证券 研究报告 | 行业 定期报告 2024 年 11 月 24 日 签约客户可长按扫码阅读报告 临近年底酒企明年目标定调是关键，近期茅台、五粮液等也在拟定中，考虑各方 对明年需求预期谨慎，有望在理性下调增长目标上达成共识，以维护市场良性。后续渠 道释放包袱、报表触底过程中，投资者更关注实际动销，股价先于报表出现拐点。 食品个股提前完成库存调整，叠加春节备货提前，四季度增长有望超预期。中期 来看，乳制品、饮料、榨菜等板块或龙头也进入向上周期，未来 1-2 年有望盈利上修。 最新观点 核心公司跟踪：金徽酒控股股东增持，中炬高新股东权益变动。 金徽酒： 控股股东亚特集团增持公司股份，增持资金总额不低于人民币 5,000 万元，不超过人民币 10,000 万元。 伊力特： 刘新宇先生因达到法定退休年龄，特向公司董事会提出辞去董事、副总经理以及董事会下设战略委员会、薪酬与考核委员会委员职务。 洽洽食品： 拟回购部分股份，用于股权激励计划或员工持股计划，回购的资金总额不低于人民币 4,000 万元（含），且不超过人民币 8,000 万元（含），回购股份约占公司总 股本为 0.17% — 0.33% 。 中炬高新： 持股 ...

证券代码:603919 证券简称:金徽酒 公告编号:临 2024-070 金徽酒股份有限公司 关于控股股东增持公司股份计划的公告 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： 金徽酒股份有限公司（简称"金徽酒""公司"）控股股东甘肃亚特投资 集团有限公司（简称"亚特集团"）计划自本公告披露之日起 6 个月内，通过集 中竞价交易或大宗交易方式增持公司股份。本次增持资金总额不低于人民币 5,000.00 万元，不超过人民币 10,000.00 万元（简称"本次增持计划""增持计 划"）。 本次增持计划可能存在因资本市场情况发生变化或目前尚无法预判的其 他风险因素导致增持计划的实施无法达到预期的风险，敬请广大投资者注意投资 风险。 3.亚特集团及其一致行动人在本公告披露之日前 12 个月内未披露过增持计 划。 4.亚特集团及其一致行动人在本公告披露之日前 6 个月内未披露过减持计划。 二、增持计划的主要内容 1.增持目的：基于对公司未来发展的信心和对公司价值的认可，提振投资者 信心，维护投资者利益，促进公司持续、稳 ...

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 ...

Summary of Conference Call Notes Company and Industry - **Company**: 金徽酒 (Jinhui Liquor) - **Industry**: Chinese Baijiu Industry Key Points and Arguments Market Conditions in Gansu Province - Gansu's economy has shown improvement due to increased investment and tourism, leading to a more active consumer market for Baijiu [2][3] - The overall consumption in Gansu is concentrated in the price range of 150 to 200 RMB for residents, while business consumption starts from around 200 RMB [3][4] - The company has observed a trend of consumption upgrading, with a shift from products priced below 100 RMB to those in the 150 to 200 RMB range [4][5] Sales Performance and Product Structure - In the first three quarters, products priced above 300 RMB grew by over 40%, primarily driven by the年份系列 (Year Series) [7][9] - Products priced between 100 to 300 RMB saw a growth of approximately 15%, with the能量系列 (Energy Series) performing slightly better [8][9] - The company aims to increase the proportion of products priced between 100 to 300 RMB to around 50% in the future [12][13] Strategic Focus on Shaanxi Province - Shaanxi is identified as a key market for expansion, with a focus on the cities of Xi'an, Hanzhong, and Baoji [5][6] - The company has faced challenges in Shaanxi due to previous overexpansion and is now concentrating resources in more promising areas [6][36] - Marketing strategies in Shaanxi are shifting towards enhancing terminal sales and consumer engagement [6][39] Competitive Landscape - The company faces increasing competition from both local and national brands, particularly in Gansu, where local brands are rapidly growing [17][18] - The company is focusing on product quality and brand recognition to maintain its competitive edge [17][18] - Marketing transformation is underway, emphasizing direct consumer engagement rather than just channel partnerships [19][20] Financial Performance and Projections - The company anticipates achieving a revenue target of 3 billion RMB for the year, with a focus on maintaining a healthy market presence despite competitive pressures [32][33] - Future growth projections include maintaining a growth rate of over 40% for products priced above 300 RMB and 15-20% for products priced between 100 to 300 RMB [33][34] Marketing and Sales Strategies - The company is reducing channel marketing expenditures while increasing direct consumer engagement efforts [24][25] - Seasonal promotions and product launches are planned for Q4, particularly in preparation for the Spring Festival [21][26] - The company is implementing a more flexible pricing strategy to adapt to market conditions and consumer acceptance [22][23] Conclusion - Overall, 金徽酒 is navigating a complex market landscape with strategic adjustments in product offerings, marketing approaches, and regional focus to enhance growth and competitiveness in the Baijiu industry.

Group 1: Financial Performance - In the first three quarters of 2024, the company achieved operating revenue of 2.328 billion yuan, a year-on-year increase of 15.31% [2] - Operating costs for the same period were 835 million yuan, up 13.27% year-on-year, primarily due to increased production and sales volume [2] - Gross profit margin for the first three quarters was 64.14%, an increase of 0.65 percentage points year-on-year; net profit margin was 14.12%, up 0.81 percentage points year-on-year [2] Group 2: Share Buyback - As of September 30, 2024, the company had repurchased a total of 10,415,243 shares, accounting for 2.0532% of the total share capital [3] - The highest purchase price was 20.94 yuan per share, and the lowest was 15.49 yuan per share, with a total expenditure of approximately 192.59 million yuan (excluding transaction fees) [3] Group 3: Marketing Strategy - The company is implementing a marketing strategy focused on "national layout, deepening the Northwest, and key breakthroughs," aiming to serve 100 million consumers through a user-centric approach [2] - The marketing transformation emphasizes "user engineering led by brand influence + deep market control," aiming to drive sales growth [2] - The company is also focusing on optimizing product structure and enhancing customer resource management to boost overall product sales [3] Group 4: Contract Liabilities - As of the end of the third quarter, contract liabilities amounted to 476 million yuan, a year-on-year increase of 10.29%, attributed to increased orders from distributors during the current period [3] - The rise in contract liabilities indicates strong product movement and positive channel stocking intentions [3]

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]

Investment Rating - The report maintains a "Buy" rating for the company [1][2]. Core Views - The company has shown strong momentum in high-end products, with a steady national expansion strategy. The third quarter of 2024 saw a revenue of 5.7 billion yuan, a year-on-year increase of 15.8%, and a net profit of 0.38 billion yuan, up 108.8% year-on-year, aligning with market expectations [1]. - The company is experiencing significant growth in products priced above 300 yuan, with a revenue increase of 42.1% in this segment during Q3 2024. The expansion in markets outside the province is accelerating, with a 37.9% year-on-year growth in revenue from these regions [1]. - The gross margin for Q3 2024 decreased by 1.5 percentage points to 61.1%, primarily due to increased promotional activities. However, the net profit margin improved by 0.8 percentage points to 14.3%, driven by optimized expenses [1]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 2.33 billion yuan, a 15.3% increase year-on-year, and a net profit of 0.33 billion yuan, up 22.2% year-on-year. The Q3 revenue and net profit figures were 0.57 billion yuan and 0.038 billion yuan, respectively [1][5]. - The company forecasts revenues of 25.48 billion yuan, 30.08 billion yuan, 35.14 billion yuan, and 40.51 billion yuan for 2024 to 2026, with corresponding growth rates of 18.06%, 16.84%, and 15.28% [3][5]. Product and Market Analysis - In Q3 2024, the revenue breakdown by product category showed that products priced above 300 yuan generated 1.6 billion yuan, while those priced between 100-300 yuan and below 100 yuan generated 3.1 billion yuan and 0.8 billion yuan, respectively [1]. - The company is focusing on large customer operations and user engagement, strengthening its market presence in Gansu while expanding into the Northwest and gradually developing markets in East China and the North [1]. Cost and Profitability - The sales, management, and R&D expense ratios for Q3 2024 were 24.1%, 13.1%, and 6.9%, respectively, reflecting a decrease in these ratios compared to the previous year, indicating improved cost management [1]. - The company’s net profit is projected to grow to 4.07 billion yuan and 4.90 billion yuan in 2025 and 2026, with growth rates of 23.66% and 20.42%, respectively [3][5].

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].