Investment Rating - The report maintains an "Accumulate" rating for the company [3][4]. Core Views - The company reported a total revenue of 2.328 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 15.31%, with a net profit attributable to shareholders of 333 million yuan, up 22.17% [3]. - The growth in revenue for products priced above 300 yuan was robust, with a 43.80% increase year-on-year, while products priced between 100-300 yuan saw a steady growth of 14.96% [3]. - The company is accelerating its expansion outside its home province, with revenue from provincial and non-provincial regions for the first three quarters of 2024 showing increases of 13.89% and 15.68% respectively [3]. - The gross profit margin for the first three quarters of 2024 was 64.14%, an increase of 0.65 percentage points year-on-year, primarily due to product mix upgrades [3]. Summary by Sections Financial Performance - For Q3 2024, the company achieved total revenue of 574 million yuan, a year-on-year increase of 15.77%, and a net profit of 38 million yuan, up 108.84% [3]. - The company’s revenue from different sales channels in the first three quarters of 2024 was 2.152 billion yuan from distributors, 58 million yuan from online sales, and 60 million yuan from direct sales, with online sales growing significantly by 211.20% year-on-year [3]. - The company’s net profit forecast for 2024-2026 is 400 million yuan, 480 million yuan, and 573 million yuan, with growth rates of 21.69%, 20.00%, and 19.38% respectively [4]. Cost and Profitability - The report indicates a decrease in expense ratios, which contributed to a 72% increase in net profit attributable to shareholders in Q3 2024 [3]. - The company’s net profit margin for Q3 2024 was 6.63%, an increase of 2.95 percentage points year-on-year, driven by reduced sales and management expense ratios [3].

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 21.84 and a sector rating of "Outperform" [1]. Core Insights - The company reported a revenue of RMB 2.33 billion for the first three quarters of 2024, representing a year-on-year increase of 15.3%, and a net profit of RMB 333 million, up 22.2% year-on-year. In Q3 2024, revenue and net profit were RMB 574 million and RMB 38 million, respectively, showing increases of 15.8% and 108.8% year-on-year [3][5]. - The company's product structure is continuously upgrading, with a significant increase in the revenue contribution from products priced above RMB 300, which reached RMB 470 million, a 43.8% increase year-on-year [3]. - The company has optimized its expense ratio, leading to improved profit margins, with a net profit margin of 6.6% in Q3 2024, an increase of 3.0 percentage points year-on-year [3][5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of RMB 2.33 billion, a 15.3% increase year-on-year, and a net profit of RMB 333 million, up 22.2% year-on-year. Q3 2024 revenue was RMB 574 million, with a net profit of RMB 38 million, reflecting a 15.8% and 108.8% increase year-on-year, respectively [3][5]. - The gross profit margin for Q3 2024 was 61.1%, down 1.5 percentage points year-on-year, while the net profit margin improved to 6.6%, up 3.0 percentage points year-on-year [5]. Product and Market Development - The company has seen a robust performance in its product segments, particularly in the RMB 300 and above price range, which accounted for 20.8% of total revenue, an increase of 4.3 percentage points year-on-year [3]. - The company is expanding its presence in the provincial markets, with revenue from outside the province reaching RMB 550 million, a 15.7% increase year-on-year, maintaining a stable income contribution [3]. Expense Management - The company has effectively reduced its expense ratios, with the selling expense ratio and management expense ratio decreasing to 24.1% and 13.1%, respectively, in Q3 2024 [3][5]. - The total liabilities stood at RMB 1.08 billion, with a stable contract liability of RMB 480 million, indicating good cash flow management [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported 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 was 333 million yuan, up 22.17% year-on-year [2] - In Q3 2024, the company achieved a revenue of 574 million yuan, a year-on-year increase of 15.77%, with a net profit of 38 million yuan, reflecting a significant year-on-year growth of 108.84% [2][3] - The company continues to optimize its product structure, with over 85% of revenue coming from mid-to-high-end products, and strong growth in the provincial and out-of-province markets [3] Summary by Sections Financial Performance - For Q3 2024, the company's gross margin decreased by 1.52 percentage points to 61.13%, attributed to promotional adjustments and increased market competition [3] - The company maintained a net profit margin of 6.6% in Q3 2024, an increase of 3.0 percentage points year-on-year [3] - The company’s sales cash receipts reached 610 million yuan in Q3 2024, a year-on-year increase of 12.73% [3] Market Position and Strategy - The company’s strategy of "national layout, deepening the Northwest, and key breakthroughs" is gradually being implemented, with significant growth in the provincial and out-of-province markets [3] - The company is expected to achieve revenues of 3 billion, 3.6 billion, and 4.3 billion yuan in 2024, 2025, and 2026 respectively, with corresponding year-on-year growth rates of 16%, 21%, and 19% [5] Earnings Forecast - The forecast for net profit attributable to shareholders is 412 million yuan for 2024, 499 million yuan for 2025, and 611 million yuan for 2026, with EPS projected at 0.81, 0.98, and 1.20 yuan respectively [5][6] - The company is expected to maintain a price-to-earnings ratio (P/E) of 25, 21, and 17 for the years 2024, 2025, and 2026 respectively [5][6]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [5] Core Insights - The company reported Q3 2024 revenue of 2.328 billion, a year-on-year increase of 15.31%, and a net profit of 333 million, up 22.17%. Q3 2024 revenue reached 574 million, growing 15.77%, while net profit was 38 million, a significant increase of 108.84% [5][4] - The report indicates an upward revision of profit forecasts for 2024-2026, with projected net profits of 400 million, 443 million, and 480 million respectively, reflecting year-on-year growth rates of 22%, 11%, and 8% [5][7] - The company is expected to benefit from marketing transformation and product upgrades, with growth driven by government and business group purchases, as well as banquet channels [5] Financial Performance Summary - Q3 2024 white liquor revenue was 546 million, a 13% increase year-on-year. Revenue from white liquor priced above 300 yuan was 160 million, up 42.1%, while revenue from 100-300 yuan white liquor was 309 million, increasing by 14.9%. Revenue from white liquor below 100 yuan decreased by 24.3% to 77 million [5] - The company's net profit margin for Q3 2024 was 6.37%, an increase of 2.91 percentage points year-on-year, primarily due to a decrease in sales expense ratio [6] - Cash received from sales and services in Q3 2024 was 610 million, a 12.73% increase, aligning closely with the revenue growth [6] Market Position and Outlook - The company’s market share in its home province is expected to increase, with continued expansion into external markets [5] - Key catalysts for stock performance include better-than-expected economic development in Gansu, strong growth in core products, and net profit exceeding expectations [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][4][5] Core Views - The company reported a revenue of 2.328 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 15.31%, and a net profit attributable to shareholders of 333 million yuan, up 22.17% year-on-year [3][4] - The growth is driven by high-end products, with revenue from products priced above 300 yuan increasing by 43.80%, while the proportion of these products in total revenue rose by 4.27 percentage points to 20.81% [4][5] - The company is expanding its market presence both domestically and internationally, with revenue growth of 13.89% in the domestic market and 15.68% in the external market [4][5] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 574 million yuan, a year-on-year increase of 15.77%, and a net profit of 38 million yuan, up 108.84% year-on-year [3][4] - The gross margin and net margin improved by 0.65 and 0.80 percentage points, reaching 64.14% and 14.12% respectively [5] - The company’s operating cash flow for the first three quarters was 349 million yuan, a year-on-year increase of 42.45% [5] Future Projections - Revenue projections for 2024-2026 are 2.986 billion yuan, 3.496 billion yuan, and 4.080 billion yuan, with growth rates of 17.20%, 17.10%, and 16.70% respectively [5][8] - Net profit projections for the same period are 398 million yuan, 486 million yuan, and 577 million yuan, with growth rates of 21.03%, 22.02%, and 18.71% respectively [5][8] Market Strategy - The company is focusing on optimizing its marketing strategies and enhancing brand influence, with a strategic focus on national layout and deepening in the northwest region [4][5] - The company aims for high-quality growth through refined processes and management, indicating a strong potential for future performance [5]

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：2024-007 | --- | --- | --- | |------------------------------------------------------------|------------------------------|----------------------------------------------------------------------------------------| | | | | | 召开日期： 2024 年 10 月 | | | | 召开方式：金徽酒股份有限公司（线上） | | | | 接待人职务及姓名：财务总监谢小强先生，董事会秘书任岁强先生 | | | | | | 来访人员：国盛证券、浙商证券、招商证券、中金证券、银河证券、国泰君安、广发证券、国海 | | | | 证券、华金证券、山西证券、海通证券、方正证券、天风证券、兴业证券、东吴证券、开源证券、 | | | | 西部证券、东北证券、华鑫证券、国信证券、国金证券、华泰证券、德邦证券、中泰证券、信达 | | | ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 22.31 CNY, based on a projected P/E ratio of 23 times for 2025 [4][7]. Core Insights - The company reported a revenue of 2.33 billion CNY for the first three quarters of 2024, representing a year-over-year increase of 15.3%, and a net profit of 330 million CNY, up 22.2% year-over-year. In Q3 alone, revenue was 570 million CNY, with a remarkable net profit growth of 108.8% year-over-year [1][2]. - The product mix continues to upgrade, with significant growth in high-end products. For the first three quarters of 2024, products priced above 300 CNY generated 470 million CNY in revenue, a 43.8% increase year-over-year [1]. - The company is deepening its market presence in the Northwest region, achieving domestic revenue of 1.72 billion CNY and external revenue of 550 million CNY in the first three quarters of 2024, with external revenue growing by 15.7% year-over-year [1]. - The net profit margin improved to 6.4% in Q3 2024, an increase of 2.9 percentage points year-over-year, despite a slight decline in gross margin to 61.1% [1]. Financial Summary - The company’s projected revenue for 2024-2026 is adjusted to 3.018 billion CNY, 3.555 billion CNY, and 4.153 billion CNY respectively, with corresponding net profits of 402 million CNY, 493 million CNY, and 599 million CNY [3][7]. - The earnings per share (EPS) forecast for 2024-2026 is revised to 0.79 CNY, 0.97 CNY, and 1.18 CNY respectively [2][3]. - The gross margin is expected to improve gradually from 62.4% in 2023 to 64.3% in 2026, while the net margin is projected to increase from 12.9% to 14.4% over the same period [3][10].

Investment Rating - The investment rating for the company is "Outperform the Market" [3][8] Core Views - In Q3 2024, the company achieved a revenue growth of 15.8% year-on-year, with a net profit growth of 108.8%. For the first three quarters of 2024, total revenue reached 2.328 billion yuan, up 15.3% year-on-year, and net profit attributable to shareholders was 333 million yuan, up 22.2% year-on-year [1][4] - The company is focusing on product structure upgrades, with a notable increase in the revenue share of products priced above 100 yuan, which rose by 6.94 percentage points to 85.9% [1][4] - The company is experiencing higher growth rates in its out-of-province markets, particularly in Shaanxi and Ningxia, indicating successful market transformation efforts [1][4] Financial Performance - For Q3 2024, the company's total revenue was 574 million yuan, a year-on-year increase of 15.77%, while net profit was 38 million yuan, up 108.84% year-on-year [1][4] - The gross profit margin decreased by 1.52 percentage points to 61.1% due to increased market competition and slight rises in procurement costs [1][4] - The company reported a decrease in sales expense ratio by 3.19 percentage points and a management expense ratio decrease of 1.81 percentage points in Q3 2024 [5] Regional Performance - Revenue growth in Q3 2024 was 4.4% in the province and 37.9% out of the province, with significant contributions from Shaanxi and Ningxia [1][4] - The company is implementing a "one county, one policy" strategy to enhance market penetration and optimize channel structures [1][4] Future Projections - The company has revised its revenue and net profit forecasts downward, expecting revenues of 2.963 billion yuan, 3.423 billion yuan, and 3.935 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 16.3%, 15.5%, and 15.0% [5][6] - The projected net profit for 2024, 2025, and 2026 is 388 million yuan, 459 million yuan, and 542 million yuan, with year-on-year growth rates of 18.1%, 18.3%, and 18.0% [5][6]

华福证券 金徽酒（603919.SH） 产品结构持续优化，省外市场稳步开拓 投资要点： 事件： 金徽酒发布 2024 年三季报。前三季度公司实现营收 23.28 亿元， 同比+15.31%；实现归母净利润 3.33 亿元，同比+22.17%。其中，24Q3 公司实现营收 5.74 亿元，同比+15.77%；实现归母净利润 0.38 亿元， 同比+108.84%。公司 2024 年营业收入目标 30 亿元，净利润目标 4.00 亿元，根据前三季度情况，全年目标达成需 24Q4 实现营收/净利润 6.72/0.67 亿元，同比+27%/20%。 产品结构持续优化，百元以上产品占比持续提升 分产品看，前三季度公司 300 元以上/100-300 元/100 元以下产品 分别实现营收4.72/11.99/5.98亿元，同比分别+43.80%/+14.96%/-2.54%， 占酒类营收比例分别为 20.81%/52.83%/26.36%。其中，24Q3 公司 300 元以上/100-300 元/100 元以下产品分别实现营收 1.60/3.09/0.77 亿元， 同 比 分 别 +42.06%/+14.92%/-24. ...

证 研 究 告 基本数据 2024-10-25 当前股价（元） 20.32 总市值（亿元） 103 总股本（百万股） 507 流通股本（百万股） 507 52 周价格范围（元） 15.59-27.6 日均成交额（百万元） 78.14 公 司 研 究 2024 年 10 月 27 日 报 业绩超预期，全年目标稳步迈进 买入(维持) 事件 —金徽酒（603919.SH）公司事件点评报告 分析师：孙山山 S1050521110005 sunss@cfsc.com.cn 联系人：张倩 S1050124070037 zhangqian@cfsc.com.cn 市场表现 -50 -40 -30 -20 -10 0 10 20 30 (%) 金徽酒 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《金徽酒（603919）：收入符合 预期，省内基本盘持续夯实》2024- 08-20 2、《金徽酒（603919）：业绩高质 量增长，产品结构持续优化》2024- 04-20 3、《金徽酒（603919）：业绩符合 预期，产品结构持续优化》2024- 03-16 2024 年 10 月 25 日，金徽酒发布 2024 ...