上 市 公 司 食品饮料 2024 年04月 30 日 今世缘 (603369) 公 司 研 究 ——23 年报与 24Q1 点评：保持强劲增长 业绩符合预期 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点： （维持）  事件：公司发布23年报和24年一季报，2023年实现营业总收入101亿，同比增长28.05%， 归母净利润31.36亿，同比增长25.3%，收入符合公司预告。我们在业绩前瞻中预测公司 证 市场数据： 2024年04月29日 23年归母净利润同比增长 26%，业绩符合预期。24Q1营业总收入 46.71亿，同比增长 券 收盘价（元） 59.51 研 一年内最高/最低（元） 65.68/41.32 22.82%，归母净利润15.33亿，同比增长22.12%。我们在业绩前瞻中预测公司24Q1营 究 市净率 5.0 业收入同比增长23%，归母净利润同比增长21%，公司收入业绩符合预期。公司2023年 报 息率（分红/股价） - 现金分红比例为 40%，同比提升 3pct。公司 2024年经营计划为实现总营收 122 亿元左 告 流通A股市值（百万元） 74655 上证指数/深证成指 ...

证券研究报告·公司点评报告·白酒Ⅱ 今世缘（603369） 2023 年报及 2024 一季报点评：势头正劲， 2024 年 04月 30日 省内扩容路径清晰 证券分析师 孙瑜 买入（维持） 执业证书：S0600523120002 suny@dwzq.com.cn 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E 证券分析师 王颖洁 营业总收入（百万元） 7,888 10,100 12,410 15,093 17,722 执业证书：S0600522030001 wangyj@dwzq.com.cn 同比（%） 23.09 28.05 22.87 21.62 17.42 归母净利润（百万元） 2,503 3,136 3,804 4,650 5,566 股价走势 同比（%） 23.34 25.30 21.31 22.23 19.71 今世缘 沪深300 EPS-最新摊薄（元/股） 2.00 2.50 3.03 3.71 4.44 6% P/E（现价&最新摊薄） 29.83 23.81 19.62 16.06 13.41 2% -2% [ [TT aab ...

证 券 2024 年 04 月 30 日 研 究 一季度延续增势，国缘势能强劲 报 告 —今世缘（603369.SH）公司事件点评报告 买入(维持) 事件 分析师：孙山山 S1050521110005 2024 年 4 月 29 日，今世缘发布 2023 年年度报告与 2024 年 sunss@cfsc.com.cn 一季度报告。 投资要点 基本数据 2024-04-29 ▌Q1 延续高增趋势，国缘开门红表现亮眼 当前股价（元） 59.51 总市值（亿元） 747 公司 2023/2024Q1 总营收分别为 100.98/46.71 亿元，分别同 总股本（百万股） 1255 增 28%/23%，2024 年春节期间，国缘 V 系列开瓶动销表现亮 眼，归母净利润分别为 31.36/15.33 亿元，分别同增 流通股本（百万股） 1255 25%/22%，公司跨越百亿后，2024Q1 业绩仍延续增长势能。 52周价格范围（元） 42.12-65.05 盈利端，2023/2024Q1 公司毛利率分别为 78.34%/74.23%，分 日均成交额（百万元） 310.81 别同比+2pct/-1pct，销售费用率分别为 ...

业绩简评 2024 年 4月 29日公司披露23 年年报及24 年一季报。1）23 年实 现营收101.0 亿元，同比+28.1%，归母净利 31.4 亿，同比+25.3%。 2）24Q1 实现营收46.7 亿元，同比+22.8%，归母净利15.3 亿元， 同比+22.1%，符合市场预期。 经营分析 结构端，23 年特A+/特A 类酒分别实现营收65.0/28.7 亿，同比 +25%/+37%，其中销量+18%/+31%，价+6%/+5%，毛利率分别 +1.5pct/3.0pct；24Q1 特 A+/特 A 类酒分别实现营收 29.7/14.1 亿，同比+22%/+26%。 区域表现上，省内 23 年各大区均实现20%+增长，省外持续开拓增 速领先。具体而言，23 年省内淮安/南京/盐城/苏南/苏中/淮海大 区分别实现营收19.9/23.6/11.0/13.0/15.9/9.7 亿元，同比分别 +26%/+21%/+26%/+29%/+39%/+25%，省内整体/省外实现营收 人民币(元) 成交金额(百万元) 93.1/7.3 亿元，同比+27%/+40%，省外占比7.2%。24Q1 除南京大 67.00 9 ...

公司研 究 证 券研究 报 告 白酒 2024年04月30日 今 世缘（603369）2023年报及2024 年一季报点评 强 推 （维持） 目标价：75元 跨越百亿，弹性维持 当前价：59.51元 事项： 华创证券研究所  公司公布2023年报及2024年一季报，2023年实现营业总收入101.0亿元，同 证券分析师：沈昊 增28.1%，归母净利润31.4亿元，同增25.3%，单Q4实现收入17.4亿元，同 增 26.7%，归母净利润 5.0 亿元，同增 18.8%。24Q1 实现营收 46.7 亿元，同 邮箱：shenhao@hcyjs.com 增22.8%，归母净利润15.3亿元，同增22.1%。Q1销售回款37.3亿元，同增 执业编号：S0360521050001 8.8%。24Q1末合同负债9.7亿元。 证券分析师：欧阳予 评论： 邮箱：ouyangyu@hcyjs.com  23年百亿目标圆满达成，各系产品全面发力，盈利微降。公司23年收入101 执业编号：S0360520070001 亿元，略高于前期经营公告，百亿目标圆满达成。单Q4利润同增18.8%略低， 证券分析师：田晨曦 主要系公司全 ...

证券代码：603369 证券简称：今世缘 公告编号：2024-008 江苏今世缘酒业股份有限公司 2024 年第一季度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《上市公司行业信息披露指引第十二号--酒制造》相关 规定，现将江苏今世缘酒业股份有限公司2024 年第一季度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 单位：元 币种:人民币 | 主营业务分产品情况 | | | | | --- | --- | --- | --- | | | | 营业收入 | | | 分产品 | 2024 年第一季度 | 2023 年第一季度 | 同比增减 | | 特A+类 | 2,972,624,549.83 | 2,428,884,919.20 | 22.39% | | 特A 类 | 1,405,437,512.71 | 1,111,082,698.48 | 26.49% | | A 类 | 178,387,297.56 | 153,323,929.87 | ...

Financial Performance - The company's operating revenue for Q1 2024 reached ¥4,670,618,874.87, representing a year-on-year increase of 22.84%[4] - Net profit attributable to shareholders was ¥1,532,586,659.57, reflecting a growth of 22.12% compared to the same period last year[4] - The net profit after deducting non-recurring gains and losses was ¥1,525,286,371.88, an increase of 22.08% year-on-year[4] - Basic and diluted earnings per share were both ¥1.2292, up by 22.11% year-on-year[4] - The company's net profit for the first quarter of 2024 was RMB 1.53 billion, compared to RMB 1.25 billion in the same period last year, marking an increase of approximately 22.4%[16] - Operating profit for Q1 2024 was ¥2,037,694,386.84, representing a 22.1% increase compared to ¥1,668,806,706.38 in Q1 2023[17] Cash Flow - The net cash flow from operating activities amounted to ¥1,001,644,444.07, showing an increase of 11.62% from the previous year[4] - Cash flow from operating activities for Q1 2024 was ¥1,001,644,444.07, an increase from ¥897,372,666.99 in Q1 2023[19] - The net cash flow from investment activities was -150,249,582.40 CNY, compared to -9,442,543.07 CNY in the previous period, indicating a significant increase in cash outflow[20] - The cash inflow from financing activities totaled 297,014,777.90 CNY, up from 196,892,666.66 CNY in the previous period, reflecting a 50.8% increase[20] - The total cash and cash equivalents at the end of the period reached 7,384,578,479.77 CNY, compared to 6,441,817,179.30 CNY at the end of the previous period, marking an increase of 14.6%[20] Assets and Liabilities - Total assets as of the end of the reporting period were ¥22,394,761,772.63, a 3.53% increase from the previous year[5] - The company's total assets amounted to RMB 22.39 billion, an increase from RMB 21.63 billion at the end of 2023, reflecting a growth of approximately 3.4%[13] - Total current liabilities decreased to RMB 7.37 billion from RMB 8.14 billion, a reduction of about 9.4%[15] - The company's total liabilities decreased to RMB 7.57 billion from RMB 8.34 billion, a decrease of about 9.2%[15] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 31,003[9] - The largest shareholder, Jinshiyuan Group Co., Ltd., holds 561,049,038 shares, accounting for 44.72% of the total shares[10] - Shareholders' equity attributable to the parent company was ¥14,821,955,081.20, reflecting an 11.55% increase year-on-year[5] - The company's equity attributable to shareholders increased to RMB 14.82 billion from RMB 13.29 billion, representing a growth of approximately 11.5%[15] Expenses and Costs - Research and development expenses for Q1 2024 amounted to ¥10,960,885.10, up from ¥9,221,400.21 in Q1 2023[17] - Total operating costs for Q1 2024 were ¥2,667,929,303.18, a 24.0% increase from ¥2,155,264,860.41 in Q1 2023[17] - Tax expenses for Q1 2024 were ¥505,930,173.19, an increase from ¥415,208,498.25 in Q1 2023[18] Inventory and Receivables - Inventory decreased to RMB 4.38 billion from RMB 4.99 billion, representing a decline of approximately 12.3%[13] - The company reported a significant increase in accounts receivable, which rose to RMB 66.06 million from RMB 48.54 million, an increase of approximately 36.1%[13] Other Financial Information - The company recognized government subsidies amounting to ¥8,911,271.00 as part of non-recurring gains[6] - The company's retained earnings rose to RMB 12.64 billion from RMB 11.10 billion, reflecting an increase of about 13.9%[15] - The long-term investments increased to RMB 45.72 million from RMB 41.42 million, showing a growth of approximately 10.5%[14] - The total cash outflow from investment activities was 634,583,429.69 CNY, compared to 524,638,262.50 CNY in the previous period, indicating an increase of 20.9%[20] - The company did not apply new accounting standards or interpretations for the first time in 2024[20]

证券代码：603369 证券简称：今世缘 公告编号：2024-011 江苏今世缘酒业股份有限公司 关于召开 2023 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、准确性和完整性承担个别及 连带责任。 重要内容提示： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 一、说明会类型 本次投资者说明会以视频直播结合网络互动召开，公司将针对 2023 年度经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信 息披露允许的范围内就投资者普遍关注的问题进行回答。 会议召开时间：2024 年 05 月 13 日(星期一)上午 10:00-11:30 会议召开地点：上海证券交易所上证路演中心（网址： 二、说明会召开的时间、地点 （一）会议召开时间：2024 年 05 月 13 日上午 10:00-11:30 （二）会议召开地点：上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com/） 投资者可于 2024 年 05 月 06 日(星期一)至 0 ...

Financial Performance - The company's operating revenue for 2023 reached ¥10,097,984,227.52, representing a 28.07% increase compared to ¥7,884,624,846.64 in 2022[22]. - The net profit attributable to shareholders for 2023 was ¥3,136,042,999.78, up 25.30% from ¥2,502,789,291.38 in the previous year[22]. - The net asset attributable to shareholders increased to ¥13,286,816,788.29, a growth of 20.08% from ¥11,064,733,156.53 at the end of 2022[22]. - The total assets of the company at the end of 2023 were ¥21,630,647,731.29, an 18.96% increase from ¥18,183,711,058.30 in 2022[22]. - The basic earnings per share for 2023 were ¥2.5153, reflecting a 25.30% increase from ¥2.0074 in 2022[23]. - The weighted average return on equity for 2023 was 25.92%, an increase of 1.19 percentage points from 24.73% in 2022[23]. - The gross profit margin for the main business was 78.61%, with a year-on-year increase of 27.86%[54]. - The company achieved a revenue of 10.098 billion RMB, representing a year-on-year growth of 28.07%[49]. - The net profit attributable to shareholders reached 3.136 billion RMB, with a year-on-year increase of 25.30%[49]. Cash Flow and Dividends - The net cash flow from operating activities for 2023 was ¥2,800,318,233.10, a slight increase of 0.74% from ¥2,779,747,984.00 in 2022[22]. - The company plans to distribute a cash dividend of ¥10 per 10 shares, totaling ¥124,680,000.00[5]. - The company declared a cash dividend of CNY 1,246,800,037, which represents 39.76% of the net profit attributable to ordinary shareholders in the consolidated financial statements[140]. Market and Product Development - The company focused on expanding its market presence both domestically and internationally, with significant improvements in operational efficiency in various market segments[32]. - The company launched a "Brand Value Enhancement Year" initiative, optimizing its brand matrix and achieving significant results in both domestic and international markets[33]. - The company plans to launch high-end products priced at 1,000 yuan as part of its marketing strategy for 2024[94]. - The company is exploring potential acquisitions to enhance its product portfolio and market reach[113]. - New product launches are expected to contribute an additional 200 million yuan in revenue in 2024[113]. Research and Development - The company’s R&D expenses increased by 14.30% to 42.96 million RMB, reflecting its commitment to innovation[52]. - The company has established partnerships with several universities and research institutions, focusing on food safety quality control and fermentation technology, enhancing its research and development capabilities[44]. - The company invested 50 million RMB in R&D for new technologies aimed at improving production efficiency[116]. - The company has allocated 10,000 million for research and development of new technologies in the upcoming fiscal year[170]. Awards and Recognition - The company has been awarded multiple accolades, including the "30-Year Technology Achievement Award" in the Chinese liquor industry, reflecting its commitment to innovation and quality[32]. - The company received an A-level rating for its information disclosure work from the Shanghai Stock Exchange and won the "Golden Information Disclosure Award" from China Securities Journal[107]. - The company has been recognized with multiple awards, including the Jiangsu Provincial Quality Award and the National Quality Award[47]. Sustainability and Social Responsibility - The company has invested CNY 6,825,000 in environmental protection during the reporting period[146]. - The company has a wastewater discharge limit of 25.49 tons for CODCr, with actual emissions of 18.16 tons, indicating compliance with environmental standards[147]. - The company contributed CNY 247.98 million to poverty alleviation and rural revitalization projects, emphasizing its commitment to social responsibility[157]. - The company reduced carbon dioxide equivalent emissions by 42,946 tons through energy management optimization and the use of clean energy sources such as biogas boilers and solar power[155]. Corporate Governance - The board of directors consists of 11 members, including 4 independent directors, ensuring compliance with legal requirements[104]. - The company has established a performance evaluation and incentive mechanism for its executives, with satisfactory performance reported during the evaluation period[106]. - The company has a dedicated investor relations management system to facilitate communication and safeguard investor rights[107]. - The internal control system has been continuously improved, with a self-evaluation report confirming the effectiveness of key business processes[108]. Risks and Challenges - The company faces risks from macroeconomic fluctuations that could impact consumer purchasing power and demand for its products[99]. - The company is also exposed to competition risks in the white liquor industry, particularly in its key market of Jiangsu, which could affect market share and sales volume[99]. - The company emphasizes the importance of food safety and environmental protection in its production processes to mitigate potential risks associated with regulatory changes[100][101].

证券简称：今世缘 证券代码： 江苏今世缘酒业股份有限公司 投资者来访接待记录表 来访单位 西南证券、中银证券、西部证券、华金证券、工银理财、国信 证券、招商证券、中信证券、光大证券、东方财富证券、华西 证券、财通证券、海通证券、新思哲投资、瑞华投资等机构共 31 人。 投资者类 型 √机构投资者 √证券公司 □媒体 □个人投资者 □其他 会议形式 现场会议 时间 2024 年 3 月 地点 公司会议室 上市公司 出席人员 董事、副总经理、总会计师、董事会秘书 王卫东； 证券事务代表 夏东保。 投资者关系活动主要内容介绍： 问题 1：2023 年糖酒会有新品发布，今年如何安排呢？ 回复：今年只有开系升级换代，其他没有什么特殊的安排。 问题 2：各家酒企的红包力度在加大，怎么看待持续投入和价盘的关系？ 回复：红包投放是一个常规的促销动作，目的是加强和消费者的互动。红包投放操 作得不好对价盘会有些影响，比如截留消费者的红包，就可能导致价格走低。如果设计 得好，能直接触达消费者，这个问题就能解决。 603369 红包本身不是越大越好，消费者不会特别关注红包金额，实际扫码和购买的对象可 能是分离的。我们设置红包更多是希 ...