Investment Rating - The report maintains a "Buy" rating for the company [2][4] Core Views - The company's performance aligns with expectations, and its market strategy is steadily advancing [2] - The company reported a revenue of 7.305 billion yuan for H1 2024, representing a 22% year-on-year increase, driven by solidifying its domestic market while implementing regional and sectoral strategies [2] - The net profit attributable to shareholders for H1 2024 was 2.461 billion yuan, up 20% year-on-year, with a non-recurring net profit of 2.446 billion yuan, reflecting a 19% increase [2] Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 2.634 billion yuan, a 22% increase year-on-year, with a net profit of 929 million yuan, up 17% year-on-year [2] - The gross margin for Q2 2024 increased by 0.2 percentage points to 73.02%, attributed to a higher proportion of premium liquor sales [2] - The company’s sales expense ratio decreased by 1 percentage point to 12.23%, due to optimized budget allocation for channel expenses [2] Product and Market Strategy - The company’s revenue from different product categories in H1 2024 was 4.654 billion yuan for A+ class, 2.216 billion yuan for special A class, and 258 million yuan for A class, with respective year-on-year growth rates of 22%, 26%, and 14% [2] - The company is focusing on normal distribution for mainstream products while strategically promoting tactical products [2] - The company’s direct sales and wholesale revenue reached 95 million yuan and 7.163 billion yuan respectively, with year-on-year growth of 31% and 22% [2] Market Expansion - The company’s revenue from domestic and foreign markets in H1 2024 was 6.658 billion yuan and 599 million yuan, reflecting year-on-year growth of 21% and 36% respectively [2] - The company is enhancing its market presence in key provinces and replicating successful strategies from pilot markets to accelerate its expansion [3]

证券研究报告 | 2024年08月18日 今世缘（603369.SH） 优于大市 第二季度大众价位产品增速较快，利润率略有下降 2024 年第二季度公司收入同比+21.5%，净利润同比+16.9%。2024 上半年公司 实现营业总收入 73.0 亿元，同比+22.3%；实现归母净利润 24.6 亿元，同比 +20.1%。其中，2024 年第二季度实现营业总收入 26.3 亿元，同比+21.5%； 实现归母净利润 9.3 亿元，同比+16.9%。 第二季度收入增速稳健，大众价位产品表现较好。分产品看，2024Q2 特 A+/特 A/A 类产品收入同比+21.1%/+25.3%/+10.0%，其中 100 元价位需求韧性较好， 预计国缘淡雅、单开增速领先；四开、对开增速环比收敛但仍保持双位数以 上稳健增长。分区域看，2024Q2 省内市场收入同比+20.0%/收入占比 91.1%， 其中苏中（同比+32.5%）、盐城（同比+21.3%）、苏南（同比+19.6%）增速 较快，苏中市场份额进一步提升；淮安（同比+19.5%）、南京（同比+14.1%）、 淮海（同比+11.0%），传统优势市场进一步巩固；省外市场同比+ ...

[Table_Main] 证券研究报告 | 公司点评 今 世 缘(603369.SH) 2024 年 08 月 17 日 增持（维持） 所属行业：食品饮料/白酒Ⅱ 当前价格(元)：42.99 证券分析师 熊鹏 资格编号：S0120522120002 邮箱：xiongpeng＠tebon.com.cn 尤诗超 资格编号：S0120524070004 邮箱：yousc3＠tebon.com.cn 研究助理 市场表现 今世缘 沪深300 -34% -26% -17% -9% 0% 9% 17% 2023-08 2023-12 2024-04 | --- | --- | --- | --- | |-------------|--------|--------|--------| | 沪深300对比 | 1M | 2M | 3M | | 绝对涨幅(%) | -10.53 | -13.22 | -21.62 | | 相对涨幅(%) | -6.17 | -7.69 | -13.53 | 资料来源：德邦研究所，聚源数据 相关研究 1.《今世缘（603369.SH）：上市十周 年，勇攀新高峰》，2024.7.13 2.《今世缘 ...

今世缘（603369.SH）2024 年半年报点评 上半年稳中求进，后百亿蓄势前行 2024 年 08 月 18 日 [Table_Author] 分析师：王言海 分析师：胡慧铭 执业证号：S0100521090002 执业证号：S0100524060006 邮箱：wangyanhai@mszq.com 邮箱：huhuiming@mszq.com ➢ 事件： 公司发布 2024 年半年报，上半年实现营收 73.1 亿元，同增 22.4%； 实现归母净利润 24.6 亿元，同增 20.1%；扣非归母净利润 24.5 亿元，同比 +19.2%。单季度看，公司 24Q2 实现营收/归母净利润/扣非归母净利润 26.3/9.3/9.2 亿元，同比+21.5%/+16.9%/+14.8%。 ➢ 多元品牌差异定位，承接结构升级红利。分产品看，公司产品结构持续提升， 特 A 类及以上产品增速领先。24H1 公司特 A+类产品实现收入 46.5 亿元，同比 +21.9%；特 A 类实现收入 22.2 亿元，同比+26.1%；A 类实现收入 2.6 亿元， 同比+14.32%；B 类实现收入 0.8 亿元，同比-2.32%；C ...

Investment Rating - The report maintains a "Buy" rating with a target price of 78.26 CNY [3][5][14]. Core Views - The company's Q2 2024 performance met expectations, with a revenue increase of 21.5% year-on-year, driven by strong growth in the Guo Yuan V series and Guo Yuan Dan Ya products [3][14]. - The company is expected to continue expanding its market share in Jiangsu province, supported by solid channel foundations and product lifecycle advantages [3][14]. - The report emphasizes the company's stable profitability, with a net profit margin of 35.3% in Q2 2024, despite a slight decrease in gross margin and sales expense ratio [3][14]. Summary by Sections Financial Performance - Q2 2024 revenue and net profit increased by 21.5% and 16.86% year-on-year, respectively [14]. - The company forecasts EPS of 3.04 CNY, 3.67 CNY, and 4.26 CNY for 2024, 2025, and 2026 [3][14]. Market Position - The company is positioned to benefit from a deep product structure that caters to high-end demand, with significant growth potential in both domestic and emerging markets [3][14]. - The report highlights the company's ability to leverage its channel advantages and product lifecycle benefits to achieve further market share expansion [3][14]. Profitability - The company's profitability remains stable, with a net profit margin of 35.3% in Q2 2024, despite a slight decline in gross margin [3][14]. - The report notes that the company's contract liabilities decreased to 627 million CNY, reflecting a strategic recognition of prepayments [3][14].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is steadily achieving its 14th Five-Year Plan goals, with a strong performance in revenue and profit growth [1] - For Q2 2024, total revenue reached 2.634 billion yuan, up 21.5% year-on-year, while net profit attributable to shareholders was 929 million yuan, up 16.9% [1] - The company expects to complete its annual collection targets post the Mid-Autumn Festival, focusing on inventory reduction in Q4 [1] Revenue Performance - In H1 2024, total revenue was 7.305 billion yuan, an increase of 22.4% year-on-year, with net profit attributable to shareholders at 2.461 billion yuan, up 20.1% [1] - The core product V3 is expected to maintain a growth rate of 25-30% due to a low base and high marketing investment [1] - Regional performance showed significant growth, with Suzhong area increasing by 32.5% year-on-year [1] Profitability Analysis - The gross margin for Q2 2024 rose by 0.15 percentage points to 73.02%, while the net profit margin decreased by 1.4 percentage points to 35.27% due to reduced investment income [1] - The company maintains a stable overall profitability, with expectations for continued growth in net profit margins in the coming years [1][2] Financial Forecast - The company forecasts total revenue of 12.409 billion yuan, 15.041 billion yuan, and 17.976 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 22.9%, 21.2%, and 19.5% [2][4] - Net profit attributable to shareholders is projected to be 3.821 billion yuan, 4.693 billion yuan, and 5.646 billion yuan for the same years, with growth rates of 21.9%, 22.8%, and 20.3% respectively [2][4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [2][9]. Core Insights - The company reported a revenue of 7.3 billion RMB for the first half of 2024, a year-on-year increase of 22.4%, and a net profit attributable to shareholders of 2.46 billion RMB, up 20.1% year-on-year [2]. - In Q2 2024, the company achieved a revenue of 2.63 billion RMB, reflecting a 21.5% year-on-year growth, with a net profit of 930 million RMB, which is a 16.9% increase year-on-year [2]. - The growth in revenue is driven by strong performance in specific product categories, particularly the "Special A" and "Special A+" categories, which saw revenue increases of 25% and 21% respectively in Q2 2024 [2]. - The company is focusing on enhancing its operational efficiency and maintaining momentum in its domestic market, with expectations for steady cash flow throughout the year [2]. Summary by Sections Financial Performance - The company expects revenues for 2024, 2025, and 2026 to grow by 22.8%, 21.4%, and 18.3% respectively, with net profits projected to increase by 20.6%, 22.2%, and 19.6% [5][6]. - Earnings per share (EPS) are forecasted to be 3.01 RMB, 3.68 RMB, and 4.40 RMB for the years 2024, 2025, and 2026 respectively [5][6]. Product Analysis - The "Special A" category continues to lead growth trends, while the "Elegant" category also shows solid performance [2]. - The "Special A+" category's revenue growth is attributed to effective inventory management and product upgrades [2]. Regional Performance - In Q2 2024, the company generated 2.38 billion RMB in revenue from its domestic market, a 20% increase year-on-year, with specific regions like Suzhong showing a remarkable 33% growth [2]. - The company also reported a 37% year-on-year revenue increase from its external markets, contributing to 9% of total revenue [2].

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 ...