Investment Rating - The report maintains a "Recommended" rating for the company [3][2]. Core Views - The company successfully closed 2023 with strong performance, and the operational momentum is expected to continue into 2024 [1]. - The high-end product series, particularly the Qinghua series, continues to lead sales growth, contributing significantly to revenue [1][2]. - The company aims for a revenue growth of approximately 20% in 2024, targeting 38.3 billion yuan [2]. Financial Performance Summary - For 2023, the company's revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 319.28 billion yuan, 104.38 billion yuan, and 104.45 billion yuan, respectively, representing year-on-year increases of 21.8%, 28.93%, and 29.15% [1]. - In Q4 2023, the company reported revenue of 51.84 billion yuan, net profit of 10.07 billion yuan, and net profit excluding non-recurring items of 10.17 billion yuan, with year-on-year growth rates of 27.38%, 1.96%, and 3.22% [1]. - For Q1 2024, the company achieved revenue of 153.38 billion yuan, net profit of 62.62 billion yuan, and net profit excluding non-recurring items of 62.61 billion yuan, with year-on-year increases of 20.94%, 29.95%, and 30.08% [1]. Revenue and Profit Forecast - The projected revenues for 2024, 2025, and 2026 are 388.15 billion yuan, 470.10 billion yuan, and 567.55 billion yuan, respectively, with year-on-year growth rates of 21.6%, 21.1%, and 20.7% [2][3]. - The forecasted net profits for the same years are 130.79 billion yuan, 160.14 billion yuan, and 195.26 billion yuan, with year-on-year growth rates of 25.3%, 22.4%, and 21.9% [2][3]. Market and Product Strategy - The company is focusing on high-end and national expansion strategies to ensure performance certainty, with an emphasis on digital marketing and brand building [2]. - The Qinghua series is expected to continue its growth trajectory, driving improvements in the company's product mix [2].

[Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 山西汾酒(600809)公司点评报告 2024年4月26日 [Table_Ti2tle3] 年圆满收官，持续高质量发展 [Table_Inves 买t] 入|维持 ——山西汾酒 2023 年报及 2024 一季报点评 [T abl事e_件Su mmary] [基Ta本bl数e_据Ba se] 公司公告 2023 年报及 2024 一季报。23 年，公司实现总营收 319.28 亿元 52周最高/最低价（元）： 262.82 / 185.07 （+21.80%），归母净利104.38亿元（+28.93%）。23Q4，公司实现总营收51.84 A股流通股（百万股）： 1219.96 亿元（+27.38%），归母净利 10.07 亿元（+1.95%）。24Q1，公司实现总营收 153.38亿元（+20.94%），归母净利62.62亿元（+29.95%）。公司拟每股派发 A股总股本（百万股）： 1219.96 现金股利4.37元（含税），分红率51.07%。 流通市值（百万元）： 307784.77  产品结构持续升级，全国化进程持续推 ...

食品饮料 | 证券研究报告 — 业绩评论 2024年4月27日 600809.SH 山西汾酒 买入 1季度业绩维持较快增速，销售团队能力得到验证 原评级：买入 山西汾酒公布 23 年报和 24 年 1 季报。2023 年实现营收 319.3 亿，同比增长 市场价格:人民币 252.29 21.8%，归母净利 104.4亿元，同比增 28.9%，每股收益 8.56元/股。1Q24实现 营收153.4亿元，同比增长20.9%，归母净利62.6亿元，同比增30.0%，每股收 板块评级:强于大市 益 5.13 元/股。预计未来两年汾酒将维持较快的业绩增速，持续领先行业，维持 买入评级。 本报告要点 支撑评级的要点 ◼ 山西汾酒 2023年年报及 2024年 1季报业 ◼ 青花系列较快增长，省内外市场齐头并进，2023年营收增21.8%，高于年度 绩点评 目标规划。（1）分产品看，2023年中高价酒类实现营收232.0亿元，同比增 22.6%，销量6.0万吨，同比增11.3%，吨价同比升10.1%。其他酒类营收85.4 股价表现 亿元，同比增20.2%，销量14.6万吨，同比增18.5%，吨价同比升1.4%。汾 酒中高 ...

证券研究报告 公 2024年04月27日 司 报 告 山西汾酒(600809) │ 行 业： 食品饮料/白酒Ⅱ 公 投资评级： 买入（维持） 司 当前价格： 252.29元 季 年报及一季报点评：青花系列高增，现金流表现亮眼 目标价格： 324.30元 报 点 事件： 评 基本数据 公司发布 2023 年年报与 2024 年一季报，2023 年实现营业收入 319.28 亿 总股本/流通股本(百万股) 1,219.96/1,219.96 元，同比增长 21.80%；归母净利润 104.38 亿元，同比增长 28.93%；扣非 流通A股市值(百万元) 307,784.77 净利润104.44亿元，同比增长29.15%。其中单Q4实现营业收入51.84亿 元，同比增长 27.38%；归母净利润 10.07 亿元，同比增长 1.95%；扣非净 每股净资产(元) 27.95 利润10.17亿元，同比增长3.22%。2024Q1实现营业收入153.38亿元，同 资产负债率(%) 31.51 比增长 20.94%；归母净利润 62.62 亿元，同比增长 29.95%；扣非净利润 一年内最高/最低(元) 263.88/18 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 31.93 billion yuan in 2023, representing a year-on-year growth of 21.80%, and a net profit of 10.44 billion yuan, up 28.93% year-on-year. In Q1 2024, the revenue reached 15.34 billion yuan, with a growth of 20.94%, and a net profit of 6.26 billion yuan, increasing by 29.95% year-on-year [5] - The company continues to upgrade its product structure, with high-end products leading overall growth. In 2023, the revenue from mid-to-high-end liquor reached 23.20 billion yuan, up 22.56% year-on-year, and in Q1 2024, the growth rate for mid-to-high-end liquor was 24.90%, significantly higher than other liquor categories [3][5] - The company is advancing its national strategy, with revenue growth from outside the province surpassing that from within. In Q1 2024, the revenue from within the province was 5.60 billion yuan (up 11.44% year-on-year) and from outside the province was 9.70 billion yuan (up 27.61% year-on-year) [3] Summary by Sections Financial Performance - In 2023, the company's gross profit margin remained stable, while the net profit margin increased by 1.64 percentage points to 32.76%. The gross profit margin for mid-to-high-end liquor was 84.09%, up 0.11 percentage points year-on-year [4] - In Q1 2024, the gross profit margin was 77.46%, an increase of 1.90 percentage points year-on-year, with a net profit margin of 40.86%, up 2.75 percentage points year-on-year. The cash flow from operations showed significant growth, with sales receipts and net operating cash flow increasing by 44.66% and 105.10% year-on-year, respectively [4][5] Market Strategy - The company is expanding its national layout, with the number of distributors increasing significantly. In 2023, the number of distributors in the province increased by 52, while those outside the province rose by 251, indicating a deepening national strategy [4] - The company is also enhancing its online marketing channels, achieving significant sales during major online shopping events, ranking among the top three in the industry on major e-commerce platforms [4] Earnings Forecast - The company is expected to achieve revenues of 38.63 billion yuan, 46.36 billion yuan, and 55.17 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 13.08 billion yuan, 16.00 billion yuan, and 19.29 billion yuan [8][9] - The earnings per share (EPS) are projected to be 10.72 yuan, 13.12 yuan, and 15.81 yuan for the same years, with price-to-earnings (P/E) ratios of 24, 19, and 16, respectively [8][9]

Investment Rating - The investment rating for Shanxi Fenjiu is "Buy" (maintained) [1] Core Views - The company achieved revenue and net profit of 31.93 billion and 10.44 billion yuan in 2023, representing year-on-year growth of 22% and 29% respectively. The fourth quarter of 2023 saw revenue and net profit of 5.18 billion and 1.01 billion yuan, with year-on-year growth of 27% and 2% [3] - In the first quarter of 2024, revenue and net profit reached 15.34 billion and 6.26 billion yuan, with year-on-year growth of 21% and 30% [3] - The company is expected to continue its strong performance, with a projected net profit of 13.28 billion yuan in 2024, reflecting a year-on-year increase of 27% [4] Revenue and Profit Forecast - Total revenue is forecasted to grow from 31.93 billion yuan in 2023 to 38.63 billion yuan in 2024, with a year-on-year growth rate of 21% [2] - The net profit attributable to shareholders is expected to increase from 10.44 billion yuan in 2023 to 13.28 billion yuan in 2024, with a year-on-year growth rate of 27% [2] - The earnings per share (EPS) is projected to rise from 8.56 yuan in 2023 to 10.89 yuan in 2024 [2] Product Performance - The revenue from the Qinghua product line exceeded 14 billion yuan, with a year-on-year growth of over 30%, accounting for 46% of total revenue [3] - The mid-tier product line generated over 8 billion yuan in revenue, with a growth rate of around 20% [3] - The Glass Fenjiu product line maintained a revenue of over 7 billion yuan, with a growth rate of approximately 15% [3] Cost and Profitability - The sales net profit margin improved by 1.6 percentage points to 32.8% in 2023, primarily due to a reduction in sales expenses [3] - The gross profit margin increased by 1.9 percentage points, attributed to product mix improvement and price increases [4] - The company’s cash flow from operations in the first quarter of 2024 showed strong performance, with a collection rate of over 45% in domestic markets [4] Market Data - The closing price of the stock is 245.58 yuan, with a market capitalization of approximately 299.6 billion yuan [6] - The price-to-earnings (P/E) ratio is currently at 28.70 [6] Financial Health - The total assets are projected to grow from 44.1 billion yuan in 2023 to 56.4 billion yuan in 2024 [12] - The debt-to-asset ratio stands at 31.51% [7] - The net asset value per share is 27.95 yuan [7]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 297.00 CNY, reflecting a 25% valuation premium based on strong earnings certainty [5][7]. Core Insights - The company achieved a revenue of 31.93 billion CNY in 2023, representing a year-over-year growth of 21.8%, and a net profit attributable to shareholders of 10.44 billion CNY, up 28.9% year-over-year [2]. - The premium product line, particularly the Qinghua series, has driven significant growth, with high-priced liquor contributing 23.20 billion CNY in revenue, a 22.6% increase year-over-year, and accounting for 73.1% of total liquor revenue [2]. - The company has seen strong growth in southern China, with revenue from southern markets increasing by over 30% year-over-year [2]. - The gross margin for 2023 was 75.3%, with a net profit margin of 32.8%, indicating improved profitability [2]. Financial Performance Summary - Revenue for 2023 was 31.93 billion CNY, with a year-over-year growth of 21.8% [4]. - The operating profit for 2023 was 14.22 billion CNY, reflecting a 30.8% increase year-over-year [4]. - The net profit attributable to shareholders for 2023 was 10.44 billion CNY, up 28.9% from the previous year [4]. - The earnings per share (EPS) for 2023 was 8.56 CNY, with projections for 2024 at 10.80 CNY [4][7]. Growth Projections - The company is expected to achieve EPS of 10.80 CNY in 2024, 13.15 CNY in 2025, and 15.53 CNY in 2026, with revenue growth anticipated to continue [3][7]. - The report suggests that the company is likely to exceed its revenue growth target of 20% year-over-year for 2024 [2].

证 券 2024 年 04 月 26 日 研 究 清香龙头强势增长，势能延续后劲充足 报 告 —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 4 月 25 日，山西汾酒发布 2023 年年报及 2024 年一 sunss@cfsc.com.cn 季报。 联系人：肖燕南 S1050123060024 xiaoyn@cfsc.com.cn 投资要点 基本数据 2024-04-26 ▌利润增速超预期，产品结构持续向上 当前股价（元） 252.29 总市值（亿元） 3078 全年业绩符合预期，收入利润快速增长。2023 年总营收 319.28 亿元（同增 21.80%），归母净利润 104.38 亿元（同 总股本（百万股） 1220 增 28.93%）。其中，2023Q4 总营收 51.84 亿元（同增 流通股本（百万股） 1220 27.38%），归母净利润 10.07 亿元（同增 1.96%）。收入符 52周价格范围（元） 185.07-262.82 合预期，利润超预期增长。2024Q1 总营收 153.38 亿元（同 日均成交额（ ...

Investment Rating - The investment rating for the company is "Add" [2] Core Views - The company achieved a revenue of 31.928 billion yuan in 2023, representing a year-on-year increase of 21.80%, and a net profit attributable to the parent company of 10.438 billion yuan, up 28.93% year-on-year [2] - In Q1 2024, the company reported a revenue of 15.338 billion yuan, a year-on-year increase of 20.94%, and a net profit of 6.262 billion yuan, up 29.95% year-on-year [2] - The blue flower series continues to gain market share, with its proportion reaching 46% in 2023, and the company is expanding its national presence [2][3] Summary by Sections Financial Performance - In Q4 2023, the company recorded a revenue of 5.184 billion yuan, a year-on-year increase of 27.38%, and a net profit of 1.007 billion yuan, up 1.96% year-on-year [2] - The net profit margin for 2023 increased by 1.64 percentage points to 32.76%, with a stable gross margin of 75.31% [3] - For Q1 2024, the net profit margin improved by 2.75 percentage points to 40.86%, driven by the increased share of the blue flower series [3] Revenue and Profit Forecast - The company aims for a revenue growth of around 20% for the full year of 2024, with projected revenues of 38.522 billion yuan, 45.608 billion yuan, and 53.630 billion yuan for 2024, 2025, and 2026 respectively [3][6] - The net profit attributable to the parent company is expected to be 13.175 billion yuan, 16.023 billion yuan, and 19.024 billion yuan for the same years [6] Market Expansion - The company continues to see strong growth in both high-end and mid-range liquor segments, with revenue growth of 22.56% and 20.15% respectively in 2023 [2] - The company’s revenue from provincial markets reached 12.08 billion yuan, up 20.41% year-on-year, while revenue from outside the province was 19.66 billion yuan, up 22.84% year-on-year [2]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 302.3 CNY per share, indicating a potential upside from the current price of 245.58 CNY [3][6]. Core Views - The company reported a strong performance in 2023, with revenue increasing by 21.8% year-on-year to 31.93 billion CNY and net profit rising by 28.9% to 10.44 billion CNY [1]. - The Qinghua series continues to drive growth, contributing approximately 14.7 billion CNY in revenue, accounting for 46% of total revenue [1]. - The company has seen significant growth in both domestic and southern markets, with revenue from domestic markets increasing by 20.4% and from southern markets by over 30% [1]. - In Q1 2024, the company achieved a revenue increase of 20.9% year-on-year to 15.34 billion CNY, with net profit growing by 30.0% to 6.26 billion CNY [1]. - The company aims for a revenue growth target of around 20% for 2024, with a clear strategy for high-quality development [1]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 31.93 billion CNY, with a growth rate of 21.8% compared to 2022 [2]. - The net profit for 2023 was 10.44 billion CNY, reflecting a growth rate of 28.9% [2]. - For Q1 2024, revenue reached 15.34 billion CNY, up 20.9% year-on-year, and net profit was 6.26 billion CNY, up 30.0% [1][2]. Revenue Breakdown - The Qinghua series generated approximately 14.7 billion CNY in revenue in 2023, leading to a 22.6% increase in mid-to-high-end and other liquor revenues [1]. - The company’s revenue from domestic markets was 12.08 billion CNY, a 20.4% increase, while revenue from southern markets exceeded 30% growth [1]. Profitability Metrics - The gross margin for 2023 was 75.3%, slightly down by 0.1 percentage points year-on-year [1]. - The net profit margin improved to 32.7% in 2023, up by 1.8 percentage points year-on-year [1]. Future Outlook - The company has set a clear target for 2024, aiming for a revenue growth of around 20% [1].