2024 年 08 月 28 日 | --- | --- | |-----------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------| | | 产品结构短期调整，上半年保持稳增 | | | —山西汾酒（600809.SH）公司事件点评报告 | | 买入(维持) | 事件 | | 分析师：孙山山 S1050521110005 | 2024 年 8 月 27 日，山西汾酒发布 2024 年中报。 | | sunss@cfsc.com.cn | | | 联系人：肖燕南 S1050123060024xiaoyn@cfsc.com.cn | 投资要点 | | 基本数据 | ▌利润不及预期，上半年整 ...

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食品饮料 公 司 研 究 / 公 司 点 评 报告原因：有业绩公布需要点评 买入（维持）投资要点： ⚫ 事件：公司发布 24 年半年度报告，24H1 实现营业总收入 227.46 亿，同比增长 19.65%， | --- | --- | |------------------------------------|----------------------| | 市场数据： | 2024 年 08 月 27 | | 收盘价（元） 一年内最高/最低（元） | 175.74 273.68/172.19 | | 市净率 | 6.3 | | 息率（分红/股价） | 2.49 | | 流通 A 股市值（百万元） | 214,397 | | 上证指数/深证成指 | 2,848.73/8,103.76 | 注："息率"以最近一年已公布分红计算 | --- | |------------------| | 2024 年 06 月 30 | | 25.35 | | 39.63 | | 1,220/1,220 | | | 一年内股价与大盘对比走势： 08-2809-2810-2811-2812-2801-2802-2803-28 ...

Investment Rating - The investment rating for the company is "Strong Buy" with a target price of 213 CNY, maintaining the current price of 175.74 CNY [2]. Core Views - The company's revenue for the first half of 2024 reached 22.75 billion CNY, a year-on-year increase of 19.6%, while the net profit attributable to shareholders was 8.41 billion CNY, up 24.3% [2]. - The second quarter saw revenue of 7.41 billion CNY, growing 17.1%, and a net profit of 2.15 billion CNY, increasing by 10.2% [2]. - The company maintains a strong revenue growth target of around 20% for the full year, despite some short-term fluctuations in Q2 [2]. Financial Performance Summary - The company's gross margin for the first half of 2024 increased by 0.4 percentage points, with a net profit margin of 37.0%, up 1.4 percentage points year-on-year [2]. - In Q2, the gross margin was 75.1%, down 2.7 percentage points, primarily due to increased volume of lower-margin products [2]. - The company reported a healthy cash flow with a net operating cash flow of 889 million CNY in Q2, despite a 49.9% decline compared to the previous quarter [2]. Revenue and Profit Forecast - The projected total revenue for 2024 is 38.70 billion CNY, with a year-on-year growth rate of 21.2% [12]. - The net profit attributable to shareholders is expected to reach 13.02 billion CNY in 2024, reflecting a growth rate of 24.7% [12]. - The earnings per share (EPS) forecast for 2024 is 10.67 CNY, with a price-to-earnings (P/E) ratio of 20 times [12]. Market Position and Strategy - The company is focusing on enhancing its product offerings, particularly in the high-end segment, with expectations of continued strong performance from its flagship products [2]. - The company plans to optimize its distribution channels and improve profitability through strategic pricing adjustments [2]. - The overall market environment remains supportive, with expectations of continued growth in both domestic and international markets [2].

业绩简评 2024 年 8 月 27 日，公司披露 24 年半年报，期内实现营收 227.5 亿元，同比+19.6%；实现归母净利 84.1 亿元，同比+24.3%；单 Q2 实现营收 74.1 亿元，同比+17.1%；实现归母净利 21.5 亿元，同 比+10.2%，略低于市场预期。 经营分析 Q2 收入兑现符合预期、产品节奏扰动利润增速略低、全年目标兑 现预期仍较强 24Q2 归母净利率同比-1.8pct 至 29.0%，主要系期内毛利率同比 -2.7pct 至 75.1%、与单 Q2 产品结构走弱相关。24Q2 中高价位/ 其他酒分别实现营收 45.7/28.0 亿元，同比+1.5%/+58.3%，我们 认为与季度产品节奏相关，Q2 青花系列控货控节奏预计略承压， 腰部维持增长、玻汾环比提速。考虑 6 月青花 20 及腰部产品提价， 叠加腰部加速区域外拓进度，我们预计下半年仍会以腰部领先， 青花系列保持平稳，玻汾以长江以南等开拓市场增量投放为主。 分区域看，24Q2 延续 Q1 趋势，期内省内/省外分别实现营收 28.0/45.7 亿元，同比+11.2%/+21.8%，省外增速相对更优，Q2 净 增加 ...

公 司 报 告 2024年08月28日 食品饮料 山西汾酒(600809.SH) 淡季稳健发展，盈利略承压 推荐 ( 维持) 事项： 股价:175.74元 主要数据 | --- | --- | |-------------------|------------------------------| | 行业 | 食品饮料 | | 公司网址 | www.fenjiu.com.cn | | 大股东/持股 | 山西杏花村汾酒集团有限责任公 | | | 司/56.59% | | 实际控制人 | 山西省国有资产监督管理委员会 | | 总股本(百万股) | 1,220 | | 流通A股(百万股) | 1,220 | | 流通B/H股(百万股) | | | 总市值(亿元) | 2,144 | | 流通A股市值(亿元) | 2,144 | | 每股净资产(元) | 25.35 | | 资产负债率(%) | 39.6 | 行情走势图 相关研究报告 【平安证券】山西汾酒（600809.SH）*年报点评*产 品结构升级，省外核心市场加速拓展*推荐20240426 【平安证券】山西汾酒（600809.SH）*季报点评*内 生动力充足 ...

证券研究报告·公司点评报告·白酒Ⅱ 山西汾酒（600809） 2024 年中报点评：顺时而动，均衡发力 2024 年 08 月 28 日 买入（维持） | --- | --- | --- | --- | --- | --- | |----------------------------|-------|-------|-------|-------|-------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 26214 | 31928 | 38405 | 45051 | 52995 | | 同比（%） | 31.26 | 21.80 | 20.28 | 17.31 | 17.63 | | 归母净利润（百万元） | 8096 | 10438 | 12932 | 15380 | 18231 | | 同比（%） | 52.36 | 28.93 | 23.89 | 18.93 | 18.54 | | EPS-最新摊薄（元/股） | 6.64 | 8.56 | 10.60 | 12.61 | 14.94 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [3][9]. Core Views - The company reported a revenue of 22.75 billion RMB for the first half of 2024, a year-on-year increase of 19.6%, and a net profit attributable to shareholders of 8.41 billion RMB, up 24.3% year-on-year [1][2]. - The second quarter of 2024 saw a revenue of 7.41 billion RMB, reflecting a 17.1% year-on-year growth, while the net profit for the same period was 2.15 billion RMB, a 10.2% increase year-on-year, slightly below market expectations [1][2]. - The company is optimistic about achieving its annual targets despite a slight decline in profit growth due to product mix issues and a decrease in gross margin [2]. Summary by Sections Revenue and Profitability - For 2024, the company expects revenues to grow by 20.1%, with net profits projected to increase by 21.3% [3][5]. - The gross profit margin for Q2 2024 was 75.1%, down 2.7 percentage points year-on-year, attributed to a weaker product mix [2][3]. Product Performance - In Q2 2024, high-end and other liquor segments generated revenues of 4.57 billion RMB and 2.80 billion RMB, respectively, with year-on-year growth of 1.5% and 58.3% [2]. - The company anticipates continued growth in mid-range products and stable performance from its flagship series, with plans for market expansion in southern regions [2]. Regional Performance - Revenue from domestic sales in Q2 2024 was 2.80 billion RMB, up 11.2% year-on-year, while revenue from outside the province reached 4.57 billion RMB, a 21.8% increase [2]. - The company added 478 new distributors in Q2, bringing the total to 4,196 [2]. Financial Projections - The report projects net profits for 2024, 2025, and 2026 to be 12.66 billion RMB, 14.89 billion RMB, and 17.39 billion RMB, respectively [3][5]. - The earnings per share (EPS) are expected to be 10.38 RMB, 12.21 RMB, and 14.25 RMB for the years 2024, 2025, and 2026 [3].

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥22,746,234,674.44, representing a 19.65% increase compared to ¥19,011,152,144.43 in the same period last year[13]. - The net profit attributable to shareholders of the listed company was ¥8,409,892,313.64, up 24.27% from ¥6,767,230,471.13 year-on-year[13]. - The net cash flow from operating activities increased by 52.28% to ¥7,930,094,411.97, compared to ¥5,207,689,862.05 in the previous year[13]. - Basic earnings per share for the first half of 2024 were ¥6.8936, a 24.08% increase from ¥5.5556 in the same period last year[14]. - The company reported a significant increase in cash received from sales of goods and services, totaling ¥21,595,087,989.57, which is a 21.96% increase from ¥17,706,539,027.57[27]. - The company achieved investment income of ¥4,992,192,626.97 in the first half of 2024, up from ¥3,977,108,539.69 in the same period of 2023, marking a growth of 25.49%[69]. - The total comprehensive income for the first half of 2024 was approximately 8.43 billion, a significant increase compared to the previous period[77]. Assets and Liabilities - The total assets of the company at the end of the reporting period were ¥51,975,584,928.23, reflecting a 17.87% increase from ¥44,095,837,995.19 at the end of the previous year[13]. - The total liabilities of the company reached CNY 20,599,255,875.91, compared to CNY 15,820,768,149.52, representing an increase of about 30.5%[62]. - The company's total equity attributable to shareholders rose to CNY 30,922,657,442.62, up from CNY 27,836,907,912.57, marking an increase of around 7.5%[62]. - The company's cash and cash equivalents reached CNY 13,409,312,958.31, compared to CNY 3,774,745,389.98 at the end of 2023, indicating a significant increase of about 254.5%[60]. - Total current liabilities increased to CNY 20,099,192,671.53 from CNY 15,146,667,046.24, reflecting a rise of approximately 32.3%[61]. Operational Efficiency and Strategy - The company maintains a comprehensive business model integrating research, production, supply, and sales, focusing on the production and sales of Fenjiu, Zhuyeqing, and Xinghuacun series liquors[17]. - In the first half of 2024, the company signed strategic cooperation agreements with China Resources Group and Huawei to enhance digital transformation and operational efficiency[20]. - The company is actively expanding its production capacity and storage projects, with key projects accelerating construction to meet future demand[21]. - The company plans to invest a total of ¥910,181.50 million in the construction of the 2030 technical transformation project to enhance raw liquor production capacity, expected to yield an annual production of 51,000 tons of raw liquor[30]. - The company plans to focus on expanding its market presence and investing in new technologies to drive future growth[85]. Environmental and Social Responsibility - The company has implemented measures to ensure that wastewater is treated and reused, with over 1.76 million tons of reclaimed water used annually for environmental greening and public sanitation[43]. - The company has replaced all coal-fired boilers with natural gas boilers, significantly reducing pollution and achieving cleaner production[43]. - The company is committed to cultural heritage preservation and has received recognition as a "Chinese Time-honored Brand" for Zhuyeqing[23]. - The company has invested CNY 5.73 million in infrastructure improvements in rural areas, enhancing living conditions for local farmers[51]. - The company is focusing on sustainability initiatives, with a goal to reduce carbon emissions by 30% by 2025[103]. Shareholder Information - Total number of common shareholders as of the end of the reporting period is 67,263[56]. - The largest shareholder, Shanxi Xinghuacun Fenjiu Group Co., Ltd., holds 690,429,865 shares, representing 56.59% of total shares[57]. - The top ten shareholders collectively hold significant stakes, with the first three shareholders accounting for over 70% of total shares[57]. - The company has not reported any changes in the controlling shareholder or actual controller[58]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[48]. Research and Development - Research and development expenses rose by 36.42% to ¥55,105,855.95, compared to ¥40,394,284.97 in the same period last year[27]. - The company collaborates with research institutions to improve the quality standards of raw materials, enhancing the overall quality of Fenjiu[24]. - The company has initiated a talent strategy, recruiting and training over 120 apprentices to build a high-quality workforce[25]. - The company is investing in new technology development, allocating $50 million for R&D in AI and machine learning[103]. Financial Management - The company's financial expenses decreased to -¥2,008,867.31 from -¥2,426,394.86, indicating improved financial management[27]. - The company reported a decrease in sales expenses to ¥77,548,477.34 from ¥143,843,318.25 in the same period of 2023, a reduction of 46.00%[69]. - The company has not recognized any significant bad debt provisions for the current period[197]. - The company has not experienced any significant changes in the fair value of its financial instruments during the reporting period[193].

白酒 事件点评 山西汾酒（600809.SH） 买入-A(维持) 汾酒「巨匠」系列发布，注入全新的时代活力 2024 年 8 月 26 日 公司研究/公司快报 公司近一年市场表现 市场数据：2024 年 8 月 23 日 收盘价（元）： 177.78 年内最高/最低（元）： 273.68/173.20 流通A股/总股本（亿）： 12.20/12.20 流通 A 股市值（亿）： 2,168.85 总市值（亿）： 2,168.85 基础数据：2024 年 3 月 31 日 基本每股收益(元)： 5.13 摊薄每股收益(元)： 5.13 每股净资产(元)： 28.31 净资产收益率(%)： 18.14 和芳芳 执业登记编码：S0760519110004 邮箱：hefangfang@sxzq.com 事件描述 事件：8 月 21 日晚，汾酒全新「巨匠」系列，在山西杏花村汾酒博物馆 发布。 事件点评 文创酒发布提高汾酒品牌影响力。汾酒「巨匠」系列将传统工匠精神与 现代创新思维相融合，为汾酒品牌注入全新的时代活力。「巨匠」系列采用 独特的"活态三非遗工艺"，即酒、器、盒分别采用三种不同非遗工艺，包括： 非遗杏花村汾酒酿制 ...