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. ...

证券代码：600702 证券简称：舍得酒业 舍得酒业股份有限公司投资者关系活动记录表 编号：2024-002  特定对象调研  分析师会议 投资者关系  现场参观  业绩说明会 活动类别  新闻发布会  路演活动  媒体来访 其他（视频+网络会议） 中金公司、中信证券、华创证券、德邦证券、国泰君安证券、银河证券、财通 证券、华泰证券、太平洋证券、国信证券、东吴证券、天风证券、信达证券、 方正证券、长江证券、中泰证券、华福证券、国投证券、兴业证券、民生证 参与单位名称及 人员姓名 券、国金证券、野村证券、招商基金、汇添富基金、银华基金、广发基金、嘉 实基金、博时基金、中欧基金、富达基金、南方基金、高盛基金、信达澳亚基 金、华夏基金、中银基金、兴华基金、中信保诚基金、富荣基金、永赢基金、 财通资管、工银理财、汇丰资管、东证资管、艾希资本、颐盛资本等分析师、 ...

【舍得酒业旗下沱牌特曲窖龄20和窖龄30产品出厂价提价10元和15元】财联社3月1日电，近日，四川沱 牌舍得营销有限公司发布《关于调整500ml沱牌特曲2.0系列产品出厂价格的通知》。通知称，经公司研 究决定，自2024年4月1日起，沱牌特曲2.0系列产品价格调整：500ml窖龄20·沱牌特曲（红色）经销商 出厂价上调10元/瓶；500ml容龄30·沱牌特曲（蓝色）经销商出厂价上调15元/瓶。小财注：沱牌特曲窖 龄20和窖龄30是舍得酒业2021年上市的产品，预估占公司整体销售额较小。目前，50度沱牌特曲窖龄20 和窖龄30在沱牌舍得京东自营店上的售价分别为159元/瓶和226元/瓶。（财联社记者 朱万平） ...

证券代码：600702 证券简称：舍得酒业 公告编号：2024-008 舍得酒业股份有限公司 关于推动公司"提质增效重回报" 暨以集中竞价交易方式回购公司股份的进展公告 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。 重要内容提示： 截至 2024 年 2 月 29 日，舍得酒业股份有限公司（以下简称"公司"）通 过上海证券交易所交易系统以集中竞价交易方式已累计回购公司股份 1,302,431 股，占公司目前总股本 333,167,579 股的比例为 0.39%，回购成交的 最高价为 83.00 元/股，最低价为 73.49 元/股，支付的资金总额为人民币 100,007,439.53 元（不含交易费用）。 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 1 7 号——回购股份》等相关规定，在回购股份期间，公司应当于每个月的前三个 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： 截至 2024 年 2 月 29 日，公司通过上海证券交易所交易系统以集中竞 ...