Investment Rating - The report maintains a "Buy" rating for Shanxi Fenjiu (600809.SH) [1] Core Views - The company is entering the second phase of its revitalization program, focusing on comprehensive development and management upgrades, with the first phase successfully completed [1] - The company aims to establish itself as a globally influential liquor brand, with strategic initiatives centered around fairness, scientific management, and enhancing brand value [1][3] - The company plans to enhance its product matrix and has launched the Qinghua 26 revitalization version, priced at 718 RMB per bottle, to meet consumer demand [1] Summary by Sections Company Overview - As of December 3, 2024, the current stock price is 200.16 RMB, with a total market capitalization of 244.2 billion RMB and a total share capital of 1.22 billion shares [1] - The company has completed its 2023 annual revenue targets for its key product lines, including Qinghua, Laobai Fen, and Glass Fen [1] Financial Performance - The company forecasts a revenue of 36.77 billion RMB for 2024, with a growth rate of 15.2% [5] - The projected net profit for 2024 is 12.26 billion RMB, reflecting a growth rate of 17.4% [5] - The expected EPS for 2024 is 10.05 RMB, with corresponding PE ratios of 20, 18, and 16 for 2024, 2025, and 2026 respectively [3][5] Strategic Focus - The company is focusing on three main areas: national expansion, targeting younger consumers, and internationalization [1] - The nationalization strategy aims to achieve a revenue ratio of 4:6 between Shanxi and other provinces by 2025 [1] - The company plans to evolve its marketing strategy to attract younger consumers, with over 50% of Glass Fen's consumption coming from those born in the 1980s and 1990s [1] Product Development - The company is set to break through the 10 billion RMB target for several product lines, including the Glass Fen series and the Laobai Fen series [1] - The product structure is being adjusted to maintain stable growth across all price segments [3]

Investment Rating - The report maintains a "Strong Buy" rating for the company [6]. Core Views - The company achieved a revenue of 31.358 billion yuan, representing a year-on-year growth of 17.25%, and a net profit of 11.350 billion yuan, up 20.34% [1]. - The company is focusing on a diversified product strategy to enhance revenue streams amid market pressures, emphasizing the "Qinghua" series and strengthening mid-range products [2]. - The company is expanding its market presence both domestically and in provinces outside its home base, with sales from provincial and non-provincial markets accounting for 38% and 62% of total revenue, respectively [3]. - The company is expected to achieve revenues of 37.6 billion yuan, 43.5 billion yuan, and 50 billion yuan in 2024, 2025, and 2026, respectively, with corresponding net profits of 12.4 billion yuan, 14.3 billion yuan, and 16.5 billion yuan [4]. Summary by Sections Financial Performance - The company reported a gross margin of 76.03%, a slight increase of 0.10 percentage points year-on-year, and a net profit margin of 36.23%, up 0.89 percentage points [1]. - The sales growth of high-end liquor accounted for 72.36% of total sales, with a growth rate of 14.26%, while other liquor categories saw a growth of 26.87% [1]. Product Strategy - The company is implementing a product strategy that focuses on high-end "Qinghua" products, strengthening mid-range offerings, and maintaining the popularity of "Glass Fen" products [2]. Market Expansion - The company is actively expanding its market presence outside of its home province, with a sales revenue growth of 11.58% in the domestic market and 21.44% in the provincial market [3]. Earnings Forecast - The company is projected to achieve a revenue growth of 17.7%, 15.8%, and 15% for the years 2024, 2025, and 2026, respectively, with net profit growth rates of 18.5%, 15.3%, and 15.9% [4].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company demonstrates strong operational resilience and good growth momentum, with a high certainty of achieving quality results for the year [2] - Revenue and net profit for the first three quarters of 2024 show significant year-on-year growth, with revenue at 31.36 billion yuan, up 17.25%, and net profit at 11.35 billion yuan, up 20.34% [2] - The company continues to expand its national presence, with strong performance in mid-to-high-end products and a notable increase in the number of distributors [2] Summary by Sections Financial Performance - For Q3 2024, revenue reached 8.61 billion yuan, a year-on-year increase of 11.35%, while net profit was 2.94 billion yuan, up 10.36% [2] - The gross margin for Q3 2024 was 74.29%, slightly down by 0.75 percentage points year-on-year, indicating a slight shift in product mix [2] - Cash flow from operating activities showed strong performance, with a net cash flow of 3.50 billion yuan, up 67.22% year-on-year [2] Product and Market Strategy - The company focuses on a product strategy of enhancing the "Qinghua" series, strengthening mid-tier products, and stabilizing "Bofan" products, which has effectively improved its risk resistance [2] - The number of distributors increased to 4,368 by the end of Q3 2024, with significant growth in the number of distributors outside the province [2] - The company has successfully engaged consumers through marketing activities, particularly during the Mid-Autumn Festival, enhancing product sales [2] Future Outlook - The profit forecast for 2024, 2025, and 2026 is adjusted to 12.35 billion yuan, 14.29 billion yuan, and 16.45 billion yuan respectively, with year-on-year growth rates of 18%, 16%, and 15% [2] - The current stock price corresponds to a price-to-earnings ratio of 22, 19, and 17 for the years 2024, 2025, and 2026 respectively [2]

证券代码：600809 证券简称：山西汾酒 公告编号：临 2024-029 山西杏花村汾酒厂股份有限公司 关于召开 2024 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： 投资者可于 2024 年 11 月 15 日(星期五) 至 11 月 21 日(星期 四)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 2024 年 10 月 31 日发布公司 2024 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 2024 年第三季度经营成果、财务状况，公司计 划于 2024 年 11 月 22 日上午 10:00-11:00 举行 2024 年第三季度业绩 说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次业绩说明会以网络互动形式召开，公司将针对 2024 年第三 季度的经营成果及财务指标 ...

Investment Rating - The investment rating for Shanxi Fenjiu is "Buy" and is maintained [7]. Core Views - The company's total revenue for the first three quarters of 2024 reached 31.358 billion yuan, representing a year-on-year increase of 17.25%. The net profit attributable to the parent company was 11.35 billion yuan, up 20.34% year-on-year [4][5]. - In Q3 2024, the total revenue was 8.611 billion yuan, with a year-on-year growth of 11.35%, and the net profit attributable to the parent company was 2.94 billion yuan, reflecting a year-on-year increase of 10.36% [4][5]. - The performance of high-end products improved sequentially, with high-priced liquor sales reaching 22.614 billion yuan in the first three quarters, up 14.26% year-on-year, while other liquor categories saw a revenue increase of 26.87% [4][5][6]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company's revenue plus contract liabilities amounted to 29.809 billion yuan, a year-on-year increase of 19.2%. In Q3 alone, this figure was 8.36 billion yuan, up 16.89% [5]. - Cash flow from sales of goods and services for Q1-Q3 2024 was 30.155 billion yuan, an increase of 24.34% year-on-year, with Q3 cash flow reaching 8.56 billion yuan, up 30.77% [5]. - The company maintained a good cash flow performance, benefiting from proactive inventory control in Q2 2024 [5]. Market Expansion - The company experienced rapid growth outside its home province, with revenue from the provincial market at 11.9 billion yuan (up 11.58% year-on-year) and from outside the province at 19.353 billion yuan (up 21.44% year-on-year) for Q1-Q3 2024 [5][6]. - The company is steadily advancing its national expansion strategy, establishing a solid market foundation in Shanxi [6]. Long-term Outlook - The dual product strategy of "Glass Fen" and "Qinghua" is taking shape, with the former maintaining its competitive advantage and the latter establishing a foothold in the mid-range market. The company is expected to benefit from the gradual recovery of industry demand [6]. - EPS forecasts for 2024 and 2025 are 10.15 yuan and 11.34 yuan, respectively, with current stock prices corresponding to PE ratios of 20 and 18 times [6].

Investment Rating - The report maintains a "Buy" rating for the company with a target price indicating an expected return of over 20% within the next six months [5][14]. Core Views - The company's revenue for Q3 2024 reached 8.611 billion yuan, with a year-on-year growth of 11.35%, while net profit attributable to the parent company was 2.94 billion yuan, growing by 10.36% year-on-year [1]. - The product matrix shows strong interconnectivity and sales momentum, which are considered core competitive advantages, with healthy channel inventory laying a foundation for future growth [4]. - The company is expected to achieve revenue growth of 17% in 2024, followed by 13% in 2025 and 2026, with net profit growth of 20%, 15%, and 14% respectively [4]. Financial Performance Summary - Q3 2024 revenue and net profit figures were 8.611 billion yuan and 2.94 billion yuan respectively, reflecting year-on-year increases of 11.35% and 10.36% [1]. - The gross margin for Q3 2024 was 74.29%, slightly down by 0.75 percentage points year-on-year, while the net margin was 34.11%, down by 0.29 percentage points [3]. - Operating cash flow for Q3 2024 was 3.505 billion yuan, showing a significant year-on-year increase of 67.22% [3]. Product and Market Structure - In Q3 2024, the high-end liquor segment generated revenue of 6.188 billion yuan, growing by 6.74% year-on-year, while other liquor categories saw a revenue increase of 25.62% to 2.405 billion yuan [2]. - The provincial market remains a crucial support point, with provincial revenue reaching 3.506 billion yuan, up 12.12% year-on-year, while out-of-province revenue was 5.087 billion yuan, up 10.95% [2]. Financial Forecasts - The company is projected to achieve revenues of 37.235 billion yuan in 2024, 42.244 billion yuan in 2025, and 47.567 billion yuan in 2026, with corresponding net profits of 12.508 billion yuan, 14.356 billion yuan, and 16.329 billion yuan [7][8]. - The expected P/E ratios for the next three years are 21X, 18X, and 16X respectively [4].

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].

证券研究报告 事件点评 公司近一年市场表现 2024 年 11 月 4 日 公司研究/公司快报 总市值（亿）： 2,560.70 省内稳健增长，青花系列环比提速。2024 年前三季度实现营业收入 313.58 亿元，同比+17.25%；归母净利润为 113.50 亿元，同比+20.34%，其 中单Q3收入86.11亿元，同比+11.35%，归母净利润29.40亿元，同比+10.36%， 环比降速，主要在于整体白酒行业动销走弱，业绩符合市场预期。具体来看： 市场数据：2024 年 11 月 4 日 1）分产品，24 年前三季度中高价酒类/其他酒分别实现营收 226.14/86.38 亿 收盘价（元）： 209.90 （同比+14.26%/+26.87%）;2024Q3 中高价酒类/其他酒分别实现营收 61.87/ 年内最高/最低（元）： 273.68/147.01 24.05 亿元/（同比+6.73%/ +25.62%）;预计 2024 前三季度青花系列略低于平 流通A股/总股本（亿）： 12.20/12.20 均增速；腰部产品（巴拿马、老白汾）预计 20%左右增长；玻汾系列预计 20%+ 流通 A 股市值（亿 ...

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 ...