证 券 2024 年 03 月 21 日 研 究 业绩符合预期，多因素致利润承压 报 告 —舍得酒业（600702.SH）公司事件点评报告 买入(维持) 事件 分析师：孙山山 S1050521110005 2024 年 3月 19日，舍得酒业发布2023 年年度报告。 sunss@cfsc.com.cn 投资要点 基本数据 ▌ 业绩符合预期，利润受多因素影响 2024-03-20 当前股价（元） 84.05 2023 年公司总营收 70.81 亿元（同增 16.93%），归母净利润 总市值（亿元） 280 17.71 亿元（同增 5.09%）；2023Q4 总营收 18.36 亿元（同 总股本（百万股） 333 增 27.58%），归母净利润 4.76 亿元（同减 1.91%）。公司业 绩符合预期，利润增速稍慢主要系：1）产品结构变化，沱牌 流通股本（百万股） 332 产品占比上升，毛利率同比下降 3.2pct 至 74.50%。2）期间 52周价格范围（元） 69.33-198.98 费用率上升，其中销售费用率同比上升 1.4pct，管理费用率 日均成交额（百万元） 858.85 同比下降 0.7pct。3 ...

股 票 研 究 [Table_industryInfo] 食品饮料/必需消费 [ Table_Main[舍ITnaf 得bol]e 酒_Ti业tle]( 600702) [评Tab级le_：Inv est] 增持 上次评级： 增持 潜力仍在，迎难而上 目标价格： 127.40 上次预测： 170.10 公 ——舍得酒业2023 年报点评 当前价格： 84.05 司 訾猛(分析师) 李耀(分析师) 2024.03.20 更 021-38676442 8621-38675854 [交Ta易bl数e_M据a rket] 新 zimeng@gtjas.com liyao022899@gtjas.com 证书编号 S0880513120002 S0880520090001 52周内股价区间（元） 69.33-198.98 报 总市值（百万元） 28,003 告 本报告导读： 总股本/流通A股（百万股） 333/332 流通 B股/H股（百万股） 0/0 公司发布2023年报，舍得系列在存量竞争下仍受益份额集中；展望后续，行业弱复 流通股比例 100% 苏下公司具备基酒、品牌及渠道优势，具备穿越周期的能力。 日均成交量（ ...

2024年3月21日 公司研究 业绩符合预期，24 年持续进击 ——舍得酒业（600702.SH）2023 年年报点评 要点 买入（维持） 当 前价：84.89元 事件：舍得酒业发布2023年年报，23年实现总营收70.81亿元，同比增长 16.93%，实现归母净利润17.71亿元，同比增长5.09%。Q4单季实现总营收 18.36亿元，同比增长27.58%，归母净利润4.76亿元，同比减少1.91%。公司 作者 23年合计派发现金红利7.12亿元（含税）、占归母净利润比例40.19%。 分析师：叶倩瑜 执业证书编号：S0930517100003 舍之道、T68收入增长亮眼，品味舍得增速慢于平均。23年行业面临一定压力、 021-52523657 商务需求略为平淡，公司收入端仍实现较好增长、亦基本符合我们此前预期， yeqianyu@ebscn.com Q4收入同比增幅达到27.6%、环比提速。分产品看，23年中高档酒/普通酒销 分析师：杨哲 售收入分别为56.55/9.05亿元，同比增长15.96%/16.11%，进一步拆分量价看， 执业证书编号：S0930522080001 021-52523795 23 ...

证券研究报告·公司点评报告·白酒Ⅱ 舍得酒业（600702） 2023 年年报点评：舍得守正，沱牌出奇 2024 年 03月 20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） 6,056 7,081 8,185 9,634 11,456 同比 21.86% 16.93% 15.59% 17.70% 18.92% 股价走势 归母净利润（百万元） 1,685 1,771 2,050 2,492 3,058 舍得酒业 沪深300 同比 35.31% 5.09% 15.74% 21.55% 22.71% 10% EPS-最新摊薄（元/股） 5.06 5.32 6.15 7.48 9.18 -43% % -11% P/E（现价&最新摊薄） 16.78 15.97 13.80 11.35 9.25 -18% -25% -32% [关Ta键bl词e_：Ta#g业] 绩符合预期 -- 43 69 %% -53% [Table_Summary] ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to maintain stable pricing and controllable channels despite significant pressure in the high-end liquor industry in 2023, actively helping channels to reduce inventory [2] - The company’s main products have seen a significant increase in opening rates, and inventory levels are currently within safe limits, which is expected to enhance the willingness of distributors to collect payments [2] - The company is focusing on deepening its presence in mature markets while stimulating consumption in emerging markets through strategic campaigns [2] Financial Performance Summary - In Q4 2023, the company reported revenue of 1.84 billion (up 27.6%) and a net profit attributable to shareholders of 480 million (down 1.9%) [1] - For the full year 2023, total revenue reached 7.08 billion (up 16.9%), with a net profit attributable to shareholders of 1.77 billion (up 5.1%) [1] - The company’s gross margin for 2023 was 74.5%, a decrease of 3.2 percentage points year-on-year [1] Revenue Breakdown - The company’s liquor business generated revenue of 6.56 billion in 2023, an increase of 16.0% year-on-year, with sales volume of 43,500 kiloliters (up 5.2%) [1] - The revenue from mid-to-high-end liquor was 5.655 billion, while ordinary liquor revenue was 905 million, both showing growth of 16.0% and 16.1% respectively [1] - The average price for mid-to-high-end liquor was 150,700 per kiloliter, reflecting a year-on-year increase of 10.3% [1] Profitability Forecast - The company is projected to achieve total revenue of 8.11 billion, 9.55 billion, and 11.375 billion for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 14.5%, 17.8%, and 19.1% [2] - The net profit attributable to shareholders is expected to be 2.055 billion, 2.466 billion, and 3.028 billion for the same years, with growth rates of 16.0%, 20.0%, and 22.8% respectively [2] - The current price-to-earnings ratio (P/E) is projected to be 13.76, 11.47, and 9.34 for 2024, 2025, and 2026 respectively [2]

公司研究 | 年报点评 舍得酒业 600702.SH 买入 （维持） 动销良性量价齐升，费用增投盈利承压 股价（2024年03月19日） 84.89元 目标价格 129.36元 52周最高价/最低价 202.42/68元 总股本/流通A股（万股） 33,317/33,227 A股市值（百万元） 28,283 国家/地区 中国 核心观点 行业 食品饮料 ⚫ 公司发布2023年年报，全年实现营业收入70.8亿元，同比+16.9%；实现归母净利 报告发布日期 2024年03月20日 润17.7亿元，同比+5.1%。单四季度来看，公司实现营业收入18.4亿元 （yoy+27.6%），实现归母净利润4.8亿元（yoy-1.9%）。 1周 1月 3月 12月 ⚫ 舍之道、T68放量，主要受益家宴、大众需求旺盛。分档次，2023年中高档酒实现 绝对表现% -1.38 12.93 -3.26 -51.01 收入56.6亿元（yoy+16.0%），预计舍之道受益家宴高景气度而快速增长；品味舍 相对表现% -0.83 7.82 -10.57 -41.38 得受制于商务场景弱复苏，增速放缓。普通酒实现收入9.1亿元（yoy+16. ...

Investment Rating - The report maintains a "Recommended" investment rating for the company [2][7]. Core Views - The company achieved a stable revenue growth of 16.9% year-on-year in 2023, with total revenue reaching 7.08 billion yuan and a net profit of 1.77 billion yuan, reflecting a 5.1% increase [3][6]. - The company is focusing on high-quality development and expanding its product matrix nationally, with a significant increase in cash dividends to shareholders [7]. - The report anticipates continued growth in revenue and net profit, projecting net profit of 2.05 billion yuan for 2024, representing a 16% increase [6][11]. Financial Performance Summary - In 2023, the company reported a gross margin of 74.5%, down 3.1 percentage points from the previous year, with a net profit margin of 25.0%, down 2.8 percentage points [5][11]. - The company’s revenue from wholesale and e-commerce channels was 6.13 billion yuan and 430 million yuan respectively, with year-on-year growth of 16.5% and 9.4% [4][5]. - The average selling price for high-end liquor decreased by 9.3% to 296,000 yuan per ton, while the price for ordinary liquor increased by 25.7% to 37,000 yuan per ton [5][6]. Future Projections - The company is expected to continue its growth trajectory, with projected revenues of 8.15 billion yuan in 2024 and 9.30 billion yuan in 2025, reflecting year-on-year growth rates of 15.1% and 14.1% respectively [6][10]. - The report forecasts a gradual improvement in gross margin, reaching 75.5% by 2026 [11]. - The earnings per share (EPS) is projected to increase from 5.32 yuan in 2023 to 8.11 yuan by 2026 [10][11].

Financial Performance - The company achieved a total operating revenue of ¥7,080,956,626.76 in 2023, representing a year-on-year increase of 16.93% compared to ¥6,055,525,598.68 in 2022[16]. - The net profit attributable to shareholders of the listed company for 2023 was ¥1,771,304,355.44, reflecting a growth of 5.09% from ¥1,685,441,885.91 in the previous year[16]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥1,716,422,242.79, which is a 5.61% increase from ¥1,625,272,272.76 in 2022[16]. - Basic earnings per share for 2023 increased by 4.82% to CNY 5.3457 compared to CNY 5.0997 in 2022[17]. - Diluted earnings per share for 2023 rose by 5.05% to CNY 5.3457 from CNY 5.0889 in 2022[17]. - The company reported a total of CNY 54,882,112.65 in non-recurring gains and losses for 2023[21]. - The company achieved operating revenue of CNY 7,080,956,626.76 in 2023, representing a year-on-year growth of 16.93%[39]. - The net profit attributable to shareholders was CNY 1,771,304,400.00, an increase of 5.09% compared to the previous year[39]. - Operating costs rose to CNY 1,805,529,318.63, reflecting a significant increase of 33.84% year-on-year, primarily due to higher sales revenue and increased production costs[41]. - The gross margin for liquor products decreased by 2.34 percentage points to 78.55%[44]. Cash Flow and Assets - The net cash flow from operating activities decreased by 31.28% to ¥715,508,083.41 in 2023, down from ¥1,041,123,009.60 in 2022[16]. - The net cash flow from operating activities for Q1 2023 was CNY 227,812,793.10, showing a significant improvement from previous quarters[20]. - The total assets rose by 13.45% to ¥11,115,710,568.62 at the end of 2023, up from ¥9,797,748,205.66 at the end of the previous year[16]. - The net assets attributable to shareholders of the listed company increased by 14.27% to ¥7,232,977,313.21 at the end of 2023, compared to ¥6,329,455,340.36 at the end of 2022[16]. Dividends and Capital Management - The company plans to distribute a cash dividend of ¥21.50 per 10 shares, amounting to a total of ¥711,828,738.10, which represents 40.19% of the net profit attributable to shareholders for 2023[3]. - The company does not plan to increase capital reserves through stock conversion this year[3]. - The cash dividend policy stipulates that at least 10% of the distributable profit must be distributed as cash dividends, with a minimum of 30% over three years[131]. - In 2023, the company distributed a total of 499,793,968.50 RMB in cash dividends, amounting to 15.00 RMB per 10 shares[132]. - The total cash dividend amount for the year was 1,081,776,980.41 RMB, representing 61.07% of the net profit attributable to ordinary shareholders[134]. Market Strategy and Expansion - The company implemented a "3+6+4" marketing strategy focusing on old liquor, enhancing brand value and market presence[23]. - The company aims to expand its market coverage by strengthening traditional channels and exploring new ones like KA and C2M[25]. - The company plans to explore international markets and promote Chinese liquor globally through various events and marketing strategies[25]. - The company aims to enhance its brand positioning in the high-end market, focusing on products priced above 1,000 RMB to capture premium consumer segments[63]. - The company is focusing on expanding its overseas market presence, particularly in select countries and regions, to establish a strong international footprint[88]. Research and Development - The company has developed 144 new ecological liquor products, showcasing its strong R&D capabilities with over 160 independent research projects[36]. - Research and development expenses increased by 42.19% to CNY 108,414,511.06, driven by investments in new product projects[41]. - The proportion of R&D investment to operating income was 1.53%, reflecting the company's commitment to product development[52]. - The company is focusing on the development of new technologies, with an investment of RMB 50 million allocated for R&D in the upcoming year[118]. Risk Management - There are no significant risks that could materially affect the company's operations as detailed in the report[6]. - The company has outlined various risks and corresponding mitigation strategies in the management discussion section of the report[6]. - The company is committed to strengthening its risk management capabilities by enhancing budget management and digitalization to ensure transparency in decision-making[93]. Corporate Governance - The board of directors consists of 9 members, including 3 independent directors, ensuring compliance with relevant regulations[97]. - The company maintains independence in its operations, assets, and finances, adhering to legal requirements and corporate governance standards[102]. - The company has implemented a comprehensive investor relations management system to address investor inquiries and enhance communication[101]. Environmental Responsibility - The company invested 28.84 million yuan in environmental protection during the reporting period[145]. - The company was listed as a key pollutant discharge unit in Suining City for 2023, indicating its environmental compliance status[146]. - The company achieved a carbon emission reduction of 40,293.79 tons in 2023 through various measures, including the stable operation of the biogas collection and purification project[159]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[158]. Shareholder Information - The total number of shareholders was 125,953 at the end of the reporting period, down from 127,562 in the previous month[193]. - The controlling shareholder is Sichuan Tuopai Shede Group Co., Ltd., established on May 28, 1995[200]. - The company has no related party transactions or concerted actions among the top ten shareholders, ensuring independent decision-making[197].

2024年 3月 19 日，公司披露2023 年年报。23 年实现营收70.8 亿，同比+16.9%；实现归母净利17.7 亿元，同比+5.1%。其中 23Q4 实现营收18.4 亿，同比+27.6%；实现归母净利 4.8 亿，同比-1.9%。 业绩兑现符合预期、结构&费用投放阶段性影响利润弹性、分红率 提升至 40%。从产品结构看，23年全年中高档/普通酒分别实现营 收 56.6/9.1 亿元，同比+16.0%/+16.1%，其中中高档酒内部由于 舍之道高增、夜郎古并表效应（表观 23 年 1.79 亿，测算毛利率 33%），结构略有弱化，且材料成本上行，影响毛利率同比-2.8pct 至 83.2%；普通酒结构相对企稳，全年毛利率同比+0.4%至 49.3%。 单 23Q4 看，中高档/普通酒分别实现营收 15.1/2.1 亿元，同比 +33.8%/-1.7%，整体公司毛利率同比-3.5pct 至72.3%。 利润端，23 年归母净利-2.8pct 至 25.0%，其中单 Q4 归母净利- 人民币(元) 成交金额(百万元) 7.8pct 至25.9%。23Q4 除毛利率扰动外，销售费用率、管理费用 207. ...

证券代码：600702 证券简称：舍得酒业 公告编号：2024-017 舍得酒业股份有限公司 2023 年年度经营数据公告 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 2023 年年度主要经营数据（经审计）公 告如下： 一、公司 2023 年年度主要经营情况 单位：万元 币种：人民币 产品名称 2023 年 1－12 月销售收入 2022 年 1－12 月销售收入 增减变动幅度（%） 中高档酒 565,508.00 487,675.72 15.96 普通酒 90,531.85 77,969.82 16.11 合计 656,039.85 565,645.54 15.98 单位：万元 币种：人民币 渠道类型 2023 年 1－12 月销售收入 2022 年 1－12 月销售收入 增减变动幅度（%） 批发代理 612,811.83 526,129.88 16.48 电商销售 43,228.02 39,515.66 9. ...