Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company reported a revenue of 4.46 billion RMB for Q3 2024, a year-on-year decrease of 15.0%, and a net profit attributable to shareholders of 670 million RMB, down 48.4% year-on-year [2]. - The revenue for Q3 2024 was 1.19 billion RMB, reflecting a 30.9% decline year-on-year, with a net profit of 80 million RMB, a significant drop of 79.2% year-on-year [2]. - The company is focusing on optimizing marketing expenses and improving cost efficiency despite the pressure from declining industry demand [3]. Summary by Sections Performance Review - For Q3 2024, the revenue breakdown shows high-end and regular liquor sales at 900 million and 150 million RMB respectively, with declines of 35.6% and 14.9% year-on-year [3]. - The company experienced a reduction in the number of distributors, with a net decrease of 46, leaving 2,763 distributors at the end of Q3 [3]. - The gross margin for Q3 2024 decreased by 11 percentage points to 63.7% due to structural weakening and cost pressures [3]. Financial Analysis - The report forecasts a 38% reduction in net profit for 2024, with expected revenues decreasing by 19.3% [4]. - The projected earnings per share (EPS) for 2024 is 2.78 RMB, with corresponding price-to-earnings (P/E) ratios of 24.6, 21.6, and 18.9 for 2024, 2025, and 2026 respectively [4]. - The company plans to repurchase 100 to 200 million RMB worth of shares for employee stock ownership plans or equity incentives [3]. Future Outlook - The report suggests that despite current challenges, there may be a potential recovery in business demand in 2025, indicating a need for continued monitoring of the company's performance [3].

Investment Rating - The report maintains a "Buy" investment rating for the company [1][3] Core Views - The company has faced pressure on performance due to sales collection challenges, with total revenue for Q1-Q3 2024 at 4.46 billion yuan, a decrease of 14.97% year-on-year, and net profit attributable to shareholders at 669 million yuan, down 48.35% year-on-year [1] - The company announced a share repurchase plan, reflecting confidence in its future performance, with plans to repurchase 1.099 to 2.197 million shares, accounting for 0.33%-0.66% of total share capital, at a maximum price of 91.00 yuan per share [2] Summary by Sections Financial Performance - For Q1-Q3 2024, the company reported total revenue of 4.46 billion yuan, a decrease of 14.97% year-on-year, and a net profit of 669 million yuan, down 48.35% year-on-year. The gross profit margin for Q1-Q3 was 67.90%, down 7.38 percentage points year-on-year [1] - In Q3 2024, total revenue was 1.189 billion yuan, a decrease of 30.72% year-on-year, with a net profit of 78 million yuan, down 79.22% year-on-year [1] Revenue Breakdown - For Q1-Q3 2024, the company's liquor revenue was 4.035 billion yuan, down 16.68% year-on-year, with mid-to-high-end liquor and ordinary liquor revenues at 3.498 billion yuan and 537 million yuan, respectively [1] - The company’s revenue from provincial and non-provincial sales for Q1-Q3 was 1.256 billion yuan and 2.779 billion yuan, respectively, with provincial sales accounting for 31.13% of total revenue, showing an increase in provincial revenue share [1] Future Outlook - The company is expected to benefit from growth in its mid-range and high-end products, with a long-term positive outlook on brand strength in the sub-high-end market. The EPS forecast for 2024-2026 has been adjusted to 2.83, 3.83, and 4.83 yuan, respectively, with corresponding PE ratios of 24, 18, and 14 times [3][5]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 446 million and a net profit of 67 million for the first three quarters of 2024, reflecting a year-on-year decline of 15.0% and 48.3% respectively. In Q3 alone, the revenue and net profit were 119 million and 8 million, showing a year-on-year decrease of 30.9% and 79.2% [2] - The revenue decline in Q3 was in line with expectations, as the company continued its strategy of controlling volume and stabilizing prices for its mid-to-high-end products, leading to pressure on revenue and profit margins [3] - The company plans to repurchase shares worth 100 to 200 million yuan to boost employee stock ownership plans or equity incentives, with a maximum repurchase price of 91 yuan per share. This move is seen as a sign of confidence in the company's long-term strategy [5] Summary by Sections Financial Performance - For 2024E, the total revenue is projected to be 5,818 million yuan, down 17.83% year-on-year, with a net profit of 918.15 million yuan, reflecting a significant decline of 48.17% [1][4] - The Q3 gross profit margin decreased by 10.9 percentage points to 63.7%, primarily due to the impact of product structure adjustments [4] - The company maintained a stable cash flow with a cash collection ratio of 0.96 in Q3, and the number of distributors remained stable at 2,763 [4] Strategic Initiatives - The new president, who took office at the end of 2023, is expected to leverage modern management experience in the consumer goods sector to enhance the company's strategic planning and top-level understanding [5] - The company aims to strengthen its market share in banquet services through digital means and expand its reach into lower-tier markets [5] Valuation Metrics - The current market capitalization corresponds to a P/E ratio of 24.73 for 2024E, 21.98 for 2025E, and 19.15 for 2026E [1][5] - The projected earnings per share (EPS) for 2024E is 2.76 yuan, significantly lower than previous estimates [1][5]

Investment Rating - The report upgrades the investment rating for Shede Liquor (600702) to "Recommended" with a target price of 78 CNY, compared to the current price of 68.16 CNY [1][2]. Core Views - The company reported a significant decline in revenue and profit for the first three quarters of 2024, with revenue at 4.46 billion CNY, down 15.0% year-on-year, and net profit at 670 million CNY, down 48.4% year-on-year. The third quarter alone saw revenue of 1.19 billion CNY, down 30.9%, and net profit of 80 million CNY, down 79.2% [1][2]. - The report highlights that the company is undergoing a rapid inventory clearance process, with a focus on reducing stock levels and adjusting sales strategies. The company is expected to continue this trend into the fourth quarter, with potential for inventory reduction if demand improves in the following year [2][3]. - The report notes that the company's gross profit margin for Q3 was 63.7%, a significant drop of 11.0 percentage points, attributed to accelerated inventory clearance and increased promotional expenses [2][3]. Financial Summary - For 2023, the total revenue is projected at 7.08 billion CNY, with a year-on-year growth rate of 16.9%. However, for 2024, revenue is expected to decline by 19.2% to 5.72 billion CNY [1][2]. - The net profit for 2023 is estimated at 1.77 billion CNY, with a projected decline of 52.9% to 835 million CNY in 2024. The earnings per share (EPS) for 2024 is forecasted to be 2.50 CNY [1][2]. - The report indicates that the company's cash flow remains under pressure, with a net cash flow from operating activities of -120 million CNY in Q3, compared to -60 million CNY in the same period last year [2][3].

Investment Rating - The report maintains a "Recommendation" rating for the company [1] Core Views - The company is experiencing short-term revenue pressure due to adjustments in inventory management, particularly in the mid-to-high-end liquor segment, which saw a revenue decline of 35.6% year-on-year in Q3 2024 [4][5] - Despite the short-term challenges, the company is focusing on its core products and has a long-term growth strategy, which supports the maintained "Recommendation" rating [7] Financial Summary - For the first three quarters of 2024, the company achieved a revenue of 44.6 billion yuan, a year-on-year decline of 15.0%, with a net profit of 6.7 billion yuan, down 48.3% [3] - In Q3 2024, the company reported a revenue of 11.9 billion yuan, a decrease of 30.9% year-on-year, and a net profit of 0.78 billion yuan, down 79.2% [3] - The gross margin for Q3 2024 was 63.7%, a decline of 10.8 percentage points year-on-year, influenced by product mix [4] - The company plans to repurchase shares worth 100 to 200 million yuan, reflecting confidence in its long-term strategy [5] Revenue and Profit Forecast - Revenue projections for 2024-2026 have been adjusted, with expected revenues of 57.43 billion yuan in 2024, 60.31 billion yuan in 2025, and 66.46 billion yuan in 2026 [6] - Net profit forecasts have also been revised to 933 million yuan for 2024, 984 million yuan for 2025, and 1.085 billion yuan for 2026 [6] Key Financial Ratios - The company's return on equity (ROE) is projected to decline to 11.8% in 2024, with a gradual recovery to 11.6% by 2026 [10] - The price-to-earnings (P/E) ratio is expected to be 24.3 in 2024, decreasing to 20.9 by 2026 [10]

Investment Rating - The report maintains a "Buy" rating for the company and raises the target price to 79.07 CNY from the previous 68.02 CNY [3][5][12] Core Views - The company's performance in Q3 2024 was below expectations, primarily due to the white liquor industry's transition into a destocking phase, indicating a continuation of the adjustment period [2][12] - Despite the current adjustment, the report suggests that the company's earnings recovery is likely as the economic cycle improves, given that white liquor is a cyclical consumer product [2][12] Financial Summary - For 2024, the company is expected to generate revenues of 5,763 million CNY, a decrease of 18.6% compared to the previous year, with net profit projected at 979 million CNY, down 44.7% [4][12] - The earnings per share (EPS) estimates for 2024, 2025, and 2026 are adjusted to 2.94 CNY, 3.13 CNY, and 3.44 CNY respectively, down from previous estimates of 3.78 CNY, 4.17 CNY, and 4.56 CNY [3][12] - The company's net profit margin for Q3 2024 fell to 6.56%, a decline of 15.31 percentage points year-on-year, reflecting increased expenses during the destocking phase [4][12][13] Market Performance - The company's stock price has fluctuated between 40.18 CNY and 116.24 CNY over the past 52 weeks, with a current price of 68.16 CNY [6] - The total market capitalization is reported at 22,709 million CNY [6] Operational Insights - The company experienced significant revenue declines in Q3 2024, with domestic and international revenues down 22% and 38% year-on-year, respectively [12] - The report highlights that the company is increasing its marketing expenses to support consumer engagement during the destocking phase, which has impacted profitability [12][13]

证券代码：600702 证券简称：舍得酒业 公告编号：2024-039 舍得酒业股份有限公司 2024 年前三季度经营数据公告 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。 根据《上海证券交易所上市公司自律监管指引第 3 号—行业信息披露》之《第 十二号—酒制造》的相关规定，现将公司 2024 年前三季度主要经营数据（未经审 计）公告如下： 一、公司 2024 年前三季度主要经营情况 （一）酒类产品按产品档次分类情况 （二）酒类产品按销售渠道分类情况 （三）酒类产品按地区分类情况 1 单位：万元 币种：人民币 产品名称 2024 年 1－9 月销售收入 2023 年 1－9 月销售收入 增减变动幅度（%） 中高档酒 349,824.54 414,989.27 -15.70 普通酒 53,707.60 69,324.75 -22.53 合计 403,532.14 484,314.02 -16.68 单位：万元 币种：人民币 渠道类型 2024 年 1－9 月销售收入 2023 年 1－9 月销售收入 增减变动幅度（%） 批发代 ...

证券代码：600702 证券简称：舍得酒业 公告编号：2024-037 舍得酒业股份有限公司 第十一届董事会第九次会议决议公告 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。 舍得酒业股份有限公司（以下简称"公司""舍得酒业"）于 2024 年 10 月 28 日以通讯方式召开了第十一届董事会第九次会议，有关本次会议的通知，已于 2024 年 10 月 22 日通过书面和电子邮件方式送达全体董事。会议应到董事 9 人，实到董 事 9 人，符合《公司法》和《公司章程》的规定。会议由董事长蒲吉洲先生主持， 经与会董事认真讨论，以记名投票表决，审议通过以下议案： 一、会议以 9 票同意、0 票反对、0 票弃权，审议通过《公司 2024 年第三季度 报告》。 本议案在提交公司董事会审议前已经公司第十一届董事会审计委员会第八次 会议审议通过。 具体内容详见公司同日披露于《中国证券报》《上海证券报》《证券时报》《证 券日报》及上海证券交易所网站（www.sse.com.cn）的《舍得酒业 2024 年第三季 度报告》。 基于对公司未来发展 ...

● 回购股份期限：自公司董事会审议通过本次回购股份方案之日起不超过 6 个月。 证券代码：600702 证券简称：舍得酒业 公告编号：2024-038 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方案的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： ● 回购股份金额：不低于人民币 10,000 万元（含）且不超过人民币 20,000 万元（含）。 ● 回购股份资金来源：舍得酒业股份有限公司（以下简称"公司"）自有资金和/或 自筹资金。 ● 回购股份用途：用于公司的员工持股计划或股权激励。 ● 回购股份价格：不超过人民币 91.00 元/股（含）。 ● 回购股份方式：集中竞价交易方式。 ● 相关股东是否存在减持计划：经问询，截至董事会审议通过本次回购方案之日， 公司董监高、控股股东、实际控制人未来 3 个月、未来 6 个月均不存在减持公司股份的 计划。若在上述期间拟实施股份减持计划，公司将按相关规定及时履行信息披露义务。 ● 相关风险提示： 1、若本次回购期限内，公司股票价格持续超出回购方案 ...

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]