：公司年报、国金证券研究所 业绩简评 2024 年 10 月 28 日，公司披露 24 年三季报，期间实现营收 44.6 亿元，同比-15.0%；实现归母净利 6.7 亿元，同比-48.4%。单 Q3 实现营收 11.9 亿元，同比-30.9%；实现归母净利 0.8 亿元，同比 -79.2%。 经营分析 从营收结构来看：1）分产品看，24Q3 中高档/普通酒分别实现营 收 9.0/1.5 亿元，同比分别-35.6%/-14.9%，结构弱化与行业分价 格带趋势一致，8 月沱牌 T68 升级上市公司也在聚焦运作，结构弱 化叠加成本端等因素持续扰动毛利率，期内毛利率同比-11pct 至 63.7%。2）分区域看，24Q3 省内/省外/电商分别实现营收 3.5/7.0/0.7 亿元，同比-21.6%/-37.8%/+39.1%；期内经销商新增 1 家，退出 47 家，净减少 46 家，Q3 末留存 2763 家。 从报表结构来看：1）24Q3 归母净利同比-15.3pct 至 6.6%，主要 系毛利率同比-11.0pct，且销售费用率+3.4pct、税金及附加占比 +4.2pct，管理费用率等变化有限；公司逐步优 ...

证 报 公 司 研 2024 年 10 月 29 日 | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券研究报告·公司点评报告·白酒Ⅱ 舍得酒业（600702） 2024 年三季报点评：降速调控，缓而图之 2024 年 10 月 29 日 增持（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|----------|----------|---------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 6056 | 7081 | 5818 | 6238 | 6997 | | 同比（ % ） | 21.86 | 16.93 | (17.83) | 7.21 | 12.17 | | 归母净利润（百万元） | 1,685.44 | 1,771.30 | 918.15 | 1,033.39 | 1,186.08 | | 同比（ % ） | 35.31 | 5.09 | (48.17) | 12.55 | 14.78 | | EPS- 最新摊薄（元 / 股） | 5 ...

证 券 研 究 报 告 舍得酒业（600702）2024 年三季报点评 推荐（上调） 报表加速出清，回购增强信心 目标价：78 元 当前价：68.16 元 事项： ❖ 公司发布 2024 年三季报，前三季度实现营收 44.6 亿元，同降 15.0%；归母净 利润 6.7 亿元，同降 48.4%；其中单 Q3 实现营收 11.9 亿元，同降 30.9%，归 母净利 0.8 亿元，同降 79.2%。单 Q3 销售回款 11.5 亿元，同降 21.1%，经营 活动现金流净额-1.2 亿元，去年同期为-0.6 亿元，Q3 末合同负债 1.7 亿元，环 比 Q2 末增加 0.1 亿元。 评论： ❖ 环比加速出清下滑，经销商开始净流出。公司 Q3 营收/利润分别同降 30.9%/79.2%，收入端加速出清，利润端延续大幅下滑，三季度继续放低回款 任务去库存。分产品看，前三季度中高档/普通酒收入同降 15.7%/22.5%（单 Q3 分别同降 35.7%/15.0%），结合渠道反馈，大单品品味舍得预计下滑 20%+持续 出清，大众价格带的舍之道、T68 受益上半年招商维持增长但增速放缓，低价 沱牌定制开发品深度出清后基本到 ...

公 司 报 告 公 司 季 报 点 评 证 券 研 究 报 告 2024年10月29日 食品饮料 舍得酒业(600702.SH) 释放压力，轻装上阵 推荐 ( 维持) 事项： 股价:68.16元 | --- | --- | |------------------------|----------------------------------| | 行业 | 食品饮料 | | 公司网址 | www.tuopaishede.cn | | 大股东 / 持股 | 四川沱牌舍得集团有限公司 /30.22% | | 实际控制人 | 郭广昌 | | 总股本 ( 百万股 ) | 333 | | 流通 A 股 ( 百万股 ) | 332 | | 流通 B/H 股 ( 百万股 ) | | | 总市值 ( 亿元 ) | 227 | | 流通 A 股市值 ( 亿元 ) | 226 | | 每股净资产 ( 元 ) | 21.28 | | 资产负债率 (%) | 36.3 | | 行情走势图 | | | | | 相关研究报告 【平安证券】舍得酒业（600702.SH）*半年报点评* 淡季主动调整，业绩有所承压*推荐20240822 【 ...

股 票 研 究 证 券 研 究 报 告 ——舍得酒业 2024 年三季报点评 调整延续，静待改善 舍得酒业(600702) 食品饮料 [Table_Industry] /必需消费 | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-----------------------------------|-----------------------|-------|-------|-------|-------|-------| | | | | | | | | | | | [table_Authors] 訾猛 ( 分析师 ) | 李耀 ( 分析师 ) | | | | | | | | 021-38676442 | 021-38675854 | | | | | | | | zimeng@gtjas.com | liyao022899@gtjas.com | | | | | | | 登记编号 | S0880513120002 | S0880520090001 | | | | | | 本报告导读： 2024Q3 收入、利润表现不及预期，主要系白酒 ...

Financial Performance - Revenue for the third quarter decreased by 30.92% year-over-year to RMB 1,189,320,180.96[2] - Net profit attributable to shareholders of the listed company dropped by 79.23% to RMB 78,044,788.71 in the third quarter[2] - Basic earnings per share (EPS) for the third quarter fell by 81.32% to RMB 0.211[3] - Total revenue for the first three quarters of 2024 was RMB 4,459,901,263.34, a decrease of 15.0% compared to RMB 5,248,851,493.41 in the same period of 2023[13] - Net profit for the first three quarters of 2024 was RMB 667,141,604.73, a significant decrease of 48.6% compared to RMB 1,297,385,741.93 in the same period of 2023[13] - Operating profit for the first three quarters of 2024 was RMB 893,017,046.12, a decrease of 47.3% compared to RMB 1,694,397,050.65 in the same period of 2023[13] - Basic earnings per share for the first three quarters of 2024 were RMB 1.9909, a decrease of 49.1% compared to RMB 3.9094 in the same period of 2023[14] - The decrease in net profit is primarily due to reduced sales revenue and changes in product sales structure leading to increased operating costs[5] Assets and Liabilities - Total assets increased by 4.61% to RMB 11,634,372,089.56 compared to the end of the previous year[3] - The company's total assets as of September 30, 2024, amounted to 11,634,372,089.56 RMB, showing an increase compared to 11,121,550,270.08 RMB at the end of 2023[9][10] - The company's inventory increased to 4,909,618,807.09 RMB as of September 30, 2024, up from 4,423,804,188.54 RMB at the end of 2023[9] - The company's fixed assets grew to 1,776,275,021.04 RMB as of September 30, 2024, compared to 1,599,637,827.61 RMB at the end of 2023[10] - The company's construction in progress significantly increased to 1,464,371,552.63 RMB as of September 30, 2024, from 725,762,273.31 RMB at the end of 2023[10] - The company's monetary funds decreased to 2,058,013,720.12 RMB as of September 30, 2024, from 2,421,970,931.35 RMB at the end of 2023[9] - The company's accounts receivable increased to 305,687,589.35 RMB as of September 30, 2024, up from 267,767,748.39 RMB at the end of 2023[9] - The company's prepayments rose to 49,408,846.90 RMB as of September 30, 2024, compared to 26,035,548.98 RMB at the end of 2023[9] - The company's deferred tax assets increased to 123,089,372.13 RMB as of September 30, 2024, from 88,550,389.72 RMB at the end of 2023[10] - The company's short-term borrowings stood at 543,507,642.66 RMB as of September 30, 2024[10] - The company's accounts payable increased to 975,464,890.12 RMB as of September 30, 2024, up from 654,970,441.06 RMB at the end of 2023[10] - Total liabilities as of the end of Q3 2024 were RMB 4,217,578,077.26, an increase of 18.6% compared to RMB 3,556,890,980.63 at the end of Q3 2023[11] - Total equity as of the end of Q3 2024 was RMB 7,416,794,012.30, a decrease of 2.0% compared to RMB 7,564,659,289.45 at the end of Q3 2023[11] - Long-term borrowings as of the end of Q3 2024 were RMB 190,579,487.37, a significant increase of 383.8% compared to RMB 39,406,988.98 at the end of Q3 2023[11] Cash Flow - Operating cash flow for the first three quarters decreased by 124.90% to RMB -144,275,175.51[3] - Operating cash flow for the quarter was -144.28 million RMB, compared to 579.45 million RMB in the same period last year[16] - Total cash inflow from operating activities was 4.85 billion RMB, a decrease from 5.76 billion RMB in the previous year[16] - Cash outflow from operating activities was 4.99 billion RMB, down from 5.18 billion RMB in the prior year[16] - Investment cash inflow was 1.11 billion RMB, significantly lower than the 3.09 billion RMB in the same period last year[16] - Cash outflow for investments was 1.02 billion RMB, compared to 3.09 billion RMB in the previous year[16] - Net cash flow from financing activities was -218.06 million RMB, an improvement from -701.21 million RMB in the prior year[17] - Total cash and cash equivalents at the end of the period were 1.91 billion RMB, down from 2.25 billion RMB at the end of the previous period[17] - The company received 973.96 million RMB in loans, a significant increase from 95.61 million RMB in the same period last year[16] - Dividend and interest payments totaled 714.12 million RMB, up from 501.18 million RMB in the previous year[16] - The company's cash and cash equivalents decreased by 272.82 million RMB during the quarter[17] Shareholder Information - The company's largest shareholder, Sichuan Tuopai Shede Group Co., Ltd., holds 30.22% of the shares[6] - The number of ordinary shareholders at the end of the reporting period was 118,213[6] Non-Recurring Items and Adjustments - Non-recurring gains and losses for the period amounted to RMB 3,194,599.76[4] - The company underwent a business combination in 2024, leading to retrospective adjustments in financial data[3] Expenses - R&D expenses for the first three quarters of 2024 were RMB 64,966,728.01, a decrease of 25.6% compared to RMB 87,294,071.10 in the same period of 2023[13] - Sales expenses for the first three quarters of 2024 were RMB 953,641,963.89, a decrease of 3.4% compared to RMB 987,330,405.39 in the same period of 2023[13] Revenue and Cash Flow from Operations - Cash received from selling goods and providing services in the first three quarters of 2024 was RMB 4,584,722,399.75, a decrease of 16.3% compared to RMB 5,476,671,053.71 in the same period of 2023[14]