Investment Rating - The investment rating for the company is "Buy" (maintained) [1][8] Core Views - The company has shown continuous revenue growth with a high dividend yield, indicating effective transformation efforts [1][3] - In 2023, the company achieved a revenue of 5.962 billion yuan, a year-on-year increase of 16.10%, and a net profit attributable to shareholders of 1.721 billion yuan, up 11.04% year-on-year [2][3] - For Q1 2024, the company reported a revenue of 1.768 billion yuan, reflecting an 11.05% year-on-year growth, and a net profit of 589 million yuan, which is a 10.02% increase year-on-year [2][3] Summary by Sections Performance Overview - The company's revenue and net profit growth rates for 2023 and Q1 2024 are 16.10% and 11.05% for revenue, and 11.04% and 10.02% for net profit respectively, indicating robust performance [3] - The company's cash flow is strong, with a year-on-year increase of 15.46% in sales cash receipts and 54.95% in operating cash flow for Q1 2024 [3] Product and Market Strategy - The company has diversified its product matrix, launching new products in the 200 yuan price range, which is expected to enhance market penetration [3][5] - Revenue from high-end, mid-range, and low-end liquor products in 2023 was 5.678 billion, 76 million, and 95 million yuan respectively, with high-end product revenue growing significantly [3] - The company is focusing on expanding its market presence in both domestic and external markets, with revenue from Anhui province reaching 4.902 billion yuan, up 17.53% year-on-year [3] Financial Metrics and Forecast - The company's gross margin improved by 1.03 percentage points to 75.19%, while the net profit margin decreased by 1.32 percentage points to 28.87% [3][6] - The company forecasts revenues of 7.042 billion, 8.130 billion, and 9.339 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 2.030 billion, 2.378 billion, and 2.727 billion yuan [7][8] - The estimated EPS for 2024, 2025, and 2026 is projected to be 3.38, 3.96, and 4.55 yuan respectively, with P/E ratios of 12, 11, and 9 [7][8]

股 票 研 究 [Table_industryInfo] 食品饮料/必需消费 [ Table_Main[口ITnaf 子bol]e 窖_Ti(tl6e]0 3589) [评Tab级le_：Inv est] 增持 上次评级： 增持 改革逻辑延续 目标价格： 51.90 上次预测： 62.00 公 口子窖 2023 年报、2024 年一季报点评 当前价格： 41.82 司 訾猛(分析师) 李耀(分析师) 2024.05.02 更 021-38676442 8621-38675854 [交Ta易bl数e_M据a rket] 新 zimeng@gtjas.com liyao022899@gtjas.com 证书编号 S0880513120002 S0880520090001 52周内股价区间（元） 37.73-61.06 报 总市值（百万元） 25,092 告 本报告导读： 总股本/流通A股（百万股） 600/597 流通 B股/H股（百万股） 0/0 公司 2023Q4/2024Q1 业绩符合预期，改革逻辑延续，传统单品形成支撑，新单品试 流通股比例 99% 水，渠道结构在优化；看好公司在核心市场产品结构抬升及市占 ...

上 市 公 司 食品饮料 2024 年04月 30 日 口子窖 (603589) 公 司 研 究 —— 23 年报与24Q1 点评： 经营保持稳健 延续两位数 / 公 司 增长 点 评 报告原因：有业绩公布需要点评 增持 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59.62亿，同比增长 券 16.1%，归母净利润17.21亿，同比增长11.04%。我们在业绩前瞻中预测公司23年营业 研 市场数据： 2024年04月29日 收入同比增长15%，归母净利润同比增长12%，公司收入业绩符合预期。24Q1实现营业 究 收盘价（元） 40.98 报 一年内最高/最低（元） 64.18/36.65 收入17.68亿，同比增长11.05%，归母净利润5.89亿，同比增长10.02%。我们在业绩 告 市净率 2.4 前瞻中预测公司24Q1营业收入同比增长13%，归母净利润同比增长8%，公司收入业绩 息率（分红/股价） - 流通A股市值（百万元） 24460 基本符合预期。公司2023年现金分红比例为52%。 上证指数/深证成指 3113.04/9673.76  投资评 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 40.98 yuan [3]. Core Views - The company achieved a stable performance in 2023, with total revenue and net profit attributable to shareholders reaching 5.962 billion yuan and 1.721 billion yuan, respectively, representing year-on-year growth of 16.10% and 11.04% [1][2]. - The "Jian" series product launch has significantly contributed to the growth in both volume and price of high-end liquor, with high-end liquor revenue increasing by 16.58% year-on-year [1]. - The company aims to achieve "three upgrades": market upgrade to double sales, structural upgrade to enhance the proportion of mid-to-high-end products, and brand upgrade to become the leading brand in the high-end liquor segment [2]. Financial Performance - In 2023, the company's gross profit margin was 75.19%, with a net profit margin of 28.87% [2][6]. - The company reported a decrease in the dividend payout ratio to 52.29% from 57.76% in 2022 [1]. - For 2024, the company forecasts net profits of 1.973 billion yuan, 2.213 billion yuan, and 2.563 billion yuan for the years 2024, 2025, and 2026, respectively, indicating growth rates of 14.6%, 12.1%, and 15.9% [2][6]. Revenue Breakdown - The liquor business generated revenue of 58.49 billion yuan in 2023, with contributions from volume growth of 7.43% and price growth of 7.61% [1]. - The revenue from high-end liquor accounted for 97.08% of total liquor revenue, with significant volume and price increases attributed to the "Jian" series [1][2]. - The company has seen an increase in the number of distributors, with 496 in the province and 466 outside the province as of Q1 2024 [1].

证 券 2024 年 04 月 30 日 研 究 省内结构升级趋势仍存，盈利水平保持稳定 报 告 —口子窖（603589.SH）公司事件点评报告 买入(维持) 事件 分析师：孙山山 S1050521110005 2024 年 04 月 30 日，口子窖发布 2023 年度及 2024 年度一季 sunss@cfsc.com.cn 度业绩报告。 分析师：廖望州 S1050523100001 liaowz@cfsc.com.cn 投资要点 基本数据 2024-04-29 ▌ 费投控制良好，盈利水平保持稳定 当前股价（元） 40.98 总市值（亿元） 246 2023 年营收 59.62 亿元（同增 16.1%），归母净利润 17.21 亿元（同增 11.04%）。2023Q4 营收 15.16 亿元（同增 总股本（百万股） 600 10.42%），归母净利润 3.73 亿元（同增 6.95%）。2024Q1 总 流通股本（百万股） 597 营收 17.68 亿元（同增 11.05%），归母净利润 5.89 亿元 52周价格范围（元） 37.73-61.06 （同增 10.02%）。2023 年毛利率 75.19% ...

Financial Performance - The company's operating revenue for 2023 reached approximately CNY 5.96 billion, representing a 16.10% increase compared to CNY 5.14 billion in 2022[18]. - The net profit attributable to shareholders of the listed company was approximately CNY 1.72 billion, an increase of 11.04% from CNY 1.55 billion in the previous year[18]. - The net profit after deducting non-recurring gains and losses was approximately CNY 1.70 billion, reflecting a 10.75% increase from CNY 1.53 billion in 2022[19]. - The net cash flow from operating activities was approximately CNY 910.68 million, up 9.84% from CNY 829.13 million in the previous year[19]. - The total assets of the company at the end of 2023 were approximately CNY 12.53 billion, an increase of 8.90% from CNY 11.51 billion at the end of 2022[19]. - The net assets attributable to shareholders of the listed company were approximately CNY 9.75 billion, reflecting a 9.49% increase from CNY 8.90 billion in the previous year[19]. - Basic earnings per share for 2023 reached CNY 2.87, an increase of 11.24% compared to CNY 2.58 in 2022[20]. - The company achieved a weighted average return on equity of 18.63% in 2023, up 0.4 percentage points from 18.23% in 2022[20]. - The company reported a net profit margin of 18% for the year, reflecting effective cost management and operational efficiency[101]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of CNY 15.00 per 10 shares (including tax) based on the total share capital after deducting repurchased shares[5]. - The total cash dividend distributed accounted for 52.29% of the net profit attributable to the shareholders of the listed company[130]. - The company reported a total of 178,801,064 shares at the beginning of the year and 179,035,278 shares at the end of the year, indicating an increase of 234,214 shares[99]. - The company distributed a cash dividend of 900,000,000 RMB (before tax), amounting to 1.5 RMB per share, based on a total share capital of 600,000,000 shares[127]. Operational Efficiency and Capacity - The company expanded its production capacity by adding over 6,000 tons in the second phase of its production facility, with total capacity expected to reach 60,000 tons upon full operation[25]. - The company’s digital transformation initiatives have improved operational efficiency across various business segments, including production and marketing[26]. - The company’s cash flow from operating activities increased by 9.84% to 910.68 million RMB, driven by higher cash receipts from sales[38]. - The company has established a robust internal control system to manage risks and ensure operational efficiency[104]. Market and Sales Performance - The company maintained a leading position in the segment of mixed aroma liquor, with significant market potential due to diverse consumer taste preferences[30]. - The company’s market share and the proportion of mid-to-high-end products have steadily increased due to enhanced marketing strategies and channel optimization[25]. - The company has focused on expanding its market presence in both domestic and key external markets, optimizing resource allocation[41]. - The company plans to enhance its online sales strategy by expanding e-commerce channels and introducing customized products[70]. - The company aims to double its sales volume and significantly increase the proportion of mid-to-high-end products in its portfolio[26]. Research and Development - Research and development expenses rose by 36.90% to 33.64 million RMB, reflecting increased costs for materials used in R&D[38]. - The number of R&D personnel was 95, representing 2.17% of the total workforce[49]. - Research and development expenditures increased by 25% year-over-year, underscoring the commitment to innovation[101]. Risk Management - The company has not identified any significant risks that could materially affect its operations during the reporting period[7]. - The company faces food safety risks due to the nature of its production processes, which could adversely affect its operations if safety standards are not met[84]. - The company is exposed to market competition risks, particularly from well-known enterprises in the liquor sector, which could impact its profitability if brand influence declines[85]. - The company is at risk from fluctuations in raw material prices, particularly grains, which could increase production costs if prices rise significantly[87]. - The company is vulnerable to counterfeiting risks, which could harm its reputation and normal operations if such activities increase[88]. Corporate Governance - The company held 2 shareholder meetings during the reporting period, passing 15 resolutions[90]. - The board of directors convened 6 times, approving 36 resolutions, ensuring compliance with corporate governance regulations[91]. - The supervisory board met 6 times, reviewing 22 resolutions, effectively overseeing major company matters and financial conditions[91]. - The company has established a robust information disclosure management system, ensuring timely and accurate information dissemination to all shareholders[91]. - The company emphasizes investor relations management, facilitating communication through various channels to protect investor rights[91]. Environmental and Social Responsibility - The company has invested a total of 156.38 million yuan in social responsibility initiatives, including donations for education and special education schools[151]. - The company has established a real-time monitoring system for wastewater discharge, ensuring compliance with environmental standards[146]. - The company has implemented emergency response plans for environmental incidents at its three plants, which have been approved by environmental authorities[145]. - The company has reduced carbon emissions by 8,000 tons through measures such as centralized heating and discontinuing self-built boilers[149]. Future Outlook - Future guidance indicates a projected revenue growth of approximately 10% for the upcoming fiscal year, driven by increased consumer demand and market expansion strategies[101]. - The company is investing in new technologies to improve production efficiency and product quality, aiming for a 15% reduction in production costs by 2025[101]. - A new product line is set to launch in Q2 2024, expected to contribute an additional 5% to overall revenue[101]. - The company is exploring potential mergers and acquisitions to accelerate growth and diversify its product offerings[101].

Financial Performance - The company's operating revenue for Q1 2024 was CNY 1,767,501,835.50, representing an increase of 11.05% compared to the same period last year[4]. - The net profit attributable to shareholders of the listed company was CNY 589,320,448.31, reflecting a growth of 10.02% year-on-year[4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 586,552,403.87, up by 10.82% from the previous year[4]. - The basic earnings per share for the period was CNY 0.98, an increase of 10.11% compared to the same period last year[4]. - Net profit for Q1 2024 reached ¥1,767,501,835.50, compared to ¥1,591,592,151.76 in Q1 2023, marking an increase of approximately 11.04%[14]. - Operating income for Q1 2024 was ¥973,528,280.34, up from ¥888,046,533.37 in the same period last year, reflecting a growth of around 9.59%[14]. - The total profit for Q1 2024 was CNY 797,554,257.97, an increase from CNY 712,007,617.26 in Q1 2023, representing a growth of approximately 12.06%[15]. Assets and Liabilities - Total assets at the end of Q1 2024 amounted to CNY 12,993,537,932.41, a rise of 3.68% from the end of the previous year[5]. - Total assets increased to ¥12,993,537,932.41, up from ¥12,532,413,073.51, representing a growth of approximately 3.69% year-over-year[13]. - Total liabilities decreased to ¥2,667,366,897.69 from ¥2,783,046,392.25, a reduction of about 4.16%[12]. - The company’s retained earnings increased to ¥8,527,239,452.31 from ¥7,937,919,004.00, reflecting a growth of about 7.43%[12]. - The total non-current assets increased to ¥5,005,985,237.99 from ¥4,954,003,268.36, representing a growth of approximately 1.06%[12]. Shareholder Information - The equity attributable to shareholders of the listed company was CNY 10,326,171,034.72, which is a 5.92% increase from the end of the previous year[5]. - The company had a total of 70,282 ordinary shareholders at the end of the reporting period[7]. - The company's total equity rose to ¥10,326,171,034.72 from ¥9,749,366,681.26, indicating an increase of about 5.91%[13]. Cash Flow - The net cash flow from operating activities was negative at CNY -103,959,905.44, indicating a non-applicable change[4]. - Cash flow from operating activities showed a net outflow of CNY -103,959,905.44, an improvement from CNY -230,773,641.26 in Q1 2023[18]. - Total cash inflow from operating activities was CNY 1,405,173,684.21, compared to CNY 1,219,867,692.65 in Q1 2023, indicating a growth of about 15.2%[17]. - Cash outflow for operating activities totaled CNY 1,509,133,589.65, which is an increase from CNY 1,450,641,333.91 in the previous year[18]. - The net cash flow from investing activities was CNY -470,210,858.60, slightly worse than CNY -451,194,716.86 in Q1 2023[18]. - Cash and cash equivalents at the end of Q1 2024 were CNY 808,500,541.21, down from CNY 906,806,942.71 at the end of Q1 2023[18]. Non-Recurring Items - Non-recurring gains and losses totaled CNY 2,768,044.44 for the period[6]. - The company reported a fair value change gain of CNY 2,263,298.99, compared to CNY 1,727,931.45 in Q1 2023[15].

证券代码：603589 证券简称：口子窖 公告编号：2024-021 安徽口子酒业股份有限公司 2024 年第一季度经营数据公告 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法律责任。 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：第十二 号——酒制造》的相关规定，现将公司 2024 年第一季度主要经营数据（未经审 计）公告如下： 一、公司 2024 年第一季度主要经营情况： 1、按产品档次分类情况： 2、按销售渠道分类情况： 单位：万元 币种：人民币 二、公司 2024年第一季度经销商变动情况: 单位:个 | 区域名称 | 报告期末经销商数量 | 报告期内增加数量 | 报告期内减少数量 | | --- | --- | --- | --- | | 安徽省内 | 496 | | | | 安徽省外 | 466 | 24 | 13 | | 合计 | 962 | 25 | 14 | | 渠道类型 | 2024 年 | 1－3 | 月 | 2023 年 | 1－3 月 | 增减变动幅度（%） | | --- | --- | - ...

| 回购方案首次披露日 | 2023/11/8 | | --- | --- | | 回购方案实施期限 | 2023-11-06~2024-11-05 | | 预计回购金额 | 万元~11,000 万元 5,500 | | 回购用途 | 用于员工持股计划或股权激励 | | 累计已回购股数 | 万股 53.00 | | 累计已回购股数占总股本比例 | 0.088% | | 累计已回购金额 | 万元 2,249.5276 | | 实际回购价格区间 | 元/股~48.07 元/股 38.86 | 证券代码：603589 证券简称：口子窖 公告编号：2024-010 安徽口子酒业股份有限公司 关于以集中竞价交易方式回购股份进展的公告 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法律责任。 重要内容提示： 截至 2024 年 3 月 31 日，本公司通过集中竞价交易方式回购 A 股股份 530,000 股 ， 占 本 公 司 总 股 本 的 比 例 为 0.088% ， 已 支 付 的 资 金 总 额 合 计 人 民 币 22,495,276.0 ...

证券代码：603589 证券简称：口子窖 公告编号：2024-009 安徽口子酒业股份有限公司 关于股东部分股份解除质押的公告 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法律责任。 重要内容提示： 刘安省先生持有安徽口子酒业股份有限公司（以下简称"本公司"）股份 数量为 69,973,529 股，占公司总股本比例为 11.66%；本次解除质押 14,208,400 股后，刘安省先生持有本公司股份累计质押数量为 36,793,900 股，占其持股数量 比例为 52.58%。 刘安省先生及其一致行动人持有本公司股份数量为 252,063,712 股，占本 公司总股本的 42.01%；本次解除质押 14,208,400 股后，刘安省先生及其一致行 动人持有本公司股份累计质押数量为 46,927,700 股，占其持股数量比例为 18.62%。 本公司于 2024 年 3 月 21 日收到刘安省先生部分股份解除质押的通知，具体 情况如下： 一、本次股份解除质押情况 1 刘安省先生于 2021 年 3 月 25 日将持有的本公司的股份 6,76 ...