[Table_Page] 季报点评|白酒Ⅱ 证券研究报告 [舍Table_得Title] 酒业（600702.SH） [公Tab司le_I评nves级t] 买入 当前价格 72.53元 24Q1 持续增长，沱牌贡献增长动能 合理价值 92.1元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-28 ⚫ 公司发布2024年一季报。24Q1公司实现营收21.1亿元，同比+4.1%， [相Tab对le_P市icQ场uote表] 现 实现归母净利润5.5亿元，同比-3.4%。 ⚫ 营收持续增长，沱牌预计表现更优。24Q1 公司中高档酒/普通酒营收 2% 04/23 06/23 08/23 10/23 12/23 02/24 04/24 -11% 分别同比+3.3%/0.9%至17.3/2.4亿元，带动酒类业务整体赢手套同比 -24% +3.0%至19.6亿元，公司销售毛利率同比-4.2pct至74.2%，我们预计 -36% 中高档酒中沱牌 T68 等产品较品味舍得有更快增速，带动公司销售毛 -49% 利率较同期下行。 -62% 舍得酒业 沪深300 ⚫ 费用投放精细化，税 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2] Core Views - The company reported a total revenue of 2.105 billion yuan in Q1 2024, a year-on-year increase of 4.13%, while the net profit attributable to shareholders was 550 million yuan, a decrease of 3.35% year-on-year [1] - The company aims for long-term high-quality development, focusing on brand strategies and expanding its market presence [1] - The company expects revenue growth rates of 10.7%, 12.3%, and 11.9% for 2024, 2025, and 2026 respectively, with net profit growth rates of 10.8%, 13.0%, and 12.7% for the same years [1][2] Financial Performance Summary - In Q1 2024, the company's gross profit margin was 74.16%, down 4.24 percentage points year-on-year, primarily due to a shift in product structure [1] - The company had 2,795 distributors by the end of Q1 2024, with a net increase of 140 distributors [1] - The company's sales cash collection decreased by 14.45% year-on-year, and contract liabilities were 235 million yuan, down 42 million yuan from the previous quarter [1] Revenue and Profit Forecast - The projected revenues for 2024, 2025, and 2026 are 7.84 billion yuan, 8.80 billion yuan, and 9.846 billion yuan respectively, with corresponding net profits of 1.963 billion yuan, 2.218 billion yuan, and 2.498 billion yuan [2][6] - The earnings per share are expected to be 5.89 yuan, 6.66 yuan, and 7.50 yuan for 2024, 2025, and 2026 respectively [2][6] Strategic Outlook - The company plans to continue its dual-brand strategy with "Shede" and "Tuopai," focusing on expanding the "Shede" core product and enhancing the "Tuopai T68" brand [1] - The company is committed to a nationwide expansion strategy while deepening regional market penetration [1] - The organization aims to enhance channel management and increase the sales team size, alongside implementing an employee stock ownership plan to boost internal motivation [1]

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 24Q1 营收坚韧，战术灵活 目标价格： 127.40 上次预测： 127.40 公 ——舍得酒业2024 年一季报点评 当前价格： 72.33 司 訾猛(分析师) 李耀(分析师) 2024.04.26 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） 69.33-182.86 报 总市值（百万元） 24,098 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2024Q1营收略超预期，利润表现符合预期，盈利能力仍处相对高位；展望后续， 流通股比例 100% 产业库存周期后半段，舍得凭借产品、品牌及管理优势将 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Insights - The company's revenue growth met expectations, but profits faced slight pressure due to various factors affecting gross margin [2][3] - The company reported total revenue of 2.105 billion yuan for Q1 2024, a year-on-year increase of 4.18%, while net profit attributable to shareholders was 550 million yuan, a decrease of 3.37% year-on-year [2][3] - The report highlights a strategic adjustment in product offerings, with good performance in mid-to-high-end and high-line products, while the sub-high-end segment faced pressure [2][3] Financial Performance Summary - Q1 2024 gross margin was 74.16%, down 4.22 percentage points year-on-year, primarily due to impacts from Tianma Glass and Yelang Ancient [2][3] - Q1 2024 net profit margin was 26.09%, a decrease of 2.07 percentage points year-on-year, with sales and management expense ratios showing a decline of 2.93 and 0.20 percentage points respectively [2][3] - Sales receipts for Q1 2024 were 1.917 billion yuan, down 14.27% year-on-year, with operating net cash flow at 108 million yuan, a decrease of 52.41% [2][3] Product Strategy and Market Performance - The company achieved good growth in the domestic market, with Q1 2024 domestic revenue of 542 million yuan, up 12.22% year-on-year, while provincial revenue was 1.421 billion yuan, down 0.21% year-on-year [2][3] - E-commerce sales showed strong performance, with wholesale and e-commerce revenues of 1.814 billion yuan and 150 million yuan, respectively, reflecting year-on-year increases of 2.78% and 5.86% [2][3] - The company has established a dealer review group to improve dealer quality, focusing on mature markets in provinces like Sichuan, Shanxi, and Henan [3]

Financial Performance - In Q1 2024, the company achieved operating revenue of 2.105 billion yuan, representing a year-on-year growth of 4.13% [1] - The net profit attributable to shareholders increased to 0.331 billion yuan, reflecting a year-on-year growth of 3.01% [1] - Sales revenue from ordinary liquor reached 0.550 billion yuan [1] - The revenue from liquor products was 1.964 billion yuan, with mid-to-high-end liquor sales contributing 1.725 billion yuan, marking a year-on-year increase of 2.38% [1] Investor Relations Activities - The investor relations event was attended by a total of 220 securities analysts and institutional investors [1] - The event took place on April 26, 2024, from 15:30 to 16:30, in the company meeting room and online [1] - Key personnel included the Vice President and CFO, Mr. Zou Qingli, and the Secretary of the Board, Mr. Zhang Wei [1]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported Q1 2024 revenue of 2.11 billion yuan, a year-on-year increase of 4.1%, while net profit attributable to shareholders was 550 million yuan, down 3.4% year-on-year [3] - Revenue structure is under pressure, with Q1 liquor revenue at 1.96 billion yuan, up 3% year-on-year, and mid-to-high-end liquor and ordinary liquor revenues at 1.73 billion yuan and 240 million yuan, respectively, with year-on-year increases of 3.3% and 0.9% [3] - The company aims to optimize its cost structure, with a net profit margin of 26.1%, down 2.1 percentage points year-on-year, and a gross margin of 74.2%, down 4.2 percentage points year-on-year [3] Financial Forecasts and Valuation - The company is expected to maintain resilience in performance despite external pressures, with projected net profits for 2024-2026 at 2.05 billion, 2.49 billion, and 3.06 billion yuan, representing year-on-year growth of 16%, 22%, and 23%, respectively [4] - Corresponding P/E ratios are projected to be 14, 11, and 9 times for the same periods [4] Revenue and Profitability - The company’s total revenue for 2022 was 6.056 billion yuan, increasing to 7.081 billion yuan in 2023, with forecasts of 8.185 billion yuan in 2024, 9.634 billion yuan in 2025, and 11.456 billion yuan in 2026, reflecting a compound annual growth rate [2][4] - The net profit attributable to shareholders for 2022 was 1.685 billion yuan, with projections of 1.771 billion yuan in 2023, 2.050 billion yuan in 2024, 2.492 billion yuan in 2025, and 3.058 billion yuan in 2026 [2][4] Market Position and Strategy - The company is focusing on a multi-product strategy and maintaining active channel development, with plans to strengthen its brand and market presence in 38 key cities [3] - The company emphasizes price stability and aims for both volume and price increases, while also enhancing its product offerings and market strategies [3]

华福证券 白酒Ⅲ 2024年04月25日 公 司 舍得酒业（ ） 600702.SH 买入（维持评级） 研 究 业绩预期平稳落地，聚焦重点单品合力向前 当前价格： 72.33元 目标价格： 113元 投资要点： 基本数据  事件： 总股本/流通股本(百万股) 333.17/332.27 流通A股市值(百万元) 24,033.06 舍得酒业发布24年一季报，24Q1公司实现营收21.05亿元，同比 每股净资产(元) 23.03 资产负债率(%) 32.92 增长4.13%；实现归母净利润5.50亿元，同比下降3.35%。公司去年 一年内最高/最低价(元) 188.75/68.00 一季度基数较高，预计二季度开始基数影响逐步减小后，营收逐季表 一年内股价相对走势 现向上可期。 公  中高端产品在23Q1高基数下维持增长，腰部力量持续夯实。 司 财 分产品看，公司中高端/普通酒24Q1分别实现营收17.25/2.38亿元， 报 同比分别增长3.31%/0.85%。公司坚持“稳价格、控库存、强动销”核 点 心原则，通过宴席营销、团购会销等方式推动终端动销。今年春节旺 评 季期间,沱牌开瓶率较去年增长163%，T6 ...

公司研 究 证 券研究 报 告 白酒**2024年04月26日 舍 得酒业（600702）2024年一季报点评 推 荐 （首次） 目标价：100元 应对压力，积极调整 当前价：72.33元 事项： 华创证券研究所  公司发布2024年一季报，2024Q1实现总营收21.1亿元，同增4.1%；归母净 证券分析师：沈昊 利润 5.5亿元，同降 3.4%。销售回款 19.2亿元，同降 14.3%，经营性现金流 净额1.1亿元，同降52.2%，Q1末合同负债2.3亿元，环比下降0.4亿元。 邮箱：shenhao@hcyjs.com 执业编号：S0360521050001 评论： 证券分析师：欧阳予  收入端保持增长符合预期，大众价位的舍之道、T68继续招商放量。公司Q1 邮箱：ouyangyu@hcyjs.com 收入同增 4.1%符合预期。分产品看，Q1 中高档/普通酒收入分别同增 执业编号：S0360520070001 3.3%/0.9%，核心单品品味舍得将价盘维护放在优先位置，保持平稳，大众价 位带的舍之道、T68等单品继续招商铺货放量保持增长。夜郎古Q1轻装前行， 证券分析师：田晨曦 叠加舍得品牌及渠道赋 ...

业绩简评 2024 年 4月 25日公司披露24 年一季报，期内实现营收21.1 亿， 同比+4.2%；实现归母净利5.5 亿，同比-3.4%。 经营分析 产品端看，24Q1 中高档/普通酒分别实现营收17.3/2.4 亿，同比 +3.3%/+0.8%，我们预计 Q1 结构内部夜郎古低基数下相对高增， 以及 T68、舍之道等大众价位产品增速更优，结构扰动导致 24Q1 公司毛利率同比-4.2pct 至 74.2%。分区域看，24Q1 省内/省外分 别实现营收 5.4/14.2 亿，同比+12.2%/-0.1%，部分与 23Q1 基数 相关。 从盈利水平来看，24Q1 归母净利率同比-2.0pct至 26.1%，主要受 毛利率扰动，此外销售费用率同比-2.9pct，管理费用率-0.2pct， 营业税金及附加占比+0.5pct；截至 24Q1 末，合同负债余额 2.3 亿，同比-5.6 亿；24Q1 销售收现19.2 亿，同比-14.45%。 人民币(元) 成交金额(百万元) 公司战略笃定于大单品、全国化，抓手在于提升消费端认知拉力， 195.00 3,000 因此在营销团队扩充、激励制度保障、持续营销费投支持等 ...

食品饮料 公 2024年04月25日 司 报 舍得酒业(600702.SH) 告 收入平稳增长，省内表现更优 推荐 ( 维持 ) 事项： 舍得酒业发布2024年1季报，实现营业收入21.1亿元，同比增长4.1%；归母净 股价:72.33元 利5.5亿元，同比下滑3.4%。 公 主要数据 平安观点： 行业 食品饮料 司 公司网址 www.tuopaishede.cn ...