Investment Rating - The investment rating for the company is "Buy" with a target price of 80.00 CNY, maintaining the previous rating of "Buy" [1][2]. Core Views - The report highlights that the company has benefited from the volume increase of its cave-aged liquor series and internal structural upgrades, leading to record-high profit margins. The revenue for 2023 is expected to meet forecasts, with a net profit of 2.288 billion CNY, representing a year-on-year increase of 34.2% [1][2]. - The company is expected to maintain high profitability with projected EPS of 3.64 CNY for 2024, 4.55 CNY for 2025, and 5.66 CNY for 2026, supported by a 22X PE valuation for 2024 [1][2]. Summary by Sections Financial Performance - The company's revenue for 2023 is projected at 6.720 billion CNY, with a year-on-year growth of 22%. The net profit is expected to reach 2.288 billion CNY, reflecting a 34.2% increase [1][2]. - The first quarter of 2024 shows a revenue of 2.325 billion CNY, up 21.3% year-on-year, with a net profit of 913 million CNY, marking a 30.4% increase [1][2]. Market Position - The high-end liquor segment's revenue is expected to account for 78.4% of total sales, with cave-aged liquor contributing approximately 50% to total revenue [1][2]. - The company is positioned as a leading player in the high-end liquor market, with positive feedback from core markets and a strong inventory and pricing environment [1][2]. Future Outlook - The report anticipates continued growth in the cave-aged liquor segment, with a stable performance expected in 2024. The company plans to enhance brand and channel management, aiming for further structural upgrades [1][2]. - The financial metrics indicate a robust outlook, with operating profit margins projected to reach 45.2% in 2024 and net asset return rates expected to improve to 29.4% [1][2].

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 67.2 亿，同比+22.1%；实现归母净利 22.9 亿，同比+34.2%； 24Q1 实现营收23.2 亿，同比+21.3%；实现归母净利9.1 亿，同比 +30.4%。 经营分析 从产品结构来看，23 年中高档酒/普通白酒营收分别 50.2/13.8 亿，同比+27.8%/+8.7%，其中销量分别+21%/+12%，价分别+6%/-3%， 毛利率分别+2.6pct/+2.0pct，其中预计洞藏系列增速 40%左右， 洞9 及以上增速优于洞6；24Q1 营收分别+24.3%/+11.9%，结构持 续优化带动期内毛利率+3.9pct 至 75.1%，预计洞藏系列增速仍明 显较优、延续23 年趋势。此外，分区域看23年省内/省外营收分 别 45.2/18.8 亿 ， 同 比 +31.5%/+6.9% ； 24Q1 营 收 分 别 +30.2%/-1.0%，省内升级逻辑占优。 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5.1 亿，同比基本持平，考 83.00 800 虑合同负债环比变化后 ...

证 券 2024 年 04 月 26 日 研 究 一季度开门红，洞藏系列再创佳绩 报 告 —迎驾贡酒（603198.SH）公司事件点评报告 买入(维持) 事件 分析师：孙山山 S1050521110005 2024 年 04 月 25 日，迎驾贡酒发布 2023 年度及 2024 年度一 sunss@cfsc.com.cn 季度业绩报告。 分析师：廖望州 S1050523100001 liaowz@cfsc.com.cn 投资要点 基本数据 2024-04-25 ▌ 盈利水平稳步提升，2023 年业绩符合预期 当前股价（元） 65.75 总市值（亿元） 526 公司发布 2023 年业绩报告，2023 年实现收入 67.20 亿元 （同比+22.07%），2023 年毛利率实现 71.37%（同比 总股本（百万股） 800 +3.35pcts），净利率 34.12%（同比+3.09pcts），归母净利 流通股本（百万股） 800 润 22.88 亿元（同比+34.17%），扣非归母净利润 22.33 亿元 52周价格范围（元） 48.26-82.99 （ 同 比 +35.97% ） 。 2023Q4 收 入 ...

关于安徽迎驾贡酒股份有限公司 非经营性资金占用及其他关联资金往来情况 汇总表的专项审计报告 目 录 1、 专项审计报告 2、 附表 委托单位：安徽迎驾贡酒股份有限公司 审计单位：容诚会计师事务所（特殊普通合伙） 联系电话：0564-5231473 RSM 容诚 非经营性资金占用及其他关联资金 往来情况专项说明 安徽迎驾贡酒股份有限公司 容诚专字|2024|230Z0001 号 容诚会计师事务所(特殊普通合伙) 中国 · 北京 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http:/// z tc.nof.gov.cn） 进行企 关于安徽迎驾贡酒股份有限公司 非经营性资金占用及其他关联资金往来情况专项说明 容诚专字[2024]230Z0001 号 安徽迎驾贡酒股份有限公司全体股东: 我们接受委托,依据中国注册会计师审计准则审计了安徽迎驾贡酒股份有限 公司(以下简称迎驾贡酒)2023年12月31日的合并及母公司资产负债表,2023 年度的合并及母公司利润表、合并及母公司现金流量表和合并及母公司所有者权 益变动表以及财务报表附注,并于 2024年 4 月 25 日出具了容诚审字 [2024]230Z0 ...

Financial Performance - The company's operating revenue for 2023 reached CNY 6,720,086,566.18, an increase of 22.07% compared to CNY 5,505,301,557.73 in 2022[15]. - The net profit attributable to shareholders of the listed company was CNY 2,287,812,374.95, representing a growth of 34.17% from CNY 1,705,134,266.15 in the previous year[15]. - The net cash flow from operating activities amounted to CNY 2,197,655,713.76, up 19.44% from CNY 1,839,973,576.91 in 2022[15]. - The total assets of the company at the end of 2023 were CNY 11,688,755,566.73, an increase of 16.19% from CNY 10,060,233,666.76 at the end of 2022[15]. - The net assets attributable to shareholders of the listed company increased to CNY 8,336,506,521.47, a rise of 20.32% compared to CNY 6,928,694,146.52 in 2022[15]. - Basic earnings per share (EPS) for 2023 was 2.86 RMB, up 34.27% from 2.13 RMB in 2022[16]. - The weighted average return on equity (ROE) increased to 29.97%, up 3.59 percentage points from 26.38% in 2022[16]. - The overall gross margin improved to 71.37%, an increase of 3.35 percentage points compared to the previous year[29]. - The company reported a net profit of 699.93 million RMB in the first quarter of 2023[17]. Dividend and Shareholder Information - The company plans to distribute a cash dividend of CNY 13 per 10 shares, totaling CNY 1.04 billion, subject to shareholder approval[4]. - The company distributed dividends totaling CNY 880,000,000.00, up from CNY 720,000,000.00 in the previous year, representing a 22.2% increase[178]. - The total number of ordinary shareholders as of the end of the reporting period is 28,356, an increase from 26,543 in the previous month[149]. - The largest shareholder, Anhui Yingjia Group, reduced its holdings by 19,500,000 shares, holding 577,765,850 shares, representing 72.22%[150]. Operational Efficiency and Growth Strategies - The company plans to continue focusing on product structure upgrades to drive future growth[16]. - The company has enhanced its production capabilities through technological innovations in brewing processes, resulting in increased output of high-quality liquor[22]. - The company has established a complete industrial chain, which helps in reducing production costs and improving product quality[27]. - The company plans to optimize its product line around the mass liquor market and enhance its brand and channel strength to increase market share in the mid-to-high-end segment[51]. - The company plans to invest 4.12 billion RMB in a digital brewing and by-product recycling project, with 418.82 million RMB already invested as of the reporting period[65]. - The company aims for double-digit growth in operating performance in 2024, focusing on cultural leadership, quality upgrades, and brand enhancement[72]. Risk Management and Compliance - The company has outlined potential risks in its annual report, which investors should review[5]. - The company is committed to ensuring the accuracy and completeness of its financial reports, as stated by its management[3]. - The audit report issued by Rongcheng Accounting Firm confirmed the financial statements without reservations[3]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[5]. - The company faces risks related to changing market demands, brand recognition, and potential increases in environmental compliance costs[74]. Environmental and Social Responsibility - The company invested approximately 25.31 million RMB in environmental protection during the reporting period[109]. - The company has implemented carbon reduction measures, resulting in a total reduction of 26,518 tons of CO2 equivalent emissions[117]. - The company is committed to ecological brewing and has established a six-part ecological system to promote sustainable practices[116]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[115]. Governance and Management - The company held two shareholder meetings during the reporting period, ensuring compliance with relevant laws and regulations[75]. - The board of directors convened five times, with clear responsibilities and adherence to legal requirements[75]. - The supervisory board met four times, fulfilling its supervisory duties to protect the interests of shareholders[75]. - The management team includes key figures such as the Chairman and CEO, who has been in position since September 2011, and the General Manager since September 2023[80]. - The company has seen significant leadership continuity with several executives holding positions for over a decade, indicating stability in management[81]. Research and Development - Research and development expenses amounted to ¥77,351,323.29, a 26.43% increase from ¥61,182,919.79, aimed at enhancing product competitiveness[30]. - The company has 510 R&D personnel, accounting for 6.89% of the total workforce[40]. - The company is investing in new technology development, allocating 50 million CNY for R&D in the next year[86]. Financial Management and Investments - The company has invested a total of ¥1,095,000,000 in bank wealth management products[133]. - The company holds an outstanding balance of ¥1,756,360,428.79 in broker wealth management products[133]. - The expected annualized return for the financial products from CITIC Securities is 3.4%, with a total investment of 40,000,000.00[138]. - The company has not reported any debt financing tools or convertible bonds during the reporting period[159]. Inventory and Asset Management - The company's inventory value as of December 31, 2023, was CNY 4,451.13 million, accounting for 38.08% of total assets and 49.34% of current assets[160]. - Accounts receivable decreased from CNY 44.76 million in 2022 to CNY 38.80 million in 2023, indicating improved collection efficiency[165]. - The company has implemented various audit procedures to ensure the accuracy of inventory valuation and revenue recognition, including inventory monitoring and analysis of turnover rates[161].

安徽迎驾贡酒股份有限公司 2023 年度独立董事述职报告 本人刘振国作为安徽迎驾贡酒股份有限公司（以下简称"公司"）的独立董 事，在任职期间严格按照《公司法》《证券法》《上市公司治理准则》《上海证券 交易所股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范 运作》《上市公司独立董事管理办法》等法律法规、规范性文件和《公司章程》 《公司独立董事制度》等规定，本着恪尽职守的工作态度，独立、认真地行使职 权，诚信勤勉、尽责忠实地履行职责，充分发挥自身行业方面的专业优势和独立 作用，保持同管理层的密切沟通，关注公司经营发展动态，参加公司组织召开的 各项会议，认真审阅、研读和讨论议案，积极发挥个人专业能力，对公司重大事 项发表客观、公正、独立的专业意见，切实维护了公司和股东尤其是中小股东的 合法权益。现将本人 2023 年度的工作情况汇报如下： 一、独立董事基本情况 本人系公司第四届董事会独立董事，2023 年 9 月公司完成董事会换届，本 人继续连任公司第五届董事会独立董事。 （一）个人基本情况 刘振国，男，1967 年 12 月生，中国国籍，无境外永久居留权，中共党员， 研究生学历，高级工程师、国 ...

Financial Performance - The company's revenue for Q1 2024 reached ¥2,324,673,220.84, representing a year-on-year increase of 21.33%[4] - Net profit attributable to shareholders was ¥912,951,132.00, reflecting a growth of 30.43% compared to the same period last year[4] - Basic earnings per share were ¥1.14, up by 31.03% from the previous year[4] - Total operating revenue for Q1 2024 reached ¥2,324,673,220.84, a 21.4% increase from ¥1,916,008,484.95 in Q1 2023[19] - Net profit for Q1 2024 was ¥916,127,602.18, compared to ¥703,442,848.90 in Q1 2023, representing a growth of 30.3%[20] - Earnings per share for Q1 2024 were ¥1.14, an increase from ¥0.87 in Q1 2023[20] Cash Flow and Investments - The net cash flow from operating activities amounted to ¥619,537,436.15, an increase of 26.69% year-on-year[4] - In Q1 2024, the company generated operating cash inflow of approximately RMB 2.36 billion, an increase from RMB 1.97 billion in Q1 2023, representing a growth of about 19.7%[22] - The net cash flow from operating activities for Q1 2024 was RMB 619.54 million, up from RMB 489.03 million in Q1 2023, indicating a year-over-year increase of approximately 26.7%[22] - The total cash inflow from investment activities in Q1 2024 was RMB 1.87 billion, slightly higher than RMB 1.86 billion in Q1 2023, showing a marginal increase of about 0.7%[23] - The net cash flow from investment activities improved to RMB 146.24 million in Q1 2024, compared to a negative cash flow of RMB 423.06 million in Q1 2023[23] - The company reported a net cash flow from financing activities of negative RMB 28.36 million in Q1 2024, a decline from a positive cash flow of RMB 9.95 million in Q1 2023[23] Assets and Liabilities - Total assets at the end of the reporting period were ¥12,276,803,403.57, a 5.03% increase from the end of the previous year[5] - Total current assets as of March 31, 2024, amounted to RMB 9,471,298,496.15, an increase from RMB 9,022,204,457.38 as of December 31, 2023, reflecting a growth of approximately 5%[14] - Total non-current assets reached RMB 2,805,504,907.42 as of March 31, 2024, compared to RMB 2,666,551,109.35 at the end of 2023, indicating an increase of about 5.2%[16] - Total liabilities as of the end of Q1 2024 amounted to ¥2,985,879,684.51, down from ¥3,310,909,449.85 at the end of Q1 2023[17] - The total liabilities as of March 31, 2024, were not explicitly stated but can be inferred from the current liabilities, which included accounts payable of RMB 555,751,113.22, showing stability compared to RMB 555,412,796.79 at the end of 2023[16] Shareholder Information - Shareholders' equity attributable to the parent company was ¥9,249,457,653.47, marking a 10.95% increase compared to the previous year[5] - The total number of ordinary shareholders at the end of the reporting period was 26,543[9] - Total equity increased to ¥9,290,923,719.06 in Q1 2024, compared to ¥8,377,846,116.88 in Q1 2023, marking a rise of 10.9%[17] Operational Insights - The growth in net profit was primarily driven by increased revenue from mid-to-high-end liquor products, particularly the Dongcang series[8] - The company reported a significant increase in investment income, with a total of ¥16,118,308.98 in Q1 2024 compared to ¥13,229,433.25 in Q1 2023[19] - Research and development expenses for Q1 2024 were ¥17,813,762.72, slightly down from ¥18,262,106.58 in Q1 2023[19] - Employee compensation payments rose to RMB 218.52 million in Q1 2024, up from RMB 184.44 million in Q1 2023, indicating an increase of approximately 18.5%[22] Future Outlook - The company plans to continue expanding its market presence and investing in new product development to drive future growth[21] - The company has not provided any specific guidance or outlook for future performance in this report[13] - The company has not disclosed any new product launches or technological advancements in the current report period[13] - There were no significant changes in the top 10 shareholders or their participation in margin trading activities compared to the previous period[12]

证券代码：603198 证券简称：迎驾贡酒 公告编号：2024-008 安徽迎驾贡酒股份有限公司 已履行及拟履行的审议程序：公司于2024年4月25日召开第五届董事会 第四次会议、第五届监事会第三次会议，分别审议通过了《关于使用部分闲置自 有资金进行委托理财的议案》，本次事项无需提交公司股东大会审议。 特别风险提示：公司本次使用闲置自有资金进行委托理财所涉及的投资 产品为金融机构发行的风险可控的理财产品，收益情况由于受宏观经济的影响可 能具有一定波动性。理财产品发行人提示了产品面临的风险包括政策风险、经济 周期风险、利率风险、信用风险、其他风险等。敬请广大投资者注意投资风险。 一、投资情况概述 （一）投资目的 为提高公司自有资金使用效率，合理利用闲置资金，在保证不影响公司主营 业务发展、确保公司日常经营、生产、建设资金需求以及保证资金安全的前提下， 通过适度的现金管理，获得一定的投资收益。 （二）投资金额 关于使用部分闲置自有资金进行委托理财的公告 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。 重要内容提示： 投资种类 ...

安徽迎驾贡酒股份有限公司 章 程 2024 年 4 月 | 第一章 | 总则 | 3 | | --- | --- | --- | | 第二章 | 经营宗旨和范围 | 4 | | 第三章 | 股份 | 4 | | 第一节 | 股份发行 | 5 | | 第二节 | 股份增减和回购 | 6 | | 第三节 | 股份转让 | 7 | | 第四章 | 股东和股东大会 | 9 | | 第一节 | 股东 | 9 | | 第二节 | 股东大会的一般规定 | 11 | | 第三节 | 股东大会的召集 | 14 | | 第四节 | 股东大会的提案与通知 | 16 | | 第五节 | 股东大会的召开 | 17 | | 第六节 | 股东大会的表决和决议 | 21 | | 第五章 | 董事会 | 27 | | 第一节 | 董事 | 27 | | 第二节 | 董事会 | 31 | | 第六章 | 总经理及其他高级管理人员 | 38 | | 第七章 | 监事会 | 41 | | 第一节 | 监事 | 41 | | 第二节 | 监事会 | 42 | | 第八章 | 财务会计制度、利润分配和审计 | 44 | | 第一节 | 财务会计制度 | ...

安徽迎驾贡酒股份有限公司董事会 2024 年 4 月 26 日 安徽迎驾贡酒股份有限公司 关于独立董事独立性自查情况的专项意见 根据中国证券监督管理委员会《上市公司独立董事管理办法》《上海证券交 易所股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运 作》等要求，安徽迎驾贡酒股份有限公司（以下简称"公司"）董事会就公司在 任独立董事刘振国、程雁雷、王善勇的独立性情况进行评估并出具如下专项意见： 经核查独立董事刘振国、程雁雷、王善勇的任职经历以及签署的相关自查文 件，上述人员未在公司担任除独立董事以外的任何职务，也未在公司主要股东公 司担任任何职务，与公司以及主要股东之间不存在利害关系或其他可能妨碍其进 行独立客观判断的关系，不存在影响独立董事独立性的情况，符合《上市公司独 立董事管理办法》《上海证券交易所股票上市规则》《上海证券交易所上市公司自 律监管指引第 1 号——规范运作》中对独立董事独立性的相关要求。 ...