股 票 研 究 -26% -18% -10% -2% 6% 14% 2023-08 2023-12 2024-04 2024-08 本报告导读： [Table_Market] 交易数据 公司 2024Q2 业绩符合预期，渠道基础相对扎实，看好公司省内份额抬升。 投资要点： [Table_PicQuote] 52周股价走势图 今世缘 上证指数 [Table_Report] 相关报告 符合预期，优势扩大 今世缘(603369) 食品饮料 [Table_Industry] /必需消费 | --- | --- | --- | |-----------------------------|-----------|-------| | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 78.26 | | | 上次预测: | 78.26 | | [当前价格： Table_CurPrice] | | 42.99 | [table_Authors] 訾猛(分析师) 李耀(分析师) 021-38676442 8621-38675854 ...

[Table_StockNameRptType] 今世缘（603369） 公司点评 稳步达成十四五目标 ——今世缘 2024Q2 点评 | --- | --- | |-------------------------------------|-------------| | [Table_Rank] 投资评级：买入（维持） | | | 报告日期： | | | [Table_BaseData] 收盘价（元） | 42.99 | | 近 12 个月最高/最低（元） | 64.41/40.52 | | 总股本（百万股） | 1,255 | | 流通股本（百万股） | 1,255 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 539 | | 流通市值（亿元） | 539 | [公司价格与沪深 Table_Chart] 300 走势比较 -40% -26% -11% 4% 18% 8/23 11/23 2/24 5/24 今世缘 沪深300 [Table_Author] 分析师：邓欣 执业证书号：S0010524010001 邮箱：dengxin@hazq.com 联系人：郑少轩 执业证书号： ...

事件 24 年 8 月 16 日，公司披露 24 年半年报，期内实现营收 73.0 亿元， 同比+22.4%；归母净利 24.6 亿元，同比+20.1%。单 Q2 实现营收 26.3 亿元，同比+21.5%；归母净利 9.3 亿元，同比+16.9%。 经营分析 净利略低系非经营性公允价值变动等因素扰动、实际兑现符合预 期。 产品端看：特 A 类增速延续引领趋势、淡雅增速仍不错，特 A+类 内 V 系增速领先、四开换代控货。24Q2 特 A+类/特 A 类分别实现 营收 16.8/8.1 亿元，同比+21%/+25%；期内毛利率同比+0.2pct 至 73.0% 分区域看：24Q2 省内实现营收 23.8 亿元，同比+20%，其中南京大 区/淮安大区/苏中大区/苏南大区/盐城大区/淮海大区分别 +14%/+19%/+33%/+20%/+21%/+11%，苏中大区延续高增势能，成熟 区域增速趋缓、预计也与四开控货相关；省外实现营收 2.3 亿元， 同比+37%，占比 9%。 表观质量来看：1）24Q2 归母净利率同比-1.4pct 至 35.3%，其中 销售费用率同比-0.9pct（24H1 同比-1.5pct， ...

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥7,304,075,016.02, representing a 22.36% increase compared to ¥5,969,207,018.20 in the same period last year[15]. - Net profit attributable to shareholders was ¥2,461,447,062.01, up 20.08% from ¥2,049,904,414.58 year-on-year[15]. - The net cash flow from operating activities increased by 56.09%, amounting to ¥1,246,502,040.62 compared to ¥798,576,923.92 in the previous year[15]. - Basic earnings per share rose to ¥1.9742, a 20.08% increase from ¥1.6441 in the same period last year[16]. - The diluted earnings per share also stood at ¥1.9742, reflecting a 20.08% increase compared to the previous year[16]. - The company reported a net profit excluding non-recurring gains and losses of ¥2,445,957,188.36, which is a 19.23% increase from ¥2,051,467,423.78 in the previous year[15]. - The total operating revenue for the first half of 2024 reached ¥7,304,648,475.25, a 22.3% increase from ¥5,970,371,408.53 in the same period of 2023[92]. - Net profit for the first half of 2024 was ¥2,461,447,062.01, up 20.1% from ¥2,049,904,414.58 in the first half of 2023[93]. - Operating profit increased to ¥3,280,167,892.14, representing a growth of 19.6% compared to ¥2,741,495,977.74 in the previous year[93]. - The total comprehensive income for the first half of 2024 was ¥2,460,888,833.08, up from ¥2,049,904,414.58 in the previous year, indicating a growth of 20.0%[94]. Asset Management - The total assets decreased by 3.20%, totaling ¥20,937,703,956.79 compared to ¥21,630,647,731.29 at the end of the previous year[15]. - The net assets attributable to shareholders increased by 9.17%, reaching ¥14,504,733,034.37 from ¥13,286,816,788.29 at the end of the previous year[15]. - Total assets at the end of the period were CNY 20,000,000,000, with a decrease in trading financial assets by 32.70% to CNY 872,723,214.92[35]. - The total liabilities as of June 30, 2024, were RMB 5,000,000,000.00, reflecting a stable position compared to the previous period[84]. - The total owner's equity at the end of the current period is CNY 14,504,733,034.37, indicating a decrease from the previous year's CNY 15,000,000,000.00[106]. Cost Management - The operating cost increased by 25.63%, amounting to ¥1,914,247,409.51, up from ¥1,523,693,759.55 in the previous year[33]. - The total operating costs for the first half of 2024 were ¥4,034,906,752.35, an increase of 22.6% from ¥3,288,441,056.21 in the same period of 2023[92]. - Sales expenses rose by 10.46%, totaling ¥983,600,411.89, compared to ¥890,431,725.00 in the prior year[33]. - Management expenses increased by 26.59%, reaching ¥206,299,709.92, up from ¥162,962,430.34 year-on-year[33]. Research and Development - The company has established partnerships with several universities and research institutions to enhance its research and development capabilities in food safety and brewing technology[24]. - R&D expenses increased by 21.65% to CNY 23,608,101.78 compared to the previous period[34]. - Research and development expenses rose to ¥23,608,101.78, an increase of 21.3% from ¥19,405,937.84 in the first half of 2023[92]. Market Position and Strategy - The company ranks seventh among 20 listed companies in the white liquor industry in terms of revenue and net profit for Q1 2024[21]. - The company emphasizes the importance of brand culture, with three major brands: Guoyuan, Jianshiyuan, and Gaogou, focusing on unique brand positioning and cultural narratives[22]. - The company has developed a marketing system driven by "brand + channel + C-end," enhancing its market presence and customer engagement[27]. - The company continues to focus on strategic investments and market expansion, although specific new products or technologies were not detailed in the report[79]. - The company plans to focus on expanding its market presence and enhancing product offerings in the upcoming quarters[109]. Social Responsibility and Sustainability - The company donated approximately ¥11.5 million to educational and health initiatives, demonstrating its commitment to social responsibility[32]. - The company donated 4.5 million yuan to support rural revitalization efforts through the Jiangsu Jinsiyuan Poverty Alleviation Foundation[64]. - The company is committed to green and healthy production, with several products certified as green food grade A, and has implemented a green food management model[24]. - The company has established a comprehensive environmental protection system to manage waste and emissions, with actual wastewater discharge within regulatory limits[53]. - The company is actively engaging in green investment and sustainable practices, including the use of biomass fuel and ecological raw materials[62]. Risks and Challenges - The company has outlined potential risks in the "Management Discussion and Analysis" section of the report, urging investors to remain vigilant[6]. - The company faces risks from macroeconomic fluctuations that could impact consumer purchasing power and demand for liquor products[44]. - Changes in consumer preferences towards healthier drinking options may affect the demand for traditional liquor products[44]. - The competitive landscape in the liquor industry is intensifying, with potential impacts on market share and sales volume if not addressed[45]. - The company has a strong technical team but faces risks related to the potential loss of key technical personnel[46]. Governance and Compliance - The company has established a multi-level governance structure, including a board of directors and various specialized committees[130]. - The company has no significant litigation or arbitration matters during the reporting period[67]. - The company has not proposed any profit distribution or capital reserve transfer plans for the first half of 2024[51]. - The company has not reported any changes in major shareholders or significant stockholder actions during the reporting period[78]. - The company adheres to the accounting standards set by the Ministry of Finance, ensuring that financial statements accurately reflect its financial position and operating results[134]. Environmental Management - The company completed the upgrade of the wastewater treatment station in October 2021, with a designed capacity of 3,000 tons/day, currently treating approximately 2,400 tons/day[55]. - The company is constructing a new wastewater treatment station in the southern plant area with a designed capacity of 4,000 tons/day, following the "pre-treatment + biochemical treatment + deep treatment" process[55]. - The company has installed online monitoring facilities at the wastewater discharge outlet, ensuring real-time monitoring of key pollutants such as CODcr, ammonia nitrogen, total phosphorus, and total nitrogen[60]. - The company has maintained stable compliance with wastewater discharge standards, with all monitored indicators meeting regulatory requirements[55]. Financial Instruments and Accounting Policies - The company confirms cash and cash equivalents as short-term, highly liquid investments that are easily convertible to known amounts of cash[151]. - The company uses the spot exchange rate on the transaction date for foreign currency transactions, impacting the accounting records[152]. - The company applies the effective interest method for financial liabilities measured at amortized cost, recognizing gains or losses upon derecognition or amortization[161]. - The company recognizes financial assets transfer and termination conditions based on specific criteria, including the cessation of cash flow rights and the transfer of ownership risks and rewards[162]. - The company applies a principle of first-in, first-out for calculating the aging of accounts receivable[169].

证券代码：603369 证券简称：今世缘 公告编号：2024-023 会 议 召 开 地 点 ： 上海证券 交易所上证路演中心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 08 月 19 日(星期一)至 08 月 23 日(星期五)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 jsydmb@163.com 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 江苏今世缘酒业股份有限公司（以下简称"公司"）已于本公告同日 发布了公司 2024 年半年度报告，为便于广大投资者更全面深入地了解公 司 2024 年上半年度经营成果、财务状况，公司计划于 2024 年 08 月 26 日 上午 9:00-上午 10:00 举行 2024 年半年度业绩说明会，就投资者关心的问 题进行交流。 一、说明会类型 江苏今世缘酒业股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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 ...

本次会议由监事会主席倪从春先生主持，与会监事形成决议如下： 一、审议通过了《公司2024年半年度报告全文及摘要》。 监事会对《公司2024年半年度报告全文及摘要》进行了审核，认为：《公司2024 年半年度报告全文及摘要》的编制和审议程序符合法律、法规的规定，其所包含的信息 真实、准确、完整地反映出公司2024年上半年的主要经营情况和财务状况，未发现所载 资料存在虚假记载、误导性陈述或者重大遗漏。 表决结果：3票同意，0票反对，0票弃权。 证券代码：603369 证券简称：今世缘 公告编号：2024-021 江苏今世缘酒业股份有限公司 第五届监事会第五次会议决议公告 本公司监事会及全体监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。 江苏今世缘酒业股份有限公司（以下简称"公司"）第五届监事会第五次会议于2024 年8月16日在涟水县高沟镇今世缘大道1号公司会议室召开，会议通知已于2024年8月6日 以电子邮件、专人送达或电话通知等方式发出。本次会议应参与表决监事3人，实际参 与表决监事3人。会议的通知及召开程序符合《公司法》及公司《章程》的要 ...

证券代码：603369 证券简称：今世缘 公告编号：2024-020 江苏今世缘酒业股份有限公司 第五届董事会第八次会议决议公告 江苏今世缘酒业股份有限公司（以下简称"公司"）第五届董事会第八次会议于2024 年8月16日以通讯表决方式召开，会议通知已于2024年8月6日以电子邮件、专人送达或 电话通知等方式发出。本次会议应参与表决董事11人，实际参与表决董事11人。会议的 通知及召开程序符合《公司法》及公司《章程》的要求。 本次会议由董事长顾祥悦先生主持，与会董事形成决议如下： 一、审议通过了《公司2024年半年度报告全文及摘要》。 本议案已经公司董事会审计委员会事前审议通过。 表决结果：11票赞成，0票反对，0票弃权。 具体内容详见与本公告同日刊载于上海证券交易所网站(www.sse.com.cn)的《江苏 今世缘酒业股份有限公司2024年半年度报告》与《江苏今世缘酒业股份有限公司2024年 半年度报告摘要》。 二、审议通过了《关于增补董事会审计委员会委员的议案》。 公司原董事禹成余先生已辞去公司董事及审计委员会委员职务。根据上市公司相关 规定，为保障专业委员会正常运转，选举董事徐亚盛先生为第五届董事会审 ...

证券代码：603369 证券简称：今世缘 公告编号：2024-022 江苏今世缘酒业股份有限公司 2024 年上半年与行业相关的定期经营数据公告 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。 根据《上海证券交易所上市公司自律监管指引第3 号——行业信息披露》之 《第十二号——酒制造》相关规定，现将江苏今世缘酒业股份有限公司2024 年 上半年与行业相关的定期经营数据（未经审计）披露如下： 一、 产品分档次、地区的情况 1 注：公司白酒类产品按照价位带划分产品档次，特A+类为出厂指导价300 元（含税，下同）以上的产 品，特 A 类为100—300 元价位带产品，A 类为50—100 元价位带产品，B 类为20—50 元价位带产品，C 类、D 类为20元以下价位带产品，其他为非白酒产品。 公司以行政区域作为分地区标准，江苏省内淮安大区包括淮安、宿迁，南京大区包括南京、镇江，苏 南大区包括苏州、无锡、常州，苏中大区包括扬州、泰州、南通，盐城大区包括盐城、连云港，淮海大区 包括徐州；省外指江苏省以外。 二、 产品销售渠道 单 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 07 月 29 日 今世缘(603369.SH) 壮丽十年，站在后百亿新起点 事件：2024 年今世缘迎来党费建厂 80 周年、国缘品牌创立 20 周年，及上市十周年。 上市十年成果显著，今年逆势稳健增长。上市 10 年以来，公司 2014 年至 2023 年收入利润复合增速 17.3%/19.2%，领先行业（白 酒板块 CAGR10 为 13.1%/17.0%），业绩稳健增长，经营质量优秀， 有穿越周期的能力。2024 年，公司在根据地市场江苏仍然保持良 好发展趋势，国缘品牌势能向上，省内薄弱地区持续突破，江苏 渠道反馈今年二季度回款进度同比持平，库存水平同比并未增加， 预计动销增速与回款增速基本一致。 业绩基本盘扎实，渠道信心足。省内通过精细化管理和多元化 消费场景，今世缘品牌影响力显著提升，乡镇市场与餐饮渠道的 深耕成效显著。省外借助"再造江苏"工程，国缘 V 系品牌以"路 网行动"等创新营销策略，成功提升了单店销售水平和品牌影响 力，为全国市场的拓展奠定了基础。 内生增长势能强，看好公司向 150 亿目标奋进。国缘品牌省内 ...

十年上市发展稳，百亿收官再启航 投资要点 十年耕耘发展稳，百亿收官再启航。今世缘前身是江苏省淮安市高沟酒厂，是江苏 省传统名酒"三沟一河"的构成之一。2024 年是今世缘上市 10 周年、"国缘"品 牌成立 20 周年，也是实现营收过百亿、继续攀登下一个百亿高峰的里程碑。公司 营业收入自 2014 年上市时的 24 亿元增加至 2023 年的 101 亿元，CAGR 为 17.3%， 归母净利润自 2014 年的 6.41 亿增加至 2023 年的 31.36 亿元，CAGR 为 19.2%。 百亿之后公司继续坚定发展，向 2025 年营收 150 亿的新征程继续迈进。 产品上：三大品牌定位明确，产品矩阵覆盖多档价格带。公司始终瞄准消费者心理， 以"缘"文化为核心打造品牌，为产品赋予缘文化的独到内涵，以酒结缘，以缘兴 酒。基于缘文化这一立足点，公司打造形成"国缘"、"今世缘"、"高沟"三大 品牌，产品进行差异化定位，覆盖价格带范围宽，适应不同大环境，打法灵活。公 司上市前后正处于白酒调整期，高端白酒消费尤其是政商消费需求下滑，公司重点 推广中档品牌"今世缘"，瞄准日常喜宴场景；2017 年后江苏省内次高端价格 ...