证券研究报告·公司点评报告·白酒Ⅱ 金徽酒（603919） 2024 年前三季度业绩点评：结构升级稳扎稳 打，费效优化持续兑现 2024 年 10 月 27 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|---------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 2012 | 2548 | 3017 | 3540 | 4190 | | 同比（ % ） | 12.49 | 26.64 | 18.43 | 17.34 | 18.36 | | 归母净利润（百万元） | 280.24 | 328.86 | 401.81 | 486.88 | 598.67 | | 同比（ % ） | (13.73) | 17.35 | 22.18 | 21.17 | 22.96 | | EPS- 最新摊薄（元 / 股） | 0.55 | ...

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 ...

[Table_StockNameRptType] 金徽酒（603919） 公司点评 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------- ...

证券研究报告 非金融公司|公司点评|金徽酒（603919） 三季报点评：高档产品势能向上，省外 市场开始发力 请务必阅读报告末页的重要声明 glzqdatemark1 2024年10月26日 证券研究报告 |报告要点 我们预计公司 2024-2026 年营业收入分别为 29.12/32.33/35.56 亿元，同比增速分别为 14.31%/11.02%/10.00% ， 归母 净 利润 分别 为 3.98/4.47/4.98 亿 元， 同比 增速 分别 为 21.03%/12.32%/11.37%，对应三年 CAGR 为 14.82%，对应 2024-2026 年 PE 估值分别为 26/23/21X。鉴于公司结构升级趋势延续，基地市场表现稳健，省内市占率有望稳步提升，维 持"买入"评级。 |分析师及联系人 邓周贵 徐锡联 刘景瑜 吴雪枫 SAC：S0590524040005 SAC：S0590524040004 SAC：S0590524030005 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年10月26日 金徽酒(603919) 三季报点评：高档产品 ...

来源：公司年报、国金证券研究所 业绩简评 2024 年 10 月 25 日，公司披露 24 年三季报，期内实现营收 23.3 亿元，同比+15.3%；归母净利 3.3 亿元，同比+22.2%。单 Q3 实现 营收 5.7 亿元，同比+15.8%；归母净利 0.4 亿元，同比+109%，业 绩符合市场预期。 经营分析 产品端看，24Q3 100 元以下/100-300 元/300 元以上产品分别实现 营收 0.8/3.1/1.6 亿元，同比分别-24%/+15%/+42%。区域端看， 24Q3 省外节奏快于省内，期内省内/省外分别实现营收 3.7/1.7 亿元，同比分别+4%/+38%。此前公司对省外持续推进营销模式调 整，重点向大客户运营、用户建设/消费方面倾斜，逐步已在下半 年开始显现成果，因此省外 Q3 增速明显回升，而省内节奏仍稳扎 稳打。此外，期内省内/省外经销商数量分别-10/+13 家，变化有 限。 利润端看，24Q3 归母净利率同比+3.0pct 至 6.6%，其中毛利率 -1.5pct、销售费用率-3.2pct，毛销差提升预计系产品结构向上 叠加费用精准聚焦转型；此外管理费用率-1.8pct、 ...

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 ——2024 年三季报点评 结构亮眼，费率优化 金徽酒(603919) 食品饮料 [Table_Industry] /必需消费 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-----------------------------------|--------------------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | [table_Authors] 訾猛 ( 分析师 ) | 陈力宇 ( 分析师 ) | | | | | | | | | 021-38676442 | 021-38677618 | | | | | | | | | zimeng@gtjas.com | chenliyu@gtjas.com | | | | | | ...

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]

市场数据(2024-09-04) 收盘价(元) 16.71 一年内最高/最低(元) 29.88/16.48 沪深 300 指数 3,252.16 市净率(倍) 2.53 流通市值(亿元) 84.76 基础数据(2024-06-30) 每股净资产(元) 6.60 每股经营现金流(元) 0.68 毛利率(%) 65.12 净资产收益率_摊薄(%) 8.81 资产负债率(%) 22.53 总股本/流通股(万股) 50,726.00/50,726.00 B 股/H 股(万股) 0.00/0.00 个股相对沪深 300 指数表现 食品饮料 分析师：刘冉 登记编码：S0730516010001 liuran@ccnew.com 021-50586281 销售保持较高增长，整体盈利提升 ——金徽酒(603919)2024 年中报点评 发布日期：2024 年 09 月 06 日 投资要点： 证券研究报告-中报点评 增持(首次) ⚫ 公司公布 2024 年中报：上半年，公司实现收入 17.54 亿元，同比 增 15.17%；实现扣非归母净利润 3.02 亿元，同比增 19.08%。其 中，二季度实现收入 6.78 亿元，同比增 ...

公司报告 | 半年报点评 营收增速阶段性放缓，蓄势双节旺季 业绩:2024H1 公司实现营业收入/归母净利润/扣非归母净利润分别为 17.54/2.95/3.02 亿元（同比+15.17%/+15.96%/+19.08%）;2024Q2 公司实现 营业收入/归母净利润/扣非归母净利润分别为 6.78/0.74/0.80 亿元（同比 +7.73%/+1.88%/+10.56%）。 或受到发货节奏影响，结构升级态势阶段性放缓。24Q2 公司 300 元以上 /100-300 元 /100 元以下产品收入分别为 1.22/3.39/1.98 亿 元 （+7.06%/+2.65%/+13.32%）；占比分别同比变动+0.10/-1.92/+1.82pct 至 18.49%/51.47%/30.04%。或受到发货节奏影响（Q1 100 元以上价格带产品 放量较为明显），Q2 结构升级态势阶段性放缓。 巩固省内基地市场，省外市场蓄势待发。 1.市场方面：24Q2 省内/省外营收分别为 5.00/1.58 亿元（+8.30%/+1.10%）， 占比分别同比变动 1.28/-1.28 个百分点至 75.97%/24.03%。 ...