Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 68.94 yuan and projected PE ratios of 19X, 15X, and 12X for 2024, 2025, and 2026 respectively [2][3]. Core Insights - The company achieved a revenue of 6.72 billion yuan and a net profit of 2.29 billion yuan in 2023, representing year-on-year growth of 22.07% and 34.17% respectively. The fourth quarter of 2023 saw revenues of 1.92 billion yuan and a net profit of 633 million yuan, with growth rates of 18.80% and 26.03% respectively. In the first quarter of 2024, revenues reached 2.33 billion yuan and net profit was 913 million yuan, with year-on-year growth of 21.33% and 30.43% [2][3]. - The product structure is continuously upgrading, with high-end liquor sales reaching 5.02 billion yuan and ordinary liquor sales at 1.38 billion yuan in 2023, showing growth of 27.84% and 8.68% respectively. The proportion of high-end liquor increased by 2.87 percentage points to 78.45% [2][3]. - The company is focusing on the Dongcang series and strengthening its mid-to-high-end product layout, while managing its low-end products. The revenue from high-end liquor is growing faster than the overall company growth, enhancing the product structure [2][3]. - The company reported a record high net profit margin in Q1, with gross margins of 71.37%, 70.71%, and 75.09% for the full year of 2023, Q4 2023, and Q1 2024 respectively, indicating a consistent upward trend in profitability [2][3]. Financial Summary - The company forecasts revenues of 8.24 billion yuan, 10.09 billion yuan, and 12.22 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 22.6%, 22.4%, and 21.2% [3][7]. - The net profit attributable to shareholders is projected to be 2.91 billion yuan, 3.61 billion yuan, and 4.42 billion yuan for the same years, with growth rates of 27.1%, 24.2%, and 22.3% [3][7]. - The company maintains a stable expense ratio, with sales and management expense ratios of 8.65% and 3.11% for 2023, and 6.72% and 2.34% for Q1 2024 respectively [2][3].

[Table_Page] 年报点评|白酒Ⅱ 证券研究报告 [迎Table_驾Title] 贡酒（603198.SH） [公Tab司le_I评nves级t] 买入 当前价格 65.75元 业绩表现亮眼，产品持续优化 合理价值 79.85元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-26  事件：公司发布 2023 年年报和 2024 年一季报。2023 年公司实现营 [相Tab对le_P市icQ场uote表] 现 收67.2亿，同增22.1%；归母净利润22.9亿元，同增34.2%。24Q1 实现营收23.2亿元，同增21.3%，归母净利润9.1亿元，同增30.4%。 32% 22%  高档白酒占比提升，省内大本营氛围升温。分产品来看，2023年公司 11% 中高档白酒/普通白酒实现收入 50.2/13.8 亿元，同增 27.8%/8.7%； 1% 24Q1 中高档白酒/其他白酒分别实现收入 18.8/3.6 亿元，分别同比 -10%04/23 06/23 08/23 10/23 12/23 02/24 04/24 +24.3%/+11.9%。分地区来看， ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 77.49 CNY based on a 21x P/E ratio for 2024 [2][4][7]. Core Insights - The company reported a revenue of 6.72 billion CNY for 2023, a year-on-year increase of 22.1%, and a net profit attributable to shareholders of 2.29 billion CNY, up 34.2% year-on-year. For Q1 2024, revenue reached 2.32 billion CNY, growing 21.3% year-on-year, with a net profit of 910 million CNY, up 30.4% year-on-year, indicating sustained high growth [1][2]. - The product mix is improving, with mid-to-high-end liquor generating 5.02 billion CNY in revenue in 2023, a 27.8% increase year-on-year, accounting for 78.4% of total revenue. The sales of aged liquor (6 and 9 years) are expected to grow rapidly, and consumer acceptance of 16-year liquor is gradually increasing [1]. - The gross margin increased to 71.4% in 2023, up 3.4 percentage points year-on-year, primarily due to an improved product mix. The net profit margin also rose to 34.1%, reflecting a significant enhancement in profitability [1][2]. Financial Summary - For 2024, the company is projected to achieve revenues of 8.22 billion CNY, with a year-on-year growth of 22.3%. The net profit is expected to reach 2.96 billion CNY, up 29.2% year-on-year. The earnings per share for 2024-2026 are forecasted at 3.69 CNY, 4.65 CNY, and 5.46 CNY respectively [2][3][11]. - The company’s gross margin is expected to improve to 73.2% in 2024 and further to 75.8% by 2026. The net profit margin is projected to reach 36.0% in 2024, indicating a strong profitability trend [3][11].

[Table_Main] 证券研究报告 | 公司点评 迎驾贡酒(603198.SH) 2024年04月26日 增持（维持） 迎驾贡酒（603198.SH）：洞藏延续高 所属行业：食品饮料/白酒Ⅱ 增，业绩超预期 当前价格(元)：65.75 证券分析师 投资要点 熊鹏 资格编号：S0120522120002 事件：公司发布 2023 年年报，2023 年公司实现营业收入 67.2 亿元，同比增长  邮箱：xiongpeng＠tebon.com.cn 22.1%；实现归母净利润22.9亿元，同比增长34.2%；实现扣非归母净利润22.3 研究助理 亿元，同比增长36.0%。根据计算，2023Q4实现营业收入19.2亿元，同比增长 18.8%；实现归母净利润6.3亿元，同比增长26.0%；实现扣非归母净利润6.2亿 尤诗超 元，同比增长32.4%。2024Q1公司实现营业收入23.3亿元，同比增长21.3%； 邮箱：yousc3＠tebon.com.cn 实现归母净利润9.1亿元，同比增长30.4%；实现扣非归母净利润9.0亿元，同比 增长32.7%。 市场表现 迎驾贡酒 沪深300  23 年圆满收官，产品结 ...

Investment Rating - The report maintains a "Recommended" rating for the company [3][6] Core Views - The company achieved a revenue of 6.7 billion yuan in 2023, representing a year-on-year growth of 22%, with a net profit of 2.3 billion yuan, up 34% year-on-year [3][5] - The first quarter of 2024 saw a revenue of 2.3 billion yuan, a 21% increase year-on-year, and a net profit of 910 million yuan, growing 30% year-on-year [3][5] - The company plans to distribute a cash dividend of 1.3 yuan per share, totaling 1.04 billion yuan [3] Financial Performance Summary - Revenue (in million yuan): - 2022: 5,505 - 2023: 6,720 - 2024E: 8,221 - 2025E: 10,001 - 2026E: 11,928 - Year-on-Year Growth (YOY%): - 2023: 22.1% - 2024E: 22.3% - 2025E: 21.6% - 2026E: 19.3% [4] - Net Profit (in million yuan): - 2022: 1,705 - 2023: 2,288 - 2024E: 2,912 - 2025E: 3,658 - 2026E: 4,488 - Year-on-Year Growth (YOY%): - 2023: 34.2% - 2024E: 27.3% - 2025E: 25.6% - 2026E: 22.7% [4] - Gross Margin (%): - 2023: 71.4% - 2024E: 73.6% - 2025E: 75.3% - 2026E: 76.8% [4] - Net Margin (%): - 2023: 34.0% - 2024E: 35.4% - 2025E: 36.6% - 2026E: 37.6% [4] Product and Market Insights - The company’s high-end product line, particularly the "洞藏" series, has seen significant growth, contributing to a revenue increase of 22% in 2023, with volume and price contributions of +16% and +6% respectively [5][6] - In 2023, revenue from mid-to-high-end liquor reached 5.02 billion yuan, up 28% year-on-year, while ordinary liquor revenue was 1.38 billion yuan, up 9% year-on-year [5] - The company’s revenue from domestic markets grew by 32% in 2023, while revenue from outside the province increased by 7% [5]

上 市 公 司 食品饮料 公 2024年04月26日 迎驾贡酒 (603198) 司 研 究 —— 23 年报及 24Q1 点评：洞藏势能仍强，24Q1 业绩 公 司 再超预期 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67.2亿，同比增长 券 22.07%，归母净利润22.88亿，同比增长34.17%，我们在业绩前瞻中预测公司23年营 研 市场数据： 2024年04月25日 业收入同比增长22%，归母净利润同比增长34%，公司收入业绩符合预期。24Q1实现营 究 收盘价（元） 65.75 报 业收入23.25亿，同比增长21.33%，归母净利润9.13亿，同比增长30.43%，我们在业 一年内最高/最低（元） 82.99/48.26 告 市净率 5.7 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 25%，公司收入 息率（分红/股价） - 流通A股市值（百万元） 52600 符合预期，业绩超预期。23Q4+24Q1实现营业收入42.41亿，同比增长20.17%，归母 上证指数/深证 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 6.72 billion yuan in 2023, a year-on-year increase of 22%, and a net profit attributable to shareholders of 2.29 billion yuan, up 34% year-on-year. In Q1 2024, revenue reached 2.32 billion yuan, a 21% increase year-on-year, with net profit of 910 million yuan, up 30% year-on-year [3][4] - The company continues to see growth in its premium product lines, with the "Cave Cellar" series accounting for approximately 50% of total sales, reflecting a growth rate of about 35% year-on-year. The company is focusing on expanding its market presence in both domestic and regional markets [3][4] - The gross profit margin for 2023 was 71.4%, an increase of 3.4 percentage points year-on-year, driven by an improved product mix. The net profit margin also improved to 34%, up 3 percentage points year-on-year [3][4] Financial Performance Summary - Total revenue projections for the company are as follows: 8.203 billion yuan in 2024, 10.008 billion yuan in 2025, and 11.808 billion yuan in 2026, with a consistent growth rate of around 22% [2][3] - The net profit attributable to shareholders is forecasted to reach 2.878 billion yuan in 2024, 3.573 billion yuan in 2025, and 4.263 billion yuan in 2026, with growth rates of 25.78%, 24.16%, and 19.31% respectively [2][3] - The earnings per share (EPS) are projected to be 3.60 yuan in 2024, 4.47 yuan in 2025, and 5.33 yuan in 2026, indicating a positive trend in profitability [2][3] Market Outlook - The company is expected to maintain a strong market position in its home province, with a focus on enhancing the quality and quantity of its distribution network. The management emphasizes a digital transformation strategy to improve operational efficiency [4] - The company has adjusted its profit forecasts for 2024 and 2025, now expecting net profits of 2.88 billion yuan and 3.57 billion yuan respectively, reflecting confidence in sustained growth driven by consumer demand and product upgrades [4]

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 ...