Investment Rating - The report maintains a "Buy" rating for the company [8] Core Insights - The company reported a total revenue of 2.328 billion yuan for Q1-Q3 2024, representing a year-on-year increase of 15.31%. The net profit attributable to shareholders was 333 million yuan, up 22.17% year-on-year, while the net profit excluding non-recurring items reached 337 million yuan, reflecting a 23.05% increase [5][6] - In Q3 2024, the company achieved a revenue of 574 million yuan, which is a 15.77% increase year-on-year. The net profit attributable to shareholders for this quarter was 38.07 million yuan, showing a significant increase of 108.84% year-on-year [5][6] - The gross profit margin for Q1-Q3 2024 was 64.14%, an increase of 0.65 percentage points year-on-year, while the net profit margin improved to 14.3%, up 0.8 percentage points [6] - The product structure has been continuously optimized, with revenue from products priced above 300 yuan reaching 472 million yuan for the first three quarters, a year-on-year increase of 43.8% [7] - The company forecasts an EPS of 0.79 yuan for 2024 and 0.95 yuan for 2025, with corresponding net profits of 399 million yuan and 484 million yuan, leading to a PE ratio of 27 and 23 times respectively [7]

证券代码：603919 证券简称：金徽酒 公告编号：临 2024-069 金徽酒股份有限公司 关于持股 5%以上股东减持股份计划公告 本公司董事会、全体董事及相关股东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： 减持计划的主要内容：铁晟叁号因自身资金需求，自本公告披露之日起至本 次减持计划期间届满之日止，计划通过集中竞价或大宗交易方式减持其持有的公司 股份合计不超过 15,217,800 股，减持比例不超过公司总股本的 3%。 若减持股份计划实施期间，公司发生送红股、增发新股或配股、转增股本、 股份回购等事项导致股东持股数量或公司股份总数发生变更的，上述减持股份数量 应做相应调整。 一、减持主体的基本情况 | 股东名称 | 股东身份 | 持股数量（股） | 持股比例 | 当前持股股份来源 | | --- | --- | --- | --- | --- | | 济南铁晟叁号投资合 | 5%以上非第一 | 25,363,000 | 5% | 协议转让 取得： | | 伙企业（有限合伙） | 大股东 | | | 股 25,363,000 ...

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [5]. Core Views - The company has demonstrated impressive profit growth, with Q3 2024 revenue, net profit, and adjusted net profit increasing by 15.77%, 108.84%, and 71.85% year-on-year, respectively [1]. - The company is focusing on a dual-driven marketing transformation strategy, which includes "influence customer-led user engineering + deep operation," to strengthen its market presence in Northwest China while actively expanding into East China, Northern regions, and online markets [4]. - The company is expected to achieve revenue of 30.0 billion, 34.8 billion, and 40.4 billion yuan for the years 2024 to 2026, with corresponding growth rates of 17.8%, 16.0%, and 16.1% [4]. Summary by Sections Performance - In Q3 2024, the company achieved operating revenue of 5.74 billion yuan, net profit of 0.38 billion yuan, and adjusted net profit of 0.35 billion yuan, reflecting significant year-on-year growth [1]. Product Segmentation - Revenue from products priced above 300 yuan grew by 42.06%, while products priced between 100-300 yuan and below 100 yuan saw increases of 14.92% and a decline of 24.33%, respectively [2]. Market Dynamics - Revenue from domestic and foreign markets in Q3 2024 was 3.75 billion yuan and 1.71 billion yuan, showing growth of 4.40% and 37.91% year-on-year [3]. - The company’s sales through distribution, direct sales, and online channels were 5.11 billion yuan, 0.20 billion yuan, and 0.14 billion yuan, with online sales showing a notable increase [3]. Financial Metrics - The gross margin and net margin for Q3 2024 were 61.13% and 6.37%, respectively, with a decrease in sales expense ratio by 3.19 percentage points [4]. - The company’s operating cash flow for Q3 2024 was 0.03 billion yuan, indicating a significant decline of 102.86% [4]. Future Projections - The company forecasts net profits of 4.0 billion, 4.9 billion, and 6.3 billion yuan for 2024 to 2026, with growth rates of 22.8%, 20.7%, and 29.4% [4].

关于以集中竞价交易方式回购公司股份 的进展公告 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： | 回购方案首次披露日 | 2024/3/16 | | --- | --- | | 回购方案实施期限 | 2024/3/15~2025/3/14 | | 预计回购金额 | 10,000.00 万元~20,000.00 万元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 1,042.4843 万股 | | 累计已回购股数占总股本比例 | 2.0551% | | 累计已回购金额 | 19,277.6148 万元 | | 实际回购价格区间 | 15.49 元/股~20.94 元/股 | 一、回购股份的基本情况 金徽酒股份有限公司（简称"公司"）于 2024 年 3 月 15 日召开第四届董事会 第十四次会议，审议通过《关于审议金徽酒股份有限公司以集中竞价交易方式回 购公司股份方案的议案》，同意使用不低 ...

那今天也是很高兴邀请到我们公司的董秘任总以及我们董秘办的这个同事裴总来跟大家做一个这个线上的交流那金徽酒在三七爆整个白酒行业普遍降速的这个背景下公司的整个节奏还是相对比较稳健的保持了一个比较好的这个双位数以上的增长那今天我们也是首先跟 首先感谢两位领导的时间,然后我也是首先替投资者先跟领导请教一下一些大家比较关注的共性问题啊。就第一个就是,呃,因为我们看到呃,其实甘肃呃,首先想请这个任总来跟大家介绍一下甘肃目前省内的一个啊,整个消费。 情况就是一个比如说像居民价格带还有商务价格带的一个大家用酒价位的变化然后包括整个消费活跃度的一个情况然后以及我们在甘肃省内目前的一个结构的变化的情况然后再有一个就是大家对省外的特别是甘肃陕西作为我们省外的一个主要的阵地那也想请 这个任总先跟大家介绍一下我们目前在陕西取得的一些模板市场打造以及一体化市场培育的这些具体的效果首先请任总先跟大家来做个分享谢谢各位投资者这个周五的时间参加这场线上的这个交流活动给大家汇报一下999的情况那么下面的话就 若是的两个问题做一个回复第一个是甘肃省内的整体的一个情况因为甘肃的话本身在西北地区经济的基础相对比较弱一些跟其他的省份相比有一定的差距但是 ...

证券代码：603919 证券简称：金徽酒 金徽酒股份有限公司投资者关系活动记录表 编号：2024-008 召开日期：2024 年 10 月 30 日 14:00-15:00 召开地点：上海证券交易所上证路演中心（网址：http://roadshow.sseinfo.com/） 召开方式：上证路演中心网络互动 接待人职务及姓名：董事长、总裁周志刚先生；独立董事郭秀华女士；副总裁石少军先生； 财务总监谢小强先生；董事会秘书任岁强先生 参与人员：参与金徽酒 2024 年第三季度业绩说明会的所有投资者 调研形式： | --- | --- | --- | --- | --- | --- | |-------|--------------|-------|----------------|-------|--------------------| | | | | | | | | | | | | | | | □ | 公司现场接待 | □ | 电话接待 | | □ 其他场所接待 | | □ | 公开说明会 | ☑ | 定期报告说明会 | | □ 重要公告说明会 | | □ | 媒体来访 | □ | 其他 | | | 网络互动 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has demonstrated resilient revenue growth and profit elasticity, with a projected increase in net profit for 2024-2026 [4] - The company achieved a revenue of 2.33 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 15.3%, and a net profit of 330 million yuan, up 22.2% year-on-year [4] - The report maintains profit forecasts for 2024-2026, expecting net profits of 400 million yuan, 490 million yuan, and 600 million yuan, with respective year-on-year growth rates of 20.7%, 24.0%, and 22.3% [4] Revenue and Profitability - The company’s revenue for Q3 2024 was 570 million yuan, a year-on-year increase of 15.8%, with a net profit of 38 million yuan, up 108.8% year-on-year [4] - The gross profit margin decreased by 1.52 percentage points in Q3 due to increased marketing costs, but the net profit margin significantly improved by 2.9 percentage points [7] Product Structure and Market Performance - The company’s product structure continues to optimize, with revenue from products priced above 300 yuan increasing by 43.8% year-on-year [5] - The company’s performance in the mid-to-high-end product segment remains strong, driven by marketing transformation and focus on high-end product offerings [5] Regional Growth - Revenue from provincial and non-provincial markets for the first three quarters was 1.72 billion yuan and 550 million yuan, respectively, with year-on-year growth of 13.9% and 15.7% [6] - The company is expanding its market presence outside its home province, particularly in East and North China, while deepening its existing market in the Gansu region [6] Financial Projections - The company’s projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.78 yuan, 0.97 yuan, and 1.19 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 27.9, 22.5, and 18.4 [4][8] - The company’s total revenue is expected to reach 3.004 billion yuan in 2024, with a year-on-year growth of 17.9% [8]

[ T able_StockInfo] 2024 年 10 月 27 日 证券研究报告•2024 年三季报点评 买入 （维持） 当前价：20.32 元 金 徽 酒（603919）食品饮料 目标价：——元（6 个月） 高档势能强劲，全国化布局稳步推进 [Table_Summary 事件：公司发布] 2024年三季报，前三季度实现营收 23.3亿元，同比+15.3%； 归母净利润 3.3亿元，同比+22.2%。单季度来看，Q3实现营收 5.7亿元，同比 +15.8%；归母净利润 0.38 亿元，同比+108.8%。业绩符合市场预期。 300 元以上高增势能显著，省外市场扩张提速。1、分产品看，24Q3 公司 300 元以上/100-300 元/100 元以下产品营收分别为 1.6/3.1/0.8 亿元，分别同比 +42.1%/+14.9%/-24.3%。24Q3 年份系列在客户持续运营培育叠加订货会的开 展下增速亮眼，100-300元产品在 Q2柔和 H3/H6控货提价的基础上配合旺季柔 和系列订货发货推进，100元以下星级产品在三季度大众消费较淡和控制促销的 影响下以自然动销为主。2、分区域看，24Q3 公司省 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on projected earnings per share (EPS) for 2024-2026 being 0.79, 0.94, and 1.10 yuan respectively, corresponding to price-to-earnings (P/E) ratios of 26, 22, and 18 times based on the closing price of 20.32 yuan on October 25, 2024 [2][4]. Core Insights - The company reported a revenue of 574 million yuan for Q3 2024, representing a year-on-year increase of 15.8%, and a net profit attributable to shareholders of 38 million yuan, up 109% year-on-year. For the first three quarters of 2024, revenue grew by 15.3% and net profit by 22.2% [1][2]. - The company is experiencing a short-term adjustment in its domestic market while showing promising results from its transformation efforts in the external market. Domestic revenue for Q3 was 375 million yuan, up 4.4% year-on-year, while external revenue reached 171 million yuan, up 37.9% year-on-year [1][2]. - The product structure is improving, with revenue from products priced above 300 yuan increasing by 42.1% year-on-year in Q3, while products priced below 100 yuan saw a decline of 24.3% year-on-year. The overall product structure is trending towards higher quality offerings [2][5]. Financial Performance Summary - The company forecasts a revenue of 3,000.57 million yuan for 2024, with a growth rate of 17.78%. The net profit is expected to reach 400.09 million yuan, reflecting a profit growth rate of 21.66% [4][12]. - The net profit margin for Q3 was 6.6%, an increase of 3 percentage points year-on-year, despite a slight decline in gross margin due to increased promotional expenses [5][12]. - The company’s total assets are projected to grow from 4,402.32 million yuan in 2023 to 5,584.77 million yuan by 2026, indicating a healthy growth trajectory [11][12].

Investment Rating - The report assigns a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [2][7]. Core Views - The company has shown strong performance in Q3, with a revenue of 2.328 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 15.31%. The net profit attributable to shareholders reached 333 million yuan, up 22.17% year-on-year [1][2]. - The product structure has improved, with significant growth in products priced above 300 yuan, which saw a revenue increase of 43.80% year-on-year [1]. - The company is expected to continue its growth trajectory, with projected revenue growth rates of 16%, 14%, and 12% for 2024, 2025, and 2026, respectively [1][2]. Financial Summary - For 2024, the expected revenue is 2.951 billion yuan, with a growth rate of 15.83%. The net profit is projected to be 400 million yuan, reflecting a growth rate of 21.58% [3][5]. - The diluted earnings per share (EPS) are forecasted to be 0.79 yuan in 2024, increasing to 1.09 yuan by 2026 [3][5]. - The company's gross profit margin is expected to improve to 63.61% in 2024, with a net profit margin of 13.55% [5].