Investment Rating - The report maintains a "Recommended" rating for Shanxi Fenjiu [2][7] Core Viewpoints - The company is experiencing product structure upgrades with an increasing proportion of mid-to-high-end liquor sales, achieving a 46% sales share for the Qinghua series in 2023 [5][7] - The company is expanding its core markets outside of Shanxi, with significant growth in e-commerce channels, achieving over 30% growth in core markets south of the Yangtze River [5][7] - The company has demonstrated strong profitability with a gross margin of 75.3% in 2023 and an increase to 77.5% in Q1 2024 [5][7] Financial Performance Summary - In 2023, the company reported revenue of 31.9 billion yuan, a 22% increase year-on-year, and a net profit of 10.4 billion yuan, up 29% [4][10] - For Q1 2024, revenue reached 15.3 billion yuan, a 21% increase year-on-year, with a net profit of 6.3 billion yuan, up 30% [4][10] - The company plans to distribute a cash dividend of 43.70 yuan per 10 shares, totaling 5.3 billion yuan [4][10] Revenue and Profit Forecast - Revenue is projected to grow to 38.3 billion yuan in 2024, 45.9 billion yuan in 2025, and 54.4 billion yuan in 2026, with year-on-year growth rates of 20.1%, 19.7%, and 18.6% respectively [6][10] - Net profit is expected to reach 13.1 billion yuan in 2024, 16.0 billion yuan in 2025, and 19.3 billion yuan in 2026, with year-on-year growth rates of 25.2%, 22.3%, and 21.0% respectively [6][10] Profitability Metrics - The company maintains a gross margin of 75.3% in 2023, projected to increase to 76.9% in 2024 and 78.9% by 2026 [11] - The net profit margin is expected to rise from 32.7% in 2023 to 34.1% in 2024 and further to 35.5% in 2026 [11] Valuation Ratios - The price-to-earnings (P/E) ratio is projected to decrease from 28.7 in 2023 to 22.9 in 2024, and further down to 15.5 by 2026 [11] - The price-to-book (P/B) ratio is expected to decline from 10.8 in 2023 to 8.1 in 2024, reaching 4.9 by 2026 [11]

Investment Rating - The report maintains a "Buy" rating with a target price of 325.5 CNY [5][16]. Core Insights - The company achieved high-quality growth in 2023, with a smooth profit center in Q4 2023 and Q1 2024, showing a combined net profit growth of 27% year-on-year [3][16]. - Revenue for Q1 2024 increased by 20.94%, aligning with expectations, and the company continues to implement marketing reforms, enhancing channel control [3][16]. - The competitive advantage of the company is strengthening, with a focus on the southern market and specific product lines, particularly the Qinghua series and Laobai Fen series [3][16]. Financial Summary - In 2023, the company reported a revenue of 31,928 million CNY, a 22% increase from 2022, with a net profit of 10,438 million CNY, reflecting a 29% increase [4][16]. - The earnings per share (EPS) for 2024 is projected to be 11.04 CNY, with subsequent years showing continued growth to 16.72 CNY by 2026 [4][16]. - The operating profit margin is expected to improve from 42.9% in 2023 to 47.9% by 2026, indicating enhanced profitability [4][16]. Market Performance - The stock price has fluctuated between 185.07 CNY and 262.82 CNY over the past 52 weeks, with a current price of 245.58 CNY [6][11]. - The company has a market capitalization of 299,599 million CNY, with a circulating share ratio of 100% [6][11].

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 350 CNY [1][20]. Core Views - The company achieved a revenue of 31.93 billion CNY in 2023, a year-on-year increase of 21.8%, and a net profit attributable to shareholders of 10.44 billion CNY, up 28.9% [1]. - The Q4 2023 revenue was 5.18 billion CNY, growing 27.4% year-on-year, while the net profit for the same period was 1.01 billion CNY, an increase of 2.0% [1]. - In Q1 2024, the company reported a revenue of 15.34 billion CNY, a 20.9% increase year-on-year, and a net profit of 6.26 billion CNY, up 30.0% [1]. Financial Performance Summary - The company’s revenue and profit growth are driven by the high-end product strategy, with the premium "Qinghua" series accounting for 46% of total sales [1]. - The gross profit margin remained stable, while the net profit margin improved by 1.8 percentage points to 32.7% for the full year 2023 [1]. - The company’s operating cash flow showed a healthy increase, with a 24.3% rise in net operating cash flow for Q1 2024 [1]. Future Outlook - The report indicates that the company is well-positioned for continued growth, with a clear marketing strategy and effective execution [1]. - The earnings per share (EPS) forecast for 2024-2026 is adjusted to 10.71 CNY, 13.17 CNY, and 16.11 CNY respectively [2][12]. - The company is expected to maintain a strong brand presence and operational efficiency, supporting its growth trajectory [1].

Investment Rating - The report assigns a "BUY" rating for Shanxi Fenjiu (600809.SH) with a target price of 285 CNY [1]. Core Insights - The company achieved a revenue of 31.93 billion CNY in 2023, representing a year-on-year increase of 21.8%, and a net profit of 10.44 billion CNY, up 29% year-on-year [4]. - The company is expected to continue its growth trajectory, with projected net profits of 12.94 billion CNY, 15.4 billion CNY, and 18.22 billion CNY for 2024, 2025, and 2026 respectively, indicating year-on-year growth rates of 24%, 19%, and 18.4% [4][6]. Company Overview - Shanxi Fenjiu operates in the food and beverage industry, specifically focusing on high-end liquor products [2]. - As of April 25, 2024, the stock price was 245.58 CNY, with a market capitalization of approximately 299.6 billion CNY [2]. Financial Performance - The company reported a gross margin of 75.31% in 2023, which remained stable compared to the previous year [4]. - The company’s earnings per share (EPS) for 2023 was 8.56 CNY, with projections of 10.61 CNY, 12.61 CNY, and 14.93 CNY for the next three years [6]. Shareholder Information - Major shareholders include Shanxi Xinghuacun Fen Wine Group Co., Ltd., holding 56.58% of shares [2]. - Institutional investors hold 15.2% of the circulating A-shares, with general corporations holding 70.4% [3]. Market Position - The company has seen significant growth in both domestic and international markets, with revenue from domestic sales reaching 12.08 billion CNY, a 20.4% increase year-on-year, and revenue from outside the province reaching 19.66 billion CNY, up 22.8% [4]. - The premium liquor segment, particularly the Qinghua series, has shown strong performance, contributing to 46% of total sales [4].

上 市 公 司 食品饮料 公 2024年04月25日 山西汾酒 (600809) 司 研 究 ——23 年报及 24Q1 点评：23 年圆满收官，24Q1 现金 / 公 司 流与净利率表现亮丽 点 评 报告原因：有业绩公布需要点评 买入 投资要点： （维持） 证 ⚫ 事件：公司发布2023年报与2024年一季报，2023年实现营业收入319.28亿，同比增 券 长21.8%，归母净利润104.38亿，同比增长28.93%，我们在业绩前瞻中预测公司23年 研 市场数据： 2024年04月25日 营业收入同比增长20%，归母净利润同比增长31%，收入业绩符合预期。24Q1实现营业 究 收盘价（元） 245.58 报 收入153.38亿，同比增长20.94%，归母净利润62.62亿，同比增长29.95%，我们在业 一年内最高/最低（元） 263.88/183.95 告 市净率 8.8 绩前瞻中预测公司 24Q1 营业收入同比增长 20%，归母净利润同比增长 23%，收入符合 息率（分红/股价） - 流通A股市值（百万元） 299599 预期，业绩超预期。23Q4+24Q1公司实现营业收入205.22亿，同比增长22 ...

业绩简评 2024 年 4月 25日公司披露23 年年报&24 年一季报。23 年实现营 收319.3 亿，同比+21.8%；实现归母净利104.4 亿，同比+28.9%； 24Q1 实现营收153.4 亿，同比+20.9%；实现归母净利62.6 亿，同 比+30.0%。 经营分析 分产品看，23 年中高价位/其他酒类分别实现营收232.0/85.4 亿， 同比+23%/+20%，其中销量分别+11%/+18%，价分别+10%/+1%，青 花系列销售占比已达46%；24Q1 中高价位/其他酒类分别实现营收 118.6/34.4 亿，同比+25%/+10%，结构持续优化，对应去年同期玻 汾投放节奏前置，带动 24Q1 毛利率同比+1.9pct 至 77.5%，预计 青花系列高于整体，玻汾增速10%左右。此外，24Q1 省内/省外分 别实现营收56.0/97.0 亿，同比+11.4%/+27.6%，去年同期省内节 奏靠前，今年全国化节奏逐步理顺。 人民币(元) 成交金额(百万元) 从经营质量来看：1）24Q1 末合同负债 55.9 亿，同比+14.2 亿， 275.00 5,000 考虑合同负债环比变化后营业收入 ...

[Table_Title] 证券研究报告 健康跨越 300 亿，营销加码谋新局 公司研究 [Table_ReportDate] 2024年04月26日 [Table_ReportType] 点评报告 [T事a件bl：e_ 2S 0u 2m 3ma年ry，]公 司实现营收319.28亿元，同比+21.8%；归母净利润104.38 [T山ab西le汾_S酒toc k(A6n0d0R8an0k9]. SH) 亿元，同比+28.93%。2024年一季度，实现营收153.38亿元，同比+20.94%； 投资评级 买入 归母净利润62.62亿元，同比+29.95%。 点评： 上次评级 买入 ➢ 一、年报亮点：全年首次实现300亿+收入&100亿+利润。 [T马ab铮le _ A u t食ho品r]饮 料行业首席分析师 执业编号：S1500520110001 （1）从产品结构看，酒类收入317.43亿元，同比+21.9%，其中①中高价 邮 箱： mazheng@cindasc.com 白酒收入232.03亿元，同比+22.6%，销量同比+11.3%，吨价同比+10.1%， 毛利率同比+0.11pct至84.09%；②低价白 ...

山西杏花村汾酒厂股份有限公司（以下简称"本公司" ）聘请大华会计师事务所（特殊普通合伙）（以下简称"大 华所"）作为公司2023年年报审计机构。根据财政部、国资 委及证监会颁布的《国有企业、上市公司选聘会计师事务所 管理办法》，本公司对大华所2023年审计过程中的履职情况 进行了评估。评估后，本公司认为大华所资质等方面合规有 效，履职保持独立性，勤勉尽责，公允表达审计意见。具体 情况如下： （二）诚信记录 项目合伙人、签字注册会计师、项目质量控制复核人近 三年不存在因执业行为受到刑事处罚，受到证监会及其派出 机构、行业主管部门等的行政处罚、监督管理措施，受到证 券交易所、行业协会等自律组织的自律监管措施、纪律处分 的情况。 （三）独立性 一、大华所基本情况 大华所成立于1985年，2012年2月由大华会计师事务所 有限公司转制为特殊普通合伙。注册地址在北京市海淀区西 四环中路16号院7号楼1101，首席合伙人为梁春。截至2023 年12月31日合伙人270人，注册会计师1471人（其中：签署 过证券服务业务审计报告的注册会计师1141人）。大华所在 国内重要城市设立了30家分支机构。2022年度业务总收入 3 ...

山西杏花村汾酒厂股份有限公司 SHANXI XINGHUACUN FEN WINE FACTORY CO.,LTD. 2023 环境、社会及治理(ESG)报告 ITT E IDEOGOR 中国汾酒城 子 目录 | 关于本报告 | 04 | | --- | --- | | 董事长致辞 | 06 | | 走进山西汾酒 | 08 | | 提质增效 | | --- | | 对标一流优治理 | | 党建引领 强基铸魂 | | 强化治理 行稳致远 | | 倾力投关 公开透明 | | 合规运营 高效有序 | | 从严治企 清廉汾酒 | 守正创新 多措并举强品牌 | 品质为基 匠心传承 | 34 | | --- | --- | | 科技为先 创新赋能 | 37 | | 市场为要 至真至诚 | 41 | | 文化为魂 活态生香 | 44 | 绿色发展 清洁低碳护生态 | 节能降碳 绿色运营 | 48 | | --- | --- | | 践行环保 标本兼治 | 53 | | 守护生态 和谐共生 | 56 | wh人为本 增进福祉添活力 | 安全第一 守护健康 | 60 | | --- | --- | | 权益保障 幸福职场 | ...

审计报告 大华审字[2024]0011022049 号 大 华 会 计 师 事 务 所 (特 殊 普 通 合 伙 ) Da Hua Certified Public Accountants（Special General Partnership） 山西杏花村汾酒厂股份有限公司 山西杏花村汾酒厂股份有限公司 大华会计师事务所（特殊普通合伙） 北京市海淀区西四环中路 16 号院 7 号楼 12 层 [100039] 电话：86 (10) 5835 0011 传真：86 (10) 5835 0006 www.dahua-cpa.com 审 计 报 告 大华审字[2024]0011022049号 山西杏花村汾酒厂股份有限公司全体股东： 一、审计意见 审计报告及财务报表 （2023 年 1 月 1 日至 2023 年 12 月 31 日止） | | 目 | 录 | 页 次 | | --- | --- | --- | --- | | 一、 | 审计报告 | | 1-5 | | 二、 | 已审财务报表 | | | | | 合并资产负债表 | | 1-2 | | | 合并利润表 | | 3 | | | 合并现金流量表 | | ...