Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company reported total revenue of 31.358 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 17.25%, with net profit attributable to the parent company reaching 11.350 billion yuan, up 20.34% year-on-year [1]. - In Q3 2024, the company achieved total revenue of 8.611 billion yuan, a year-on-year increase of 11.35%, and a net profit of 2.940 billion yuan, up 10.36% year-on-year [1]. - The revenue growth of high-end liquor in Q3 accelerated compared to Q2, with high-end liquor and other liquor revenues for the first three quarters at 22.614 billion yuan and 8.638 billion yuan, respectively, showing year-on-year growth of 14.26% and 26.87% [1]. - The company maintained double-digit growth in both domestic and foreign markets, with domestic and foreign revenues for the first three quarters at 11.900 billion yuan and 19.353 billion yuan, respectively, reflecting year-on-year growth of 11.58% and 21.44% [1]. - The number of distributors increased to 4,368 by the end of Q3 2024, with a net increase of 172 from the previous quarter and 428 from the beginning of the year [1]. Financial Performance - For the first three quarters of 2024, the company's net profit margin was 36.20%, and the gross profit margin was 76.03%, with a slight decrease in the tax and additional charges as a percentage of total revenue to 15.19% [2]. - In Q3 2024, the net profit margin was 34.14%, and the gross profit margin was 74.29%, with the tax and additional charges as a percentage of total revenue decreasing to 14.62% [2]. - The company expects net profits for 2024, 2025, and 2026 to be 12.339 billion yuan, 14.084 billion yuan, and 15.943 billion yuan, respectively, with growth rates of 18.21%, 14.14%, and 13.20% [3][4]. Valuation Metrics - The report provides projected revenue figures for 2024, 2025, and 2026 at 37.230 billion yuan, 42.371 billion yuan, and 47.832 billion yuan, respectively, with corresponding year-on-year growth rates of 16.60%, 13.81%, and 12.89% [4]. - The price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 21, 18, and 16 times, respectively [3][4].

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [3][5]. Core Views - The company's performance in the first three quarters of 2024 met market expectations, with revenue of 31.36 billion and net profit of 11.35 billion, reflecting year-on-year growth of 17.25% and 20.34% respectively [3][5]. - The company demonstrates operational resilience, with a stable profit margin and strong cash flow performance, highlighted by a net profit margin of 36.23% for the first three quarters of 2024 [2][5]. Summary by Sections Company Performance - In the first three quarters of 2024, the company achieved revenue of 31.36 billion, up 17.25% year-on-year, and a net profit of 11.35 billion, up 20.34% year-on-year [3][5]. - The third quarter alone saw revenue of 8.61 billion, a year-on-year increase of 11.35%, and a net profit of 2.94 billion, up 10.36% year-on-year [1][3]. Product and Regional Analysis - Revenue from high-end liquor and other liquor categories for the first three quarters of 2024 was 22.61 billion and 8.64 billion respectively, with year-on-year growth of 14.26% and 26.87% [1][5]. - The company experienced steady growth in its domestic market, with revenue of 11.90 billion in the third quarter, up 12.13% year-on-year, while the external market saw a slower growth rate of 10.96% [1][2]. Financial Metrics - The company reported a gross margin of 76.03% for the first three quarters of 2024, with a net profit margin of 36.23% [2][5]. - The earnings per share (EPS) for 2024 is projected to be 10.37, with corresponding price-to-earnings (P/E) ratios of 20.2, 17.2, and 14.0 for the years 2024, 2025, and 2026 respectively [5][6].

恒一律师 山西杏花村汾酒厂股份有限公司 2024 年第一次临时股东大会 法律意见书 山西恒一律师事务所 Shanxi Hengyi Law Office 中国太原 晋源区长兴南街 8 号 1 幢 11 层办公 1101 号、1108 号 邮编: 030012 电话:(0351) 7555621 传真: (0351) 7555621 电子信箱：shanxihengyi@163.com 网址：http://www.shanxihengyi.com 关 于 山西杏花村汾酒厂股份有限公司 2024 年第一次临时股东大会的 法 律 意 见 书 山西恒一律师事务所(以下简称"本所")接受贵公司的委托，指派王莹、张 莉律师出席贵公司 2024 年第一次临时股东大会（以下简称本次股东大会），并 依据《中华人民共和国公司法》（以下简称《公司法》）、《上市公司股东大会 规则》（以下简称《股东大会规则》）以及《山西杏花村汾酒厂股份有限公司章 程》（以下简称《公司章程》）的有关规定, 就贵公司本次股东大会的召集、召 开程序、出席会议人员资格和召集人资格、会议表决程序和表决结果等有关事项 出具法律意见。 本所及经办律师依据《中华人民共 ...

证券代码：600809 证券简称：山西汾酒 公告编号：临 2024-028 山西杏花村汾酒厂股份有限公司 2024 年第一次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 1,782 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 953,444,601 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份 | | | 总数的比例（%） | 78.1534 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，会议由公司董事长袁清茂先生主持。会议的召 集、召开符合《公司法》及《公司章程》的规定。 (五) 公司董事、监事和董事会秘书的出席情况 1、公司在任董事 8 人，出席 8 人； (一) 股东大会召开的时间：2024 年 11 月 4 日 (二) 股东大会召开的地点：公司会议室 (三) 出席会议的 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a total revenue of 8.611 billion yuan in Q3 2024, representing a year-on-year increase of 11.35%, and a net profit attributable to shareholders of 2.940 billion yuan, up 10.36% year-on-year, aligning with previous expectations [2][6] - The growth in mid-to-high-end liquor sales accelerated compared to Q2, primarily driven by increased sales of Qinghua 20 and the upgrade of Laobai Fen, with other liquor categories also showing significant growth [2][6] - The company is expected to continue its national expansion strategy, maintaining a strong product matrix and category advantages, which supports the "Buy" rating [2][6] Financial Performance Summary - For the first three quarters of 2024, the company achieved total revenue of 31.358 billion yuan, a year-on-year increase of 17.25%, and a net profit of 11.350 billion yuan, up 20.34% year-on-year [6] - In Q3 2024, the company’s gross margin was 74.29%, a slight decrease of 0.75 percentage points year-on-year, influenced by changes in product mix [6] - The company’s management expense ratio increased, impacting profitability, with a net profit margin of 34.14%, down 0.31 percentage points year-on-year [6] Revenue and Profit Forecast - The company is projected to achieve revenues of 36.946 billion yuan, 40.723 billion yuan, and 43.988 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 15.72%, 10.22%, and 8.02% [7] - Net profit forecasts for the same period are 12.446 billion yuan, 13.734 billion yuan, and 14.904 billion yuan, with corresponding growth rates of 19.24%, 10.34%, and 8.52% [7] - The projected PE ratios for 2024, 2025, and 2026 are 19, 18, and 16 respectively [7]

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [1] Core Views - The report highlights that Shanxi Fenjiu has shown steady growth in its third-quarter performance for 2024, with revenue reaching RMB 31.36 billion, a year-on-year increase of 17.3%, and net profit attributable to shareholders of RMB 11.35 billion, up 20.3% year-on-year [3][5] - The company has demonstrated strong cash flow performance, with a notable increase in sales cash receipts by 30.8% year-on-year in the third quarter [3] - The report anticipates revenue growth rates of 16.5%, 11.6%, and 11.1% for 2024, 2025, and 2026 respectively, with net profit growth rates of 19.7%, 13.7%, and 12.3% for the same years [4][6] Summary by Sections Company Performance - In Q3 2024, the company achieved revenue of RMB 8.61 billion, a year-on-year increase of 11.4%, and a net profit of RMB 2.94 billion, up 10.4% year-on-year [5] - The gross profit margin for Q3 2024 was 74.3%, slightly down by 0.7 percentage points compared to the previous year [5] - The company’s contract liabilities decreased to RMB 5.48 billion, reflecting a reduction of RMB 250 million from the previous quarter [3] Revenue Breakdown - The revenue from mid-to-high-end liquor in Q3 2024 was RMB 6.19 billion, a year-on-year increase of 6.7%, showing an acceleration compared to Q2 2024 [3] - Revenue from other liquor categories grew significantly by 25.6% year-on-year, accounting for 28.0% of total revenue [3] Regional Performance - Revenue from the domestic market reached RMB 3.51 billion, a year-on-year increase of 12.1%, while revenue from outside the province was RMB 5.09 billion, up 10.9% year-on-year [3] Financial Projections - The report projects earnings per share (EPS) of RMB 10.24, 11.65, and 13.08 for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (P/E) ratios of 20.4X, 17.9X, and 16.0X [4][6] - The company’s EBITDA is expected to grow from RMB 17.19 billion in 2024 to RMB 21.21 billion by 2026 [4][6]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company reported a total revenue of 31.358 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 17.3%, with a net profit attributable to shareholders of 11.350 billion yuan, up 20.3% year-on-year [4] - In Q3 2024, the company achieved a revenue of 8.611 billion yuan, reflecting a year-on-year growth of 11.4%, and a net profit of 2.940 billion yuan, which is a 10.4% increase year-on-year [4] - The revenue growth in the third quarter was stable, although the growth rate in provinces outside the home province showed signs of slowing down [4] - The gross profit margin for Q3 2024 was 74.3%, down 0.75 percentage points year-on-year, but the decline was significantly narrower compared to Q2 2024 [5] - The company’s operating cash flow showed strong performance, with net cash flow from operating activities reaching 3.505 billion yuan, a year-on-year increase of 67.2% [5] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved total revenue of 31.358 billion yuan, with a year-on-year growth of 17.3% and a net profit of 11.350 billion yuan, up 20.3% [4] - Q3 2024 revenue was 8.611 billion yuan, with a year-on-year increase of 11.4%, and net profit was 2.940 billion yuan, reflecting a 10.4% year-on-year growth [4] - The company’s gross profit margin for Q3 2024 was 74.3%, down 0.75 percentage points year-on-year, but the decline was less severe than in Q2 2024 [5] Revenue Breakdown - In Q3 2024, revenue from mid-to-high-end liquor and other liquor categories grew by 6.7% and 25.6% year-on-year, reaching 6.188 billion yuan and 2.405 billion yuan respectively [4] - Revenue from the home province increased by 12.1% year-on-year to 3.506 billion yuan, while revenue from outside the province grew by 10.9% year-on-year to 5.087 billion yuan, indicating a slowdown compared to the first half of the year [4] Profitability and Cash Flow - The company’s operating cash flow was robust, with sales cash receipts of 8.560 billion yuan, a year-on-year increase of 30.8% [5] - The net cash flow from operating activities was 3.505 billion yuan, up 67.2% year-on-year, indicating strong operational efficiency [5] Earnings Forecast - The company’s EPS for 2024-2026 is projected to be 10.23, 11.66, and 13.11 yuan per share respectively [6] - Based on comparable company valuations, a PE ratio of 20-25 times is suggested for 2024, leading to a reasonable value range of 204.51 to 255.64 yuan [6]

Investment Rating - The investment rating for Shanxi Fenjiu is "Buy" (maintained) [1] Core Views - The report highlights that Shanxi Fenjiu has a high quality of cash collection and anticipates growth in markets outside its home province [1] - The company achieved a net profit attributable to shareholders of 11.35 billion yuan in the third quarter of 2024, reflecting a year-on-year increase of 10.36%, which aligns with market expectations [1] - The report indicates that the company is expected to maintain steady growth despite a general slowdown in the liquor industry [1][2] Financial Summary - **Revenue Forecast**: - 2022A: 26,214 million yuan - 2023A: 31,928 million yuan (yoy growth of 22%) - 2024E: 36,907 million yuan (yoy growth of 16%) - 2025E: 41,777 million yuan (yoy growth of 13%) - 2026E: 47,079 million yuan (yoy growth of 13%) [1] - **Net Profit Forecast**: - 2022A: 8,096 million yuan - 2023A: 10,438 million yuan (yoy growth of 29%) - 2024E: 12,184 million yuan (yoy growth of 17%) - 2025E: 14,011 million yuan (yoy growth of 15%) - 2026E: 15,989 million yuan (yoy growth of 14%) [1] - **Earnings Per Share (EPS)**: - 2022A: 6.64 yuan - 2023A: 8.56 yuan - 2024E: 9.99 yuan - 2025E: 11.48 yuan - 2026E: 13.11 yuan [1] - **Return on Equity (ROE)**: - 2022A: 37% - 2023A: 37% - 2024E: 35% - 2025E: 32% - 2026E: 29% [1] - **Price-to-Earnings (P/E) Ratio**: - 2022A: 31.5 - 2023A: 24.4 - 2024E: 20.9 - 2025E: 18.2 - 2026E: 15.9 [1] Market Position and Strategy - The report notes that Shanxi Fenjiu is leveraging its strong brand and unique flavor profile to expand its market presence nationally, particularly in provinces outside its home base [1] - The company is expected to continue its efforts in channel adjustment and brand positioning to achieve balanced growth in both volume and price [1][2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][8] Core Views - The company has demonstrated strong revenue growth, achieving a total revenue of 31.36 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 17.25%. The net profit attributable to shareholders reached 11.35 billion yuan, up 20.34% year-on-year, indicating robust performance despite external macroeconomic pressures [1][2][5] - The company ranks among the top three in revenue among listed liquor companies, showcasing its resilience in a challenging market environment. The third quarter saw a revenue increase of 11.35% year-on-year, with net profit growth of 10.36% [2][5] - The company has successfully expanded its dealer network, increasing the number of dealers to 4,368, which is a 172 dealer increase from the previous quarter, indicating effective channel expansion [2][5] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported total revenue of 31.36 billion yuan, a 17.25% increase year-on-year, and a net profit of 11.35 billion yuan, up 20.34% year-on-year. In Q3 alone, revenue was 8.61 billion yuan, reflecting an 11.35% year-on-year growth, while net profit was 2.94 billion yuan, a 10.36% increase [1][2][5] - The company's cash flow quality remains strong, with a net cash flow from operating activities of 3.51 billion yuan, a significant increase of 67.22% year-on-year, attributed to higher sales receipts [5][6] Market Position - The company has solidified its position in the market, ranking among the top three liquor companies in terms of revenue. It has maintained a leading growth rate among major liquor enterprises, even in a challenging consumption environment [2][5] - The company has seen a slight slowdown in revenue growth from external markets, with Q3 revenue from outside Shanxi province increasing by 10.95% year-on-year, down from 21.78% in Q2 [2][5] Product and Regional Performance - The company’s product mix has shifted, with mid-to-high-end liquor categories generating revenue of 6.19 billion yuan, up 6.73% year-on-year, while other liquor categories saw a 25.62% increase to 2.41 billion yuan [2][5] - Revenue from Shanxi province reached 3.51 billion yuan, a 12.12% increase year-on-year, while revenue from outside the province was 5.09 billion yuan, reflecting a 10.95% increase [2][5] Profitability and Valuation - The company's net profit margin decreased slightly to 34.11%, and gross margin to 74.29%, attributed to product mix adjustments. However, the overall profitability remains strong [2][5] - The company’s earnings per share (EPS) is projected to be 10.18 yuan for 2024, with a price-to-earnings (P/E) ratio of 21 times [5][6]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company reported total revenue of 31.358 billion yuan for the first three quarters of 2024, a year-on-year increase of 17.25%, and a net profit attributable to shareholders of 11.350 billion yuan, up 20.34% year-on-year [1]. - In Q3 alone, the company achieved a revenue of 8.611 billion yuan, reflecting an 11.35% year-on-year growth, which slightly exceeded market expectations [2]. - The company has shown resilience in maintaining its market strategy and adjusting its product mix, with a notable performance in high-end and mid-range liquor sales [2][3]. Summary by Sections Revenue Performance - The company’s revenue in Q3 grew by 11.4% year-on-year, despite a slowdown compared to Q2, indicating strong performance in a challenging market environment [2]. - Sales revenue from high-end liquor and other categories reached 6.188 billion yuan and 2.405 billion yuan respectively, with year-on-year increases of 6.73% and 25.62% [2]. - The company’s sales in both domestic and external markets showed positive growth, with domestic sales increasing by 12.12% and external sales by 10.95% in Q3 [2]. Profitability and Cash Flow - The gross profit margin for Q3 was 74.29%, with a slight year-on-year decrease of 0.75 percentage points, attributed to changes in product mix [3]. - The net profit margin for Q3 stood at 34.14%, reflecting a stable profitability despite some pressures [3]. - Cash flow from operating activities showed significant improvement, with a net cash flow of 3.505 billion yuan, up 67.22% year-on-year, indicating strong collection from downstream channels [3]. Forecast and Valuation - The company’s net profit forecasts for 2024-2026 have been adjusted downwards to 12.55 billion, 14.28 billion, and 16.15 billion yuan respectively, reflecting a decrease of 4.1%, 8.0%, and 11.6% from previous estimates [4]. - The current stock price corresponds to a P/E ratio of 20, 17, and 15 for the years 2024, 2025, and 2026 respectively, suggesting a favorable valuation in the context of its growth potential [4].