Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company has shown continuous product upgrades, with the "Cave" series leading high growth. The revenue for the first half of 2024 reached 3.785 billion yuan, a year-on-year increase of 20.44%, while the net profit attributable to shareholders was 1.379 billion yuan, up 29.59% year-on-year [4][5] - The company is focusing on upgrading its product structure, with significant growth in the mid-to-high-end liquor segment. In Q2 2024, revenue from mid-to-high-end liquor and ordinary liquor was 1.069 billion yuan and 313 million yuan, respectively, representing year-on-year growth of 24.95% and 6.50% [4][5] - The company has a strong brand presence, particularly in the "Cave" series, which is expected to continue driving growth. The company is expanding its market share in both domestic and external markets, with a total of 1,423 distributors as of Q2 2024 [4][5] Summary by Sections Financial Performance - For Q2 2024, the gross margin was 71.15%, an increase of 0.59 percentage points year-on-year. The net profit margin was 31.88%, up 2.22 percentage points year-on-year [4][5] - The company expects net profits for 2024, 2025, and 2026 to be 2.91 billion yuan, 3.62 billion yuan, and 4.43 billion yuan, respectively, with year-on-year growth rates of 27%, 24%, and 22% [4][5] Market Position - The company is focusing on the domestic market, with Q2 2024 revenue from domestic and external markets being 916 million yuan and 465 million yuan, respectively, showing year-on-year growth of 22.88% and 15.34% [4][5] - The company is strategically expanding in key regions such as the Yangtze River Delta, indicating significant growth potential in both domestic and external markets [4][5]

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [1]. Core Views - The company has demonstrated strong revenue growth in the off-season, driven by the "Cave Storage" product series, which is leading the product upgrade [3]. - The company achieved a total revenue of 3.785 billion yuan in H1 2024, representing a year-on-year increase of 20.44%, with a net profit attributable to shareholders of 1.379 billion yuan, up 29.59% [3]. - The company is focusing on high-end products, particularly the "Cave Storage" series, which has seen significant growth in both revenue and market share [3][4]. Financial Performance - In Q2 2024, the company reported revenue of 1.461 billion yuan, a year-on-year increase of 19.04%, and a net profit of 466 million yuan, up 27.96% [3]. - The gross profit margin improved to 71.15%, and the net profit margin increased to 31.95%, indicating enhanced profitability due to product structure upgrades [4]. - The company expects to maintain strong revenue growth, with projected revenues of 8.155 billion yuan, 9.738 billion yuan, and 11.484 billion yuan for 2024, 2025, and 2026, respectively [5][6]. Product and Market Analysis - The "Cave Storage" series is leading the upgrade in product structure, with mid-to-high-end white liquor revenue reaching 1.069 billion yuan in Q2 2024, a year-on-year increase of 24.95% [3]. - The company has successfully expanded its market presence in Anhui province, achieving a revenue increase of 22.88% in the region, while also making inroads into markets outside the province [3]. - The company has increased its number of distributors in Anhui and outside the province, with 779 and 644 distributors, respectively, reflecting a focus on channel development [3]. Earnings Forecast - The company forecasts earnings per share (EPS) of 3.68 yuan, 4.60 yuan, and 5.68 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 14, 11, and 9 [5][6].

股票投资评级 买入|维持 个股表现 迎驾贡酒 食品饮料 -32% -28% -24% -20% -16% -12% -8% -4% 0% 4% 8% 2023-08 2023-11 2024-01 2024-03 2024-06 2024-08 资料来源：聚源，中邮证券研究所 公司基本情况 最新收盘价（元） 50.93 总股本/流通股本（亿股）8.00 / 8.00 总市值/流通市值（亿元）407 / 407 52 周内最高/最低价 79.15 / 49.22 资产负债率(%) 28.3% 市盈率 17.81 第一大股东安徽迎驾集团股份有限 公司 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 迎驾贡酒(603198) 费效比提升显著，Q2 利润超预期 ⚫ 事件 公司发布 2024 年半年报，2024 年上半年分别实现营业总收入/ 营业收入/归母净利润/扣非归母净利润37.85/37.85/13.79/13.66亿 元，同比+20.44%/+20.44%/+29.59%/+32.65%。整体营收表现基本符合 预期，利润表现超预期。 ⚫ ...

[Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 迎驾贡酒(603198)公司点评报告 2024 年 08 月 20 日 [Table_Title] Q2 业绩增 28%，产品结构继续升级 ——迎驾贡酒 2024 年中报点评 [Table_Summary] 事件 公司公告 2024 年中报。24H1，公司实现总营收 37.85 亿元，同比+20.44%， 归母净利 13.79 亿元，同比+29.59%，扣非归母净利 13.66 亿元，同比 +32.65%。24Q2，公司实现总营收 14.61 亿元，同比+19.04%，归母净利 4.66 亿元，同比+27.96%，扣非归母净利 4.64 亿元，同比+32.53%。 产品结构持续升级，省内外稳健增长 1）中高档白酒收入占比持续提升。24Q2，公司中高档白酒/普通白酒分别 实现收入 10.69/3.13 亿元，同比分别+24.95%/+6.50%，中高档白酒收入占 主营业务收入的比重同比+2.92pct 至 77.35%。 2）省内外均稳健增长。24Q2，公司省内/省外分别实现收入 9.16/4.65 亿 元，同比分别+22.88%/+ ...

中高档强势增长，结构升级盈利能力提升 买入 （维持） 核心观点 ⚫ 公司发布 2024 年半年报，上半年实现营业收入 37.9 亿元（yoy+20.4%）；实现归 母净利润 13.79 亿元（yoy+29.6%）。24Q2，公司实现营业收入 14.6 亿元 （yoy+19.0%），实现归母净利润 4.7 亿元（yoy+28%）。 ⚫ 中高档酒强势增长，省内保持高增速。分产品，24H1，中高档白酒实现收入 29.5 亿元（yoy+24.5%），白酒收入中占比同比提升 2.0pct 至 81.5%，产品结构进一步 升级；普通白酒实现收入 6.7 亿元（yoy+9.3%）。24Q2，中高档、普通白酒收入分 别同比增长 24.9%、6.5%。分地区，24H1，省内实现收入 26.9 亿元 （yoy+27.6%），省外实现收入 9.3 亿元（yoy+6.5%）；24Q2，省内、省外收入分 别同比增长 22.9%、15.3%。24H1 末，公司省内、外经销商数量为 779、664 家， 环比 24Q1 末分别增加 29、4 家。24H1 末，公司合同负债为 4.6 亿元，同比降低 8.6%，环比降低 10.3%；24Q2 ...

2024 年 08 月 18 日 公司点评 买入/维持 迎驾贡酒(603198) 目标价: 83.03 昨收盘:50.72 迎驾贡酒：产品周期向上势能正强，利润端弹性持续兑现 ◼ 走势比较 (40%) (30%) (20%) (10%) 0% 10% 23/8/17 23/10/2924/1/1024/3/2324/6/424/8/16 迎驾贡酒 沪深300 ◼ 股票数据 总股本/流通(亿股) 8/8 总市值/流通(亿元) 405.76/405.76 12 个月内最高/最低价 (元) 82.99/48.26 相关研究报告 <<洞藏放量产品结构优化明显， 2024Q1 顺利实现开门红>>--2024- 04-28 <<迎驾贡酒：春节动销超预期，安徽 返乡潮带动大众价格带爆发>>-- 2024-02-21 <<迎驾贡酒：Q3 净利率创新高，洞藏 结构延续提升>>--2023-10-30 证券分析师：郭梦婕 电话： E-MAIL：guomj@tpyzq.com 分析师登记编号：S1190523080002 研究助理：林叙希 电话： E-MAIL：linxx@tpyzq.com 一般证券业务登记编号：S1190124 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][6] Core Views - The company reported strong earnings performance with a total revenue of 3.785 billion yuan for the first half of 2024, representing a year-on-year increase of 20.4%, and a net profit attributable to shareholders of 1.379 billion yuan, up 29.6% year-on-year [5] - The high growth of the "Cave Storage" series continues, with mid-to-high-end liquor revenue increasing by 24.9% year-on-year in Q2 2024, benefiting from the rapid growth of the Cave Storage series [5] - The company is optimizing its product structure, with mid-to-high-end liquor revenue accounting for 77.9% and 73.2% of total revenue in the first half and second quarter of 2024, respectively [5] - The gross margin improved by 2.63 percentage points year-on-year to 73.6% in the first half of 2024, driven by product structure upgrades [5] Summary by Sections Financial Performance - In Q2 2024, the company achieved total revenue of 1.461 billion yuan, a year-on-year increase of 19.0%, and a net profit of 466 million yuan, up 28.0% year-on-year [5] - The company expects EPS for 2024-2026 to be 3.63, 4.45, and 5.34 yuan per share, respectively [6][9] Revenue and Profit Forecast - The projected total revenue for 2024 is 8.091 billion yuan, with a year-on-year growth rate of 20.4% [7] - The net profit for 2024 is expected to reach 2.903 billion yuan, reflecting a year-on-year growth of 26.9% [7] Market Position and Strategy - The company is deepening its core market presence, with provincial and out-of-province revenue growth of 22.9% and 15.3% year-on-year in Q2 2024, respectively [5] - The number of distributors increased by 29 and 4, reaching 779 and 644, respectively [5] Valuation - The company is assigned a PE ratio of 20-25 times for 2024, corresponding to a reasonable value range of 72.58 to 90.72 yuan [6][9]

证券研究报告 | --- | |--------------------------------| | 公司研究 | | [Table_ReportType]公司点评报告 | | [Table_StockAndRank]迎驾贡酒 | | 投资评级 | | 上次评级 | [Table_Author] 满静雅 食品饮料分析师 执业编号：S1500523080004 邮 箱：manjingya@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 利润增速亮眼，品牌势能延续 [Table_ReportDate] 2024 年 08 月 19 日 [Table_S 事件：公司发布 ummary] 24 年半年报。公司 24H1 营收 37.85 亿（+20%，同比数据， 下同），归母净利润 13.79 亿（+29.59%）。24Q2 营收 14.61 亿（+19%），归母 净利润 4.66 亿（+27.96%）。 点评： ➢ 24Q2 盈利能力持续提升，费用投放维持低位。1) 2 ...

公司报告 | 半年报点评 "强β价位带+强α"双重加成，利润端表现超预期 【业绩】 2024Q2 公司收 入 / 归母 净 利 润/ 扣 非归 母 净 利润 分 别为 14.61/4.66/4.64 亿元（同比+19.04%/+27.96%/+32.53%）。 洞藏系列延续放量势能，奠定增长基本盘。2024Q2 公司白酒业务收入 13.82 亿元（同比+20.23%），其中：中高档白酒/普通白酒营业收入 10.69/3.13 亿 元（同比+24.95%/+6.50%）；中高档白酒占比 77.35%，同比提升 2.92pcts， 洞藏延续放量势能，带动公司产品结构持续向上。 聚焦核心市场深耕深化"双核工程"，网点量、质齐升贡献增长。市场方 面，2024Q2 省内/外收入分别为 9.16/4.65 亿元（同比+22.88%/+15.34%）， 其中省内/省外收入占比分别为 66.31%/33.69%，省外占比降低 1.43pcts。 渠道方面，2024Q2 批发代理/直销（含团购）销售收入 13.01/0.81 亿元（同 比+23.90%/-18.44%），2024Q2 经销商数量同比增加 28 家至 1423 ...

2024 年 8 月 19 日 公司研究 洞藏势能延续，费效优化驱动业绩弹性 ——迎驾贡酒（603198.SH）2024 年中报点评 要点 事件：迎驾贡酒发布 2024 年中报，公司 24H1 实现营业总收入 37.85 亿元，同 比增长 20.44%，归母净利润 13.79 亿元，同比增长 29.59%。Q2 单季实现总营 收 14.61 亿元，同比增长 19.04%，归母净利润 4.66 亿元，同比增长 27.96%， Q2 业绩表现超出此前市场预期。 24Q2 收入端保持较快增长，洞藏系列增长势能延续。二季度高基数下公司收入 端仍实现较快增长，1）分产品看，24Q2 中高档白酒/普通白酒销售收入分别为 10.69/3.13 亿元，同比增长 24.95%/6.50%，估计洞藏系列收入维持较高增长、 占比亦进一步提升。省内渠道反馈 100-200 元价位的洞 6、洞 9 销售增速较为领 先，终端覆盖范围以及销售规模进一步扩大。2）分区域看，24Q2 省内/省外市 场销售收入分别为 9.16/4.65 亿元，同比增长 22.88%/15.34%，省内市场受益 于走亲访友、宴席等需求，Q2 淡季仍有不错增量，省 ...