Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company reported a revenue of 9.941 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 18.86%, and a net profit attributable to shareholders of 3.086 billion yuan, with a year-on-year increase of 17.08% [3][4] - In Q3 2024, the company achieved a revenue of 2.636 billion yuan, reflecting a year-on-year growth of 10.12%, although this was a decline of 11.40 percentage points compared to Q2 [4] - The company maintains a positive outlook for growth in the domestic market, particularly in the Jiangsu province, with double-digit growth rates in certain regions [4] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 9.941 billion yuan and a net profit of 3.086 billion yuan, with respective year-on-year growth rates of 18.86% and 17.08% [3] - In Q3 2024, the revenue was 2.636 billion yuan, with a net profit of 624 million yuan, showing year-on-year growth rates of 10.12% and 6.61% respectively [3][4] Product and Regional Performance - The revenue growth for different product categories in the first three quarters of 2024 was as follows: Special A+ category grew by 18.86%, Special A category by 21.91%, and A category by 12.28% [4] - In Q3 2024, the revenue growth for Special A+ category was 11.70%, Special A category 9.55%, and A category 7.74% [4] - The company reported a revenue growth of 9.32% in the domestic market and 23.04% in the external market for Q3 2024 [4] Profitability and Cost Management - The gross profit margin for Q3 2024 was 75.59%, a decrease of 5.14 percentage points year-on-year, attributed to increased promotional efforts [4] - The selling expense ratio decreased by 3.90 percentage points to 20.56% in Q3 2024, indicating a reduction in promotional spending [4] Future Projections - The company expects revenues of 11.844 billion yuan, 13.479 billion yuan, and 15.074 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 3.649 billion yuan, 4.146 billion yuan, and 4.635 billion yuan [4][7]

Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Insights - The company reported total revenue of 9.942 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 18.85%, with a net profit of 3.086 billion yuan, up 17.08% year-on-year [2] - The growth is driven by premium products, with the special A+ and A categories leading the revenue growth [2] - The company has a solid domestic market base while experiencing rapid growth in external markets [2] - The wholesale channel remains the primary revenue source, with a continuous expansion of the distributor network [2] Financial Performance - The gross profit margin for the first three quarters of 2024 was 74.27%, with a net profit margin of 31.04%, showing slight declines compared to the previous year [3] - The company expects net profits of 3.607 billion, 4.091 billion, and 4.623 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 15.03%, 13.42%, and 12.98% [3][4] - The projected P/E ratios for 2024, 2025, and 2026 are 16, 14, and 12, respectively, based on a market capitalization of 56.3 billion yuan [3][4] Revenue Breakdown - For the first three quarters of 2024, revenue from the domestic market was 9.081 billion yuan, up 17.71% year-on-year, while revenue from external markets reached 804 million yuan, up 32.73% year-on-year [2] - In Q3 2024, domestic revenue was 2.423 billion yuan, a 9.32% increase, while external revenue was 204 million yuan, a 23.04% increase [2] Product Performance - Revenue from special A+ and A products reached 1.813 billion and 646 million yuan in Q3 2024, with year-on-year growth of 11.70% and 9.55%, respectively [2] - The company’s product categories showed varied performance, with lower-tier products experiencing declines in revenue [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported a total revenue of 9.942 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 18.85%. The net profit attributable to shareholders was 3.086 billion yuan, up 17.08% year-on-year [2][6] - The company is expected to continue its strong growth trajectory, with projected revenues of 12.129 billion yuan, 14.183 billion yuan, and 16.281 billion yuan for 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 20.08%, 16.94%, and 14.79% [6][8] Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 2.637 billion yuan, a year-on-year increase of 10.11%, and a net profit of 624 million yuan, up 6.61% year-on-year [2][6] - The company's gross margin decreased by 1.99 percentage points to 74.27%, while the net profit margin fell by 0.47 percentage points to 31.04% [5] Product Structure and Market Performance - The company has optimized its product structure, with high-end products (Special A and above) accounting for 94.39% of sales, an increase of 0.77 percentage points year-on-year [3] - Revenue from the domestic market reached 9.081 billion yuan, a year-on-year increase of 17.71%, while revenue from the external market grew by 32.73% to 804 million yuan [4] Future Outlook - The company aims to focus on high-quality development and continue expanding its market presence both domestically and externally, with a strategic plan to enhance its product offerings and market penetration [6] - The projected earnings per share for the next three years are 2.89 yuan, 3.30 yuan, and 3.65 yuan, with corresponding price-to-earnings ratios of 15, 13, and 12 [8][12]

[Table_InvestInfo] 投资评级 优于大市 维持 | --- | |-------------------------------------------------------------| | | | 股票数据 | | 11 [ Table_StockInfo 月 04 日收盘价（元） ] | | 52 周股价波动（元） | | 总股本 / 流通 A 股（百万股） | | 总市值 / 流通市值（百万元） | | 相关研究 | | [Table_ReportInfo] 《智慧工厂投产开酿，产品矩阵持续完善》 | | 2024.09.24 | | 《 增 长 势 能 延 续 ， 迈 入 后 百 亿 时 代 》 | | 2024.08.19 《增长势能持续，省外表现亮眼》 | | 市场表现 | -34.56% -26.56% -18.56% -10.56% -2.56% 5.44% 海通综指 | --- | --- | --- | --- | |-----------------------------------------------|-------|-------|-------| | 20 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 44.48 and a sector rating of "Outperform" [2]. Core Insights - The company reported a revenue of RMB 99.4 billion for the first three quarters of 2024, representing a year-on-year increase of 18.9%, and a net profit attributable to shareholders of RMB 30.9 billion, up 17.1% year-on-year [4]. - In Q3 2024, the company's revenue was RMB 26.4 billion, a 10.1% increase year-on-year, while the net profit was RMB 6.2 billion, reflecting a 6.6% year-on-year growth [4]. - The company is actively adjusting its operational pace and focusing on deepening its market presence within the province, maintaining a strong competitive advantage [4]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of RMB 26.4 billion and a net profit of RMB 6.2 billion, with respective year-on-year growth rates of 10.1% and 6.6% [6]. - The company's gross margin for Q3 2024 was 75.6%, down 5.1 percentage points year-on-year, primarily due to increased promotional efforts [6]. - The company’s total revenue for the first three quarters of 2024 reached RMB 99.4 billion, with a net profit of RMB 30.9 billion, marking an 18.9% and 17.1% increase year-on-year, respectively [4][6]. Market Strategy - The company is focusing on its core products, with the premium product line (priced above RMB 300) generating RMB 18.1 billion in revenue, accounting for 68.8% of total revenue [4]. - The company has expanded its distributor network to 1,193, with 588 distributors in the province and 605 in other regions, indicating a strategic focus on both local and external markets [4]. Valuation and Forecast - The report adjusts the revenue growth forecast for 2024 to 17.2%, with net profit growth projected at 16.1% [5]. - The expected earnings per share (EPS) for 2024 is RMB 2.90, with corresponding price-to-earnings (P/E) ratios of 15.3X for 2024, 13.5X for 2025, and 11.9X for 2026 [5].

Investment Rating - The report maintains a "Buy" rating for the company [2][4][6] Core Insights - The company reported a total revenue of 2.637 billion yuan in Q3 2024, representing a year-on-year increase of 10.11%, while the net profit attributable to shareholders was 624 million yuan, up 6.61% year-on-year. Both revenue and profit were slightly below previous expectations [2][6] - High-end liquor sales are outpacing low-end liquor, with significant growth in the Suzhong and Huai'an regions. The company is focusing on increasing market share within the province while also expanding into external markets to unlock growth potential [2][6] - The company is proactively reducing targets to alleviate inventory pressure on distributors, which is expected to benefit mid-term volume and price balance [6] Financial Performance Summary - For the first three quarters of 2024, the company achieved total revenue of 9.942 billion yuan, a year-on-year increase of 18.85%, and a net profit of 3.086 billion yuan, up 17.08% year-on-year [6] - Q3 2024 gross margin was 75.59%, down 5.14 percentage points year-on-year, attributed to increased discounts and rapid growth in certain product lines. The net profit margin was 23.68%, slightly down by 0.78 percentage points year-on-year [6] - The company forecasts revenues of 11.759 billion yuan, 12.694 billion yuan, and 13.356 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 3.600 billion yuan, 3.816 billion yuan, and 4.023 billion yuan [6][7] Product and Regional Performance - In Q3 2024, revenue from different product categories was as follows: Special A+ class 1.813 billion yuan (+11.70%), Special A class 646 million yuan (+9.55%), A class 109 million yuan (+7.74%), while lower categories saw declines [6] - Revenue from domestic and foreign markets in Q3 2024 was 2.423 billion yuan and 204 million yuan respectively, with year-on-year growth of 9.32% and 23.04% [6] Valuation Metrics - The company’s market capitalization is approximately 55.123 billion yuan, with a current price of 43.94 yuan per share. The projected P/E ratios for 2024, 2025, and 2026 are 15, 14, and 14 respectively [4][7]

公司报告 | 季报点评 业绩增长稳健，利润率有所承压 业绩： 2024Q3 公司营业收入/归母净利润/扣非归母净利润分别为 26.37/6.24/6.28 亿元（同比+10.11%/+6.61%/+7.33%）。 中高档产品结构仍稳定，特 A+类增速居前。24Q3 公司白酒业务收入 26. 26 亿元（同比+10.29%），其中：特 A+类（出厂价 300 元+产品）/特 A 类 （出厂价 100-300 元产品）/A 类/B 类/C+D 类/其他分别实现收入 18.13/6. 46/1.09/0.41/0.17/0.007 亿元（同比+11.70%/+9.55%/+7.74%/-11.86%/-17.8 0%/-29.13%）。 省内区域增速略有放缓，省外渠道质量持续提升。 ① 市场方面，24Q3 省内/外收入分别为 24.23/2.04 亿元（同比+9.32%/+2 3.04%），其中省内淮安大区/南京大区/苏南大区/苏中大区/盐城大区/ 淮海大区收入分别为 6.60/4.99/3.87/3.55/2.88/2.32 亿元（同比+10.10% /+8.12%/+8.24%/+12.89%/+9.03%/+ ...

证券研究报告·公司点评报告·白酒Ⅱ 今世缘（603369） 2024 年三季报点评：理性降速，砥砺奋进 2024 年 11 月 03 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|-------|-------|-------|-------|-------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 7888 | 10100 | 11833 | 13456 | 15623 | | 同比（ % ） | 23.09 | 28.05 | 17.15 | 13.71 | 16.11 | | 归母净利润（百万元） | 2503 | 3136 | 3607 | 4129 | 4896 | | 同比（ % ） | 23.34 | 25.30 | 15.03 | 14.45 | 18.59 | | EPS- 最新摊薄（元 / 股） | 2.00 | 2.50 | 2.88 | 3.29 | 3.90 ...

[Table_StockNameRptType] 今世缘（603369） 公司点评 | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------|------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][7] Core Views - The company reported a total revenue of 9.942 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 18.85%. The net profit attributable to shareholders was 3.086 billion yuan, up 17.08% year-on-year [1] - In Q3 2024, the company achieved a revenue of 2.637 billion yuan, a year-on-year increase of 10.11%, while the net profit attributable to shareholders was 624 million yuan, up 6.61% year-on-year [1][2] - The company is actively adjusting its delivery and payment rhythm to alleviate pressure on distributors and maintain a healthy channel [2] Summary by Sections Recent Performance - For Q3 2024, the company's revenue and net profit growth rates have slowed significantly compared to previous quarters, primarily due to a challenging macro consumption environment and an increase in discount proportions [2] - The revenue from the company's premium A+ products in Q3 2024 was 1.813 billion yuan, a year-on-year increase of 11.70%, but the growth rate has decreased by 9.37 percentage points compared to Q2 [2] - The company has seen a slight decrease in the proportion of revenue from its home province, which now accounts for 92.23% of total revenue, while revenue from outside the province increased by 23.04% year-on-year [2] Financial Metrics - The company’s gross profit margin decreased by 5.13 percentage points to 75.59% in Q3 2024, primarily due to increased discount-related expenses [2] - The net profit margin for Q3 2024 was 23.68%, down 0.78 percentage points year-on-year [2] - The company’s cash flow from operations showed stability, with a net operating cash flow of 3.064 billion yuan, although it decreased by 16.85% year-on-year [2] Future Projections - The company is expected to continue expanding its revenue scale, with projected revenues of 11.653 billion yuan, 13.086 billion yuan, and 14.552 billion yuan for 2024, 2025, and 2026 respectively [4][5] - The projected net profits for the same years are 3.585 billion yuan, 3.963 billion yuan, and 4.391 billion yuan, with corresponding EPS of 2.86 yuan, 3.16 yuan, and 3.50 yuan [4][5]