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 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company achieved a strong performance in Q1 2024, with revenue reaching 2.325 billion yuan, a year-on-year increase of 21.33% [2] - The company's core product series, particularly the "洞藏" series, is expected to continue its growth momentum, contributing to sustained profit improvements [2] - The report forecasts EPS for 2024, 2025, and 2026 to be 3.57, 4.40, and 5.30 yuan respectively, with corresponding PE ratios of 18, 15, and 12 times [2] Financial Performance Summary - In 2023, the company reported total revenue of 6.720 billion yuan, a year-on-year increase of 22.07%, with a gross margin of 71.37% and a net profit margin of 34.12% [2] - For Q4 2023, the company achieved revenue of 1.916 billion yuan, a year-on-year increase of 18.80%, with a net profit of 633 million yuan, reflecting a 26.03% increase [2] - The company’s Q1 2024 gross margin was 75.09%, up 3.91 percentage points year-on-year, with a net profit margin of 39.41%, an increase of 2.69 percentage points [2] Earnings Forecast - The report projects the company's main revenue to grow from 6.720 billion yuan in 2023 to 8.115 billion yuan in 2024, with a growth rate of 20.8% [3] - The net profit is expected to increase from 2.288 billion yuan in 2023 to 2.854 billion yuan in 2024, reflecting a growth rate of 24.7% [3] - The report indicates a consistent return on equity (ROE) of 27.3% for 2024, with a gradual decline to 25.8% by 2026 [3]

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].

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]

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 ...

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 ...