股 票 研 究 ——迎驾贡酒（603198.SH）2024 年三季报点评 [table_Authors]訾猛(分析师) 021-38676442 zimeng@gtjas.com 登记编号S0880513120002 | --- | --- | |-------------------------|-------| | | | | | | | | | | 李美仪 ( 分析师 ) | | | 021-38038667 | | | limeiyi026738@gtjas.com | | | S0880524080002 | | 本报告导读： 公司三季度业绩低于预期，主因需求偏弱的环境下部分产品及区域增速下滑拖累收 入，预计洞藏仍保持快于整体增长，推动盈利能力持续提升。 投资要点： [Table_Summary] 投资建议：维持增持评级。公司 Q3 业绩不及预期，部分产品和区 域销售承压，洞藏系列增速仍领先，结构升级驱动下公司盈利能力 有望提升，考虑消费趋势变化及徽酒竞争格局，下调 2024-26 年 EPS 至 3.31 元（前值 3.66 元）、3.78 元（4.64 元）、4.42 元（5.84 元）， 参考 ...

Investment Rating - The report maintains a "Recommended" rating for Yingjia Gongjiu [1][4] Core Views - The company has achieved stable revenue growth, with a solid domestic market base. In the first three quarters of 2024, the company reported revenue of 5.51 billion yuan, a year-on-year increase of 13.8%, and a net profit attributable to the parent company of 2.01 billion yuan, up 20.2% year-on-year [3][4] - The product structure is continuously upgrading, with the mid-to-high-end liquor segment benefiting from increased sales of the Dongcang series. In Q3 2024, revenue from mid-to-high-end liquor reached 1.30 billion yuan, a year-on-year increase of 7%, while ordinary liquor revenue was 340 million yuan, down 9% [4] - The gross profit margin improved to 75.8% in Q3 2024, up 2.9 percentage points year-on-year, indicating enhanced profitability [4] Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 1.71 billion yuan, a year-on-year increase of 2.3%, and a net profit of 620 million yuan, up 2.9% year-on-year [3] - The company’s gross profit margin for Q3 2024 was 75.8%, with a net profit margin of 36.3%, reflecting a slight improvement in profitability [4] Revenue Breakdown - In Q3 2024, revenue from Anhui province was 1.12 billion yuan, up 7% year-on-year, while revenue from other regions was 520 million yuan, down 4% [4] - The sales channels showed growth, with revenue from distribution and direct sales (including group purchases) reaching 1.53 billion yuan and 100 million yuan, respectively, representing increases of 3% and 12% year-on-year [4] Future Outlook - The report adjusts the net profit forecast for 2024-2026 to 2.69 billion, 3.18 billion, and 3.72 billion yuan, respectively, due to macroeconomic pressures [4] - The company continues to focus on the Dongcang series and aims to expand its market presence, indicating potential growth opportunities [4]

证券代码：603198 证券简称：迎驾贡酒 公告编号：2024-021 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个别及连带责任。 公司董事会审计委员会事前已审议通过《公司 2024 年第三季度报告》中的 财务信息部分，并同意提交董事会审议。 安徽迎驾贡酒股份有限公司 第五届董事会第七次会议决议公告 一、董事会会议召开情况 安徽迎驾贡酒股份有限公司（以下简称"本公司"或"公司"）第五届董事 会第七次会议于 2024 年 10 月 28 日在公司会议室以现场结合通讯表决方式召开， 会议通知于 2024 年 10 月 18 日以电话、电子邮件等方式送达各位董事。会议应 到董事 9 人，实到董事 9 人（其中董事张丹丹女士、独立董事刘振国先生以通讯 表决方式出席），公司监事及高级管理人员列席了会议。会议由董事长倪永培先 生主持。本次会议的召集、召开和表决程序符合《公司法》和《公司章程》的规 定，会议合法有效。 二、董事会会议审议情况 经审议，本次董事会表决通过以下事项： 1、审议通过了《公司 2024 年第三季度报告》 表决结果：同意 9 ...

证券代码：603198 证券简称：迎驾贡酒 公告编号：2024-024 安徽迎驾贡酒股份有限公司 2024 年第三季度主要经营数据公告 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个别及连带责任。 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》之 《第十二号——酒制造》相关规定，安徽迎驾贡酒股份有限公司现将 2024 年第 三季度主要经营数据披露如下： 一、报告期经营情况 （一）产品分档次情况 单位：万元 币种：人民币 | 产品档次 | 本期销售收入 | 主要代表品牌 | | --- | --- | --- | | 中高档白酒 | 129,602.86 | 洞藏系列、金星系列、银星系列 | | 普通白酒 | 33,610.38 | 百年迎驾贡系列、糟坊系列 | 注：按产品品质及销售价位段划分产品档次。 （二）产品销售渠道情况 单位：万元 币种：人民币 | 渠道类型 | 本期销售收入 | | | --- | --- | --- | | 直销（含团购） | | 10,136.51 | | 批发代理 | | 153,0 ...

证券代码：603198 证券简称：迎驾贡酒 公告编号：2024-023 安徽迎驾贡酒股份有限公司 关于同一控制下企业合并追溯调整财务数据的公告 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个别及连带责任。 安徽迎驾贡酒股份有限公司（以下简称"公司"）于 2024 年 10 月 28 日召 开了第五届董事会第七次会议，审议通过了《关于同一控制下企业合并追溯调整 财务数据的议案》。本议案无需提交公司股东大会审议，现将相关情况公告如下： 一、本次追溯调整的原因 2024 年 8 月 1 日，公司召开第五届董事会第五次会议，会议审议通过了《关 于全资子公司收购安徽物宝光电材料有限公司 100%股权暨关联交易的议案》，具 体内容详见刊载于上海证券交易所网站（www.sse.com.cn）的《关于全资子公司 收购安徽物宝光电材料有限公司 100%股权暨关联交易的公告》（公告编号：2024- 016）。根据《企业会计准则第 20 号——企业合并》的相关规定，参与合并的企 业在合并前后均受同一方最终控制并非暂时性的，为同一控制下的企业合并。由 于公司 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥1,710,769,688.19, representing a year-on-year increase of 2.32%[2] - The net profit attributable to shareholders for the same period was ¥624,672,592.87, reflecting a year-on-year growth of 2.86%[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥630,832,882.97, an increase of 8.52% compared to the previous year[2] - The basic and diluted earnings per share for Q3 2024 were both ¥0.78, up 20.10% from ¥0.65 in the same period last year[3] - Total operating revenue for the first three quarters of 2024 reached ¥5,513,454,170.78, an increase of 13.8% compared to ¥4,844,235,784.18 in the same period of 2023[16] - Net profit attributable to shareholders of the parent company was ¥2,006,180,338.72, up 20.2% from ¥1,669,175,243.22 in the previous year[17] - The company reported a total profit of ¥2,653,414,491.39, compared to ¥2,188,009,781.68 in the same period last year[17] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥12,057,129,702.42, a 1.49% increase from the end of the previous year[3] - The company's current assets totaled RMB 8,920,160,672.38, down from RMB 9,165,516,985.27, indicating a decrease of about 2.67%[13] - Inventory increased to RMB 4,810,836,691.75 from RMB 4,471,853,986.51, representing a rise of approximately 7.58%[13] - The total liabilities decreased to RMB 2,768,541,724.18 from RMB 3,336,244,812.48, showing a reduction of about 17.00%[14] - The total assets and shareholders' equity amounted to ¥12,057,129,702.42 and ¥9,288,587,978.24 respectively, reflecting a growth from ¥11,880,668,512.90 and ¥8,544,423,700.42 in 2023[17] Cash Flow - The company reported a cash flow from operating activities of ¥1,274,598,906.80, which increased by 22.34% compared to the same period last year[2] - The net cash flow from operating activities was ¥1,274,598,906.80, an increase from ¥1,041,836,942.06 in the same period last year[19] - Cash inflow from investment activities totaled ¥5,713,457,943.21, compared to ¥5,940,844,927.95 in the previous year, reflecting a decrease of approximately 3.83%[20] - Cash outflow from investment activities amounted to ¥6,168,245,000.06, an increase from ¥5,462,523,282.77, representing a rise of about 12.87%[20] - Net cash flow from investment activities was negative at ¥454,787,056.85, contrasting with a positive cash flow of ¥478,321,645.18 in the prior year[20] - Cash inflow from financing activities was ¥19,386,794.70, down from ¥31,215,710.00, indicating a decline of approximately 38.06%[20] - Cash outflow from financing activities increased to ¥1,118,246,946.67 from ¥971,543,941.56, marking a rise of about 15.12%[20] - Net cash flow from financing activities was negative at ¥1,098,860,151.97, compared to a negative cash flow of ¥940,328,231.56 in the previous year[20] - The net increase in cash and cash equivalents was negative at ¥-279,048,302.02, contrasting with a positive increase of ¥579,830,355.68 in the prior year[20] - The ending balance of cash and cash equivalents stood at ¥1,888,392,600.94, up from ¥1,653,600,711.29 year-over-year[20] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 28,969[6] - Shareholders' equity attributable to the parent company was ¥9,260,877,386.73, reflecting an 8.91% increase year-on-year[3] - There were no significant changes in the top ten shareholders or any new strategic partnerships mentioned during the reporting period[10] Research and Development - Research and development expenses were ¥56,246,519.85, slightly decreased from ¥58,627,186.54 in the previous year[16] Strategic Focus - The company is actively monitoring market trends and adjusting strategies to enhance competitiveness and market share, although specific new product developments or technological advancements were not detailed in the reports[11] - The company is focusing on market expansion and new product development to sustain growth in the competitive landscape[17] Accounting Standards - The company has adopted new accounting standards starting from 2024, which may impact future financial reporting[20]

证券代码：603198 证券简称：迎驾贡酒 公告编号：2024-022 安徽迎驾贡酒股份有限公司 第五届监事会第六次会议决议公告 本公司监事会及全体监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个别及连带责任。 一、监事会会议召开情况 监事会对《公司 2024 年第三季度报告》进行了审核，认为：《公司 2024 年 第三季度报告》的编制和审议程序符合法律、法规的规定，第三季度报告的内容 和格式符合中国证监会和上海证券交易所的各项规定，其所包含的信息真实、准 确、完整地反映出公司 2024 年 1-3 季度的主要经营情况和财务状况，未发现所 载资料存在虚假记载、误导性陈述或者重大遗漏。 2、审议通过《关于同一控制下企业合并追溯调整财务数据的议案》 表决结果：同意 5 票；反对 0 票；弃权 0 票。议案获得通过。 与会监事一致认为：公司本次追溯调整事项符合《企业会计准则》等相关规 定，追溯调整后的财务报表能够客观公允地反映公司财务状况和经营成果。本次 追溯调整事项的决策程序符合有关法律、法规和《公司章程》的规定，不存在损 害公司及全体股东利益的情形。 特此 ...

证券研究报告·公司深度研究·白酒Ⅱ 迎驾贡酒（603198） 生态洞藏拾级而上，连创佳绩百亿在望 2024 年 10 月 08 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|-------|-------|-------|-------|-------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 5505 | 6720 | 8082 | 9505 | 11072 | | 同比（ % ） | 19.59 | 22.07 | 20.27 | 17.60 | 16.49 | | 归母净利润（百万元） | 1705 | 2288 | 2902 | 3551 | 4279 | | 同比（ % ） | 22.97 | 34.17 | 26.85 | 22.35 | 20.49 | | EPS- 最新摊薄（元 / 股） | 2.13 | 2.86 | 3.63 | 4.44 | 5.35 | | P ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 55.35 CNY based on a 15x P/E ratio for 2024 [2][3][6]. Core Views - The overall consumption of liquor during the Mid-Autumn Festival is expected to be flat, but the company is likely to continue its strong performance from the first half of the year. The company achieved a revenue of 3.79 billion CNY in H1 2024, a year-on-year increase of 20.4%, and a net profit of 1.379 billion CNY, up 29.6% [1]. - The 100-300 CNY price range is highlighted as having significant potential, benefiting from a downward shift in consumer spending in Anhui province. The company's main products are well-positioned within this price range, particularly the Dongcang series [1]. - The company is focusing on enhancing channel profitability and market penetration, especially in rural areas where disposable income growth is outpacing urban areas. This strategy is expected to provide resilience in revenue [1]. Financial Forecasts - The company is projected to achieve earnings per share of 3.69 CNY, 4.65 CNY, and 5.46 CNY for the years 2024, 2025, and 2026 respectively. The revenue is expected to grow from 8.216 billion CNY in 2024 to 11.614 billion CNY in 2026, with a compound annual growth rate of approximately 22.3% [5][6][10]. - The gross margin is expected to improve from 71.4% in 2023 to 75.8% in 2026, indicating a positive trend in profitability [5][10].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 55.35 yuan based on a 15x P/E ratio for 2024 [3][7][4]. Core Views - The overall consumption of liquor during the Mid-Autumn Festival is expected to be flat, but the company is likely to continue its strong performance from the first half of the year. The company achieved a revenue of 3.79 billion yuan in the first half of 2024, representing a year-on-year growth of 20.4%, and a net profit of 1.379 billion yuan, up 29.6% year-on-year [2][3]. - The 100-300 yuan price range is highlighted as having significant potential, benefiting from a downward shift in consumption price bands in Anhui province. Consumers are moving from the 300-500 yuan range to the 200-300 yuan range, which favors local brands like the company [2]. - The company is focusing on deepening its market presence and improving channel profitability, which enhances its competitive edge. The company emphasizes maintaining profits for distributors and end channels, particularly in rural markets where disposable income growth is outpacing urban areas [2]. Financial Summary - The company forecasts earnings per share (EPS) of 3.69 yuan, 4.65 yuan, and 5.46 yuan for 2024, 2025, and 2026 respectively. The projected revenue for 2024 is 8.216 billion yuan, with a year-on-year growth of 22.3% [6][7]. - The gross margin is expected to improve from 71.4% in 2023 to 73.2% in 2024, while the net profit margin is projected to increase from 34.0% to 36.0% over the same period [6][11].