证券代码：600702 证券简称：舍得酒业 公告编号：2025-023 舍得酒业股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 二、 回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，在回购股份期间，公司应当在每个月的前 3 个交 易日内公告截至上月末的回购进展情况。现将公司回购股份的进展情况公告如下: 2025 年 3 月，公司通过上海证券交易所交易系统以集中竞价交易方式累计回 购公司股份 199,909 股，占公司目前总股本 333,122,441 股的比例为 0.06%，回购 成交的最高价为 58.79 元/股，最低价为 53.27 元/股，支付的资金总额为人民币 11,082,264.83 元（不含交易费用）。 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： | 回购方案首次披露日 | 2024/10/29 | | | --- | --- | --- | | 回购方案实施期限 | 6 个月 | 董事会审议通过后 | | 预 ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a total revenue of 5.357 billion yuan in 2024, a year-on-year decrease of 24.41%, and a net profit attributable to shareholders of 346 million yuan, down 80.46% year-on-year [2] - The decline in performance is attributed to pressure on demand and channel management, leading to inventory reduction [3] - The company has established a joint venture with Yelang Ancient Liquor Industry, which achieved a revenue of 264 million yuan, a year-on-year increase of 47.78% [4] - The company is transitioning to a more refined channel strategy and has implemented an equity incentive plan to support performance [6][8] Summary by Sections Financial Performance - In 2024, the company experienced a significant decline in revenue and profit, with high-end and ordinary liquor revenues decreasing by 27.66% and 23.42% respectively [3] - The sales volume for high-end and ordinary liquor fell by 12.09% and 41.69%, while the price per ton for high-end liquor dropped by 17.71% [3] - The company’s revenue from domestic and foreign markets was 1.511 billion yuan and 3.277 billion yuan respectively, with a more significant decline in foreign sales [5] Strategic Initiatives - The company plans to focus on major products, high-end positioning, national expansion, and internationalization in 2025 [6] - The equity incentive plan involves granting up to 203,660 shares at a price of 28.78 yuan per share, with performance targets set for revenue and net profit growth from 2025 to 2027 [8] Future Outlook - The company is expected to achieve a recovery in performance in 2025, with projected revenues of 6.061 billion yuan and net profits of 913 million yuan [9] - The earnings per share (EPS) is forecasted to be 2.75 yuan in 2025, with a price-to-earnings (PE) ratio of 20 times [9]

业内人士指出,此举有利于进一步健全、优化公司长效激励机制,吸引和保留优秀人才,充分调动公司及子 公司骨干员工的积极性,将股东利益、公司利益和核心团队个人利益有效结合,使各方共同关注公司的长 远发展,助推公司战略目标落地。 15家机构看好长期价值,业绩考核目标远超市场预期 在白酒行业深度调整的背景下,舍得酒业通过系统性战略升级稳健发展,展现出自身强大的抗风险能力。 年报显示,舍得酒业2024年实现营业收入53.57亿元,归属于上市公司股东的净利润3.46亿元。 业内人士指出,对于2024年公司业绩的波动,主要是受到了行业层面承压传导与企业主动调整形成的双重 作用。舍得酒业在经营中主动控制发展节奏,将资源聚焦于科技创新、品质提升、市场拓展等核心领域, 不断优化生产工艺、深化市场布局等举措,为下一轮增长周期积蓄势能。 日前,舍得酒业股份有限公司(600702.SH,以下简称"舍得酒业")披露了《2025年限制性股票激励计划(草 案)》,拟向168名激励对象授予204万股。公告次日,公司盘中股价涨幅一度超过5%,凸显了市场对公司激 励动作及长期投资价值的信心。 根据公告,本次激励计划覆盖公司及子公司董事、高级管理人员 ...

Core Viewpoint - The company reported a significant decline in revenue and net profit for the year 2024, indicating challenges in maintaining sales and profitability in a competitive market [2][3][4]. Revenue Performance - In 2024, the company achieved total revenue of 5.357 billion yuan, a year-on-year decrease of 24.4%, with a net profit attributable to shareholders of 346 million yuan, down 80.5% [2]. - The fourth quarter alone saw total revenue of 897 million yuan, a decline of 51.2%, and a net profit loss of 323 million yuan, a decrease of 168.1% [2]. - The company implemented a strategy to control volume and maintain prices, leading to a decline in revenue across different product categories, with mid-to-high-end liquor and ordinary liquor revenues at 4.096 billion yuan and 693 million yuan, respectively, down 27.7% and 23.4% year-on-year [3]. Regional Performance - Revenue from provincial and non-provincial markets in 2024 was 1.511 billion yuan and 3.277 billion yuan, reflecting declines of 19.7% and 30.0% respectively [3]. - The fourth quarter saw a more pronounced decline in non-provincial revenue, down 58.8%, compared to a 49.8% decline in provincial revenue [3]. Profitability and Cost Structure - The overall gross margin for 2024 was 65.5%, a decrease of 9.0 percentage points, primarily due to a significant drop in mid-to-high-end liquor sales [4]. - The tax and additional charges accounted for 19.5% of revenue, an increase of 5.1 percentage points, while selling expenses rose to 23.8%, up 5.6 percentage points [4]. - The net profit margin for 2024 was 6.5%, down 18.6 percentage points from the previous year [4]. Incentive Plans - The company announced a stock incentive plan for 2025, proposing to grant up to 2.0366 million restricted shares to 168 recipients, representing 0.61% of the total share capital [5]. - The incentive plan sets ambitious growth targets for revenue and net profit from 2024 as a base, aiming for a revenue increase of no less than 20% and a net profit increase of no less than 164% in 2025 [5].

来源：环球网 古井贡酒2024年Q3公布财报则显示，其营业收入190.69亿，同比增长19.53%。公司凭借"年份原浆"系列 产品，聚焦宴席市场，在华中地区进行深度市场渗透，2024年中报显示该地区市场营收118.70亿元，占 比85.98%。 与舍得品牌调性相近的水井坊，主打井台、臻酿八号等产品，长期聚焦高端商务宴请，实行控货稳价， 维持渠道利润，以动销拉动为核心，优化市场投入精准度，2024年Q3公布财报显示其营业收入37.88亿 元，同比增长5.56%；净利润11.25亿元，同比增长10.03%。 舍得业绩全面下滑，暴露诸多问题 舍得2024年财报暴露其业绩下滑，盈利能力、全国化程度减弱以及高库存等问题。这一方面反映了次高 端品牌发展面临的行业挑战，一方面也体现出舍得在经营管理方面存在的问题。 从公司发展历程来看，舍得经历了品牌战略多轮调整。2023年伊始，舍得酒业将"双品牌"战略升级 为"多品牌矩阵"战略，公司以"舍得""沱牌"为两大核心基本盘，以"天子呼""舍不得""吞之乎"培育超高 端市场，"藏品舍得10年""智慧舍得"覆盖高端产品，以"舍之道""沱牌曲酒"等中端产品作为战略大单 品。在舍得酒业2 ...

近日,舍得酒业股份有限公司(SH600702,以下简称"舍得酒业")披露2024年年度报告。2024年公司实现营 业收入53.57亿元,归属于上市公司股东的净利润3.46亿元。回顾2020年至2024年,舍得酒业总资产以 16.29%的复合增长率攀升至118.02亿元,彰显出稳健的内生增长动力。 基于战略定力与发展信心,3月27日,舍得酒业发布《2025年限制性股票激励计划(草案)》。公司拟向符合 条件的168名激励对象授予限制性股票数量不超过203.66万股,授予价格为28.78元/股。受利好消息影响, 次日舍得酒业盘中股价涨幅一度超过5%。 五年资产复合增长16% 战略聚焦筑牢长期价值基石 业内人士认为,该股票激励计划的实施,将有效激励核心管理人才和业务骨干,强化管理层与股东的目标一 致性,同时也为中长期增长预留弹性空间,展现了公司以战略定力穿越行业周期的决心。 股票激励落地,经营更趋积极。包括招商证券、浙商证券、国信证券等15家券商均发布研报,对舍得酒业 的长期价值表示认可。华泰证券指出,公司着眼健康稳定发展,春节开门红以稳为主,动销和开瓶均表现良 性。2025年公司预计将继续聚焦四大核心大单品,即藏品 ...

近日,舍得酒业股份有限公司(SH600702,以下简称"舍得酒业")披露2024年年度报告。2024年公司实现营 业收入53.57亿元,归属于上市公司股东的净利润3.46亿元。回顾2020年至2024年,舍得酒业总资产以 16.29%的复合增长率攀升至118.02亿元,彰显出稳健的内生增长动力。 基于战略定力与发展信心,3月27日,舍得酒业发布《2025年限制性股票激励计划(草案)》。公司拟向符合 条件的168名激励对象授予限制性股票数量不超过203.66万股,授予价格为28.78元/股。受利好消息影响, 次日舍得酒业盘中股价涨幅一度超过5%。 五年资产复合增长16% 战略聚焦筑牢长期价值基石 回溯至2019年,舍得酒业凭借十余万吨优质老酒的"王牌"资源,以前瞻性的战略眼光和决心提出了"老酒战 略",并将舍得酒全系列打造成为老酒产品,构建了差异化的竞争优势,为企业的持续发展打开了向上通 道。 数据显示,截至2024年末,舍得酒业总资产118.02亿元,较2020年末增长53.48亿元,五年资产复合增长率达 16.29%;归属于上市公司股东的净资产68.08亿元,较2020年增长近一倍。可见深度践行老酒战略的5 ...

Investment Rating - The investment rating for the company is "Recommended" [1] Core Views - The company has experienced a significant decline in revenue and net profit in 2024, with revenue dropping to 5.36 billion yuan, a year-on-year decrease of 24.3%, and net profit falling to 350 million yuan, down 80.5% [3][7] - The company is focusing on channel health and inventory reduction amid macroeconomic pressures, which has led to a decline in sales across various segments [7][8] - A stock incentive plan has been introduced to boost morale among executives and core employees, with performance targets set for revenue and net profit growth over the next three years [8] Financial Summary - **Revenue and Profit Forecasts**: - 2024 revenue: 5.36 billion yuan, 2025 estimated revenue: 5.95 billion yuan, 2026 estimated revenue: 6.57 billion yuan, 2027 estimated revenue: 7.24 billion yuan [6][10] - 2024 net profit: 350 million yuan, 2025 estimated net profit: 708 million yuan, 2026 estimated net profit: 789 million yuan, 2027 estimated net profit: 877 million yuan [6][10] - **Profitability Ratios**: - Gross margin for 2024 is projected at 65.5%, with a net margin of 6.5% [10] - Return on equity (ROE) is expected to improve from 5.1% in 2024 to 10.2% by 2027 [10] - **Valuation Metrics**: - Price-to-earnings (P/E) ratio for 2024 is 55.6, decreasing to 21.9 by 2027 [10] - Price-to-book (P/B) ratio is projected to decline from 2.8 in 2024 to 2.2 in 2027 [10] Strategic Outlook - The company aims to focus on its core products and improve its market position despite short-term challenges, with expectations for revenue growth of at least 20% in 2025 compared to 2024 [8]

事件：舍得酒业发布2024 年年报，公司24 年实现总营收53.57 亿元、同比下降24.4%，实现归母净利润 3.46 亿元、同比下降80.5%。其中Q4 单季总营收8.97 亿元、同比下降51.2%，归母净利润亏损3.23 亿 元、同比下降168.1%，24 年业绩符合此前业绩预告。公司24 年拟派发现金红利1.42 亿元（含税）、占 24 年归母净利润40.94%。公司近期发布2025 年限制性股票激励计划（草案），拟授予168 名激励对象 不超过203.66 万股限制性股票、占公司股本总额0.61%。 新推股权激励，目标积极进取。公司发布2025 年限制性股票激励计划（草案），拟授予168 名激励对象 不超过203.66 万股、占公司股本总额0.61%。激励计划对2025-27 年收入/净利润进行考核，目标以2024 年为基数，25 年营收增长不低于20%/归母净利润增长不低于164%，26 年营收增长不低于36%/归母净 利润增长不低于231%，27 年营收增长不低于55%/归母净利润增长不低于309%。 本次限制性股票授予价格28.78 元/股（截至3.28 日收盘价57.68 元/股）、激励力度 ...

证券研究报告·公司点评报告·白酒Ⅱ 舍得酒业（600702） 再推激励，目标进取 2025 年 03 月 30 日 -49% -42% -35% -28% -21% -14% -7% 0% 7% 14% 2024/4/1 2024/7/30 2024/11/27 2025/3/27 舍得酒业 沪深300 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 7087 | 5357 | 5163 | 5727 | 6538 | | 同比（%） | 17.04 | (24.41) | (3.62) | 10.92 | 14.15 | | 归母净利润（百万元） | 1,769.39 | 345.78 | 581.64 | 807.90 | 1,070.76 | | 同比（%） | 4.98 | (80.46) | 68.21 | 38.90 | 32.54 | | EPS-最新摊薄（元/股） | 5.31 | 1.04 | ...