Investment Rating - The investment rating for the company is "Buy" [3][4][5] Core Views - The company continues to experience high growth in 2023, with revenue from the mid-to-high-end and regular products reaching 5.022 billion and 1.38 billion yuan respectively, representing year-on-year growth of 27.8% and 8.7%. The contribution from the "Dongcang" series is expected to exceed 50% [4][5] - In Q1 2024, the company reported revenue of 2.325 billion yuan, a year-on-year increase of 21.33%, with net profit rising by 30.43% [4][5] - The company is benefiting from a reduction in white liquor costs, with a year-on-year decrease of 5.4% in cost per ton, attributed to reduced fixed asset depreciation [4][5] - The overall gross margin for 2023 increased by 3.3 percentage points, driven by the rising proportion of the "Dongcang" series [4][5] - The company has shown strong performance in the Anhui province, with a 31.5% year-on-year revenue increase in the province, while the revenue from outside the province grew by 6.9% [4][5] Summary by Sections Financial Performance - In 2023, the company achieved a net profit margin increase of 3.1 percentage points, attributed to product structure optimization and scale effects in expenses [4][5] - For 2024-2026, the company is projected to achieve revenues of 8.125 billion, 9.53 billion, and 10.926 billion yuan, with year-on-year growth rates of 20.9%, 17.3%, and 14.7% respectively [5][6] - The expected net profit for the same period is 2.872 billion, 3.498 billion, and 4.137 billion yuan, with growth rates of 25.5%, 21.8%, and 18.3% respectively [5][6] Market Trends - The company is experiencing a trend of consumption upgrade in Anhui province, which is expected to continue benefiting its operational quality [5] - The company has three key highlights: rapid growth of the "Dongcang" series, continuous product structure upgrade, and effective cost management and digital empowerment [5]

2024年04月26日 公 司点评 公 买入 / 维持 司 迎驾贡酒(603198) 研 究 目标价: 83.03 昨收盘:65.75 洞藏放量产品结构优化明显，2024Q1 顺利实现开门红 事件：迎驾贡酒发布2023年年报和2024年一季报，2023年实现 ◼ 走势比较 营收67.20亿元，同比+22.07%，归母净利润22.88亿元，同比+34.17%， 扣非归母净利润 22.33 亿元，同比+35.97%。2023Q4 实现营收 19.16 30% 亿元，同比+18.80%，归母净利润6.33亿元，同比+26.03%。2024Q1实 太 20% 现营收23.25亿元，同比+21.33%,归母净利润9.13亿元，同比+30.43%。 平 10% 2023年业绩超额完成目标，一季度顺利实现开门红。2023年公司 洋 超额完成年初营收目标，一季度开门红表现亮眼。分产品，2023年公 0% 证 (10%)62/4/32 8/7/32 91/9/32 1/21/32 21/2/42 52/4/42 司中高档白酒/普通白酒分别实现营收 50.22/13.80 亿元，同比 +27.84%/+8.68%，中高档白酒占比 ...

[Table_Title] 证券研究报告 洞藏引领省内高增，产品结构持续优化 公司研究 [Table_ReportDate] 2024年04月28日 [Table_ReportType] 公司点评报告 [T事ab件le：_S公um司ma发ry布] 23年年报及一季报。公司23年营收67.2亿（+22%，同比 [迎Ta驾bl贡e_酒Sto(c6k0A3n1d9R8an)k ] 数据，下同），归母净利润22.88亿（+34%）。23Q4营收19.16亿（+19%）， 归母净利润6.33亿（+26%）。24Q1营收23.25亿（+21%），归母净利润为 投资评级 买入 9.13亿（+30%）。 上次评级 买入 点评： ➢ 24Q1净利率39.3%盈利能力显著提升，费用投放相对稳定。1) 23年毛 [马Ta铮b le _ A u t食ho品r]饮 料首席分析师 利率71%（+3pct），净利率34%（+3pct）。24Q1毛利率75.1%（+3.9pct）； 执业编号：S1500520110001 净利率 39.3%（+2.7pct）。2）24Q1 销售费用 1.56 亿（+27%）占比 邮 箱：mazheng@ci ...

证券研究报告 公 2024年04月28日 司 报 告 迎驾贡酒(603198) │ 行 业： 食品饮料/白酒Ⅱ 公 投资评级： 买入（维持） 司 当前价格： 68.94元 季 年报及一季报点评：洞藏高增长，业绩超预期 目标价格： 83.95元 报 点 事件： 评 基本数据 公司发布 2023 年年报与 2024 年一季报，2023 年实现营业收入 67.20 亿 总股本/流通股本(百万股) 800.00/800.00 元，同比增长22.07%；归母净利润22.88亿元，同比增长34.17%。2024Q1 流通A股市值(百万元) 55,152.00 实现营业收入23.25亿元，同比增长21.33%；归母净利润9.13亿元，同比 每股净资产(元) 11.56 增长30.43%。 资产负债率(%) 24.32 ➢ 利润超预期，现金回款良好 一年内最高/最低(元) 82.99/48.26 公司2023Q4实现营业收入19.16亿元，同比增长18.80%；归母净利润6.33 亿元，同比增长26.03%。2023Q4+2024Q1收入同比增长20.17%，归母净利 股价相对走势 润同比增长28.60%，收入符合预期，利润 ...

[Table_StockInfo] 买入 2024年 04月 25日 （维持） 证券研究报告•23年报及 24年一季报点评 当前价： 65.75元 迎驾贡酒（603198） 食品饮料 目标价： ——元（6个月） 24Q1 利润超预期，洞藏高增势能延续 投资要点 西南证券研究发展中心 [T ab事le件_S：u公mm司a2ry0]2 3年实现收入67.2亿元，同比+22.1%，归母净利润22.9亿元， [分Ta析bl师e_：Au朱th会or振] 同比+34.2%；其中 23单 Q4实现收入 19.2亿元，同比+18.8%，归母净利润 执业证号：S1250513110001 6.3亿元，同比+26.0%，同时公司拟每10股派发现金红利13元（含税）。24Q1 电话：023-63786049 实现收入23.2亿元，同比+21.3%，归母净利润9.1亿元，同比+30.4%；24Q1 邮箱：zhz@swsc.com.cn 收入端符合预期，利润端超市场预期。 分析师：王书龙  洞藏占比稳步提升，省内增速表现亮眼。1、分产品看，23 年/24Q1 中高档白 酒分别实现收入50.2/18.8亿元，分别同比+27.8%/+ ...

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]