证 2024 年 07 月 29 日 报 告 公 司 研 究 -60 -50 -40 -30 -20 -10 0 10 20 (%) 水井坊 沪深300 ▌八号贡献增长，高端化坚定推进 | --- | --- | |----------------------|-------------| | 基本数据 | 2024-07-26 | | 当前股价（元） | 35.84 | | 总市值（亿元） | 175 | | 总股本（百万股） | 488 | | 流通股本（百万股） | 488 | | 52 周价格范围（元） | 34.84-75.34 | | 日均成交额（百万元） | 199.53 | 券 研 究 业绩略超预期，臻酿八号贡献增长 —水井坊（600779.SH）公司事件点评报告 买入(维持) 事件 2024 年 7 月 26 日，水井坊发布 2024 年中报。 分析师：孙山山 S1050521110005 sunss@cfsc.com.cn 联系人：肖燕南 S1050123060024 xiaoyn@cfsc.com.cn 投资要点 ▌Q2 业绩略超预期，利润加速释放 营收稳健增长，利润超预期。2024H1 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 44 CNY, compared to the current price of 35.84 CNY [1][2]. Core Insights - The company's Q2 performance exceeded expectations, with revenue of 7.9 billion CNY, a year-on-year increase of 16.6%, and a net profit of 0.6 billion CNY, up 29.6% [2][3]. - The growth in revenue is attributed to the strong performance of the flagship product, Zhenniang No. 8, which saw both volume and price increases [3]. - The company is focusing on the mid-to-high-end market segment and has plans to enhance its marketing strategies following a management change [3]. Financial Performance Summary - For the first half of 2024, the company reported total revenue of 17.2 billion CNY, a 12.6% increase year-on-year, and a net profit of 2.4 billion CNY, up 19.5% [2]. - The Q2 revenue breakdown shows that finished liquor sales reached 7.4 billion CNY, with a year-on-year growth of 11.2% [3]. - The gross profit margin remained stable at 81.5%, with a slight increase in high-end liquor margins due to price adjustments [3]. - The company has adjusted its earnings per share (EPS) forecasts for 2024-2026 to 2.91, 3.21, and 3.57 CNY respectively [3][4]. Market Strategy and Outlook - The company plans to invest more in its mid-range products and explore new distribution channels, aiming to capture a larger market share in the 200-400 CNY price range [3]. - The management is expected to implement more effective market strategies following recent leadership changes, focusing on digital marketing and optimizing sales expenses [3]. - The company anticipates a gradual increase in dividend payouts as capital expenditures decrease after the completion of the Qionglai project [3].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 43.0 CNY per share, compared to the current price of 35.84 CNY [4][2]. Core Insights - The company reported a revenue of 1.72 billion CNY for the first half of 2024, representing a year-on-year increase of 12.6%. The net profit attributable to the parent company was 240 million CNY, up 19.5% year-on-year [2][3]. - In Q2 2024, the company achieved a record revenue of 790 million CNY, a 16.6% increase year-on-year, with net profit attributable to the parent company reaching 56.12 million CNY, reflecting a 29.6% increase [2][3]. - The growth in revenue was driven by high-end product sales, which increased by 14.7% to 720 million CNY, while mid-range product sales decreased by 43.6% to 22.7 million CNY [2][3]. - The gross margin for liquor products improved, with a gross margin of 85.2% for Q2 2024, up 3.2 percentage points year-on-year [2][3]. Financial Summary - Revenue projections for 2024-2026 are 5.378 billion CNY, 5.965 billion CNY, and 6.709 billion CNY, respectively, with year-on-year growth rates of 8.6%, 10.9%, and 12.5% [3][7]. - The net profit attributable to the parent company is expected to reach 1.4 billion CNY in 2024, 1.573 billion CNY in 2025, and 1.812 billion CNY in 2026, with growth rates of 10.3%, 12.4%, and 15.2% respectively [3][7]. - The company's price-to-earnings (P/E) ratio is projected to be 12.51 for 2024, decreasing to 9.66 by 2026, indicating an attractive valuation [3][7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported H1 2024 performance with revenue of 1.719 billion (up 12.6%) and net profit attributable to shareholders of 242 million (up 19.6%) [1] - The revenue and profit exceeded market expectations [1] - The growth in high-end liquor is driven by the low-tier high-end product "Zhenniang No. 8" [1] - The company is focusing on channel cultivation through the "Hundred Cities Plan" to ensure revenue growth [1] - The new management team is expected to enhance internal execution and management efficiency [1] Financial Performance - In Q2 2024, the company achieved revenue of 785 million (up 16.6%) and net profit of 56 million (up 29.6%) [1] - The gross profit margin for Q2 2024 was 81.6%, with high-end liquor gross margin at 86.0% (up 2.8 percentage points) [1] - The company’s net profit margin reached 7.15% (up 0.72 percentage points) in Q2 2024 [1] Revenue Breakdown - In Q2 2024, high-end and mid-range liquor generated revenues of 720 million (up 14.7%) and 23 million (down 43.6%) respectively [1] - The decline in mid-range liquor is attributed to high base effects from the previous year [1] - The company anticipates a revenue growth rate of around 20% for high-end liquor [1] Future Outlook - The company expects to maintain double-digit growth targets for the fiscal year 2025 [1][2] - Revenue projections for 2024-2026 are updated to 5.953 billion, 6.525 billion, and 7.030 billion respectively, with year-on-year growth rates of 11.5%, 12.5%, and 13.1% [2][4] - Net profit attributable to shareholders is projected to be 1.269 billion, 1.451 billion, and 1.666 billion for 2024-2026, with corresponding growth rates of 14.4%, 14.8%, and 15.4% [2][4]

迁泰将投告 术养材 (600779 CH) 经营总中向好，业务经争效率 부휴坏充 2024 年７月 26 日 | 中国内地 经常急や向好，业绩是争战者 24H1 突现容妆/归卓冷利 17.2/2.4 亿元(同比+12.6%/+19.5%): 对应 24Q2 容成/归寺寺利 7.9/0.6 化元（同比+16.6%/+29.6%）。收入站，24Q1 的条 节期间公司积极促助结：24Q2 保持既怎样感，积极推护渠道徙康泰价值链 稳定，在外听环境承压下仍保持增长。利润减，24Q2 精神化食用投改，均 寺寺村年同比+0.7pct 至 7.1%。系望全年，公司产品升級创新/品牌商站化/ 容桥突破三大楼楼转稳多杂进，期待终端物馆边际向上，连今修复。表 们预计 24-26 年 EPS 2.96/3.41/3.93 无，多考可比公司 24 年 PE 均值 17x (Wind 一致预期)，给予美 24 年 17x PE，目标价 50.39 无，"天入"。 至尤果魚三大峽，曾稱成年神泉安咸 公司整定聚焦产品升級创新/品牌高端化/营销交成三大战略。1）产品选 24H1 高档/中书活容妆 15.2/1.0 亿元 ( 同比+6%/+13 ...

2024年07月26日 水井坊 (600779.SH) 增持 (维持评级) 公司点评 山东南北南 Q2 业绩超预期，经营势能稳健 业绩简评 24 年 7 月 26 日，公司拔為 24 年半年报。1 ) 24H1 年現密收 17.2 亿元，同比+12.6%：↑ 头 现苍妆 7.9 亿元, 同比+16. 6%: 归辛冷利 0.6 亿元, 同比+29. 6%, 念妆/日本冷利越预期。 经营分析 分产品本：1）24H1 高格/中格分别实现密收 15.2/1.0 亿元，同比 +6%/+13%，毛利辛冈比+1.4pct/材子，整体简章+5%/吃价+1%。2) FY24 适失容状 49.7 亿元，同比+21%；高档/中档分别实现营收 47.6/2.2 亿元，同比+21%/+44%，中特占比同比小幅增长 0.7pct。 表们预计核心单毒除八乎贡献高档主奏增查，公司也规划持续 か大次高域产品尤其是矮酸ハ乎的品空曝光&市场支持。并台、共 赢预计仿会贷化影片进这投入，24H1 公司新开这十余家文化表学 馆和休盘馆，截至６月末累计已越百家：办法"水井坊 家一坊" 影片价值传播、换进国总场展，24H1 白海学坊举办 153 场活动、 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's performance in the first half of 2024 met expectations, with revenue and net profit showing year-on-year increases of 12.6% and 19.6%, respectively [2] - The company achieved a total revenue of 5.15 billion yuan for the fiscal year 2024, representing a year-on-year growth of 25% [2] - The new general manager has been appointed, expected to enhance sales operations and management efficiency [2] Financial Forecasts and Valuation - Revenue forecasts for 2024 to 2026 are adjusted to 11.3 billion, 11.6 billion, and 13.2 billion yuan, respectively, with corresponding year-on-year growth rates of -11%, +3%, and +14% [3] - The current market capitalization corresponds to a P/E ratio of 15, 15, and 13 times for 2024 to 2026 [3] Market Data - The closing price of the stock is 35.84 yuan, with a market capitalization of approximately 17.5 billion yuan [4] - The price-to-book ratio is 4.25 [4] Basic Data - The company's total assets are approximately 8.43 billion yuan, with a debt-to-asset ratio of 50.97% [5] - The company has a total share capital of 488.36 million shares [5] Cash Flow and Key Financial Indicators - Operating cash flow for 2024 is projected at 904 million yuan, with a net increase in cash of -182 million yuan [8] - The return on equity (ROE) is expected to decline to 21.79% in 2024 [8]

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥1,718,517,753.21, representing a 12.57% increase compared to ¥1,526,606,558.13 in the same period last year[15]. - Net profit attributable to shareholders was ¥242,418,114.76, up 19.55% from ¥202,782,545.83 year-on-year[15]. - The net profit after deducting non-recurring gains and losses was ¥228,031,169.75, reflecting a 13.88% increase from ¥200,239,978.38 in the previous year[15]. - The basic earnings per share for the first half of 2024 was ¥0.4985, a 19.68% increase from ¥0.4165 in the same period last year[16]. - The company achieved a revenue growth of 12.57% year-on-year and a net profit growth of 19.55% in the first half of 2024[25]. - The company reported a total profit of ¥329,502,956.46, compared to ¥262,663,701.20 in the same period last year, reflecting a significant increase of 25.4%[108]. - The total comprehensive income for the first half of 2024 amounted to ¥242,418,114.76, reflecting a significant change compared to the previous period[121]. Assets and Liabilities - The company's net assets attributable to shareholders decreased by 6.26% to ¥4,119,148,148.82 from ¥4,394,354,606.32 at the end of the previous year[15]. - Total assets slightly decreased by 0.29% to ¥8,400,697,650.73 compared to ¥8,424,916,820.49 at the end of the previous year[15]. - Total liabilities rose by 6.23% to ¥4,281,549,501.91 from ¥4,030,562,214.17[35]. - The company's total equity decreased to ¥4,119,148,148.82 from ¥4,394,354,606.32, representing a decline of about 6.25%[103]. - The company's total equity at the end of the current period stands at CNY 3,207,610,107.19, with a capital reserve of CNY 420,603,948.28 and undistributed profits of CNY 2,249,265,062.60[129]. Cash Flow - The net cash flow from operating activities was negative at -¥293,949,509.91, a significant decline from ¥13,236,853.44 in the same period last year, representing a decrease of 2,320.69%[15]. - Cash outflow from operating activities totaled 2,056,251,946.10 RMB, an increase from 1,703,786,012.11 RMB in the previous year[116]. - The company experienced a net decrease in cash and cash equivalents of 789,491,425.85 RMB, compared to a decrease of 658,989,110.56 RMB in the previous year[117]. - The company paid 751,315,182.53 RMB in taxes during the first half of 2024, significantly higher than 538,287,004.14 RMB in the same period of 2023[116]. Research and Development - The company employs a comprehensive R&D approach, utilizing a team of experts to enhance product quality and innovation in liquor production[22]. - The company reported a 4.67% increase in R&D expenses, totaling ¥18,702,937.11, up from ¥17,868,799.64[32]. - The company named 12 new strains of fungi in collaboration with the Chinese Academy of Sciences, with two strains registered in the National Center for Biotechnology Information database[26]. Market Strategy and Sales - The company has implemented multiple sales models, including traditional and new agency models, to enhance market penetration and customer engagement[23]. - The high-end product operation model aims to maximize the marketing effectiveness of premium products through dedicated sales teams[23]. - The company continues to develop emerging sales channels, including e-commerce and group purchasing, to expand its market reach[23]. - The company plans to refine market strategies by focusing on high-potential markets and enhancing collaboration with top distributors[31]. Environmental Compliance - The company achieved compliance with environmental discharge standards for both wastewater and air emissions from its facilities[51]. - The company has established a comprehensive environmental monitoring plan, including emissions standards for various pollutants such as NOx (30 mg/Nm3) and SO2 (5 mg/Nm3) from its boiler room[62]. - The company has successfully implemented a waste management system for both general and hazardous waste, ensuring regular disposal by qualified third parties[59]. - The company has obtained pollution discharge permits for both the Qionglai and Tuzhai factories, ensuring legal compliance in environmental management[60]. Corporate Governance and Compliance - The company has not encountered any violations or guarantees during the reporting period[82]. - The company maintains a good integrity status in major aspects during the reporting period[84]. - There are no significant litigation or arbitration matters during the reporting period[83]. - The company has not proposed any profit distribution or capital reserve transfer for the current period[45]. Shareholder Information - The total number of common shareholders reached 89,778 by the end of the reporting period[93]. - The largest shareholder, Sichuan Chengdu Shuijingfang Group Co., Ltd., held 193,996,444 shares, accounting for 39.72% of the total shares[95]. - The company did not report any changes in its share capital structure during the reporting period[92]. Future Outlook - The company plans to continue investing in the Qionglai full-industry production base project, which has impacted cash flow due to increased expenditures[35]. - The company is focusing on research and development of new products, with ongoing investments noted in the financial statements[126]. - The overall financial performance indicates a need for strategic adjustments to improve profitability in the upcoming quarters[127].

A 股每股现金红利 0.915 元 证券代码：600779 证券简称：水井坊 公告编号：临 2024-043 号 四川水井坊股份有限公司 2023 年年度权益分派实施公告 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。 重要内容提示： 每股分配比例 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/7/31 | － | 2024/8/1 | 2024/8/1 | 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 6 月 5 日的 2023 年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 根据《公司法》、《证券法》、《上海证券交易所上市公司自律监管指引第 7 号——回购股 份》等法律、法规、规范性文件及《公司章 ...

四川君合律师事务所 关于四川水井坊股份有限公司 2023年度利润分配 致:四川水井坊股份有限公司 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》")《上市公司股份 回购规则》《上海证券交易所交易规则》《上海证券交易所上市公司 自律监管指引第 7号 -- 回购股份》(以下简称"《回购指引》") 等相关法律、法规、规章、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》")的规定,本所律师就四川水 井坊股份有限公司(以下简称"公司")2023年度利润分配所涉及 的差异化分红安排(以下简称"本次差异化分红")相关事项出具本 法律意见书。 为出具本法律意见书,本所按照律师行业公认的业务标准、道德 规范和勤勉尽责精神,审查了公司提供的相关文件。本所对本法律意 见书的出具特作如下声明: 1、本所依据本法律意见书出具日以前已经发生或存在的事实及 国家正式公布、实施的法律、法规、规章和规范性文件,并基于对有 关事实的了解和对法律法规的理解发表法律意见。 涉及差异化分红之专项法律意见书 川君律股字[2024] JH031 号 1 / 8 】 会会律師事 ...