证券代码：603589 证券简称：口子窖 公告编号：2024-041 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 63,473,529 股，占公司总股本比例为 10.58%；本次解除质押 6,800,000 股 后，刘安省先生持有本公司股份累计质押数量为 26,793,900 股，占其持股数量比 例为 42.21%。 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 6,800,000 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 36,527,700 股，占其持股数量比例为 14.49%。 本公司于 2024 年 9 月 6 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 截至本公告日，实际控制人徐进、刘安省及一致行动人张国强、徐钦祥、朱 成寅、范博、周 ...

食品饮料 | 证券研究报告 — 调整盈利预测 2024 年 9 月 4 日 口子窖 603589.SH 买入 原评级：买入 市场价格:人民币 35.14 板块评级:强于大市 本报告要点 口子窖 2024 年半年报业绩点评 股价表现 (%) 今年 1 3 12 (42%) (33%) (25%) (17%) (8%) 0% Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Sep-24 口子窖 上证综指 至今 个月 个月 个月 绝对 (20.6) (6.2) (16.3) (38.4) 相对上证综指 (15.4) (3.0) (7.4) (28.1) | --- | --- | |------------------------------------------|------------| | | | | 发行股数 ( 百万 ) | | | 流通股 ( 百万 ) | | | 总市值 ( 人民币 百万 ) | | | 3 个月日均交易额 ( 人民币 主要股东 | 百万 ) | | 徐进 | | | 资料来源：公司公告， Wind ...

公司报告 | 半年报点评 Q2 收入端略承压，兼系带动结构升级利润略超预期 口子窖（603589） 证券研究报告 2024 年 09 月 04 日 投资评级 行业 食品饮料/白酒Ⅱ 6 个月评级 买入（维持评级） 当前价格 35.73 元 目标价格 元 事 件 ： 2024Q2 公司收入 / 归 母 净 利 润 / 扣 非 归 母 净 利 润 分 别 为 13.99/3.59/3.43 亿元（同比+5.90%/+15.15%/+12.70%）。 Q2 收入端略有承压，期待下半年兼系新品进一步发力。24Q2 酒类营收 13.44 亿元，同比+3.72%；其中，高档白酒/中档白酒/低档白酒营业收入 13.04/0.13/0.27 亿元（同比+3.48%/+4.01%/+16.62%）；高 档白 酒占比 97.04%，同比-0.23pcts。 省内精耕细作稳固基本盘，省外优化资源配置聚焦重点市场发力。24Q2 省内/外收入分别为 11.20/2.24 亿元（同比+5.04%/-2.41%），省内占比提升 1.05pcts 至 83.31%。24Q2 经销商数量同比净增加 93 家至 997 家，商均规 模同比-5. ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][7] Core Views - The company reported a total revenue of 3.166 billion yuan for the first half of 2024, representing a year-on-year increase of 8.7%, with a net profit attributable to shareholders of 949 million yuan, up 11.9% year-on-year [6] - The company has strengthened the promotion of its product series, leading to significant growth in low-end liquor revenue, with a 50.9% year-on-year increase in the first half of 2024 [6] - The company is focusing on refining its domestic market strategy and has seen good performance in direct sales channels, with a 66.4% year-on-year increase in revenue from direct sales in the first half of 2024 [6] - The company's gross margin improved, reaching 75.8% in the first half of 2024, up 1.98 percentage points year-on-year, attributed to better product structure and increased sales of the promoted series [6] Financial Performance Summary - For 2024, the company is expected to achieve earnings per share (EPS) of 3.26 yuan, with projected revenues of 6.626 billion yuan and a net profit of 1.958 billion yuan [8][10] - The gross margin is projected to improve to 76.1% in 2024, with a net profit margin of 29.6% [10] - The company anticipates a net profit growth rate of 13.8% for 2024, with a steady increase in revenue expected over the next few years [10][11]

Investment Rating - The report maintains a "Buy" rating for the company, with a current price of 35.28 CNY and a target price not specified for the next six months [1]. Core Insights - The company reported stable revenue growth in the first half of 2024, achieving 3.17 billion CNY in revenue, a year-on-year increase of 8.7%, and a net profit attributable to shareholders of 950 million CNY, 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 gross profit margin increased significantly by 4.5 percentage points to 75.0% in Q2 2024, while the net profit margin rose by 2.1 percentage points to 25.7% [3]. - The company is focusing on brand building and marketing reforms to enhance its market presence and capitalize on the growing demand for high-end liquor [3]. Summary by Sections Financial Performance - In Q2 2024, the company achieved revenue of 1.4 billion CNY, a year-on-year increase of 5.9%, and a net profit of 360 million CNY, up 15.1% [2]. - The high-end liquor segment generated 1.3 billion CNY in revenue, growing by 3.5% year-on-year, while mid-range and low-end segments grew by 4.0% and 16.6%, respectively [2]. - The company's cash flow faced temporary pressure, with cash receipts from sales decreasing by 4.4% year-on-year in Q2 2024 [3]. Market Strategy - The company is actively expanding its market presence in county and township areas, implementing differentiated assessment systems for sales personnel to incentivize high performance [3]. - The Anhui economy's vibrancy supports the company's marketing reforms, with expectations for the "Jian" series to leverage price increases in the liquor market [3]. Earnings Forecast - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 3.39 CNY, 3.92 CNY, and 4.38 CNY, respectively, with corresponding dynamic price-to-earnings (PE) ratios of 10, 9, and 8 [3].

Investment Rating - The report maintains an "Accumulate" rating for the company [3][7]. Core Views - The company reported a revenue of 3.166 billion yuan for H1 2024, an increase of 8.72% year-on-year, and a net profit of 949 million yuan, up 11.91% year-on-year [6]. - The company is focusing on expanding its market presence in Anhui while also penetrating surrounding provinces, with high-end products accounting for over 97% of total revenue [6][7]. - Profitability is expected to improve, with projected revenues of 6.58 billion yuan, 7.30 billion yuan, and 8.10 billion yuan for 2024-2026, reflecting year-on-year growth rates of 10.4%, 10.9%, and 10.9% respectively [7]. Financial Data Summary - For Q2 2024, the company achieved a revenue of 1.399 billion yuan, a 5.90% increase year-on-year, and a net profit of 359 million yuan, up 15.15% year-on-year [6]. - The gross profit margin for Q2 2024 increased by 4.52 percentage points to 75.04%, while the net profit margin rose by 2.06 percentage points to 25.69% [6]. - The company’s total assets are projected to reach 16.487 billion yuan by 2026, with a net profit of 2.422 billion yuan for the same year [9][11].

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 ...