Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - In H1 2024, the company's revenue and net profit attributable to shareholders increased by 20.4% and 29.6% year-on-year, respectively, with Q2 showing a revenue growth of 19.0% and net profit growth of 28.0% [2] - The company is focusing on enhancing its network and marketing quality, with the "洞藏" series showing strong growth. In Q2, the revenue from mid-to-high-end liquor increased by 24.9%, with the "洞藏" series maintaining a growth rate of over 30% [2][3] - The company has maintained stable cash collection, with a cash collection ratio of 107% in Q2, although there was a slight decline in pre-collection [2] - The net profit margin increased by 2.2 percentage points to 32.0% in Q2, driven by a rise in gross margin and a significant reduction in sales and management expenses [2] Summary by Sections Financial Performance - Total revenue (in million yuan) is projected to grow from 6,720 in 2023 to 8,080 in 2024, with a year-on-year growth rate of 20.23% [1] - Net profit attributable to shareholders is expected to rise from 2,288 million yuan in 2023 to 2,901 million yuan in 2024, reflecting a growth rate of 26.81% [1] - The latest diluted EPS is forecasted to increase from 2.86 yuan in 2023 to 3.63 yuan in 2024 [1] Market Dynamics - The company is expected to benefit from the resilience of mass consumption, particularly in the core market, with a focus on price upgrades in the mainstream consumption segment [3] - The company is expanding its market presence in Anhui province, leveraging sales binding and marketing empowerment to enhance terminal sales [3] Valuation and Forecast - The forecast for net profit attributable to shareholders has been raised to 29.0 billion yuan for 2024, with expected growth rates of 27%, 23%, and 21% for 2024, 2025, and 2026, respectively [3] - The current stock price corresponds to a P/E ratio of 14, 11, and 9 for the years 2024, 2025, and 2026, respectively [3]

Financial Performance - The company's operating revenue for the first half of 2024 reached CNY 3,785,405,284.83, representing a 20.44% increase compared to CNY 3,143,052,236.98 in the same period last year[19]. - The net profit attributable to shareholders for the first half of 2024 was CNY 1,378,642,468.37, up 29.59% from CNY 1,063,862,229.04 in the previous year[19]. - The net cash flow from operating activities increased significantly by 99.61%, amounting to CNY 583,238,973.56 compared to CNY 292,193,621.22 in the same period last year[19]. - The basic earnings per share for the first half of 2024 was CNY 1.72, a 29.32% increase from CNY 1.33 in the previous year[19]. - The net profit after deducting non-recurring gains and losses was CNY 1,365,756,829.64, a 32.65% increase from CNY 1,029,632,650.40 in the same period last year[19]. - The company reported a diluted earnings per share of CNY 1.72, consistent with the basic earnings per share, reflecting strong performance in the first half of 2024[19]. Assets and Liabilities - The total assets of the company at the end of the reporting period were CNY 11,297,017,891.45, a decrease of 3.35% from CNY 11,688,755,566.73 at the end of the previous year[19]. - The net assets attributable to shareholders increased by 4.03%, reaching CNY 8,672,459,532.84 compared to CNY 8,336,506,521.47 at the end of the previous year[19]. - Total liabilities decreased to CNY 2,597,757,233.25 from CNY 3,310,909,449.85, a reduction of about 21.49%[87]. - The company's cash and cash equivalents decreased to CNY 1,485,129,729.21 from CNY 2,239,338,913.82, a decline of about 33.67%[85]. Expenses and Costs - The cost of goods sold was ¥1,000,453,311.99, which is an increase of 9.53% from ¥913,377,230.80 in the same period last year[30]. - The sales expenses increased to ¥302,286,349.60, reflecting an 11.99% rise from ¥269,913,436.58 in the previous year[30]. - The management expenses were reported at ¥104,425,403.46, which is a 5.26% increase from ¥99,208,737.16 in the previous year[30]. - The company reported a decrease in R&D expenses to ¥35,048,912.96, down 8.15% from ¥38,158,768.41 in the previous year[30]. Market and Industry Trends - The overall market for liquor remains resilient, with growth in production, sales revenue, and profit, indicating a positive trend in the industry[24]. - Operating revenue growth was primarily driven by the increase in sales of mid-to-high-end liquor products, particularly the Dongcang series[31]. Environmental and Social Responsibility - The company has implemented various environmental protection measures, including desulfurization and denitrification technologies, ensuring that all pollutants meet discharge standards without any environmental violations during the reporting period[54]. - The company actively utilizes biogas, expands photovoltaic power generation, and implements heat recycling systems to reduce carbon emissions in line with national carbon neutrality goals[58]. - The company has engaged in poverty alleviation and rural revitalization efforts, including the development of a liquor-themed town and a grain base to promote agricultural growth and farmer income[59]. - The company’s subsidiary, Yali Packaging, is recognized as a social welfare enterprise, employing over 40 disabled individuals[59]. Shareholder Information - The total number of common shareholders as of the end of the reporting period is 30,622[72]. - The largest shareholder, Anhui Yingjia Group Co., Ltd., holds 577,765,850 shares, representing 72.22% of total shares[75]. - The company has not disclosed any significant changes in share capital structure during the reporting period[71]. Future Outlook - Future outlook remains cautiously optimistic, with ongoing investments in technology and market expansion strategies planned for the upcoming quarters[86]. - The company plans to continue investing in new product development and technology to enhance its market position[122]. Compliance and Governance - The financial report was approved by the board of directors on August 16, 2024, ensuring compliance with regulatory requirements[124]. - The company adheres to the accounting standards and ensures that financial statements accurately reflect its financial position and operating results[127].

证券代码：603198 证券简称：迎驾贡酒 公告编号：2024-017 安徽迎驾贡酒股份有限公司 第五届董事会第六次会议决议公告 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个别及连带责任。 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 会第六次会议于 2024 年 8 月 16 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 8 月 9 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（其中独立董事刘振国先生、程雁雷女士、王善勇先生 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》等法律法规和 《公司章程》的有关规定，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： 表决结果：同意 9 票；反对 0 票；弃权 0 票。议案获得通过。 为了满足公司日常经营与项目建设的资金需求，拓宽融资渠道，降低融资成 本，结合自身实际情况，公司及 ...

证券代码：603198 证券简称：迎驾贡酒 公告编号：2024-019 安徽迎驾贡酒股份有限公司 2024 年第二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 二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 | 106,876.69 | 洞藏系列、金星系列、银星系列 | | 普通白酒 | 31,289.46 | 百年迎驾贡系列、糟坊系列 | （三）产品分区域情况 单位：万元 币种：人民币 | 区域名称 | 本期销售收入 | 省内 | 91,620.05 | | --- | --- | --- | --- | | 省外 | 46,546.10 | | | 二、报告期经销商变动情况 单位：个 | ...

证券代码：603198 证券简称：迎驾贡酒 公告编号：2024-018 安徽迎驾贡酒股份有限公司 第五届监事会第五次会议决议公告 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 1、审议通过《公司 2024 年半年度报告全文及其摘要》 表决结果：同意 5 票；反对 0 票；弃权 0 票。议案获得通过。 监事会对《公司 2024 年半年度报告全文及其摘要》进行了审核，认为：《公 司 2024 年半年度报告全文及其摘要》的编制和审议程序符合法律法规的规定， 半年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 年半年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。 安徽迎驾贡酒股份有限公司（以下简称"本公司"或"公司"）于 2024 年 8 月 9 日以电话、电子邮件等方式发出会议通知，并于 2024 年 8 月 16 日在公司会 议室以现场方式召开第五届监事会第五次会议。会议应到监事 5 人，实到监事 ...

审计报告 安徽物宝光电材料有限公司 容诚审字[2024]230Z4229 号 容诚会计师事务所(特殊普通合伙) 中国·北京 目 录 | 序号 | 内 | 容 | 页码 | | --- | --- | --- | --- | | 1 | 审计报告 | | 1-3 | | 2 | 资产负债表 | | 4 | | 3 | 利润表 | | 5 | | 4 | 现金流量表 | | 6 | | 5 | 所有者权益变动表 | | 7 | | 6 | 财务报表附注 | | 8-66 | 容诚会计师事务所(特殊普通合伙) 总所：北京市西城区阜成门外大街 22 号 外经贸大厦 15 层/922-926(100037) TEL: 010-6600 1391 FAX: 010-6600 1392 E-mail:bj@rsmchina.com.cn https//WWW.rsm.global/china/ 审 计 报 告 容诚审字[2024]230Z4229 号 安徽物宝光电材料有限公司全体股东： 一、审计意见 我们审计了安徽物宝光电材料有限公司（以下简称"物宝光电"）财务报表， 包括 2024 年 4 月 30 日的资产负债表，20 ...

本报告依据中国资产评估准则编制 安徽迎驾贡酒股份有限公司拟收购 安徽物宝光电材料有限公司股权所涉及的 安徽物宝光电材料有限公司股东全部权益价值项目 资产评估报告 中水致远评报字[2024]第 020497 号 中水致远资产评估有限公司 二Ｏ二四年七月十一日 | 目 录 - | 2 - | | --- | --- | | 声 明 - | 3 - | | 摘 要 - | 5 - | | 正 文 - | 7 - | | 一、委托人、被评估单位和资产评估委托合同约定的其他资产评估报告 | | | 使用人概况 - | 7 - | | 二、评估目的 - | 10 - | | 三、评估对象和评估范围 - | 10 - | | 四、价值类型 - | 11 - | | 五、评估基准日 - | 14 - | | 六、评估依据 - | 14 - | | 七、评估方法 - | 18 - | | 八、资产基础法中各类资产和负债的具体评估方法应用 - | 19 - | | 九、评估程序实施过程和情况 - | 30 - | | 十、评估假设 - | 32 - | | 十一、评估结论 - | 34 - | | 十二、特别事项说明 - | 3 ...

证券代码：603198 证券简称：迎驾贡酒 公告编号：2024-016 安徽迎驾贡酒股份有限公司 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 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： 安徽迎驾贡酒股份有限公司（以下简称"迎驾贡酒"或"公司"）全资子 公司安徽迎驾彩印包装有限公司（以下简称"迎驾彩印"）拟以协议方式受让控 股股东安徽迎驾集团股份有限公司（以下简称"迎驾集团"）持有安徽物宝光电 材料有限公司（以下简称"物宝光电"或"标的公司"）100%股权，受让金额为 人民币 12,569.76 万元。 2024 年 8 月 2 日，公司全资子公司迎驾彩印与迎驾集团签订了《股权转让 协议》。根据《股权转让协议》，迎驾彩印以自有资金 12,569.76 万元收购迎驾集 团持有的物宝光电 100%股权。本次交易完成后，迎驾彩印将持有物宝光电 100% 股权。 本次交易构成关联交易。 本次交易事项不构成《上市公司重大资产重组管理办法》规定的重大资 产重组；本次交易完成后物宝光电纳 ...

洞藏势能持续向上,迎驾起势未来可期 买入(维持) 投资要点 分析师:孙山山 S1050521110005 sunss@cfsc.com.cn | 分析师:廖望州 | S1050523100001 | |---------------------|------------------| | liaowz@cfsc.com.cn | | | 基本数据 | 2024-06-27 | | 当前股价(元) | 58.72 | | 总市值(亿元) | 470 | | 总股本(百万股) | 800 | | 流通股本(百万股) | 800 | | 52 周价格范围(元) | 49.22-79.15 | 日均成交额(百万元) 226.9 市场表现 -30 -20 -10 0 10 20 30 40 (%) 迎驾贡酒 沪深300 资料来源:Wind,华鑫证券研究 相关研究 1、《迎驾贡酒(603198):一季度开 门红,洞藏系列再创佳绩》2024-04- 26 2、《迎驾贡酒(603198):利润超预 期,中高端增长环比提速》2023-10- 28 3、《迎驾贡酒(603198):业绩超预 期,洞藏势能高增》2023-08-19 ...

迎驾贡酒(603198) /白酒Ⅱ /公司深度研究报告 / 2024.06.13 徽酒拾级而上，洞藏趁势启航 证券研究报告 投资评级:增持(维持) 核心观点 ❖ 安徽白酒消费稳步升级，徽酒竞争错位竞合。近年来，安徽产业结构升 基本数据 2024-06-12 级卓有成效，经济提升为消费升级带来持续动能。2020-2023 年安徽省 GDP 收盘价(元) 61.99 流通股本(亿股) 8.00 CAGR 为 5.4%，固定资产投资增速为 9.2%，皆位于全国各省前列。良好的 每股净资产(元) 11.56 经济动能为安徽省白酒消费升级提供核心动力。一方面安徽省人口基数稳 总股本(亿股) 8.00 定，另一方面省内消费能力稳步提升。2023 年安徽省白酒市场规模约 最近12月市场表现 350~400 亿元，价格带升级来看，安徽省各价格带白酒市场规模呈现稳定增 长趋势。其中，100-300 元价位带市场规模增长尤为显著，消费升级趋势明 迎驾贡酒 沪深300 显。省内分地区来看，徽酒呈现出显著的区域性消费特征和价格带分布。从 33% 省内品牌区域覆盖来看，地产酒势力割据，一超两强格局明显。 23% ❖ 渠道利润优势仍存， ...