Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company reported a total revenue of 1.076 billion yuan in Q1 2024, representing a year-on-year increase of 20.41%. The net profit attributable to the parent company was 221 million yuan, up 21.58% year-on-year [6]. - The revenue from products priced above 300 yuan increased by 86.48% year-on-year, indicating a successful upgrade in product structure [6]. - The company continues to see strong growth in its domestic market, with a 23% year-on-year increase in domestic revenue [6]. Summary by Sections Financial Performance - In Q1 2024, the company achieved total revenue of 1.076 billion yuan (+20.41%) and a net profit of 221 million yuan (+21.58%). The net profit excluding non-recurring items was 222 million yuan (+22.48%) [6]. - The revenue breakdown for different product price segments shows that products priced above 300 yuan generated 191 million yuan, those between 100-300 yuan generated 551 million yuan, and those below 100 yuan generated 324 million yuan, with respective year-on-year changes of +86.48%, +24.13%, and -4.20% [6]. Market Dynamics - The company’s domestic revenue reached 848 million yuan, growing by 22.55% year-on-year, while the revenue from outside the province was 218 million yuan, up 13.23% [6]. - The number of domestic and foreign distributors increased, with domestic distributors totaling 283 and foreign distributors totaling 609 by the end of Q1 2024 [6]. Profitability and Cost Management - The gross margin for Q1 2024 was 65.40%, an increase of 0.43 percentage points year-on-year, while the net profit margin was 20.55%, up 0.20 percentage points [6]. - The total expense ratio remained stable, with sales, management, R&D, and financial expense ratios showing slight changes [6]. Strategic Initiatives - The company is focusing on enhancing its market share in the domestic market while accelerating its national expansion, particularly in the Northwest, East China, and Northern markets [6]. - The report anticipates that as the company expands its revenue base outside its home province, there will be opportunities to optimize its expense ratio and improve profit margins [6]. Future Projections - The company is projected to achieve net profits of 404 million yuan, 494 million yuan, and 600 million yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 22.97%, 22.15%, and 21.44% [6][7].

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 ...

2024 年 04 月 21 日 公司研究 评级：增持(维持) [Table_Title] 产品结构持续升级，业绩表现亮眼 ——金徽酒（603919）2024 年一季报点评 投资要点: 总股本（万股） 50,726.00 毛利率提升，现金流增长显著。由于产品结构升级，2024Q1 公司毛 利率同比+0.43pct 至 65.40%。300 元以上产品营收占比同比 +6.34pct 至 17.93%，100-300 元占比同比+1.50pct 至 51.70%。 2024Q1 公司销售费用率/管理费用率分别为 17.98%/7.91%，同比分 别+0.15pct/+0.68pct，净利率基本与去年 Q1 持平。我们认为，公司 目前还处于快速发展阶段，收入和产品结构的提升比净利率提升更 为重要，未来达到一定规模后，利润率会得到更为明显的提升。此 外，公司一季度现金流表现亮眼，销售收现/经营性现金流量净额同 比分别+33.05%/+46.60%；2024Q1 合同负债 6.31 亿元，环比增加 0.56 亿元，维持高位水平。 流通股本（万股） 50,726.00 日均成交额（百万） 41.07 近一月换手（%） 0 ...

金徽酒（603919） [Table_Tag] [Table_Summary] 投资要点 ◼ 净利率保持提升，市场培育亦加大力度。Q1 公司销售毛利率 65.4%，同 比+0.4pct，主要系公司百元以上产品结构提升所致。费用方面，当前属 于公司转型发展期，在品牌、人力、市场、产品及消费氛围培育上持续 加大力度，春节期间相应增加品牌宣传力度，加大扫码红包、反向激励 等投入，加强消费者联动性培育，销售费用率 18.0%，同比+0.2pct。综 合影响下，24Q1 归母净利率 20.6%，同比+0.2pct，保持提升。 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 市场数据 | --- | --- | |--------------------------|--------| | | | | | | | 每股净资产 ( 元 ,LF) | 6.99 | | 资产负债率 (%,LF) | 24.02 | | 总股本 ( 百万股 ) | 507.26 | | 流通 A 股 ( ...

Investment Rating - Maintains a "Buy" rating with a target price of 28.70 CNY [11][16] Core Views - The company's revenue growth momentum continues, with strong performance in high-end products driving structural upgrades [16] - The company's leading position in the local market is further solidified, with significant growth in products priced above 300 CNY [16] - The company's continuous investment in consumer engagement and brand building is expected to enhance brand recognition and market share [16] Financial Performance - 24Q1 revenue reached 10.76 billion CNY, a year-on-year increase of 20.41% [16] - 24Q1 net profit was 2.21 billion CNY, a year-on-year increase of 21.58% [16] - 24Q1 gross margin increased by 0.4 percentage points to 65.4% [16] - 24Q1 net profit margin increased by 0.2 percentage points to 20.6% [16] Revenue and Profit Trends - Revenue growth rates for 2022A, 2023A, 2024E, 2025E, and 2026E are 12%, 27%, 22%, 21%, and 19% respectively [16] - EBIT growth rates for the same periods are -26%, 26%, 32%, 28%, and 27% respectively [16] - Net profit growth rates are -14%, 17%, 26%, 27%, and 27% respectively [16] Profitability and Valuation Metrics - Operating profit margins for 2022A, 2023A, 2024E, 2025E, and 2026E are 14.0%, 13.9%, 15.0%, 15.9%, and 17.0% respectively [16] - ROE for the same periods are 8.9%, 9.9%, 11.8%, 14.1%, and 16.5% respectively [16] - ROIC for the same periods are 8.1%, 9.0%, 11.2%, 13.5%, and 15.9% respectively [16] - EV/EBITDA for the same periods are 32.27, 24.01, 14.20, 11.65, and 9.20 respectively [16] Market Performance - The stock's absolute price return over the past 12 months is -23% [16] - The stock's relative price return compared to the index over the past 12 months is -14% [16] - The stock's 52-week price range is 18.00-30.11 CNY [17] Product Structure and Market Strategy - Products priced above 300 CNY saw an 86.5% year-on-year increase in revenue, while products priced between 100-300 CNY saw a 24.1% increase [16] - The company is focusing on strengthening its presence in the local market and expanding into surrounding regions, with expected acceleration in sales outside the province [16] Capital Structure and Cash Flow - The company's net debt to equity ratio is -37.80% [16] - Free cash flow for 2022A, 2023A, 2024E, 2025E, and 2026E are 373, 370, 510, 704, and 704 million CNY respectively [11]

Investment Rating - The report maintains a "Buy" rating for the company, projecting a significant growth in net profit for the years 2024 to 2026, with expected figures of 402 million, 473 million, and 544 million respectively, representing year-on-year growth rates of 22%, 18%, and 15% [1] Core Views - The company's marketing transformation is showing initial positive effects, and product upgrades are expected to continue. The primary growth sources for the next three years are anticipated to come from the expansion into government and business group purchases, as well as banquet channels, which will enhance the product structure. The current growth momentum for mid-to-high-end liquor is strong, and the company's market share is expected to increase both within and outside the province [1][2] Financial Performance Summary - For Q1 2024, the company achieved an operating revenue of 1.076 billion, a year-on-year increase of 20.41%, and a net profit of 221 million, reflecting a growth of 21.58% [34] - The company's gross profit margin for Q1 2024 was 65.4%, up 0.43 percentage points year-on-year, primarily due to improvements in product structure [11] - The company reported a net profit margin of 20.39% for Q1 2024, an increase of 0.11 percentage points year-on-year [11] Market Data - As of April 19, 2024, the closing price of the company's stock was 19.33 yuan, with a one-year high of 30.8 yuan and a low of 17.2 yuan [3] - The company's market capitalization is approximately 9.805 billion yuan [3] Product Performance - In Q1 2024, the revenue from liquor priced above 300 yuan reached 191 million, a significant year-on-year increase of 86.48%. The revenue from liquor priced between 100-300 yuan was 551 million, up 24.13%, while revenue from liquor priced below 100 yuan decreased by 4.2% [26] - The company’s revenue from its home province was 848 million, a year-on-year increase of 22.55%, accounting for 79.59% of total revenue [26]

来源：公司年报、国金证券研究所 2024 年 4 月 19 日，公司披露 24 年一季报，期内实现营收 10.8 亿元，同比+20.4%；归母净利 2.2 亿元，同比+21.6%，业绩符合 预期。 考虑省外拓展中需持续费投，我们分别下调 24、25 年归母净利 13%/15%，预计 24-26 年收入分别为 30.8/36.7/43.2 亿元，分别 +21%/+19%/+18%；归母净利润分别为 4.2/5.4/6.8 亿元，分别 +29%/+27%/+25%，对应 EPS 为 0.84/1.06/1.33 元，对应 PE 分别 为 23/18/15X，维持"买入"评级。 风险提示 区域市场竞争加剧，省内升级不及预期，省外扩张低预期。 业绩简评 省内市场挖掘增量，结构升级明显加快。1）分区域看，公司聚焦 省内，布局全国，省内/外经销商数量环比 23 年末分别+11/+17 个至 283/609 家，对应收入 8.5/2.2 亿元，同比+22.5%/+13.2%， 其中省内市场贡献主要收入且增速更快。2）分产品看，300 元以 上/100-300 元/100 元以下分别实现营收 1.9/5.5/3.2 亿元，同 ...

券 研 公 研 究 告 育终端，并通过 BC 联动扩展大客户资源，同时，政商务团购 势能持续释放。 2024Q1 公司互联网销售 0.32 亿 元 （+58%），主要受益于互联网团队品牌塑造工作成效释放， 目前互联网客群正逐渐由省内拓宽至省外，逐步实现市场扩 张。2024Q1 公司省内/省外营收分别为 8.48/2.18 亿元，分 别同增 23%/13%，甘肃省内受益于天水旅游业爆发带动需求 端旺盛，关注五一假期市场表现，省外市场通过西北一体化 运营聚焦营销资源，打造样板市场，实现外埠市场辐射。 ▌ 风险提示 请阅读最后一页重要免责声明 2 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------|-------|-------------------------|-------|-------|-----------------------------------|-----------------|-------------------------|------- ...

Investment Rating - The report maintains a "Recommended" rating for the company [7][8]. Core Insights - The company achieved a revenue of 1.076 billion yuan in Q1 2024, representing a year-on-year growth of 20.41%. The net profit attributable to the parent company was 221 million yuan, up 21.58% year-on-year [7]. - The product structure optimization is significant, with high-end products showing remarkable growth. The revenue from high-end, mid-range, and low-end products in Q1 2024 was 191 million, 551 million, and 324 million yuan, respectively, with growth rates of 86.48%, 24.13%, and -4.20% [7]. - The company continues to strengthen its market presence in Gansu province while expanding into new markets in the Northwest and East China regions [7]. Financial Summary - The company forecasts revenue growth from 2.548 billion yuan in 2023 to 3.076 billion yuan in 2024, with a growth rate of 20.7% [3]. - The net profit attributable to the parent company is expected to increase from 329 million yuan in 2023 to 401 million yuan in 2024, reflecting a growth rate of 21.9% [3]. - The earnings per share (EPS) is projected to rise from 0.65 yuan in 2023 to 0.79 yuan in 2024 [3]. - The company’s sales gross margin for Q1 2024 was 65.40%, an increase of 0.43 percentage points year-on-year, while the net profit margin was 20.39%, up 0.11 percentage points [7]. - The total assets are expected to grow from 4.402 billion yuan in 2023 to 4.771 billion yuan in 2024 [5].