公 司 点 评 报 告 | --- | --- | |--------------------|-------------------------------------| | | | | ＃市场数据 日期 | 2024-4-19 | | 收盘价（元） | 19.33 | | 总股本（百万股） | 507.26 | | 流通股本（百万股） | 507.26 | | 净资产（百万元） | 3547.06 | | 总资产（百万元） | 4662.09 | | 每股净资产（元） | | | 来源： WIND | 6.99 ，兴业证券经济与金融研究院整理 | 相关报告 《金徽酒年报点评：产品结构持 续提升，省内深耕省外拓展》 20240317 《金徽酒三季报点评：销售延续 亮眼表现，区域深耕持续深化》 20231017 《金徽酒中报点评：利润超预 期 ， 省 外 开 拓 稳 中 有 进 》 20230819 增持 ( ＃ investSug gestionCh ange＃ 维持 ） ⚫ 风险提示：宏观经济不及预期；人才流失风险；市场竞争风险。 ⚫ 盈利能力表现稳健，合同负债维持高位。24Q1 净利率同比提升 0.11 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 26.00 CNY based on a current price of 19.33 CNY [6]. Core Insights - The company reported a Q1 2024 revenue of 1.076 billion CNY, representing a year-on-year growth of 20.41%, and a net profit attributable to shareholders of 221 million CNY, up 21.58% year-on-year [3][4]. - The product structure continues to optimize, with significant growth in high-end products priced above 300 CNY, driven by brand strength [4][7]. - The company is expanding its market presence with a focus on both domestic and regional growth strategies, achieving a revenue of 848 million CNY from domestic sales, a 22.55% increase year-on-year [4]. Financial Performance - In Q1 2024, the company achieved a gross margin of 65.40%, an increase of 0.43 percentage points year-on-year, attributed to the rapid growth of products priced above 300 CNY [7]. - The company’s sales expenses and management expenses increased slightly, with sales expense ratio at 17.98% and management expense ratio at 7.91% [7]. - The company’s net profit margin improved to 20.55%, reflecting a year-on-year increase of 0.20 percentage points [7]. Revenue and Profit Forecast - The company is projected to achieve revenues of 3.112 billion CNY, 3.746 billion CNY, and 4.446 billion CNY for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 22.14%, 20.39%, and 18.70% [8]. - The net profit attributable to shareholders is expected to reach 408 million CNY, 527 million CNY, and 656 million CNY for the same years, with growth rates of 23.99%, 29.20%, and 24.61% [8]. Market Strategy - The company is focusing on developing large customer accounts and enhancing its operational capabilities, with a total of 892 distributors as of Q1 2024, an increase of 28 from the end of 2023 [7]. - The sales channels for Q1 2024 showed growth across various segments, with internet sales increasing by 57.72% year-on-year [7].

金徽酒（603919） 夙兴夜寐，陇南美酒耀西北 2024 年 04 月 22 日 ◼ 经营蜕变，品牌之路稳步向前。2019 年以来，金徽酒通过"二次创业" 实现战略转型、复星赋能扩宽视野、市场化的体制机制改革，实现经营 自驱动和品牌认知度提升。公司实现了 1）正能量品牌形象积极强化， 品质始终如一，产品矩阵构筑完善，引领省内消费升级，2023 年百元以 上产品占比 67%（16-23 年收入增速 CAGR=14%）。2）内部事业部精准 细分，组织架构持续精进，全员竞聘上岗，完善考核力度与奖惩机制， 人才梯队建设不断优化。3）销售体系上建立了"深度分销+大客户运营" 的双轮驱动，扁平化精耕市场，充分扎实厂商一体化关系。未来公司通 过进一步夯实基础和管理升级，经营效率有望持续优化，释放品牌势能。 证券分析师 孙瑜 执业证书：S0600523120002 suny@dwzq.com.cn 证券分析师 王颖洁 执业证书：S0600522030001 wangyj@dwzq.com.cn 图 7: 图 9: 图 11: 图 13: 图 8: 图 10: 图 12: 图 14: 图 15: 图 16: 公司省内外经销商 ...

[Table_Header] 公司点评●白酒Ⅱ 2024 年 04 月 22 日 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 | --- | --- | --- | --- | --- | |---------------------|--------|-------------------------------|-------------------------------------|-----------------| | [Table_MainFinance] | | | 2023A 2024E 2025E 2026E | | | 营业收入(百万元) | | 2547.61（ 3087.27（ 3669.08（ | | 4291.91（ | | 收入增长率% | | 26.64（ 21.18（ | | 18.85（ 16.98（ | | 归母净利润 百万元） | | | 328.86（ 411.48（ 528.16（ 639.27（ | | | 利润增速% | | 17.35（ 25.12（ 28.36（ | | 21.04（ | ...

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公 司 报 告 业绩稳健增长，经营进展有序 公 司 季 报 点 评 金徽酒(603919.SH) 股价:19.33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 ) | 98 | | 流通 A 股市值 ( 亿元 ) | 98 | | 每股净资产 ( 元 ) 资产负债率 (%) | 6.99 24.0 | | 行情走势图 | | ■ 相关研究报告 【平安证券】金徽酒（603919.SH）*年报点评*结构 持续升级，省外拓展有序*推荐20240318 【平安证券】金徽酒（603919.SH）*首次覆盖报告* 甘肃名酒二次创业，立 ...

事件：公司发布 2024 年第一季度报告，2024Q1 公司实现营业总收入 10.76 亿元，同比+20.41%；实现归母净利润 2.21 亿元，同比+21.58%；实现扣非 归母净利润 2.22 亿元，同比+22.48%。 300 元以上产品增速较高，产品结构持续升级。分产品看，2024Q1 公司 300 元以上/100-300 元/100 元以下产品分别实现收入 1.91/5.51/3.24 亿元，同 比+86.48%/+24.13%/-4.20%，100 元以上产品收入占比提升7.9pct 至69.6%。 300 元以上价位小基数下实现较快增长，主要系省内金徽 28 年品牌认可度提 升、金徽 18 年在政商务场景放量较快；100-300 元价位带受益于春节期间宴 席场景的拉动，柔和 H3、五星等产品表现较好；百元以下价格带以产品聚焦 和价格升级为主，销量同比降低，但二星、光瓶陈酿价格已有提升。 省内市场品牌势能凸显，省外市场坚持开拓。分区域看，2024Q1 省内/省外 分别实现收入 8.48/2.18 亿元，同比+22.55%/13.23%，收占比分别为 79.6%/20.4%。省内增速高于省外，主因春 ...

——金徽酒 2024 年一季报点评 [Table_ 过去一年股价走势 PicQuote] -27% -15% -2% 10% 22% 4/20 6/20 8/20 10/2012/20 2/20 金徽酒 沪深300 [Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 [Table_Invest]增持|维持 [Table_TargetPrice] 金徽酒(603919)公司点评报告 2024 年 04 月 21 日 [Table_Title] 高端产品收入+86%，产品结构升级持续 [Table_Summary] 报告要点： 事件 公司公告 2024 年一季报。2024Q1，公司实现总收入 10.76 亿元（+20.41%）， 归母净利 2.21 亿元（+21.58%），扣非归母净利 2.22 亿元（+22.48%）。 产品结构持续升级，省内持续保持较快增长 1）300+元产品收入同比+86%。2024Q1，公司 300 元以上/100-300 元/100 元 以下产品收入分别为 1.91/5.51/3.24 亿元，同比+86.48%/+24.13%/-4.20%，在 用户工程和消费者 ...

Investment Rating - The report maintains an "Accumulate" rating with a target price of 21.87, compared to the last closing price of 19.33 [1][6]. Core Insights - The company reported a strong performance in Q1 2024, with revenue reaching 1.076 billion, a year-on-year increase of 20.41%, and a net profit of 221 million, up 21.58% year-on-year. The product structure continues to optimize, with significant growth in high-end products [9][20]. - The company aims for a revenue target of 3 billion and a profit of 400 million for 2024, supported by a robust cash flow and a solid contract liability base [9][20]. Financial Forecasts - Revenue projections for 2023A, 2024E, 2025E, and 2026E are 2,548 million, 3,058 million, 3,590 million, and 4,163 million respectively, with growth rates of 26.64%, 20.03%, 17.39%, and 15.98% [2][19]. - Net profit forecasts for the same years are 329 million, 412 million, 513 million, and 622 million, with growth rates of 17.35%, 25.27%, 24.52%, and 21.17% [2][19]. Earnings Per Share and Valuation - The diluted earnings per share (EPS) are projected to be 0.65, 0.81, 1.01, and 1.23 for 2023A, 2024E, 2025E, and 2026E respectively [3][19]. - The price-to-earnings (PE) ratios corresponding to these EPS figures are 37.88, 23.80, 19.11, and 15.77 [3][19]. Market Performance - The company has seen a stable increase in market share, particularly in the domestic market, with revenue from provincial and external markets reaching 848 million and 218 million respectively, reflecting year-on-year growth of 22.6% and 13.2% [9][20]. - The company has increased its number of distributors, with 283 in the domestic market and 609 in external markets, showing a net increase of 11 and 17 respectively [9][20]. Strategic Focus - The company plans to continue optimizing its product structure and enhancing its operations with major clients, focusing on high-end products like Jin Hui 18 and Jin Hui 28 [9][20]. - The strategic approach includes a nationwide layout with a focus on the northwest region, aiming for precise market operations and solidifying its base in the domestic market [9][20].

[Table_Author] 分析师: 王慧林 Tel: 15951919467 E-mail: wanghuilin@shzq.com SAC 编号: S0870524040001 联系人: 赖思琪 Tel: 021-53686180 E-mail: laisiqi@shzq.com SAC 编号: S0870122080016 [Table_BaseInfo] 基本数据 最新收盘价（元） 19.33 12mth A 股价格区间（元） 18.00-30.11 总股本（百万股） 507.26 无限售 A 股/总股本 100.00% 流通市值（亿元） 98.05 公 司 点 评 -28% -22% -16% -10% -4% 2% 8% 14% 20% 04/23 07/23 09/23 11/23 02/24 04/24 金徽酒 沪深300 [Table_QuotePic] 最近一年股票与沪深 300 比较 ◼ 投资建议 产品升级显著，蓄力高质量发展 ——金徽酒 2024 年一季报点评 当前公司产品结构明显提升，省内根据地市场增速较快，省外市场 逐步渗透，全年生产、营销、管理等方针明确，整体势能向好。鉴 于公 ...