Investment Rating - The report maintains a "Recommendation" rating for the company, with a current stock price of 19.59 yuan [1]. Core Views - The company has shown steady performance with a product structure upgrade, achieving a revenue of 1.11 billion yuan in Q1 2025, representing a year-on-year growth of 3.0%, and a net profit of 230 million yuan, up 5.8% year-on-year [5][9]. - The company is focusing on upgrading its product structure, with high-end products (priced above 300 yuan) accounting for 22.1% of revenue, an increase of 4.3 percentage points year-on-year [9]. - The company is expanding its market presence outside its home province, with revenue from provincial and non-provincial markets reaching 860 million yuan and 240 million yuan respectively, showing growth of 1.0% and 9.5% year-on-year [9]. - The gross margin improved to 66.8% in Q1 2025, up 1.4 percentage points year-on-year, indicating enhanced profitability due to product structure upgrades [9]. - The report forecasts steady growth in net profit for 2025-2027, estimating profits of 410 million yuan, 450 million yuan, and 480 million yuan respectively [9]. Financial Summary - The company is projected to achieve revenues of 3.021 billion yuan in 2024, 3.281 billion yuan in 2025, and 3.560 billion yuan in 2026, with year-on-year growth rates of 18.6%, 8.6%, and 8.5% respectively [8][12]. - The net profit is expected to be 388 million yuan in 2024, 409 million yuan in 2025, and 445 million yuan in 2026, with growth rates of 18.0%, 5.3%, and 8.8% respectively [8][12]. - The company's return on equity (ROE) is projected to be 11.7% in 2024, 11.4% in 2025, and 11.5% in 2026, indicating stable profitability [13].

2025 年 04 月 15 日 公司研究 评级：增持(维持) 研究所： 证券分析师： 刘洁铭 S0350521110006 liujm@ghzq.com.cn 联系人 ： 郝天宇 S0350124060016 haoty@ghzq.com.cn [Table_Title] 业绩增速稳健，产品结构继续升级 ——金徽酒（603919）2025 年一季报点评 最近一年走势 事件: 2025 年 4 月 14 日，金徽酒发布 2025 年一季报。2025Q1 公司实现营业 收入 11.08 亿元，同比+3.04%；归母净利润 2.34 亿元，同比+5.77%； 扣非归母净利润 2.31 亿元，同比+4.30%。 投资要点: 相对沪深 300 表现 2025/04/14 表现 1M 3M 12M 金徽酒 -1.3% 5.8% 2.8% 证券研究报告 | 市场数据 | 2025/04/14 | | --- | --- | | 当前价格（元） | 19.59 | | 52 周价格区间（元） | 15.47-24.18 | | 总市值（百万） | 9,937.22 | | 流通市值（百万） | 9,937.22 | | 总 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 公司代码：603919 证券简称：金徽酒 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 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、主要财务数据 (一)主要会计数据和财务指标 (二)非经常性损益项目和金额 √适用 □不适用 单位:元 币种:人民币 ■ 对公司将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号一一非经常性 损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因。 □适用 √不适用 (三)主要会计数据、财务指标发生变动的情况、原因 √适用 □不适用 ■ 单位：元 币种：人民币 ...

食品饮料 2025年04月15日 金徽酒(603919.SH) 业绩稳扎稳打，产品结构提升 推荐 ( 维持) 股价:19.59元 公 司 报 告 行情走势图 相关研究报告 【平安证券】金徽酒（603919.SH）*年报点评*收入 增速亮眼，高端化持续推进*推荐20250323 【平安证券】金徽酒（603919.SH）*季报点评*省外 市场发力，产品结构升级*推荐20241027 证券分析师 事项： 金徽酒发布一季报，1Q25实现营业收入11.1亿元，同比增长3.0%，归母净利 2.3亿元，同比增长5.8%。 平安观点： 司 季 报 点 评 张晋溢 投资咨询资格编号 研 究 报 告 S1060521030001 ZHANGJINYI112@pingan.com.cn 王萌 投资咨询资格编号 S1060522030001 WANGMENG917@pingan.com.cn 王星云 投资咨询资格编号 S1060523100001 wangxingyun937@pingan.com.cn | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | - ...

2025 年 4 月 14 日，公司披露 25 年一季报，期内实现营收 11.1 亿元，同比+3.0%；归母净利 2.3 亿元，同比+5.8%。25Q1 业绩符 合预期、相对高基数下仍实现平稳增长；公司此前年报已披露 25 年收入目标为 32.8 亿（同比+8.6%）、净利目标为 4.1 亿（+5.1%）。 业绩简评 经营分析 金徽深扎西北地区，核心优势在于有明确且笃定的战略愿景，管 理层稳定且经验丰富。长期战略看得准、短期工作做得实，民营 的体制优势赋予公司形成了比较市场化的激励体制，能在外部环 境波动时灵活地调整路径与步伐，管理层及员工利益绑定度高、 目标向心力强；当下公司正稳健地推进区域深耕、市场边界延展、 用户工程建设等营销举措，看好品牌及经营势能持续提升。 具体营收拆分：1）分产品：25Q1 100 元以下/100-300 元/300 元 以上产品分别实现营收 2.2/6.3/2.4 亿元，同比分别 -32%/+14%/+28%，产品结构提升持续兑现，带动 25Q1 毛利率 +1.4pct 至 66.8%。2）分区域：25Q1 省内/省外分别实现营收 8.6/2.4 亿元，同比分别+1%/+9%，省 ...

每经记者 熊嘉楠 每经编辑 叶峰 丨2025年4月15日 星期二丨 NO.1 茅台集团赴比亚迪、华为拜访交流 据贵州茅台消息，4月11日至12日，茅台集团党委书记、董事长张德芹率队先后拜访比亚迪股份有限公 司、华为技术有限公司。 分区域看，省内地区收入8.57亿元，增幅1.05%，占酒类营收比例78.26%。省外地区收入2.38亿元，增 长9.48%，占酒类营收比例21.74%。 点评：金徽酒营收和净利润增速较往年同期明显放缓，仅实现个位数增长。尽管300元以上高端产品收 入大幅提升，但100元以下产品收入下滑明显，这表明公司在产品结构升级过程中面临一定压力，低端 产品销售受阻。省内市场增长乏力，省外市场虽有所增长但占比仍低，全国化布局仍需加强。 NO.3 仁怀高粱总产量将达8万吨 中国酒业协会4月14日消息，近年来，仁怀市将高粱产业作为农业支柱产业来打造，通过政策扶持、资 金投入、技术指导等方式，鼓励农民种植红缨子高粱，推动产业化、规模化发展。2025年，仁怀规划种 植高粱36万亩，其中，订单高粱达26万亩，预计总产量将达到8万吨，覆盖农户5万余户。 点评：仁怀市大力扶持高粱产业，特别是红缨子高粱的种植，作 ...

Core Viewpoint - The company reported a steady growth in revenue and net profit for Q1 2025, driven by product structure upgrades and an expanding market presence, particularly in provincial and national markets [1][2][3][4] Financial Performance - The total revenue for Q1 2025 reached 1.108 billion yuan, a year-on-year increase of 3.0% - The net profit attributable to shareholders was 234 million yuan, up 5.8% year-on-year - The net profit excluding non-recurring items was 231 million yuan, reflecting a 4.3% year-on-year growth [1] Product Structure - The company saw significant growth in products priced above 300 yuan, with revenue from this segment increasing by 28.1% to 245 million yuan - Products priced between 100-300 yuan also grew by 14.2%, while products below 100 yuan experienced a decline of 31.7% - The share of products priced above 100 yuan in total revenue rose by 10 percentage points to 79.8% [1][3] Sales Channels - Revenue from distributors, direct sales (including group purchases), and online sales reached 1.035 billion yuan, 23 million yuan, and 37 million yuan respectively, with year-on-year growth rates of 2.8%, 31.3%, and 57.7% - The rapid development of the online market is notable [1][2] Market Expansion - The company’s revenue from provincial markets was 857 million yuan, growing by 1.0%, while revenue from outside the province reached 238 million yuan, with a growth rate of 9.5% - The number of distributors in provincial and non-provincial areas increased to 291 and 673 respectively, with net changes of +8 and +64 distributors year-on-year [2] Profitability - The gross margin for Q1 2025 was 66.81%, an increase of 1.4 percentage points year-on-year, attributed to product structure optimization - The company’s net profit margin improved to 21.1%, up 0.5 percentage points year-on-year, despite a slight increase in the tax rate to 6.18% [3] Strategic Outlook - The company aims for practical and positive operational goals in 2025, focusing on deepening market control in provincial areas and expanding in provincial markets - The strategy includes optimizing commercial models in emerging markets and enhancing profitability through product structure upgrades and cost management [4] Revenue and Profit Forecast - Projected revenues for 2025 and 2026 are 3.269 billion yuan and 3.550 billion yuan, representing year-on-year growth of 8.2% and 8.6% - Expected net profits for the same period are 408 million yuan and 439 million yuan, with growth rates of 5.1% and 7.5% respectively [4]

Core Viewpoint - The company reported a decline in growth rates for both revenue and net profit in Q1 2025, marking the lowest growth rates in the past five years, despite achieving record high revenues in 2024 [1][2]. Revenue Performance - In Q1 2025, the company achieved revenue of 1.108 billion yuan, a year-on-year increase of 3.04%, and a net profit of 234 million yuan, up 5.77% [1]. - The first quarter typically contributes about 35% of the company's annual revenue, indicating its importance in overall performance [2]. Product Segmentation - Revenue from products priced above 300 yuan reached 245 million yuan in Q1 2025, a year-on-year increase of 28.14%, while products priced between 100-300 yuan generated 630 million yuan, up 14.24%. However, products below 100 yuan saw a significant decline of 31.72% [3]. - The company has been focusing on increasing the sales proportion of high-end products since 2016, with 70.75% of revenue coming from mid to high-end products in 2024 [5]. Profitability and Cost Management - Despite revenue growth, the contribution from high-end products remains low, with only 18.75% of revenue from products priced above 300 yuan in 2024 [6]. - The company has not met its net profit targets for two consecutive years, with management expenses rising significantly, impacting overall profitability [7]. Market Expansion - The company has seen growth in its provincial and out-of-province revenues, with out-of-province revenue reaching 238 million yuan in Q1 2025, a year-on-year increase of 9.48% [8]. - The number of out-of-province distributors has increased significantly, from 163 in 2019 to 673 in Q1 2025, indicating efforts to expand market reach [8]. Strategic Goals - The company aims to achieve a revenue target of 3.28 billion yuan and a net profit of 408 million yuan for 2025, having completed 33.78% and 28.75% of these targets in Q1 2025, respectively [9].

Core Insights - The company reported a revenue of 1.108 billion yuan for Q1 2025, representing a year-on-year growth of 3.04% and a net profit of 234 million yuan, up 5.77% year-on-year [1][2] Revenue Breakdown - Sales revenue from products priced above 300 yuan reached 245 million yuan, showing a significant increase of 28.14% year-on-year [1] - Products priced between 100 and 300 yuan generated sales revenue of 630 million yuan, reflecting a growth of 14.24% year-on-year [1] Market Expansion - The company is enhancing its market presence through integrated market development in Gansu and Qinghai, as well as Shaanxi and Ningxia, leading to an increase in market share [1] - Revenue from the domestic market was 857 million yuan, a slight increase of 1.05% year-on-year, while revenue from the external market reached 238 million yuan, growing by 9.48% year-on-year [1] Marketing Strategy - The company is implementing a marketing transformation centered on "brand-led user engineering + deep market control = small ecology driving large ecology," which is aimed at enhancing brand influence and optimizing product structure [1] - Internet sales have emerged as a significant growth driver, with online revenue reaching 37 million yuan, up 14.57% year-on-year [2] Future Plans - The company announced a "Quality Improvement and Efficiency Enhancement" action plan for 2025, focusing on improving operational management, enhancing core competitiveness, profitability, and risk management capabilities [2]

证券代码:603919 证券简称:金徽酒 公告编号:临 2025-021 金徽酒股份有限公司 2025 年度"提质增效重回报"行动方案公告 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。 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，持续落实国务院《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》，为全方位 提升公司治理效能、经营效率、核心竞争力及股东回报水平，推动上市公司高质量 发展和投资价值提升，保护投资者尤其是中小投资者合法权益，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，特制定 2025 年度"提质增效重回报" 行动方案。具体如下： 一、聚焦主营业务，提升经营质量 基于对公司未来发展的信心和公司价值的认可，维护全体股东利益，增强投资 者信心，公司于 2024 年 3 月 16 日披露了《关于以集中竞价交易方式回购公司股 份方案的公告》（公告编号：临 2024-018），计划使用不低于人民币 1 亿元（含）、 金 ...