Investment Rating - The investment rating for the company is "Buy" (maintained) [1] 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%. The net profit attributable to the parent company was 333 million yuan, up 22.17% year-on-year [2] - The revenue for Q3 2024 was 574 million yuan, with a year-on-year growth of 15.77%. The net profit attributable to the parent company reached 38.07 million yuan, showing a significant increase of 108.84% year-on-year [2] - The company is focusing on product structure optimization and has seen an increase in the proportion of high-priced products, which now account for over 50% of total sales [2] - The gross profit margin decreased by 1.5 percentage points to 61.13% in Q3 2024, primarily due to increased promotional discounts and slight rises in raw material costs [2] - The net profit margin increased by 2.95 percentage points to 6.63% in Q3 2024, driven by a reduction in sales and management expense ratios [2] Summary by Sections Financial Performance - Total revenue for 2022 was 2.012 billion yuan, increasing to 2.548 billion yuan in 2023, and projected to reach 3.017 billion yuan in 2024, reflecting a year-on-year growth of 12.49%, 26.64%, and 18.43% respectively [1] - Net profit attributable to the parent company was 280.24 million yuan in 2022, increasing to 328.86 million yuan in 2023, and expected to be 401.81 million yuan in 2024, with year-on-year growth rates of (13.73)%, 17.35%, and 22.18% respectively [1] - The latest diluted EPS is projected to be 0.79 yuan per share in 2024, with a P/E ratio of 25.65 based on the current price [1] Market Position and Strategy - The company is enhancing its marketing transformation and solidifying its pricing system, particularly in the domestic market, while also expanding its presence in the provincial markets [2] - The company added 13 new distributors in the provincial markets in Q3 2024, indicating a positive trend in market expansion [2] Profitability Metrics - The sales expense ratio and management expense ratio decreased to 24.1% and 16% respectively in Q3 2024, reflecting improved efficiency in marketing expenditure and management [2] - The company expects to maintain a steady growth trajectory, with projected net profits of 401.81 million yuan, 486.88 million yuan, and 598.67 million yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 22%, 21%, and 23% [2]

公 司 报 告 公 司 季 报 点 评 证 券 研 究 报 告 金徽酒(603919.SH) 省外市场发力，产品结构升级 推荐 ( 维持) 股价:20.32元 | --- | --- | |------------------------|----------------------------------| | 行业 | 食品饮料 | | 公司网址 | www.jinhuijiu.com | | 大股东 / 持股 | 甘肃亚特投资集团有限公司 /21.57% | | 实际控制人 | 李明 | | 总股本 ( 百万股 ) | 507 | | 流通 A 股 ( 百万股 ) | 507 | | 流通 B/H 股 ( 百万股 ) | | | 总市值 ( 亿元 ) | 103 | | 流通 A 股市值 ( 亿元 ) | 103 | | 每股净资产 ( 元 ) | 6.45 | | 资产负债率 (%) | 24.4 | | 行情走势图 | | | | | 相关研究报告 【平安证券】金徽酒（603919.SH）*半年报点评*收 入稳定增长，费用投放有序*推荐20240819 【平安证券】金徽酒（603919.SH）*季报 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing structural upgrades and effective transformation, leading to significant performance improvements [1] - The Q3 2024 results exceeded market expectations, with total revenue of 574 million yuan, a year-on-year increase of 15.77% [1] - The company is focusing on upgrading its product structure, with notable performance in the mid-to-high-end price segments [1] Summary by Relevant Sections Financial Performance - Q3 2024 total revenue reached 574 million yuan, up 15.77% year-on-year, while net profit attributable to the parent company was 35 million yuan, an increase of 71.85% [1] - For the first three quarters of 2024, total revenue was 2.328 billion yuan, a 15.31% increase year-on-year, with net profit attributable to the parent company at 337 million yuan, up 23.05% [1] - The company’s gross margin for Q3 2024 was 61.13%, down 1.52 percentage points year-on-year, but the net profit margin improved by 6.37% due to optimized cost efficiency [1] Revenue Breakdown - Revenue from products priced below 100 yuan increased by 14.9%, while products priced above 300 yuan saw a 42.1% increase, indicating a shift towards higher-end products [1] - Revenue from provincial and external markets grew by 4.4% and 37.9% respectively, with the share of external revenue increasing by 5.7 percentage points to 31.3% [1] Profitability and Forecast - The company is expected to achieve total revenues of 3.004 billion yuan, 3.487 billion yuan, and 4.038 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 17.9%, 16.0%, and 15.8% [3][4] - Net profit attributable to the parent company is forecasted to be 402 million yuan, 474 million yuan, and 560 million yuan for the same years, with corresponding growth rates of 22.3%, 17.8%, and 18.2% [3][4] Market Strategy - The company is enhancing its market presence in provinces outside its home region, focusing on areas like Shaanxi, Ningxia, Qinghai, Xinjiang, and East China, which is expected to contribute to stable overall growth [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company is expected to achieve revenue of 2.912 billion, 3.233 billion, and 3.556 billion yuan for 2024-2026, with year-on-year growth rates of 14.31%, 11.02%, and 10.00% respectively. The net profit attributable to the parent company is projected to be 398 million, 447 million, and 498 million yuan for the same period, with growth rates of 21.03%, 12.32%, and 11.37% respectively. The three-year CAGR is estimated at 14.82%, with corresponding PE valuations of 26, 23, and 21X for 2024-2026 [2][6] Financial Performance - In the first three quarters of 2024, the company achieved revenue of 2.328 billion yuan, a year-on-year increase of 15.31%, and a net profit of 333 million yuan, up 22.17% year-on-year. In Q3 2024, revenue reached 574 million yuan, growing by 15.77% year-on-year, while net profit surged by 108.84% to 38 million yuan [6][7] - The company’s gross margin in Q3 2024 was 61.13%, a decrease of 1.52 percentage points year-on-year, attributed to increased market competition. However, the net profit margin improved to 6.63%, an increase of 2.95 percentage points year-on-year, due to a decline in expense ratios [6][7] Product and Market Dynamics - The company’s high-end products continued to show strong growth, with Q3 2024 revenue from products priced above 300 yuan increasing by 42.06% year-on-year. The revenue from provincial markets is accelerating, with Q3 2024 revenue from provincial and non-provincial markets at 375 million and 171 million yuan, respectively, reflecting year-on-year growth of 4.40% and 37.91% [6][7] Future Outlook - The company is expected to maintain its structural upgrade trend, with steady performance in its base market and an anticipated gradual increase in market share within the province [2][6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][12]. Core Insights - The company reported a revenue of 2.33 billion RMB for Q3 2024, representing a year-on-year increase of 15.3%, and a net profit of 330 million RMB, up 22.2% year-on-year. The Q3 revenue was 570 million RMB, with a 15.8% increase year-on-year, and a net profit of 40 million RMB, showing a significant increase of 109% year-on-year, aligning with market expectations [2][4]. - The company has adjusted its marketing strategy, focusing on large clients and user engagement, which has led to a notable recovery in revenue growth from external markets, with a 38% increase year-on-year, while internal market growth was more stable at 4% [3][4]. - The profit margin for Q3 2024 increased by 3.0 percentage points to 6.6%, despite a slight decrease in gross margin by 1.5 percentage points, indicating improved operational efficiency [3][4]. Summary by Sections Performance Review - For the first three quarters of 2024, the company achieved a revenue of 2.33 billion RMB, with a net profit of 330 million RMB, reflecting a strong performance compared to the previous year [2]. - The Q3 revenue breakdown shows products priced below 100 RMB saw a decline of 24%, while products priced between 100-300 RMB and above 300 RMB increased by 15% and 42% respectively [3]. Profitability Analysis - The net profit margin improved to 6.6% in Q3 2024, driven by a reduction in sales expenses and management costs, which indicates a focus on cost control and operational efficiency [3][4]. - The company’s revenue projections for 2024-2026 are 3.01 billion RMB, 3.45 billion RMB, and 3.93 billion RMB respectively, with expected growth rates of 18%, 15%, and 14% [4][7]. Financial Forecast - The forecast for net profit for 2024-2026 is 400 million RMB, 466 million RMB, and 550 million RMB, with growth rates of 22%, 16%, and 18% respectively [4][7]. - The earnings per share (EPS) are projected to be 0.79 RMB, 0.92 RMB, and 1.09 RMB for the years 2024, 2025, and 2026, with corresponding price-to-earnings (P/E) ratios of 26, 22, and 19 [4][7].

Investment Rating - The investment rating for the company is "Buy" [2][3] Core Views - The company maintains a revenue growth rate advantage, with a notable performance in products priced above 300 yuan, and a rapid profit growth due to a low base [2][3] - The target price is set at 28.20 yuan, unchanged from the previous forecast [2][3] Financial Summary - For the first three quarters of 2024, the company reported revenue of 2.328 billion yuan, 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] - In Q3 2024 alone, revenue reached 574 million yuan, reflecting a year-on-year growth of 15.77%, while net profit surged by 108.84% to 38 million yuan [3] - The gross margin improved by 1.5 percentage points to 61.1%, and the sales expense ratio decreased by 3.2 percentage points [3] Product Performance - Products priced above 300 yuan saw revenue of 160 million yuan, a year-on-year increase of 42.06%, while products priced between 100-300 yuan grew by 14.92% [3] - The performance of the 100 yuan and below category declined by 24.33% due to promotional controls and seasonal effects [3] Regional Performance - Domestic revenue grew by 4.4% year-on-year, while revenue from outside the province increased significantly by 37.9% [3] - The company is focusing on markets like Shaanxi and Ningxia, with efforts to strengthen product focus and consumer cultivation [3]

金徽酒（603919.SH）2024 年三季报点评 3 [盈利预测与财务指标 Table_Forcast] 结构升级势能强劲，省内外扩张有序推进 2024 年 10 月 26 日 ➢ 事件：2024 年 10 月 25 日，公司发布 24 年三季报，公司 23Q1-Q3 实现 营收 23.3 亿元，同增 15.3%；实现归母净利润 3.3 亿元，同增 22.2%；经营活 动产生的现金流量净额 3.5 亿元，同增 42.4%；期末合同负债 4.8 亿元，同增 10.3%。单季度看，23Q3 实现营收 5.7 亿元，同增 15.8%；实现归母净利润 0.4 亿元，同增 108.8%。 ➢ 产品结构持续优化升级，省内+西北区域扩张提速。分产品看，24Q1-Q3 公 司 300 元以上/100-300 元/100 元以下产品分别实现营收 4.7/12.0/6.0 亿元， 同比+43.8%/+15.0%/-2.5%，占比 16.5%/52.5%/30.9%，省内升学宴、婚宴 等宴席场景较优，双节促销活动拉动年份、柔和等高价位产品动销。公司持续优 化产品结构，将金徽年份系列打造成西北高端白酒代表，带动柔和、正能量系列 等 ...

Revenue and Profit - Revenue for the third quarter of 2024 was RMB 574.23 million, a year-on-year increase of 15.77%[3] - Net profit attributable to shareholders of the listed company for the third quarter of 2024 was RMB 38.07 million, a year-on-year increase of 108.84%[3] - The company's total revenue for the first three quarters of 2024 was RMB 2,328,198,243.51, an increase from RMB 2,019,004,170.17 in the same period of 2023[16] - The company's net profit attributable to the parent company for the first three quarters of 2024 was RMB 1,830,451,994.44, up from RMB 1,694,207,705.93 in the same period of 2023[15] - Net profit for the first three quarters of 2024 was 328,790,659.31, up from 268,896,417.16 in the same period of 2023[18] Assets and Liabilities - Total assets as of the end of the third quarter of 2024 were RMB 4.32 billion, a decrease of 1.92% compared to the end of the previous year[3] - The company's total assets as of September 30, 2024, were RMB 4,317,751,679.54, a slight decrease from RMB 4,402,322,052.51 at the end of 2023[14] - The company's total liabilities as of September 30, 2024, were RMB 1,055,588,364.79, down from RMB 1,079,553,886.56 at the end of 2023[15] - The company's inventory as of September 30, 2024, was RMB 1,548,603,109.35, a decrease from RMB 1,619,837,953.76 at the end of 2023[14] - The company's accounts receivable as of September 30, 2024, was RMB 22,531,855.38, significantly higher than RMB 7,184,554.07 at the end of 2023[14] Cash Flow - Net cash flow from operating activities for the first three quarters of 2024 was RMB 349.13 million, a year-on-year increase of 42.37%[3] - Cash received from sales of goods and services for the first three quarters of 2024 was 2,486,623,161.70, up from 2,204,279,090.53 in the same period of 2023[19] - Net cash flow from operating activities for the first three quarters of 2024 was 349,126,597.93, compared to 245,224,428.79 in the same period of 2023[20] - Cash paid for the purchase of fixed assets, intangible assets, and other long-term assets for the first three quarters of 2024 was 224,120,122.65, a significant increase from 29,856,274.06 in the same period of 2023[20] - Net cash flow from financing activities for the first three quarters of 2024 was -396,163,574.11, compared to -150,177,999.10 in the same period of 2023[21] - Cash and cash equivalents at the end of the first three quarters of 2024 were 757,717,298.80, down from 874,148,216.51 at the end of the same period in 2023[21] Earnings Per Share and Return on Equity - Basic earnings per share for the third quarter of 2024 were RMB 0.08, a year-on-year increase of 116.22%[3] - The weighted average return on equity for the third quarter of 2024 was 1.38%, an increase of 0.80 percentage points year-on-year[3] - Basic earnings per share for the first three quarters of 2024 were 0.66, compared to 0.54 in the same period of 2023[19] Operating Costs and Expenses - The company's total operating costs for the first three quarters of 2024 were RMB 1,918,576,051.36, up from RMB 1,700,191,394.89 in the same period of 2023[16] - The company's sales expenses for the first three quarters of 2024 were RMB 474,378,262.17, an increase from RMB 430,200,677.21 in the same period of 2023[16] - The company's management expenses for the first three quarters of 2024 were RMB 245,397,272.19, up from RMB 210,784,739.31 in the same period of 2023[16] - R&D expenses for the first three quarters of 2024 were 39,724,443.24, a slight increase from 39,585,626.85 in the same period of 2023[18] Shareholder Information - The top shareholder, Gansu Yate Investment Group Co., Ltd., held 21.57% of the shares as of the end of the third quarter of 2024[9] - The number of ordinary shareholders at the end of the third quarter of 2024 was 51,123[8] - The company repurchased 10,415,243 shares, accounting for 2.0532% of the total share capital, with a total payment of RMB 192,593,744.02[13] Government Subsidies - Government subsidies received during the third quarter of 2024 amounted to RMB 3.85 million[5] Product Revenue Breakdown - Revenue from products priced above RMB 100 accounted for 85.94% of the main business revenue in the third quarter of 2024[7]

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》之《第 十二号——酒制造》第十六条相关规定，现将金徽酒股份有限公司（简称"公司"） 2024 年前三季度（1-9 月）主要经营数据（未经审计）公告如下： 一、主要经营数据 1、按产品档次分类情况 证券代码:603919 证券简称:金徽酒 公告编号:临 2024-066 金徽酒股份有限公司 2024 年前三季度经营数据公告 单位：万元 币种：人民币 | 产品档次 | 年 2024 1-9 | 月营业收入 | 年 2023 1-9 | 月营业收入 | 同比变动（%） | | --- | --- | --- | --- | --- | --- | | 300 元以上 | | 47,242.12 | | 32,852.38 | 43.80 | | 100-300 元 | | 119,923.43 | | 104,321.00 | 14.96 | | 元以下 100 | | 59,835.55 | | 61,397.58 ...

证券代码:603919 证券简称:金徽酒 公告编号:临 2024-067 金徽酒股份有限公司 2024 年度"提质增效重回报"行动方案 半年度评估报告 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。 金徽酒股份有限公司（简称"金徽酒""公司"）深入贯彻党的二十大和中央金 融工作会议精神，积极落实国务院《关于进一步提高上市公司质量的意见》和上海 证券交易所《关于开展沪市公司"提质增效重回报"专项行动的倡议》，将提质增 效工作纳入日常经营管理活动，为持续推动公司高质量发展，落实以投资者为本的 理念，切实履行上市公司的责任和义务，保障投资者权益，共同促进资本市场平稳 健康发展，公司于 2024 年 4 月 20 日发布了《金徽酒股份有限公司 2024 年度"提 质增效重回报"行动方案公告》（简称"行动方案"，公告编号：临 2024-032）。 2024 年上半年，公司根据行动方案内容，积极开展和落实相关工作，现将上 半年行动方案执行情况报告如下： 一、聚焦主营业务，提升经营质量 2024 年上半年，金徽酒持续聚焦做强主业，以转型促发 ...