有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 中高档势能持续向上，省内大本营强势增 长 ——24Q1 季报点评 核心观点 ⚫ 核心业绩：公司发布 2024 年一季报，24Q1 实现营业收入 10.8 亿，同比增长 20.4%；归母净利润 2.2 亿元，同比增长 21.6%。24Q1 季末合同负债 6.3 亿元，同 比增长 33.1%。2024Q1，公司毛利率为 65.4%（yoy+0.4pct），赠酒对毛利率的影 响减弱；销售费用率为 18.0%（yoy+0.2pct），管理费用率为 7.9% （yoy+0.69pct）；归母净利率为 20.55%（yoy+0.2pct）。 ⚫ 年份系列引领产品结构升级，柔和系列势能向上、稳健增长。分档次，2024Q1 公 司 300 元/500ML 以上产品实现收入 1.9 亿元（yoy+86.5%）。年份系列初具规模， 口碑不断提升，叠加大客户开拓与核心意见领袖培育，空间值得期待。省内金徽 18 快速增长，金辉 28 塑造品牌势能。100-300 元产品实现收入 5.5 亿元 ...

446 数据来源：聚源、华金证券研究所 3） 24 年目标：公司制定 2024 年目标，力争实现营收 30 亿元，净利润 4 亿元。 财务数据与估值 公司快报/白酒Ⅲ http://www.huajinsc.cn/ 3 / 5 请务必阅读正文之后的免责条款部分 分析师声明 本公司具备证券投资咨询业务资格的说明 本报告仅供华金证券股份有限公司（以下简称"本公司"）的客户使用。本公司不会因为任何机构或个人接收到本报告而视其为本 公司的当然客户。 在法律许可的情况下，本公司及所属关联机构可能会持有报告中提到的公司所发行的证券或期权并进行证券或期权交易，也可能为 这些公司提供或者争取提供投资银行、财务顾问或者金融产品等相关服务，提请客户充分注意。客户不应将本报告为作出其投资决策的 惟一参考因素，亦不应认为本报告可以取代客户自身的投资判断与决策。在任何情况下，本报告中的信息或所表述的意见均不构成对任 何人的投资建议，无论是否已经明示或暗示，本报告不能作为道义的、责任的和法律的依据或者凭证。在任何情况下，本公司亦不对任 何人因使用本报告中的任何内容所引致的任何损失负任何责任。 华金证券股份有限公司 上海市浦东新区杨高南路 ...

省内引领消费升级趋势 ——金徽酒 24 年一季报点评 敬请参阅末页重要声明及评级说明 证券研究报告 | --- | --- | --- | --- | --- | --- | |-------|------------------------------------|-----------------------------------------------------|-------------------------|--------------|------------------| | | ⚫ 重要财务指标 \n主要财务指标 | 竞争环境加剧、食品安全事件、产品推广不顺利。 \n2023 | 2024E | 单位 \n2025E | : 百万元 \n2026E | | | 营业收入 | | 2548 3049 3639 4296 | | | | | 收入同比（ % ） | 26.6% | 19.7% | 19.4% | 18.0% | | | 归属母公司净利润 | | 329 401 507 652 | | | | | 净利润同比（ % ） | 17.3% | 22.0% | 26.4% | 28. ...

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 ...

Investment Rating - The report maintains a "Recommended" investment rating for the company [9]. Core Views - The company achieved a solid start in Q1 2024, with revenue of 1.08 billion yuan, representing a year-on-year increase of 20.4%. The net profit attributable to shareholders was 220 million yuan, up 21.6% year-on-year [9]. - The company aims for a revenue target of 3 billion yuan and a net profit of 400 million yuan for the year 2024, indicating confidence in achieving these goals based on Q1 performance [9]. - The company has seen a significant increase in contract liabilities, which reached 630 million yuan at the end of Q1, a year-on-year increase of 33.1% [9]. - The domestic market continues to grow rapidly, benefiting from external factors such as tourism and economic growth in Gansu province, while the effects of adjustments in the external market are still emerging [9]. Financial Summary - For 2023A, the company reported revenue of 2.547 billion yuan, with a growth rate of 26.64%. The projected revenue for 2024E is 3.087 billion yuan, with a growth rate of 21.18% [2]. - The net profit attributable to shareholders for 2023A was 328.86 million yuan, with a profit growth rate of 17.35%. The forecast for 2024E is 411.48 million yuan, with a growth rate of 25.12% [2]. - The gross margin for 2023A was 62.44%, projected to be 62.50% in 2024E [2]. - The diluted EPS for 2023A was 0.65 yuan, expected to rise to 0.81 yuan in 2024E [2]. - The P/E ratio for 2024E is projected at 23.83, down from 29.82 in 2023A [2].

Investment Rating - The investment rating for the company is "Buy" [2]. Core Views - The company demonstrates stable operations with a slight increase in gross profit margin. The revenue for Q1 2024 reached 1.076 billion, representing a 20% year-on-year growth. The net profit was 193 million, up 22% year-on-year, with a net profit margin of 17.98% [2][4]. - The company is focusing on optimizing its product structure and expanding its market presence, particularly in the northwest region, which shows significant consumption upgrade potential [2][4]. Financial Summary - Total revenue for 2022 was 2,012 million, with a year-on-year growth rate of 12.5%. The forecast for 2023 is 2,548 million, reflecting a growth rate of 26.6% [4]. - The net profit attributable to the parent company for 2022 was 280 million, with a forecast of 329 million for 2023, indicating a year-on-year growth of 17.3% [4]. - The gross profit margin for 2022 was 62.8%, with a slight decrease to 62.4% in 2023 [4]. - The return on equity (ROE) for 2022 was 8.9%, projected to increase to 9.9% in 2023 [4]. - The earnings per share (EPS) for 2022 was 0.55, expected to rise to 0.65 in 2023 [4]. Market Strategy - The company is enhancing its market share in key regions such as Shaanxi, Ningxia, Qinghai, and Xinjiang through targeted marketing and resource allocation. It aims to maintain high growth rates in its home market while accelerating expansion in external markets [2][4]. - The company plans to implement a county-specific strategy in Gansu province to optimize operations and improve market penetration [2][4].

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 ...