Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported stable revenue growth in H1 2024, achieving revenue of 3.17 billion yuan, a year-on-year increase of 8.7%, and a net profit attributable to shareholders of 950 million yuan, up 11.9% year-on-year [2] - The introduction of the "Jian 8" series has contributed to revenue growth, particularly in the Anhui market, which shows resilience in liquor consumption [2][3] - The company's gross margin improved significantly, rising 4.5 percentage points to 75.0% in Q2 2024, while net profit margin increased by 2.1 percentage points to 25.7% [3] - The company is expected to benefit from the active economy in Anhui and the ongoing upgrade in banquet and gift consumption, with a focus on marketing reforms [3] Summary by Sections Financial Performance - In Q2 2024, the company achieved revenue of 1.4 billion yuan, a year-on-year increase of 5.9%, and a net profit of 360 million yuan, up 15.1% year-on-year [2] - The revenue breakdown shows high-end liquor revenue at 1.3 billion yuan, up 3.5% year-on-year, while mid-range and low-end liquor revenues grew by 4.0% and 16.6% respectively [2] - The company's cash flow faced temporary pressure, with cash receipts from sales at 1.39 billion yuan, down 4.4% year-on-year [3] Market Strategy - The company is focusing on expanding the "Jian" series, aligning its pricing with competitors and enhancing brand influence through events and consumer engagement [3] - The company is strengthening its distribution channels, particularly in county and town markets, and implementing differentiated assessment systems for sales personnel [3] Earnings Forecast - The expected EPS for 2024, 2025, and 2026 are 3.39 yuan, 3.92 yuan, and 4.38 yuan respectively, with corresponding dynamic PE ratios of 10x, 9x, and 8x [3]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company's revenue and profit exceeded expectations, demonstrating strong operational resilience [5] - The market has underestimated the company's growth resilience under competitive conditions, with a current dividend yield of around 5% providing a high margin of safety at the current valuation [5] Financial Performance Summary - In H1 2024, the company achieved total operating revenue of 3.17 billion yuan, a year-on-year increase of 8.7%; net profit attributable to shareholders was 950 million yuan, up 11.9% year-on-year [5] - In Q2 2024, total operating revenue was 1.4 billion yuan, a year-on-year increase of 5.9%; net profit attributable to shareholders was 360 million yuan, up 15.2% year-on-year [5] - The company expects net profits for 2024-2026 to be 1.91 billion yuan, 2.08 billion yuan, and 2.28 billion yuan, representing year-on-year growth of 10.9%, 8.9%, and 9.5% respectively [5] Revenue Breakdown - In Q2 2024, high-end liquor revenue was 1.3 billion yuan, up 3.5% year-on-year; mid-range liquor revenue was 13 million yuan, up 4%; and low-end liquor revenue was 27 million yuan, up 16.6% [6] Cash Flow and Margins - Cash flow performance was relatively weak, with a year-on-year decline of 16.3% in revenue plus contract liabilities in Q2 2024, primarily due to a high base from the previous year [7] - Gross margin improved by 4.52 percentage points to 75.04% in Q2 2024, mainly due to a reduction in promotional discounts [8] - The net profit margin increased by 2.06 percentage points to 25.69% in Q2 2024 [8] Valuation Metrics - The current price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 11.5, 10.5, and 9.6 times respectively [5] - The company’s return on equity (ROE) is expected to remain stable around 17.7% for 2024 [10]

[Table_Title] 省内基本盘稳固，Q2 业绩增 15% ——口子窖 2024 年中报点评 [Table_Summary] 事件 公司公告 2024 年中报。24H1，公司实现总营收 31.66 亿元，同比+8.72%， 归母净利 9.49 亿元，同比+11.91%。24Q2，公司实现总营收 13.99 亿元， 同比+5.90%，归母净利 3.59 亿元，同比+15.15%。 省内基本盘稳固，省外持续招商 1）二季度高、中、低档白酒收入均实现正增长。24H1，公司高档/中档/低 档 白 酒 收 入 分 别 为 29.73/0.36/0.70 亿 元 ， 同 比 分 别 +7.34%/- 7.14%/+50.89% 。 24Q2 ，公司高档 / 中 档 / 低 档 白 酒 收 入 分 别 为 13.04/0.13/0.27 亿元，同比分别+3.48%/+4.01%/+16.62%。 2）经销渠道为主，直销渠道较快增长。24H1，公司批发代理/直销（含团 购）渠道分别实现收入 29.88/0.92 亿元，同比分别+6.70%/+66.43%。24Q2， 公司批发代理/直销（含团购）渠道分别实现收入 13. ...

稳步推进兼系列铺货，业绩符合预期 买入 （维持） 核心观点 ⚫ 公司发布 2024 年半年报，上半年实现营业收入 31.7 亿元，同比+8.7%；实现归母 净利润 9.5 亿元，同比+11.9%。单二季度来看，公司实现营业收入 14.0 亿元 （+5.9%），实现归母净利润 3.6 亿元（+15.1%）。 ⚫ Q2 淡季增速环比放缓，预计兼 8 铺货稳步推进。高档产品在 24H1 实现收入 29.7 亿（yoy+7.3%），预计大单品口子 5/10 年稳步增长，预计兼 8 逐步在淮北、合肥 等业务单元进行铺货，带来销售增量；高档产品在 24Q2 实现收入 13.0 亿 （yoy+3.5%），淡季增速环比放缓，预计兼系列铺货为核心工作之一。分地区， 24H1 省内实现收入 26.0 亿（yoy+8.8%），省外实现收入 4.8 亿（yoy+3.1%），省 内增势更强。24H1 末，公司省内、省外经销商数量为 499、498 家，较 24Q1 末分 别增加 3、32 家。24H1 末，公司合同负债为 3.2 亿，同比下滑 56%，环比 Q1 末下 滑 16%，24Q2 营收+Δ合同负债为 12.9 亿（yoy-1 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [3][5][7] Core Views - In Q2 2024, the company achieved a revenue growth of 5.9% year-on-year and a net profit growth of 15.1%. For the first half of 2024, total revenue reached 3.166 billion yuan, up 8.7% year-on-year, and net profit attributable to shareholders was 949 million yuan, up 11.9% year-on-year [1][4] - The company is focusing on product strategy adjustments, with both new and existing products being promoted simultaneously. Despite a slowdown in demand and upgrading speed in Anhui province, there are signs of marginal improvement [5][6] - The company aims for a full-year revenue target of 7.035 billion yuan, representing an 18% year-on-year increase. The revenue forecast for 2024-2025 is 6.66 billion yuan and 7.29 billion yuan, with year-on-year growth rates of 11.7% and 9.5%, respectively [5][9] Financial Performance Summary - In Q2 2024, the company's liquor revenue grew by 3.72% year-on-year, with high-end, mid-range, and low-end liquor revenues increasing by 3.48%, 4.01%, and 16.62%, respectively. The company is focusing on the domestic market, particularly in southern Anhui, where growth is faster [1][4] - The gross profit margin in Q2 2024 improved by 4.52 percentage points year-on-year, recovering to a normal level of 75.0%. The sales expense ratio increased by 3.9 percentage points, while the tax and additional rates decreased by 2.55 percentage points [1][4] - The company's operating cash flow in Q2 2024 was 108 million yuan, down 58.6% year-on-year, indicating pressure on cash flow due to weak domestic demand [1][4]

[Table_Date] 2024 年 08 月 28 日 [Table_Title] 符合市场预期，延续稳定增长 | --- | --- | --- | --- | |------------------------------|-------|--------------------------------|------------| | | | | | | [Table_DataInfo] 评级： 增持 | | 股票代码： | 603589 | | 上次评级： 增持 | | 52 周最高价 / 最低价（元)： | 61.23/34.1 | | | | 目标价格（元）： 总市值(亿元 ) | 205.20 | | 最新收盘价（元）： | 34.2 | 自由流通市值 (亿元) | 205.20 | | | | 自由流通股数(百万 ) | 596.87 | [Table_Summary] 事件概述 公司发布 24 年中报，24H1 实现收入 31.7 亿元，同比+8.7%；归母净利 9.5 亿元，同比+11.9%。24Q2 实现 收入 14.0 亿元，同比+5.9%；归母净利 3.6 亿元，同比+15.2%。 ...

| --- | --- | |--------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------| | | 费投推动产品销售结构升级，盈利水平同比提升 | | | —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 | 2024 年 08 月 28 日，口子窖发布 2024 年中期业绩报告。 | | sunss@cfsc.com.cn | | | 分析师：廖望州 liaowz@cfsc.com.cn | 投资要点 | | 基本数据 | ▌ 毛利率提升明显，盈利水平同比改善 | | 当前股价（元） | 2024 年中期实现营收 31.66 亿元（同增 8.72%），归母净利 | | 总市值（亿元） | 润 9 ...

口子窖（603589）2024 年中报点评 推荐（维持） 收入环比降速，兼 8 贡献增量 目标价：40 元 事项： 公司发布 2024 年中报，24H1 实现营收 31.7 亿元，同增 8.7%；归母净利 9.5 亿元，同增 11.9%；其中单 Q2 实现营收 14.0 亿元，同增 5.9%；归母净利 3.6 亿元，同增 15.1%，销售回款 13.9 亿元，同减 4.4%，经营现金流量净额 1.1 亿 元，同减 58.6%，合同负债 3.2 亿元，环比 Q1 末下降 0.6 亿元。 评论： 收入增速环比放缓，兼 8 贡献额外增量。单 Q2 收入同增 5.9%，其中酒类收 入同增 3.7%，环比降速。具体分产品看，窖系列老品自然动销，兼系列整体 增速放缓，兼 10、兼 20 去年铺货下基数整体较高，考虑价格定位高于老品， 动销周转相对较弱，新品兼 8 二季度上市后，消费者认可度较高，动销整体较 好，贡献额外增量，兼 5、兼 6 焕新扩量后消费者接受度进一步提升。分区域 看，单 Q2 省内收入同增 5.0%，改革持续深化，维持正常周转；省外收入同降 2.4%，主要系前期省外扩张致基数较高，叠加新品库存消化致收入 ...

Financial Performance - The company's operating revenue for the first half of 2024 reached CNY 3,166,345,142.89, an increase of 8.72% compared to CNY 2,912,465,738.41 in the same period last year[14]. - Net profit attributable to shareholders was CNY 948,695,046.22, reflecting an increase of 11.91% from CNY 847,755,647.96 year-on-year[14]. - The net profit after deducting non-recurring gains and losses was CNY 929,700,474.93, up 11.50% from CNY 833,783,919.96 in the previous year[14]. - Basic earnings per share for the first half of 2024 were CNY 1.58, an increase of 12.06% from CNY 1.41 in the same period last year[15]. - The weighted average return on equity increased to 9.43%, up 0.19 percentage points from 9.24% year-on-year[15]. - The company reported a total comprehensive income of ¥948,695,046.22 for the first half of 2024, compared to ¥847,755,647.96 in the same period last year, showing an increase of 11.9%[98]. Cash Flow and Assets - The net cash flow from operating activities decreased significantly to CNY 3,925,783.26, down 86.87% from CNY 29,900,831.19 in the same period last year[14]. - The total assets of the company as of June 30, 2024, were CNY 13,232,500,735.50, representing a 5.59% increase from CNY 12,532,413,073.51 at the end of the previous year[14]. - The total current assets increased to ¥8,224,907,236.64 as of June 30, 2024, compared to ¥7,578,409,805.15 at the end of 2023, representing a growth of about 8.5%[91]. - The cash and cash equivalents at the end of the period amounted to approximately ¥1.79 billion, an increase from ¥873.85 million at the end of the first half of 2023[104]. Liabilities and Equity - Total liabilities decreased to ¥2,745,475,160.49 from ¥3,405,128,199.68 year-over-year, indicating a reduction of approximately 19.4%[96]. - The company's total equity reached ¥9,827,735,750.33, compared to ¥9,749,366,681.26, showing a slight increase of about 0.8%[94]. - Non-current liabilities rose to ¥214,691,457.75 from ¥194,561,430.19, marking an increase of about 10.5%[94]. - The owner's equity at the end of the first half of 2024 was approximately ¥8.57 billion, a decrease of ¥900 million compared to the previous period[119]. Marketing and Strategic Initiatives - The company aims to double its sales and reach the "100 billion Kuozi" target within the next three years[25]. - The company plans to enhance the proportion of mid-to-high-end products significantly as part of its structural upgrade strategy[25]. - The marketing strategy includes strengthening county and town market penetration in Anhui and focusing on key cities in other provinces[26]. - The company has implemented a 360-degree dealer evaluation system to optimize its dealer structure[26]. Research and Development - Research and development expenses surged by 124.00% to ¥12,303,720.25, reflecting increased costs in R&D materials and depreciation[31]. - Research and development expenses for the first half of 2024 were ¥12,303,720.25, significantly higher than ¥5,492,678.90 in the same period of 2023, marking an increase of 123.5%[97]. Environmental and Safety Management - The company has established comprehensive safety production and storage management systems to mitigate risks[41]. - The company has implemented a pollution prevention and control strategy, ensuring that all emissions are within regulatory limits[52]. - The company has established three wastewater treatment plants with a designed processing capacity of 2,000 tons per day, utilizing an anaerobic + aerobic treatment process[51]. - The company has publicly disclosed its environmental performance and compliance status through designated information disclosure media[47]. Risks and Challenges - The company faces food safety risks due to the nature of its business as a food producer, which could lead to significant sales declines if serious incidents occur[39]. - The competitive landscape in the liquor market is intensifying, with numerous competitors in the Anhui province and surrounding areas, potentially impacting the company's profitability if brand influence declines[40]. - Fluctuations in raw material prices, particularly grains, are increasing procurement costs, which may adversely affect future profitability if the company cannot adjust product prices accordingly[42]. Shareholder and Capital Management - The company has not reported any changes in its board of directors, supervisors, or senior management personnel[45]. - The company has conducted a shareholder meeting to approve various proposals, including the annual work report and budget for 2024[44]. - The company approved the 2023 restricted stock incentive plan, which includes a management assessment method and authorization for the board to handle related matters[47]. - The total number of common shareholders as of the end of the reporting period was 65,093[84]. Financial Reporting and Compliance - The financial report was approved by the board of directors on August 28, 2024, ensuring timely disclosure of financial performance[126]. - The company adheres to accounting standards, ensuring that financial statements accurately reflect its financial position and performance[129]. - The financial statements have been prepared based on the enterprise accounting standards and relevant guidelines, ensuring compliance with regulatory requirements[126].

证券代码：603589 证券简称：口子窖 公告编号：2024-037 安徽口子酒业股份有限公司 关于 2024 年半年度 募集资金存放与实际使用情况的专项报告 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。 一、募集资金基本情况 二、募集资金管理情况 为规范募集资金的使用与管理，保护投资者利益，本公司根据《中华人民共 和国公司法》《中华人民共和国证券法》《上海证券交易所股票上市规则》《上 市公司监管指引第 2 号—上市公司募集资金管理和使用的监管要求》《上海证券 交易所上市公司自律监管指引第 1 号——规范运作》《安徽口子酒业股份有限公 司章程》等的相关规定，结合公司实际情况，制定了《安徽口子酒业股份有限公 司募集资金管理制度》，对募集资金建立专户存储，并严格履行审批手续，对募 集资金的管理和使用进行监督，保证专款专用。 （一）实际募集资金金额和资金到账时间 经中国证券监督管理委员会证监许可[2015]1190 号文核准，安徽口子酒业股 份有限公司（以下简称"公司"）于 2015 年 6 月 18 日首次向社会公开发行人民币 ...