证券研究报告 | 2024年02月18日 山西汾酒（600809.SH） 买入 管理层变动靴子落地，格局重塑激发组织活力  公司研究·公司快评  食品饮料·白酒Ⅱ  投资评级：买入（维持评级） 证券分析师： 张向伟 021-60933131 zhangxiangwei@guosen.com.cn 执证编码：S0980523090001 证券分析师： 李文华 021-60375461 liwenhua2@guosen.com.cn 执证编码：S0980523070002 联系人： 张未艾 021-61761031 zhangweiai@guosen.com.cn 事项： 公司公告：公司发布《关于聘任公司高级管理人员的公告》，聘任李沛洁先生为公司副总经理，不再担任 公司总经理助理职务；聘任王怀先生为公司副总经理、总会计师；聘任张永踊先生为公司副总经理，不再 担任公司总经理助理职务；聘任宋亚鹏先生为公司总经理助理，并辞任公司监事职务；聘任许志峰先生为 公司董事会秘书。 国信食饮观点：1）管理层变动靴子落地，内部格局重塑激发组织活力。2）组织重塑护航汾酒复兴战略， 公司有望迎来战略机遇期。3）春节旺季回款动销进 ...

Investment Rating - The report maintains a "Buy" rating for Shanxi Fenjiu [4] Core Views - The company has undergone management changes, with key appointments aimed at strengthening leadership [2] - The inventory situation is healthy, and the company is advancing its digital transformation and terminal management, indicating a positive market condition [3] - The company is expected to achieve stable revenue growth driven by product differentiation and market leadership [4] Summary by Sections Management Changes - Recent appointments include Mr. Li Peijie as Deputy General Manager and Mr. Wang Huai as Deputy General Manager and Chief Accountant [2] - The changes are attributed to retirement and work adjustments among existing executives [2] Performance Outlook - The company is projected to have a strong performance in Q1, with a positive outlook for the entire year [3] - Revenue for 2023 is estimated at 31.84 billion, with a growth rate of 21.5% [8] - The net profit for 2023 is forecasted at 10.73 billion, reflecting a growth rate of 32.5% [8] Earnings Forecast - EPS is projected to be 8.79, 10.42, and 12.72 for 2023, 2024, and 2025 respectively, with corresponding PE ratios of 24, 21, and 17 [4] - The company is expected to maintain a gross margin of around 75% and a net profit margin of approximately 33% [9] Financial Metrics - The total revenue is expected to grow from 26.21 billion in 2022 to 46.38 billion by 2025 [8] - The return on equity (ROE) is projected to decline from 37.2% in 2022 to 29.2% in 2025 [9] - The company’s total assets are expected to increase from 36.69 billion in 2022 to 69.02 billion by 2025 [8]

山西杏花村汾酒厂股份有限公司 关于聘任公司高级管理人员的公告 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。 山西杏花村汾酒厂股份有限公司（以下简称 "公司"）于 2024 年 2 月 5 日召开第八届董事会第四十五次会议，审议通过了《关于聘任高级 管理人员的议案》，现将有关情况说明如下： 一、本次高级管理人员聘任情况 聘任李沛洁先生为公司副总经理，不再担任公司总经理助理职务； 聘任王怀先生为公司副总经理、总会计师； 证券代码：600809 证券简称：山西汾酒 公告编号：临 2024-001 经审阅李沛洁先生、王怀先生、张永踊先生、宋亚鹏先生、许志峰 先生的履历等相关资料，拟聘任人员具备相关专业知识和相关决策、监 督、协调能力，具备行使职权相应的任职条件，未发现其有《公司法》 等法律法规规定的限制担任公司高级管理人员的情况，未受到过中国证 1 监会及其他有关部门的处罚和证券交易所惩戒。拟聘任人员的任职资格 符合法律法规及公司《章程》的要求，并具备履职能力。 二、总会计师、董事会秘书变更情况 因到龄退休原因，高明先生辞任公司董 ...

审议通过公司《关于向甘肃省地震灾区捐款1000万元的议案》； 会议同意公司通过汾酒公益基金会向甘肃省红十字会捐赠1000万元， 用于甘肃积石山地震灾区抗震救援、受灾群众生活救助、救援队伍及志 愿者支持、灾后重建等工作。 同意票11票，反对票0票，弃权票0票。 证券代码：600809 证券简称：山西汾酒 公告编号：临 2023-028 山西杏花村汾酒厂股份有限公司 第八届董事会第四十三次会议决议公告 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。 一、董事会会议召开情况 2023年12月21日，山西杏花村汾酒厂股份有限公司（以下简称"公 司"）以书面和电子邮件的方式，向全体董事发出召开第八届董事会第 四十三次会议（以下简称"会议"）的通知，发出会议通知前全体董事 一致同意豁免了提前通知的要求。2023年12月21日，会议以会签方式召 开，会议应出席董事11人，实际出席董事11人。会议的召开、表决程序 符合《公司法》、公司《章程》和《董事会议事规则》的有关规定。 二、董事会会议审议情况 1 特此公告 山西杏花村汾酒厂股份有限公司 ...

Financial Performance - The company's operating revenue for Q3 2023 reached ¥7,733,313,005.92, representing a year-on-year increase of 13.55%[3] - Net profit attributable to shareholders for the same period was ¥2,663,974,195.22, an increase of 27.12% compared to the previous year[3] - The basic earnings per share for Q3 2023 was ¥2.17, reflecting a growth of 26.90% year-on-year[3] - Total operating revenue for Q3 2023 reached ¥26,744,465,150.35, an increase of 20.5% compared to ¥22,144,006,481.73 in Q3 2022[18] - Operating profit for Q3 2023 was ¥12,738,287,044.65, up 33.5% from ¥9,567,527,912.03 in Q3 2022[19] - Net profit for Q3 2023 amounted to ¥9,452,231,631.83, representing a 32.2% increase from ¥7,152,754,394.92 in Q3 2022[19] - Basic earnings per share for Q3 2023 were ¥7.73, compared to ¥5.83 in Q3 2022, reflecting a growth of 32.6%[20] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥42,189,764,600.30, marking a 15.00% increase from the end of the previous year[5] - The total assets of the company reached ¥42,189,764,600.30, up from ¥36,686,474,274.73, marking an increase of about 14.0%[16] - The total liabilities amounted to ¥14,998,656,445.62, slightly up from ¥14,940,953,056.77, indicating a marginal increase of about 0.4%[16] - The company's total equity increased to ¥27,191,108,154.68 from ¥21,745,521,217.96, representing a growth of approximately 24.8%[16] Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥7,303,562,659.27, showing a decline of 10.29% year-on-year[3] - Cash flow from operating activities for the first three quarters of 2023 was ¥7,303,562,659.27, down from ¥8,141,167,157.34 in the same period of 2022[22] - Cash received from sales of goods and services in Q3 2023 was ¥24,252,540,416.11, an increase from ¥22,476,075,189.75 in Q3 2022[22] - The company's cash and cash equivalents decreased to ¥3,234,999,748.40 from ¥11,201,219,039.20, indicating a decline of about 71.1%[14] - The net increase in cash and cash equivalents was approximately -$7.97 billion, a significant decline from -$1.86 billion in the previous period[23] - The ending balance of cash and cash equivalents stood at approximately $3.23 billion, down from $4.13 billion year-over-year[23] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 74,036[9] - The largest shareholder, Shanxi Xinghuacun Fenjiu Group Co., Ltd., holds 690,121,565 shares, accounting for 56.57% of total shares[9] Expenses and Investments - Total operating costs for Q3 2023 were ¥14,223,999,438.38, up from ¥12,744,595,041.00 in Q3 2022, indicating a rise of 11.6%[18] - Research and development expenses for Q3 2023 were ¥54,678,119.29, compared to ¥39,635,149.03 in Q3 2022, marking a 37.9% increase[18] - Tax expenses for Q3 2023 were ¥3,282,228,064.52, up from ¥2,417,618,348.80 in Q3 2022, reflecting a growth of 35.7%[19] - The company reported non-operating income of ¥2,087,612.83 for the year-to-date period, with other non-operating expenses totaling -¥6,432,559.01[7] - Cash outflow from investment activities totaled approximately $29.31 billion, compared to $29.10 billion in the previous period, indicating a slight increase in investment spending[23] - Net cash flow from investment activities was negative at approximately -$11.04 billion, worsening from -$7.81 billion year-over-year[23] - Cash outflow from financing activities amounted to approximately $4.22 billion, up from $2.19 billion in the previous period, reflecting increased financial obligations[23] - The company reported a cash payment of approximately $4.03 billion for dividends and interest, significantly higher than $2.17 billion in the previous period[23] Strategic Developments - The company completed the third phase of its restricted stock incentive plan, impacting earnings per share calculations[6] - The company plans to categorize products priced above ¥130 per liter as high-end liquor, aligning with its future development strategy[11] - The number of distributors increased by 131 during the reporting period, bringing the total to 3,768[12] Accounting Changes - The company has adopted new accounting standards starting in 2023, which may impact financial reporting and comparisons[24]

证券代码：600809 证券简称：山西汾酒 公告编号：临 2023-027 山西杏花村汾酒厂股份有限公司 关于召开 2023 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： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2023 年 10 月 26 日(星期四) 至 11 月 01 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"）将于 2023 年 10 月 27 日发布公司 2023 年第三季度报告，为便于广大投资者更 全面深入地了解公司 2023 年第三季度经营成果、财务状况，公司计 划于 2023 年 11 月 02 日 下午 15:00-16:00 举行 2023 年第三季度业 绩说明会，就投资者关心的问题进行交流。 一、 ...

证券代码：600809 证券简称：山西汾酒 公告编号：临 2023-026 山西杏花村汾酒厂股份有限公司 关于召开 2023 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。 重要内容提示： 会议召开时间：2023 年 09 月 14 日(星期四) 下午 15:00-16:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2023 年 09 月 07 日(星期四) 至 09 月 13 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 2023 年 8 月 25 日发布公司 2023 年半年度报告，为便于广大投资者更全面 深入地了解公司 2023 年半年度经营成果、财务状况，公司计划于 2023 年 ...

Financial Performance - The company's operating revenue for the first half of 2023 reached ¥19,011,152,144.43, representing a 23.98% increase compared to ¥15,333,732,971.32 in the same period last year[13]. - The net profit attributable to shareholders of the listed company was ¥6,767,230,471.13, a 35.00% increase from ¥5,012,613,253.75 in the previous year[13]. - The net cash flow from operating activities was ¥5,207,689,862.05, which is an 11.22% increase compared to ¥4,682,491,044.87 in the same period last year[13]. - Basic earnings per share for the first half of 2023 were ¥5.5556, up 34.90% from ¥4.1183 in the same period last year[14]. - The company reported a 35.22% increase in operating profit, reaching ¥9,145,657,345.90 compared to ¥6,763,502,151.73 last year[24]. - The total comprehensive income for the first half of 2023 was CNY 6,791,958,971.52, compared to CNY 5,054,182,584.24 in the previous year, indicating an increase of about 34.3%[72]. Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥39,374,155,249.07, reflecting a 7.33% increase from ¥36,686,474,274.73 at the end of the previous year[13]. - The total liabilities as of June 30, 2023, are not explicitly stated but are essential for assessing the company's financial health[63]. - Total current liabilities decreased to CNY 13,639,988,756.04 from CNY 14,846,455,198.24, indicating a reduction of about 8.1%[64]. - The total liabilities amounted to ¥15,701,278,874.34, slightly up from ¥15,586,048,513.22, indicating a marginal increase of 0.7%[69]. Cash Flow - Operating cash inflow for the first half of 2023 reached ¥17.90 billion, an increase of 18.5% compared to ¥15.09 billion in the same period of 2022[75]. - Total cash outflow from operating activities was ¥12.69 billion, resulting in a net cash flow from operating activities of ¥5.21 billion, up 11.1% from ¥4.68 billion year-on-year[75]. - The net cash flow from financing activities was -4,226,447,322.77 RMB, compared to -1,948,966,870.81 RMB in the previous period, indicating a significant increase in cash outflow[78]. Research and Development - Research and development expenses surged by 68.05% to ¥40,394,284.97, up from ¥24,037,284.76 in the previous year[24]. - Research and development expenses increased to CNY 40,342,471.88 in the first half of 2023, up from CNY 23,822,892.08 in the same period of 2022, representing a growth of approximately 69.5%[73]. Environmental and Social Responsibility - The company reported a total discharge of 2.43 tons of chemical oxygen demand (COD) and 0.478 tons of total nitrogen in the first half of 2023[42]. - The company’s wastewater discharge complies with the national standard of 50 mg/L for COD, with actual measurements showing 6.344 mg/L[43]. - The company reused over 3 million tons of treated wastewater annually for environmental greening and public sanitation[46]. - The company has provided credit support of 4.38 million yuan to 53 households to assist rural industry development[53]. Shareholder Information - The total number of ordinary shareholders reached 110,239 by the end of the reporting period[59]. - The largest shareholder, Shanxi Xinghuacun Fenjiu Group Co., Ltd., holds 690,121,565 shares, representing 56.56% of the total[60]. - The company has implemented a stock incentive plan, with 2,251,200 restricted stocks listed for circulation on May 9, 2023[40]. Corporate Governance - The company has not identified any significant doubts regarding its ability to continue as a going concern for the next 12 months[93]. - The company’s financial statements are prepared in accordance with the accounting standards set by the Ministry of Finance, ensuring a true and complete reflection of its financial status[94]. Market and Competitive Position - The company is closely monitoring market dynamics and aims to strengthen its core business and brand culture to enhance competitiveness amid economic pressures[33]. - The revenue share of the Qinghua Fenjiu series products exceeded 45%[22]. - The company has established a total of 1.2 million controllable terminals nationwide, enhancing channel and terminal management capabilities[22].

证券代码：600809 证券简称：山西汾酒 公告编号：临 2023-019 山西杏花村汾酒厂股份有限公司 关于召开 2022 年度及 2023 年第一季度业绩 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： （网址：http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 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：2023 年 06 月 05 日 上午 10:00-11:00 三、 参加人员 董事长：袁清茂先生 总经理：谭忠豹先生 独立董事：樊燕萍女士 投资者可于 2023 年 05 月 29 日(星期一) 至 06 月 02 日(星期 五)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 2023 ...

证券代码：600809 证券简称：山西汾酒 公告编号：临 2023-017 2、活动方式：网络在线交流 1 山西杏花村汾酒厂股份有限公司 关于参加山西辖区上市公司 2023 年投资者网 上集体接待日暨年报业绩说明会活动的公告 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： 活动时间：2023 年 5 月 11 日（周四）15:00-17：00 活动地点：投资者可登录"全景路演"网站（http://rs.p5w.net）， 或关注微信公众号"全景财经"，或下载全景路演 APP，参与本次互动交 流 活动方式：网络在线交流 一、 集体接待日活动情况 为进一步加强与投资者的互动交流，公司定于2023年5月11日（周四） 15:00-17：00参加山西辖区上市公司2023年投资者网上集体接待日暨年 报业绩说明会活动，就公司2022年度业绩、公司治理、发展战略、 经营 状况和可持续发展等投资者关心的问题，与投资者进行沟通与交流。 二、 活动时间与方式 1、活动时间：2023年5月11日（周四）15:00-17：00 三、 ...