Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 31.36 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 17.2%, with a net profit attributable to shareholders of 11.35 billion yuan, up 20.3% year-on-year [2] - In Q3 alone, the company achieved a revenue of 8.61 billion yuan, reflecting an 11.4% year-on-year growth, while the net profit for the quarter was 2.94 billion yuan, increasing by 10.4% year-on-year [2] - The company is focusing on maintaining a stable pricing strategy and channel confidence, opting not to aggressively push inventory despite a slowdown in sales growth [3] Revenue and Profitability - The company's liquor revenue for the first three quarters of 2024 increased by 17.5%, with a Q3 growth of 11.4%, indicating a shift from channel expansion to quality enhancement in southern markets [3] - The gross profit margin slightly decreased by 0.7 percentage points to 74.3% in Q3, attributed to changes in product mix [4] - The net profit margin in Q3 saw a minor decline of 0.3 percentage points, influenced by gross margin and management fee rate fluctuations [4] Financial Forecasts - The company has adjusted its net profit forecasts for 2024-2026 to 12.42 billion, 14.20 billion, and 16.42 billion yuan respectively, with year-on-year growth rates of 19%, 14%, and 16% [4] - The current market capitalization corresponds to a P/E ratio of 19, 17, and 15 times for 2024-2026 [4] Market Position and Strategy - The company has maintained a stable market presence in its home province while gradually expanding its dealer network, which increased to 4,368 dealers by the end of Q3 [3] - The product structure has shown some recovery in Q3, with balanced growth across different product lines [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 258.75 CNY, reflecting a 25% valuation premium based on strong earnings certainty [6][8]. Core Insights - The company reported a revenue of 31.36 billion CNY for the first three quarters of 2024, representing a year-on-year increase of 17.2%, and a net profit attributable to shareholders of 11.35 billion CNY, up 20.3% year-on-year [1]. - In Q3 2024, the company achieved a revenue of 8.61 billion CNY, which is an 11.4% increase, and a net profit of 2.94 billion CNY, reflecting a 10.4% growth [1]. - The growth in revenue is supported by high growth rates in other alcoholic beverages, with Q3 showing balanced growth both domestically and externally [2]. Financial Performance Summary - For the first three quarters of 2024, the company's gross margin was 76.0%, with a net profit margin of 36.2% [3]. - The company has maintained a stable profitability structure, with a slight decrease in gross margin to 74.3% in Q3 2024 [3]. - The company continues to push for channel reforms and has increased its distributor count to 4,368 by the end of Q3 2024, indicating a robust distribution network [2][3]. Earnings Forecast and Adjustments - The earnings per share (EPS) forecasts for 2024, 2025, and 2026 are adjusted to 10.35 CNY, 12.18 CNY, and 14.23 CNY respectively, down from previous estimates [4][8]. - The projected revenue for 2024 is 37.24 billion CNY, with a year-on-year growth rate of 16.6% [5]. - The company’s price-to-earnings (PE) ratio for 2024 is estimated at 25 times, reflecting its strong earnings certainty [4][5].

Investment Rating - The report maintains a "Buy" rating for the company [3][10]. Core Views - The company reported a revenue of 31.36 billion RMB for the first three quarters of 2024, representing a year-on-year increase of 17.2%, and a net profit attributable to shareholders of 11.35 billion RMB, up 20.3% year-on-year [2]. - The revenue and profit growth in Q3 2024 was 11.4% and 10.4% year-on-year, respectively, aligning with market expectations [2]. - The company has increased its number of distributors by 172 to a total of 4,368, indicating strong market expansion [2]. Summary by Sections Revenue Analysis - For the first three quarters of 2024, high-priced liquor and other liquor segments generated revenues of 22.61 billion RMB and 8.64 billion RMB, reflecting year-on-year growth of 14% and 27% respectively [2]. - In Q3 2024, the revenue from high-priced liquor and other liquor was 6.19 billion RMB and 2.41 billion RMB, showing year-on-year growth of 7% and 26% respectively [2]. - Revenue from domestic and external markets for the first three quarters was 11.90 billion RMB and 19.35 billion RMB, with year-on-year growth of 12% and 21% respectively [2]. Profitability Metrics - The net profit margin for Q3 2024 decreased by 0.3 percentage points to 34.1%, with a gross margin down by 0.7 percentage points to 74.3% [2]. - The company’s management expense ratio increased by 0.6 percentage points, while the proportion of business taxes and additional charges decreased by 1.4 percentage points [2]. Financial Forecast - The report projects revenue growth rates of 16.6%, 11.0%, and 11.0% for 2024, 2025, and 2026 respectively, with net profit growth rates of 19.6%, 12.2%, and 12.8% for the same years [3]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 10.23 RMB, 11.48 RMB, and 12.95 RMB respectively [3]. Valuation - The current price-to-earnings (P/E) ratios are projected at 19.3, 17.2, and 15.2 for 2024, 2025, and 2026 respectively [3].

Investment Rating - The investment rating for the company is "Recommended" (maintained) [1] Core Views - The company is experiencing stable revenue growth, with a focus on solid performance in the domestic market. The sales of high-end products like Qinghua Fenjiu are strong, while mid-tier products are also seeing rapid growth. The company is expected to continue its marketing reforms and channel expansion [3][6] - The revenue for the first three quarters of 2024 reached 31.4 billion yuan, a year-on-year increase of 17.2%, with net profit attributable to the parent company at 11.3 billion yuan, up 20.3% year-on-year [5] - The company has adjusted its net profit forecast for 2024-2026 to 12.5 billion, 14.2 billion, and 16 billion yuan respectively, reflecting macroeconomic pressures [3] Summary by Sections Financial Performance - For 2023, the company reported revenue of 31.9 billion yuan, with a year-on-year growth of 21.8%. The projected revenue for 2024 is 37.1 billion yuan, representing a growth of 16.1% [4][10] - The net profit for 2023 was 10.4 billion yuan, with a year-on-year increase of 28.9%. The forecast for 2024 is 12.5 billion yuan, indicating a growth of 19.3% [4][10] - The gross margin for 2023 was 75.3%, with a slight increase expected to 75.8% in 2024 [4][10] Market and Product Analysis - In Q3 2024, the company achieved revenue of 8.6 billion yuan, a year-on-year increase of 11.4%. The revenue from high-end products was 6.2 billion yuan, up 7%, while other products saw a 26% increase [6] - The domestic market revenue in Q3 2024 was 3.5 billion yuan, growing by 12%, while the revenue from outside the province was 5.1 billion yuan, up 11% [6] Cost and Profitability - The overall cost structure remains stable, with a gross margin of 74.3% in Q3 2024, slightly down by 0.7 percentage points year-on-year. The net profit margin for the same period was 34.1%, down by 0.3 percentage points [6] - The company maintains a healthy balance sheet with a debt-to-asset ratio of 31.0% [1]

Investment Rating - The report maintains an "Overweight" rating for Shanxi Fenjiu, with a target price of 238.54 CNY [3][5][10]. Core Views - The company's Q3 2024 performance slightly exceeded expectations, with product structure recovery and strong profitability, alongside stable cash flow [2][11]. - The industry is entering a destocking phase, which presents opportunities for the company to enhance its competitive advantage and market share [2][12]. Financial Summary - Revenue for 2024 Q3 reached 8.611 billion CNY, a year-on-year increase of 11.35% - Net profit for the same period was 2.94 billion CNY, reflecting a year-on-year growth of 10.36% [11][12]. - The company expects EPS for 2024, 2025, and 2026 to be 10.36 CNY, 11.66 CNY, and 13.07 CNY respectively, with adjustments made to previous forecasts [3][10]. Profitability and Cash Flow - The company's net profit margin for Q3 2024 was maintained at 34.14%, indicating strong profitability [12]. - The company reported a 30.77% increase in cash receipts from sales during Q3 2024, outperforming expectations [12]. Market Position and Competitive Advantage - The company is well-positioned to capture market share due to its large production capacity, strong brand, and solid product lines, particularly in the face of external demand pressures [12][11]. - The report highlights that the company’s product lines, including the Qinghua series and the Glass Fen series, are expected to mitigate the impact of declining consumer spending [12].

证券代码：600809 证券简称：山西汾酒 公告编号：临 2024-027 山西杏花村汾酒厂股份有限公司 2024年前三季度经营数据公告 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。 根据《上海证券交易所上市公司自律监管指引第 3 号行业信息披露： 第十二号——酒制造》的相关规定，现将公司 2024 年前三季度主要经营数 据（未经审计）公告如下： 一、主要经营情况 1.按产品分类情况 注：根据公司未来发展规划及产品策略，公司将每升 130 元以上产品划分为中高价酒类，将每 升 130 元以下产品划分为其他酒类。上述表格合计数差异系四舍五入尾差所致。 2024 年 10 月 31 日 2.按销售渠道分类情况 1 单位：万元 币种：人民币 产品种类 2024 年 1-9 月 销售收入 2023 年 1-9 月 销售收入 增减变动幅度（%） 中高价酒类 2,261,426.49 1,979,163.78 14.26 其他酒类 863,801.46 680,838.33 26.87 合计 3,125,227.95 2,660,00 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥8,611,365,102.99, representing an increase of 11.35% compared to the same period last year[2] - The net profit attributable to shareholders for Q3 2024 was ¥2,940,081,293.48, reflecting a growth of 10.36% year-over-year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥2,942,448,326.76, up by 10.27% from the previous year[2] - The basic earnings per share for Q3 2024 stood at ¥2.41, marking a 20.31% increase compared to the same period last year[3] - Total operating revenue for Q3 2024 reached ¥31.36 billion, up from ¥26.74 billion in Q3 2023, representing a growth of approximately 17.5%[13] - Net profit for Q3 2024 was ¥11.36 billion, compared to ¥9.45 billion in Q3 2023, reflecting an increase of about 20.1%[14] - The company reported a total profit of ¥15.24 billion for Q3 2024, compared to ¥12.73 billion in Q3 2023, indicating a growth of around 19.6%[14] - Basic earnings per share for Q3 2024 were ¥9.30, up from ¥7.73 in Q3 2023, representing an increase of approximately 20.4%[15] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥49,738,127,636.80, which is a 12.80% increase from the end of the previous year[3] - As of September 30, 2024, the company's total assets reached RMB 49.74 billion, an increase from RMB 44.10 billion as of December 31, 2023, representing a growth of approximately 12.0%[10] - The total current assets increased to RMB 39.88 billion from RMB 34.61 billion, reflecting a growth of approximately 15.5%[10] - The company's inventory stood at RMB 11.55 billion, slightly down from RMB 11.57 billion, showing a decrease of about 0.2%[9] - The total liabilities decreased to RMB 15.43 billion from RMB 15.82 billion, a reduction of approximately 2.5%[11] - The company's equity attributable to shareholders reached ¥33,861,511,023.78, reflecting a growth of 21.64% year-over-year[3] - The company's equity attributable to shareholders rose to RMB 33.86 billion from RMB 27.84 billion, marking an increase of approximately 21.7%[11] - The company reported a decrease in contract liabilities from RMB 7.03 billion to RMB 5.48 billion, a decline of about 22.0%[10] Cash Flow - The net cash flow from operating activities for the year-to-date period increased by 56.56% compared to the previous year, primarily due to higher cash receipts from sales[5] - Cash flow from operating activities for the first nine months of 2024 was ¥11.43 billion, compared to ¥7.30 billion in the same period of 2023, showing an increase of about 56.0%[15] - The company achieved cash inflow from operating activities of ¥30.51 billion in the first nine months of 2024, compared to ¥24.49 billion in the same period of 2023, indicating a growth of around 24.5%[15] - The company's cash and cash equivalents amounted to RMB 10.93 billion, significantly up from RMB 3.77 billion at the end of 2023, indicating an increase of about 189.5%[9] - Cash and cash equivalents at the end of the period reached 10,927,261,042.33, a substantial increase from 3,234,999,748.40 at the end of the previous year[17] - The company reported a net increase in cash and cash equivalents of 7,152,519,237.25, contrasting with a decrease of -7,966,219,290.80 in the previous year[17] Investment Activities - The company reported government subsidies recognized in the current period amounting to ¥1,871,286.70[4] - The company has invested RMB 1.67 billion in construction projects, up from RMB 829.21 million, indicating a significant increase in capital expenditure[10] - The net cash flow from investment activities was 1,401,648,117.52, a significant improvement from the previous year's negative cash flow of -11,044,844,498.53[17] - The total cash inflow from investment activities amounted to 37,615,221,245.64, compared to 18,268,933,719.03 in the same period last year, indicating a growth of approximately 106.5%[17] - Cash outflow for investment activities was 36,213,573,128.12, up from 29,313,778,217.56, reflecting an increase of about 23.5%[17] Financing Activities - The net cash flow from financing activities was -5,683,903,225.14, worsening from -4,224,937,451.54 in the previous year[17] - The cash outflow for dividend distribution and interest payments was 5,331,243,650.14, compared to 4,034,748,713.55 in the same quarter last year, representing an increase of approximately 32.2%[17] Research and Development - Research and development expenses increased to ¥101.72 million in Q3 2024, up from ¥54.68 million in Q3 2023, marking an increase of approximately 85.8%[13] Other Information - The company has not disclosed any new product developments or market expansion strategies in this report[2] - The company has not adopted new accounting standards for the current year, maintaining consistency in financial reporting[17] - The board of directors announced the financial results on October 29, 2024, reflecting the company's commitment to transparency[17]

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资料 1.本次会议会务组设在公司董事会办公室，具体负责会 议期间的组织及相关会务工作。 2024 年 11 月 山西汾酒 2024 年第一次临时股东大会资料 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 资料目录 | 一、会议须知 2 | | --- | | 二、会议议程 3 | | 三、关于修订公司《章程》的议案 4 | | 四、关于变更 2024 年度年报会计师事务所的议案 7 | — 1 — 山西汾酒 2024 年第一次临时股东大会资料 会议须知 为确保公司股东大会的正常秩序和议事效率，维护投资 者的合法权益，根据《公司法》《证券法》以及中国证监会 《上市公司股东大会规则》的相关规定，制定以下会议须知， 请出席股东大会的全体人员严格遵守。 山西汾酒 2024 年第一次临时股东大会资料 会议议程 — 3 — 2.出席本次会议的股东必须为股权登记日登记在册的 公司股东，会议召开之前公司股东应该办理登记手续。 3.为保证会议的严肃性和正常秩序，切实维护与会股东 的合法权益，除出席会议的股东及股东代理人，公司董事、 监事、高级管理人员， ...

证券代码：600809 证券简称：山西汾酒 公告编号：临 2024-024 山西杏花村汾酒厂股份有限公司 第八届董事会第五十八次会议决议公告 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 山西杏花村汾酒厂股份有限公司（以下简称"公司"）于 2024 年 10 月 12 日以书面和电子邮件方式向全体董事发出关于召开第八届董事会第 五十八次会议的通知。会议于 2024 年 10 月 16 日以会签方式召开，应出 席董事 10 人，实际出席董事 10 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》的规定，合法有效。 二、董事会会议审议情况 1.审议通过《关于修订公司<章程>的议案》；（此议案尚需股东大 会审议，详见公司临2024-025公告） 同意票10票，反对票0票，弃权票0票。 2.审议通过《关于确定召开2024年第一次临时股东大会相关事宜的 议案》； 主任委员：袁清茂 委 员：李振寰 刘卫华 陈 鹰 余忠良 周培玉 （2）提名委员会 主任委员：周培玉 会议决定于2024年 ...

证券代码：600809 股票简称：山西汾酒 公告编号：临 2024-025 山西杏花村汾酒厂股份有限公司 关于修订公司《章程》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。 根据中国证监会《上市公司章程指引（2023 年修订）》《上市公司独立 董事管理办法》等相关要求，结合公司实际情况，公司于 2024 年 10 月 16 日召开第八届董事会第五十八次会议，审议通过了《关于修订公司<章程> 的议案》。具体修订内容如下： | 修订前 | 修订后 | | --- | --- | | 原第二十四条 公司收购本公司 | 第二十四条 公司收购本公司股份， | | 股份，可以通过公开的集中交易方 | 可以通过公开的集中交易方式，或者 | | 式，或者法律法规和中国证监会认 | 法律法规和中国证监会认可的其他方 | | 可的其他方式进行。 | 式进行。 | | 公司因本章程第二十三条第（三） | 公司因本章程第二十三条第（三）项、 | | 项规定的情形收购本公司股份的， | 第（五）项、第（六）项规定的情形 | | 应当通过公开的 ...