关于间接股东股权结构变动的公告 股票代码：600779 股票简称：水井坊 编号：2024-065 四川水井坊股份有限公司 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 四川水井坊股份有限公司（"水井坊"或"公司"）的间接股东Diageo Relay B.V.的本次股权结构变动（"本次变动"），系因同一实际控制人（即Diageo plc）控制 的不同主体之间进行的集团内部转让而引发，不属于对公司股份的增持或减持行为。 本次变动不会导致公司的直接控股股东和实际控制人及其各自在公司中的持 股比例发生变化。 一、本次变动具体情况 2024 年12 月7 日，公司接到间接股东Diageo Relay B.V.发来的通知函件。该通 知函件中提到，Tanqueray Gordon and Company Limited（"TGco"，Diageo Relay B.V. 的两名股东之一）已向Diageo Investment Holdings Limited（"DIHL"，Diageo Relay B.V.的另一名股东）收购D ...

股票代码：600779 股票简称：水井坊 编号：2024-063 上述回购进展符合法律法规的规定和本次回购方案的要求。本公司将持续披露本次 回购的具体进展，切实履行信息披露义务，敬请投资者注意投资风险。 特此公告 四川水井坊股份有限公司 董 事 会 四川水井坊股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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。 四川水井坊股份有限公司（以下简称"公司"）于 2024 年 2 月 21 日召开第十届董 事会2024年第三次会议，会议审议通过了《关于以集中竞价方式回购公司股份的议案》， 并于 2024 年 2 月 22 日在指定媒体上披露了《四川水井坊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方案的公告》，具体内容详见公 司在《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）上披露的相关公告。 根据《上海证券交易所上市公司回购股份实施细则》《上海证券交易所上市公司自律 监管指引第7 号—回 ...

股票代码：600779 股票简称：水井坊 编号：2024-064 四川水井坊股份有限公司 关于注销部分已回购股份的实施公告 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。 公司已依据相关法律规定就本次注销股份事项履行通知债权人程序，于 2024 年 10 月17 日在公司指定信息披露媒体《中国证券报》《上海证券报》《证券时报》《证券日报》 和上海证券交易所网站（http://www.sse.com.cn）披露了《关于注销部分回购股份并减 少注册资本暨通知债权人的公告》（公告编号：2024-058）。截止本公告披露日，公示期 已满 45 天，期间公司并未收到任何债权人对上述公告内容提出异议的情况，也未收到 任何债权人向公司提出清偿债务或者提供相应担保的要求。 重要内容提示 四川水井坊股份有限公司（以下简称"公司"）分别于2024 年9 月27 日、2024 年 10 月 16 日召开第十一届董事会 2024 年第三次会议及 2024 年第三次临时股东大会， 会议审议并通过了《关于变更部分回购股份用途并注销的议案》。同意公司对回购 ...

股票代码：600779 股票简称：水井坊 编号：2024-062 四川水井坊股份有限公司 1/3 年11 月24 日至2025 年5 月24 日。 截至本公告日，本员工持股计划账户持有公司股份695,700 股，占公司目前总股本 的0.14%。 二、本员工持股计划存续期届满前的相关安排 关于 2021 年员工持股计划存续期即将届满的提示性的公告 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、准确性和完整性承担法律责任。 四川水井坊股份有限公司（以下简称"公司"）于 2021 年 9 月 14 日召开第十届董 事会2021 第七次会议、第十届监事会2021 年第四次会议，并于2021 年9 月30 日召开 2021 年第一次临时股东大会，审议通过了《关于<四川水井坊股份有限公司2021 年员工 持股计划（草案）>及其摘要的议案》等相关议案，同意公司实施2021 年员工持股计划， 具体内容详见公司于2021 年9 月15 日、10 月8 日在《中国证券报》《上海证券报》《证 券时报》《证券日报》和上海证券交易所网站（www.sse.com.cn）刊载的相关公 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price indicating an expected return of over 20% within the next six months [5][11]. Core Insights - The company's Q3 performance met expectations, with revenue, net profit attributable to the parent, and net profit excluding non-recurring items reported at 2.07 billion, 883 million, and 881 million yuan respectively, showing year-on-year growth of 0.38%, 7.67%, and 10.47% [1]. - The mid-range product "Tianhao Chen" continues to drive growth, while high-end products faced pressure in Q3 due to market downgrades [1]. - The overseas market showed significant growth, with foreign revenue increasing by 112.16% year-on-year, while domestic revenue slightly declined by 0.31% [2]. - The company's gross margin and net margin improved, with gross margin increasing by 0.86 percentage points to 84.57% and net margin increasing by 2.89 percentage points to 42.65% [3]. - The company adjusted its revenue and profit forecasts slightly downward for 2024-2026 due to weak demand in the liquor market, projecting revenues of 5.17 billion, 5.72 billion, and 6.25 billion yuan, and net profits of 1.37 billion, 1.56 billion, and 1.73 billion yuan respectively [3]. Financial Summary - For 2024E, the company is expected to achieve a revenue of 5.17 billion yuan, with a growth rate of 4.36% [4]. - The projected net profit for 2024E is 1.37 billion yuan, reflecting an 8.33% growth rate [4]. - The company's earnings per share (EPS) is forecasted to be 2.81 yuan for 2024E, with a price-to-earnings (P/E) ratio of 20.33 [4]. - The company’s total assets are projected to reach 9.09 billion yuan by 2024E, with a debt-to-asset ratio of 41.80% [7].

证券研究报告·公司研究简报·白酒Ⅱ 水井坊（600779） 业绩符合预期，经营平稳过渡 2024 年 11 月 08 日 增持（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|-------|-------|-------|-------|-------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 4673 | 4953 | 4966 | 5160 | 5655 | | 同比（ % ） | 0.88 | 6.00 | 0.26 | 3.91 | 9.60 | | 归母净利润（百万元） | 1216 | 1269 | 1315 | 1358 | 1514 | | 同比（ % ） | 1.40 | 4.36 | 3.66 | 3.26 | 11.47 | | EPS- 最新摊薄（元 / 股） | 2.49 | 2.60 | 2.69 | 2.78 | 3.10 | | P/E （现价 & 最新摊薄） ...

[Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 [Table_TargetPrice] [Table_Invest]增持|维持 水井坊(600779)公司点评报告 2024 年 11 月 04 日 [Table_Title]业绩增长稳健，销量持续增长 ——水井坊 2024 年三季报点评 [Table_Summary] 报告要点： 事件 公司公告 2024 年三季报。2024 年前三季度，公司实现总收入 37.88 亿元 （+5.56%），归母净利 11.25 亿元（+10.03%），扣非归母净利 11.09 亿元 （+11.15%）。2024Q3，公司实现总收入 20.70 亿元（+0.38%），归母净利 8.83 亿元（+7.67%），扣非归母净利 8.81 亿元（+10.47%）。 高档产品渠道去库存，中档产品高增 1）高档产品渠道去库存，中档产品高增。2024 年前三季度，公司高档、中 档产品收入分别为 34.57、1.96 亿元，同比+1.39%、+41.05%，24Q3 收入 分别为 19.40、0.99 亿元，同比-2.03%、+87.15%。 2）销量增长稳健，单价 ...

[Table_StockInfo] 2024 年 11 月 01 日 证券研究报告•2024 年三季报点评 买入 （维持） 当前价：45.78 元 水 井 坊（600779）食品饮料 目标价：——元（6 个月） 臻酿八号动销稳健，中档酒贡献增量 [Table_Summary 事件：公司发布] 2024 年三季报，前三季度实现收入 37.9 亿元，同比+5.6%， 归母净利润11.3亿元，同比+10.0%；其中单Q3实现收入20.7亿元，同比+0.4%， 归母净利润 8.8 亿元，同比+7.7%。 消费环境表现疲软，24Q3 收入增速环比放缓。1、24Q3 外部消费环境相对低 迷，白酒消费出现降级降频的情况，公司依托品牌张力和渠道库存良性的优势， 三季度收入实现小幅正增长。2、产品端，前三季度高档/中档收入分别为 34.6/2.0 亿元，分别同比+1.4%/+41.0%；单 Q3 收入分别为 19.4/1.0 亿元，分别同比 -2.0%/+87.2%。臻酿八号得益于高性价比，延续稳健增长；井台和典藏由于商 务消费承压，预计同比出现下滑。此外，天号陈贡献新的增量，中档酒产品实 现收入高增。3、渠道端，前三季度批发 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company reported stable operations in Q3 2024, with total revenue of 3.788 billion yuan, a year-on-year increase of 5.56%, and a net profit attributable to shareholders of 1.125 billion yuan, up 10.03% year-on-year [1][2]. - The performance in Q3 was in line with market expectations, with a slight revenue increase of 0.38% year-on-year [2]. - The company has optimized its marketing expenses, leading to an increase in net profit margin, with a net profit margin of 42.65%, up 2.89 percentage points year-on-year [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved total revenue of 3.788 billion yuan and a net profit of 1.125 billion yuan, reflecting a year-on-year growth of 5.56% and 10.03% respectively [1]. - In Q3 alone, total revenue was 2.07 billion yuan, with a net profit of 883 million yuan, marking a year-on-year increase of 0.38% and 7.67% respectively [1][2]. Product Performance - High-end and mid-range liquor revenues in Q3 were 1.94 billion yuan and 99 million yuan, showing a year-on-year decline of 2.0% and an increase of 87.2% respectively [2]. - The mid-range liquor segment, particularly products like Tianhao Chen, has shown significant growth due to current consumer demand [2]. Cost Management - The sales expense ratio improved significantly to 8.44%, down 3.99 percentage points year-on-year, contributing to the increase in profitability [3]. - The gross profit margin for Q3 was 84.57%, an increase of 0.86 percentage points year-on-year [3]. Profit Forecast and Valuation - The profit forecasts for 2024-2026 have been adjusted downwards to 1.376 billion yuan, 1.468 billion yuan, and 1.589 billion yuan respectively, with corresponding EPS estimates of 2.82 yuan, 3.01 yuan, and 3.25 yuan [4]. - The current stock price corresponds to a P/E ratio of 16, 15, and 14 for the years 2024, 2025, and 2026 respectively [4].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a total revenue of 3.788 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 5.6%, with a net profit attributable to the parent company of 1.125 billion yuan, up 10.0% year-on-year [5] - In Q3 2024, the company achieved a total revenue of 2.070 billion yuan, a slight increase of 0.4% year-on-year, and a net profit of 883 million yuan, up 7.7% year-on-year [5] - The performance of mid-range liquor is notable, with a revenue increase of 87.2% year-on-year, while high-end liquor revenue decreased by 2.0% [5] - The company has reduced marketing and advertising expenses, leading to an improvement in profitability, with a gross margin increase of 0.9 percentage points to 84.6% in Q3 2024 [6] - The company expects EPS for 2024-2026 to be 2.88, 3.17, and 3.46 yuan per share, respectively, and maintains a target PE ratio of 16-20 times for 2024, corresponding to a reasonable value range of 46.03-57.53 yuan [7] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved total revenue of 3.788 billion yuan, with a net profit of 1.125 billion yuan [5] - Q3 2024 saw a revenue of 2.070 billion yuan and a net profit of 883 million yuan [5] - The company’s gross margin improved to 84.6% in Q3 2024, reflecting effective cost control [6] Market and Product Analysis - Mid-range liquor sales increased significantly, with a revenue growth of 87.2% year-on-year, while high-end liquor sales declined [5] - The company’s domestic revenue slightly decreased by 0.3%, while international revenue surged by 112.2% [5] Profitability and Cost Management - The company has successfully reduced its marketing expenses, contributing to a net profit margin increase of 2.9 percentage points to 42.7% in Q3 2024 [6] - The sales expense ratio decreased significantly, indicating a strategic contraction in marketing efforts due to weak demand [6] Future Outlook - The company projects steady growth in EPS over the next three years, with a target PE ratio indicating a positive market outlook [7]