证 券 研 究 报 告 Q3水井坊（600779）2024 年三季报点评 强推（维持） 经营平稳，稳中求进 目标价：52 元 当前价：41.62 元 事项： ❖ 公司发布 2024 年三季报，前三季度实现营收 37.9 亿元，同增 5.6%，归母净利 润 11.3 亿元，同增 10.0%；其中单 Q3 实现营收 20.7 亿元，同增 0.4%，归母 净利润 8.8 亿元，同增 7.7%，销售回款 23.1 亿元，同降 0.8%，经营现金流量 净额 10.7 亿元，同降 20.5%，合同负债 10.6 亿元，环比 Q2 末减少 0.2 亿元。 评论： ❖ Q3 报表平稳微增符合预期，核心大单品臻酿八号基本盘稳健。公司 Q3 收入/ 利润分别同增 0.4%/7.7%，整体平稳符合预期。分产品看，高档酒表现稳健， 单 Q3 营收同降 2.0%，判断系大单品臻酿八号宴席占比较高、相比竞品表现较 优，井台推出新版本和复古版，但市场定位不够清晰动销一般，典藏亦处培育 期。中档酒表现超预期，单 Q3 营收大幅增长 87.2%，判断系 Q2 投放减少（单 Q2 同降 43.6%）及去年同期低基数所致，天号陈及系列酒受益百元价 ...

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [6]. Core Views - The company reported a revenue of 3.788 billion yuan for the first three quarters of 2024, reflecting a year-on-year growth of 5.56%. The net profit attributable to the parent company was 1.125 billion yuan, up 10.03% year-on-year [5][6]. - The company has optimized its expense allocation and raised profit forecasts for 2024-2026, projecting net profits of 1.342 billion, 1.402 billion, and 1.462 billion yuan respectively, with growth rates of 5.7%, 4.5%, and 4.2% [6]. - The company is expected to leverage its strong brand foundation and nationwide distribution channels to develop a leading product in the mid-to-high-end market segment [6]. Financial Summary - For Q3 2024, the company achieved a revenue of 2.07 billion yuan, a slight increase of 0.38% year-on-year, with a net profit of 883 million yuan, up 7.67% year-on-year [5][6]. - The gross profit margin for Q3 2024 was 84.57%, an increase of 0.86 percentage points year-on-year, driven by improved gross margins and optimized sales expense ratios [7]. - The company’s cash flow from operating activities for Q3 2024 was 1.068 billion yuan, a decrease of 20.47% year-on-year [7]. Market Comparison - The company's stock price closed at 40.25 yuan, with a market capitalization of 19.657 billion yuan. The stock has seen a 52-week high of 65.10 yuan and a low of 30.31 yuan [2][3]. - The company’s price-to-earnings ratio is projected to be 15x, 14x, and 13x for the years 2024, 2025, and 2026 respectively [6].

Investment Rating - The report maintains an "Accumulate" rating for the company [2][5][11]. Core Insights - The company reported a revenue of 3.79 billion RMB for Q3 2024, a year-on-year increase of 5.6%, and a net profit attributable to shareholders of 1.13 billion RMB, up 10.0% year-on-year. For Q3 2024, revenue was 2.07 billion RMB, with a slight increase of 0.4% year-on-year, and a net profit of 880 million RMB, reflecting a 7.7% year-on-year growth [2][4]. - The company has shown resilience in a fluctuating industry environment, supported by strong consumer bases for its premium products and stable manufacturer relationships [4]. Summary by Sections Performance Analysis - In Q3 2024, the high-end and mid-range products generated revenues of 3.46 billion RMB and 200 million RMB, respectively, with year-on-year growth rates of 1% and 41%. The gross margin for high-end products increased by 1.4 percentage points, while mid-range products saw a decrease of 0.7 percentage points [3]. - The net profit margin for Q3 2024 increased by 2.9 percentage points to 42.6%, driven by a 0.9 percentage point increase in gross margin, primarily from high-end products, and a reduction in sales expense ratio by 4.0 percentage points [3]. Financial Forecasts - The report adjusts the net profit forecasts for 2025 and 2026 down by 8% each, projecting revenue growth rates of 4.0%, 4.9%, and 8.9% for 2024 to 2026, respectively. The net profit growth rates are expected to be 9.4%, 6.1%, and 11.6% for the same period, with corresponding net profits of 1.39 billion RMB, 1.47 billion RMB, and 1.64 billion RMB [5][7]. - The earnings per share (EPS) are projected to be 2.84 RMB, 3.02 RMB, and 3.37 RMB for 2024 to 2026, with the current stock price reflecting a price-to-earnings (P/E) ratio of 14.2, 13.4, and 12.0 times for the respective years [5][7]. Market Position - The company has maintained a strong market position with a focus on high-end products, which are expected to contribute significantly to revenue stability and growth in the coming years [4][5]. - The report emphasizes the importance of the Q3 performance as a strong start to the fiscal year, indicating the company's ability to navigate through industry fluctuations effectively [4].

Financial Performance - The company's operating revenue for Q3 2024 was CNY 2,069,521,392.08, representing a year-on-year increase of 0.38%[2] - The net profit attributable to shareholders for the same period was CNY 882,601,259.70, reflecting a growth of 7.67% compared to the previous year[2] - The net profit after deducting non-recurring gains and losses reached CNY 881,365,718.55, up by 10.47% year-on-year[2] - Basic earnings per share for Q3 2024 were CNY 1.8174, an increase of 8.00% from the same period last year[4] - The company's net profit attributable to shareholders for the first three quarters of 2024 was CNY 3,896,942,767.68, up from CNY 3,216,389,765.39 in 2023, reflecting a significant increase of approximately 21.14%[18] - The net profit for Q3 2024 reached CNY 1,125,019,374.46, an increase of 10.06% compared to CNY 1,022,488,267.79 in Q3 2023[20] - Operating profit for Q3 2024 was CNY 1,524,898,729.41, up from CNY 1,353,145,260.51 in the same period last year, reflecting a growth of 12.68%[20] - The total profit for Q3 2024 was CNY 1,507,217,907.84, an increase from CNY 1,357,026,396.04 in Q3 2023[20] Assets and Liabilities - The total assets at the end of the reporting period amounted to CNY 8,880,905,267.01, which is a 5.41% increase from the end of the previous year[4] - The company's total assets as of the end of Q3 2024 were CNY 8,880,905,267.01, compared to CNY 8,424,916,820.49 at the end of Q3 2023, marking an increase of approximately 5.42%[18] - Total liabilities decreased to CNY 3,909,156,206.99 in Q3 2024 from CNY 4,030,562,214.17 in Q3 2023, showing a reduction of about 3.01%[17] - Cash and cash equivalents as of September 30, 2024, amount to RMB 2,205,654,922.24, a decrease from RMB 2,349,522,256.26 as of December 31, 2023[15] - Cash and cash equivalents increased to CNY 5,250,930,812.28 in Q3 2024, compared to CNY 4,903,540,230.13 in Q3 2023, indicating improved liquidity[17] Shareholder Information - As of September 30, 2024, the total number of ordinary shareholders is 93,863, with no preferred shareholders having restored voting rights[9] - The largest shareholder, Sichuan Chengdu Shuijingfang Group Co., Ltd., holds 193,996,444 shares, accounting for 39.72% of total shares[10] - The second-largest shareholder, Grand Metropolitan International Holdings Limited, holds 114,469,776 shares, accounting for 23.44%[10] - There are no significant changes in the top 10 shareholders and their shareholding status compared to the previous period[13] Cash Flow and Investments - The cash flow from operating activities for the year-to-date period decreased by 42.93% to CNY 773,560,236.74[2] - The cash flow from operating activities for Q3 2024 was CNY 773,560,236.74, a decrease from CNY 1,355,455,317.92 in Q3 2023[23] - The company incurred a net cash outflow from investing activities of CNY 459,718,909.77 in Q3 2024, compared to CNY 808,485,816.42 in Q3 2023[23] - The net cash outflow from financing activities was CNY 457,708,660.99 in Q3 2024, compared to CNY 313,922,620.10 in Q3 2023[24] Operational Highlights - Total operating revenue for the first three quarters of 2024 reached CNY 3,788,039,145.29, an increase from CNY 3,588,383,123.22 in the same period of 2023, representing a growth of approximately 5.57%[19] - Total operating costs for the first three quarters of 2024 were CNY 2,298,530,193.03, compared to CNY 2,249,384,773.11 in 2023, reflecting an increase of about 2.18%[19] - Research and development expenses amounted to CNY 25,307,123.40 in the first three quarters of 2024, slightly up from CNY 24,387,197.38 in 2023, indicating a focus on innovation[19] - The company reported a decrease in sales expenses to CNY 754,962,422.90 in the first three quarters of 2024, down from CNY 805,508,313.53 in 2023, indicating improved cost management[19] Share Repurchase - The company repurchased 2.65 million shares through centralized bidding during the reporting period[8] - The company has repurchased a total of 2,650,000 shares, representing 0.54% of the total share capital, with a total expenditure of RMB 115.08 million[14] - The company plans to repurchase shares for an amount not less than RMB 75 million and not exceeding RMB 150 million, with a maximum repurchase price of RMB 75 per share[14] Other Income - The company received government subsidies amounting to CNY 1,801,795.35 during the reporting period, significantly contributing to other income[5] - The company reported a 55.01% increase in other income, primarily due to substantial government industry development support funds received[7] Inventory and Receivables - The company's inventory rose to CNY 2,939,251,739.89 in Q3 2024 from CNY 2,452,103,965.77 in Q3 2023, representing an increase of about 19.83%[17] - Accounts receivable increased to RMB 7,726,800.00 from RMB 2,199,000.00 in the previous period[15] - Prepayments decreased to RMB 14,486,664.04 from RMB 24,669,283.26 in the previous period[15] Product Development - The company has not disclosed any new product or technology developments in this report[12]

证券代码：600779 证券简称：水井坊 编号：2024-060 四川水井坊股份有限公司 2024 年第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年三季度主要经营数据（未经审计）公告如下： 一、 公司2024年三季度主要经营情况： 1、2024年1-9月酒类产品按销售渠道： 单位：万元 币种：人民币 | 渠道类型 | 本期销售收入 | 上期销售收入 | 本期销售量 | 上期销售量 | | --- | --- | --- | --- | --- | | | | | （千升） | （千升） | | 新渠道 | 32,815.92 | 32,451.60 | 947.01 | 848.04 | | 批发代理 | 332,420.90 | 322,357.60 | 7,651.17 | 7,363.18 | | 合计 | 365,236.82 | 354,809.20 | 8,598.18 | 8 ...

证券代码：600779 证券简称：水井坊 公告编号：2024-059 四川水井坊股份有限公司 一、 说明会类型 本次投资者说明会以网络文字互动形式召开，公司将针对 2024 年第三季度 经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许 的范围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 （一） 会议召开时间：2024 年 10 月 31 日上午 9:00-10:00 （ 二 ） 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 关于召开 2024 年第三季度业绩说明会的公告 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。 重要内容提示： 投资者可于 2024 年 10 月 24 日(星期四) 至 10 月 30 日(星期三)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 dongshiban@swellfun.com 进行提问。公司将在说明会上对投资者 ...

第一章 总则 公司经成都市体制改革委员会成体改(1993)014 号和 97 号文件批准，以募集方式设 立；在成都市工商行政管理局注册登记，取得营业执照，营业执照号 510100000036380。 四川水井坊股份有限公司章程 （2024 年 9 月 27 日修订，并经 10 月 16 日股东大会审议通过） 第一条 为维护公司、股东和债权人的合法权益,规范公司的组织和行为,根据《中 华人民共和国公司法》(以下简称《公司法》)、《中华人民共和国证券法》(以下简称《证 券法》)和其他有关规定,制订本章程。 第二条 公司系依照国家体改委体改生(1992)32 号文《股份有限公司规范意见》和 其他有关规定成立的股份有限公司。公司经 1999 年第一次临时股东大会审议通过,决定 将公司名称由"四川制药股份有限公司"更名为"四川全兴股份有限公司"；又经 2006 年第一次临时股东大会审议通过，将公司名称由"四川全兴股份有限公司"变更为"四 川水井坊股份有限公司"(以下简称：公司)。 公司经营场所：四川省成都市金牛区全兴路 9 号，邮政编码：610036。 四川省成都市锦江区水井街 19 号，邮政编码：610011。 第六 ...

股票代码：600779 股票简称：水井坊 编号：2024-058 四川水井坊股份有限公司 二、需债权人知晓的相关信息 关于注销回购股份并减少注册资本暨通知债权人的公告 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。 一、通知债权人的原由 四川水井坊股份有限公司（以下简称"公司"）于 2024 年 9 月 27 日召开第十一届 董事会2024 年第三次会议，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》《关于减少注册资本暨修订<公司章程>的议案》，具体内容详见公司于 2024 年 9 月 28 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）上披露的《关于变更部分回购股份用 途并注销的公告》（公告编号：2024-053）和《关于减少注册资本暨修订<公司章程>的公 告》（公告编号：2024-054）。上述议案均经公司2024 年10 月16 日召开的2024 年第三 次临时股东大会审议通过，具体内容详见公司于 2024 年 ...

四川君合律师事务所 关于四川水井坊股份有限公司 2024 年第三次临时股东大会的法律意见书 四川君合律师事务所(以下简称"本所"）接受四川水井坊股份有 限公司（以下简称"贵公司"）的委托，指派律师出席了贵公司召开 的 2024 年第三次临时股东大会，并出具本法律意见书。 川君律股字[2024]JH48 号 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东 大会规则》等法律、法规和规范性文件以及《四川水井坊股份有限公 司章程》（以下简称"《公司章程》"）的有关规定，出具本法律意见书。 致：四川水井坊股份有限公司 为出具本法律意见书，本所律师审查了贵公司提供的有关召开本 次股东大会相关文件的原件或影印件，包括但不限于： 1、贵公司于 2024 年 9 月 28 日在上海证券交易所官网刊载的《四 川水井坊股份有限公司第十一届董事会 2024 年第三次会议决议公告》 《四川水井坊股份有限公司第十一届监事会 2024 年第三次会议决议 公告》《四川水井坊股份有限公司关于召开 2024 年第三次临时股东大 会的通知》（以下简称"《股东大会 ...

证券代码：600779 证券简称：水井坊 公告编号：2024-057 四川水井坊股份有限公司 2024 年第三次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东大会召开的时间：2024 年 10 月 16 日 (二) 股东大会召开的地点：成都市锦江区水井街 19 号水井坊博物馆多功能厅 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 1,352 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 316,646,578 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 65.4016 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，采取现场投票与网络投票相结合的方式召开， 符合《公司法》和《公司章程》的有关规定，合法、有效。 ...