北京市金德律师事务所 关于山西杏花村汾酒厂股份有限公司 控股股东增持股份之 法律意见书 地址（Address）：北京市朝阳区鼎成路 2 号 2F 邮编（Code）: 100101 电话（Tel）：010-65512727 传真（Fax）：010-84630910 二〇二四年九月 北京市金德律师事务所 关于山西杏花村汾酒厂股份有限公司 法律意见书 控股股东增持股份之 致：山西杏花村汾酒厂股份有限公司 北京市金德律师事务所（以下简称本所）接受山西杏花村汾酒厂 股份有限公司（以下简称山西汾酒或公司）的委托，根据《中华人民 共和国公司法》《中华人民共和国证券法》（以下简称《证券法》）、《上 市公司收购管理办法》（以下简称《收购管理办法》）、《上海证券交易 所股票上市规则》《上海证券交易所上市公司自律监管指引第 8 号— —股份变动管理》等法律、法规、规章和规范性文件的规定，按照律 师行业公认的业务标准、道德规范和勤勉尽责精神，就山西汾酒控股 股东山西杏花村汾酒集团有限责任公司（以下简称汾酒集团或增持人） 自 2024 年 3 月 11 日起 6 个月内增持山西汾酒股份的事宜（以下简称 本次增持）出具本法律意见书。 为 ...

证券代码：600809 证券简称：山西汾酒 公告编号：临 2024-019 山西杏花村汾酒厂股份有限公司 关于召开 2024 年半年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。 （一）会议召开时间：2024 年 09 月 19 日下午 15:00-16:00 重要内容提示： 投资者可于 2024 年 09 月 10 日(星期二)至 09 月 18 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 sxfj@fenjiu.com.cn 进行提问。公司将在说明会上对 投资者普遍关注的问题进行回答。 山西杏花村汾酒厂股份有限公司（以下简称"公司"）已于 2024 年 8 月 28 日发布公司 2024 年半年度报告，为便于广大投资者更全面 深入地了解公司 2024 年半年度的经营成果、财务状况，公司计划于 2024 年 09 月 19 日下午 15:00-16:00 举行 2024 年半年度业绩说明会， 就投资者关心的问题进行交流。 （二）会议召开地点：上证路演中心 （ ...

证,通 证券研究报告 白酒 事件点评 山西汾酒（600809.SH） 买入-A(维持) 短期季度间结构调整，看好可持续增长 2024 年 9 月 5 日 公司研究/公司快报 公司近一年市场表现 市场数据：2024 年 9 月 4 日 收盘价（元）： 167.59 年内最高/最低（元）： 273.68/158.18 流通 A 股/总股本（亿 股）： 12.20/12.20 流通 A 股市值（亿元）： 2,044.54 总市值（亿元）： 2,044.54 事件点评 2024H1 业绩稳健增长，Q2 青花控货影响利润。2024 年上半年实现营 业收入 227.46 亿元，同比+19.65%；归母净利润为 84.10 亿元，同比+24.27%， 业绩稳健增长，其中单 Q2 收入 74.08 亿元，同比+17.06%，归母净利润 21.47 亿元，同比+10.23%，利润略低于预期，主要在于公司主动调控，青花系列 控货，玻汾和腰部产品（老白汾、巴拿马）贡献主要增量。具体来看：1） 分产品，24H1 中高价酒类/其他酒分别实现营收 164.27/62.33 亿（同比 +17.38%/+27.36%）;2024Q2 中高价 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The report highlights that the company achieved total revenue of 22.746 billion yuan in H1 2024, representing a year-on-year increase of 19.7%, with a net profit attributable to the parent company of 8.410 billion yuan, up 24.3% year-on-year [5] - The company continues to show strong growth potential in national expansion and e-commerce channels, with mid-to-high-end liquor and other liquor categories seeing revenue growth of 17.4% and 27.4% respectively in H1 2024 [6] - Effective cost control has led to sustained improvement in profitability, with a gross margin increase of 0.4 percentage points to 76.7% in H1 2024 [6] Summary by Sections Financial Performance - In Q2 2024, the company reported total revenue of 7.408 billion yuan, a year-on-year increase of 17.1%, and a net profit of 2.147 billion yuan, up 10.2% year-on-year [5] - The company’s gross margin for H1 2024 was 76.7%, with a net profit margin of 37.0%, reflecting a 1.4 percentage point increase year-on-year [6][7] Revenue Breakdown - Revenue from mid-to-high-end liquor in H1 2024 was 16.427 billion yuan, while other liquor categories generated 6.233 billion yuan, with respective year-on-year growth rates of 17.4% and 27.4% [6] - The company’s revenue from domestic and foreign markets in H1 2024 grew by 11.4% and 25.7% respectively [6] Cost Management - The report indicates that selling and administrative expenses have been well managed, with respective rates decreasing by 0.2 and 0.3 percentage points to 8.8% and 2.7% [6] - The net cash flow from operating activities in Q2 2024 was 889 million yuan, down 49.9% year-on-year, influenced by a high base from the previous year [6] Earnings Forecast - The company is projected to have earnings per share (EPS) of 10.56, 12.72, and 15.20 yuan for 2024, 2025, and 2026 respectively [7] - The report assigns a price-to-earnings (P/E) ratio of 20-25 times for 2024, suggesting a reasonable value range of 211.15 to 263.94 yuan per share [7]

Investment Rating - The investment rating for the company is "Buy" [2][6]. Core Insights - The company reported a strong performance in the first half of 2024, with revenue of 22.746 billion yuan, a year-on-year increase of 19.65%, and a net profit of 8.410 billion yuan, up 24.27% year-on-year [3]. - The company is adjusting its product rhythm and continuing its national expansion, with a focus on controlling inventory and optimizing product structure [3]. - The gross profit margin has slightly decreased, reflecting a temporary adjustment in product rhythm, but the overall brand strength and market expansion remain robust [3]. - The company is expected to achieve net profits of 12.81 billion yuan, 15.21 billion yuan, and 17.89 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding growth rates of 23%, 19%, and 18% [3]. Summary by Sections Financial Performance - For Q2 2024, the company achieved revenue of 7.408 billion yuan, a year-on-year increase of 17.06%, and a net profit of 2.147 billion yuan, up 10.23% year-on-year [3]. - The revenue from high-end liquor and other liquor categories in Q2 2024 was 4.567 billion yuan and 2.796 billion yuan, respectively, with year-on-year growth rates of 1.51% and 58.33% [3]. - The company’s gross profit margin for Q2 2024 was 75.09%, down 2.70 percentage points year-on-year [3]. Market Expansion - The company has increased its number of distributors to 4,196, a net increase of 256 compared to the end of 2023 [3]. - Revenue from the domestic market in Q2 2024 was 2.797 billion yuan, up 11.20% year-on-year, while revenue from the external market was 4.566 billion yuan, up 21.78% year-on-year [3]. Future Projections - The company forecasts revenue growth rates of 21.8%, 19.8%, 18.5%, and 17.2% for the years 2024, 2025, 2026, and beyond [4]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 10.50 yuan, 12.47 yuan, and 14.67 yuan, respectively [4].

Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company achieved a revenue of 22.746 billion yuan in H1 2024, representing a year-on-year increase of 19.65%, and a net profit attributable to the parent company of 8.410 billion yuan, up 24.27% year-on-year [7] - The product structure has slightly shifted downwards, with accelerated development in online channels, achieving significant sales growth in e-commerce platforms [7] - The company is expected to generate revenues of 38.48 billion yuan, 45.26 billion yuan, and 53.21 billion yuan for the years 2024, 2025, and 2026 respectively, with year-on-year growth rates of 20.5%, 17.6%, and 17.5% [8] Financial Summary - Total shares outstanding: 1,219.96 million [6] - Total market capitalization: 215,726.27 million yuan [6] - Revenue and net profit forecasts for 2023 to 2026: - 2023: Revenue 31,928 million yuan, Net Profit 10,438 million yuan - 2024E: Revenue 38,479 million yuan, Net Profit 12,909 million yuan - 2025E: Revenue 45,263 million yuan, Net Profit 15,472 million yuan - 2026E: Revenue 53,206 million yuan, Net Profit 18,382 million yuan [9] - Gross margin is projected to remain stable around 75.4% for the forecast period [9]

Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The company achieved a revenue of 22.75 billion yuan in H1 2024, representing a year-on-year increase of 19.7%, and a net profit attributable to shareholders of 8.41 billion yuan, up 24.3% year-on-year [4] - The company aims to reach a market target of over 50 billion yuan, with a comprehensive price increase strategy for its products and a focus on upgrading its marketing system [5] - The company has shown strong performance in the mid-to-high-end liquor segment, with revenue from this category reaching 16.43 billion yuan, a 17.4% increase year-on-year, accounting for 72.2% of total revenue [5] Summary by Sections Financial Performance - In Q2 2024, the company reported revenue of 7.41 billion yuan, a 17.1% increase year-on-year, and a net profit of 2.15 billion yuan, up 10.2% year-on-year [4] - The gross margin for H1 2024 was 76.7%, a 0.4 percentage point increase year-on-year, while Q2 saw a slight decline to 75.1% due to product structure adjustments [5] Market Strategy - The company is focusing on national expansion, particularly in core markets south of the Yangtze River, with revenue from these regions growing by 25.7% year-on-year [5] - The marketing strategy includes a comprehensive upgrade of the product line and a focus on high-end products, which have shown strong price advantages despite a weak consumption environment [5] Future Projections - Revenue projections for 2024-2026 are 38.52 billion, 45.15 billion, and 52.03 billion yuan, with year-on-year growth rates of 20.7%, 17.2%, and 15.2% respectively [6] - Net profit projections for the same period are 13.25 billion, 16.26 billion, and 19.33 billion yuan, with growth rates of 26.9%, 22.7%, and 18.9% respectively [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 7.408 billion yuan in Q2 2024, representing a year-on-year increase of 17.06%, and a net profit attributable to the parent company of 2.147 billion yuan, up 10.23% year-on-year [4] - For the first half of 2024, total revenue reached 22.746 billion yuan, an increase of 19.65%, with net profit attributable to the parent company at 8.410 billion yuan, up 24.27% year-on-year [4] - The revenue for Q2 2024 was in line with market expectations [4] Revenue Analysis - In Q2 2024, revenue from mid-to-high-end and other liquor products grew by 1.5% and 58.3% year-on-year, respectively, with mid-to-high-end liquor's revenue share decreasing by 9.8 percentage points to 62.0% [5] - The company is expected to adjust its product structure during the off-season, with inventory reduction for the Qinghua series leading to a slowdown in growth [5] - Revenue from domestic and external markets grew by 11.2% and 21.8% year-on-year, respectively, with external revenue accounting for 62.0% of total revenue, an increase of 2.2 percentage points [5] Profitability Analysis - The gross profit margin in Q2 2024 decreased by 2.7 percentage points to 75.09%, primarily due to a shift in product structure [6] - The net profit margin for Q2 2024 was 29.13%, down 1.83 percentage points year-on-year [6] Investment Recommendations - The report maintains a "Buy" recommendation, emphasizing the company's proactive inventory control to maintain channel health and the promotion of the "Fen Enjoy Benefits" model to enhance channel management [7] - The company aims to achieve a 20% revenue growth target for the year, which is considered highly credible [7] - Adjustments to profit forecasts have been made due to slower recovery in business scenarios influenced by the macro environment and a slight decline in product structure [7] Financial Projections - The company is projected to achieve total revenues of 38.415 billion yuan, 45.289 billion yuan, and 52.811 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 20.3%, 17.9%, and 16.6% [8] - The net profit attributable to the parent company is expected to be 12.900 billion yuan, 15.337 billion yuan, and 18.143 billion yuan for the same years, with corresponding growth rates of 23.6%, 18.9%, and 18.3% [8]

公 司 研 究 山西汾酒（600809.SH） 2024 年 08 月 29 日 营收速度不弱，产品结构阶段性下移 投资评级：买入（维持） | --- | --- | |-------------------------|---------------| | 日期 | 2024/8/29 | | 当前股价 ( 元 ) | 166.60 | | 一年最高最低 ( 元 ) | 273.68/158.18 | | 总市值 ( 亿元 ) | 2,032.46 | | 流通市值 ( 亿元 ) | 2,032.46 | | 总股本 ( 亿股 ) | 12.20 | | 流通股本 ( 亿股 ) | 12.20 | | 近 3 个月换手率 (%) | 29.81 | 股价走势图 -36% -24% -12% 0% 12% 24% 2023-08 2023-12 2024-04 2024-08 山西汾酒 沪深300 数据来源：聚源 相关研究报告 《成长势能不减，业绩弹性持续—公 司信息更新报告》-2024.4.29 《三季度主动控货，市场良性发展— 公司信息更新报告》-2023.11.20 《基本面趋势良好，管理风波平稳过 渡 ...

[Table_StockInfo] 2024 年 08 月 27 日 证券研究报告•2024 年中报点评 买入 （维持） 当前价：175.74 元 山西汾酒（600809）食品饮料 目标价：——元（6 个月） 青花系列主动控量，积极备战双节旺季 [Table_Summary 事件：公司发布] 2024 年中报，上半年实现收入 227.5 亿元，同比+19.6%，归 母净利润 84.1亿元，同比+24.3%；其中 24Q2实现收入 74.1亿元，同比+17.1%， 归母净利润 21.5 亿元，同比+10.2%。 青花系列主动控量，玻汾系列接棒发力。1、在外部商务消费有所承压的背景下， 公司全产品矩阵协同发力，24Q1 青花系列等中高端产品放量高增，24Q2 玻汾 依托高性价比接棒发力，助力公司上半年收入实现平稳增长。2、分产品，24Q2 中高价白酒实现收入 45.7 亿元，同比+1.5%，预计主要系商务需求有所承压， 叠加公司对青花主动控量，帮助渠道消化库存；其他酒类实现收入 28.0亿元， 同比+58.3%，预计主要系玻汾性价比高，市场投放量有所加大。3、分区域， 24Q2 省内实现收入 28.0亿元，同比+ ...