[Table_Invest]增持|维持 [Table_TargetPrice] [Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 金徽酒(603919)公司点评报告 2024 年 08 月 20 日 [Table_Title] 省内基本盘稳固，省外经销商拓展加速 ——金徽酒 2024 年中报点评 [Table_Summary] 报告要点： 事件 公司公告 2024 年中报。2024H1，公司实现总收入 17.54 亿元（+15.17%），归 母净利 2.95 亿元（+15.96%），扣非归母净利 3.02 亿元（+19.08%）。2024Q2， 公司实现总收入 6.78 亿元（+7.73%），归母净利 0.74 亿元（+1.88%），扣非 归母净利 0.80 亿元（+10.56%）。 省内收入增速领先，H1 末省外经销商数量同比+30.34% 1）H1 公司 300 元以上产品同比+44.71%。2024H1，公司 300 元以上、100- 300 元、100 元以下产品收入分别为 3.13、8.90、5.22 亿元，同比+44.71%、 +14.97%、+1.77%，24Q2 收 ...

证 券 告 公 研 研 究 2024 年 08 月 21 日 报 | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券研究报告·公司点评报告·白酒Ⅱ 金徽酒（603919） 24H1 业绩点评：行而不辍，张弛并济 2024 年 08 月 20 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 | 399.64 | 488.04 | 597.36 | | 同比（ % ） | (13.73) | 17.35 | 21.52 | 22.12 | 22.40 | | EPS- 最新摊薄（元 / 股） | 0.55 | 0.65 | 0.79 | ...

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 股票研究 /[Table_Date] 2024.08.20 [table_Authors]訾猛(分析师) 021-38676442 zimeng@gtjas.com 登记编号S0880513120002 | --- | --- | --- | --- | |--------------------|-------|-------|-------| | | | | | | 陈力宇 ( 分析师 ) | | | | | 021-38677618 | | | | | chenliyu@gtjas.com | | | | | S0880522090005 | | | | ——2024 年中报点评 提价控货，渠道良性 金徽酒(603919) 食品饮料 [Table_Industry] /必需消费 | --- | --- | --- | |--------------------------------|------------|-- ...

华福证券 基本数据 总股本/流通股本(百万股) 507.26/507.26 流通 A 股市值(百万元) 9,156.04 每股净资产(元) 6.60 资产负债率(%) 22.53 一年内最高/最低价(元) 30.80/17.16 财务数据和估值 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 2,012 2,548 3,090 3,710 4,412 增长率 12% 27% 21% 20% 19% 净利润（百万元） 280 329 403 487 591 增长率 -14% 17% 23% 21% 21% EPS（元/股） 0.55 0.65 0.79 0.96 1.17 市盈率（P/E） 31.0 26.4 21.5 17.8 14.7 市净率（P/B） 2.8 2.6 2.5 2.2 2.0 数据来源：公司公告、华福证券研究所 包 研 金徽酒（603919.SH） 24H1 稳健增长，产品结构向上趋势不改 投资要点： 事件： 金徽酒发布 2024 年半年报。24H1 公司实现营收 17.54 亿元，同比 增长 15.17%；实现归母净利润 2.95 亿元，同比增长 15.69 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth in its domestic market while preparing for expansion in external markets. The revenue for Q2 2024 reached 678 million yuan, a year-on-year increase of 7.73%, while the net profit attributable to the parent company was 74 million yuan, reflecting a growth of 1.88% [1] - For the first half of 2024, the total revenue was 1.754 billion yuan, up 15.17% year-on-year, with a net profit of 295 million yuan, an increase of 15.96% [1] - The company is expected to maintain growth momentum in the year series and enhance brand influence, while actively increasing prices in the soft series to lead the trend of consumption upgrades in the domestic market [1] Summary by Sections Financial Performance - Q2 2024 revenue and net profit were in line with expectations, while the net profit was slightly below expectations. The company’s gross margin increased by 2.62 percentage points year-on-year, attributed to reduced discounts [1] - The company’s operating expenses were managed more precisely, with sales and management expense ratios showing a decrease and increase of 0.5 and 1.06 percentage points respectively [1] - The company’s net profit margin decreased by 0.47 percentage points year-on-year, but if excluding the impact of deferred tax assets, the profit before tax increased by 26.6% [1] Revenue and Profit Forecast - The company is expected to achieve total revenues of 3.049 billion, 3.639 billion, and 4.296 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 19.7%, 19.4%, and 18.0% [2][4] - The net profit attributable to the parent company is forecasted to be 401 million, 503 million, and 649 million yuan for the same years, with growth rates of 22.0%, 25.5%, and 28.9% respectively [2][4] Market Strategy - The company is focusing on solidifying its domestic market base while creating model markets in external regions. In Q2, the company added 130 new distributors, indicating potential for improved revenue growth in the second half of the year [1] - The company is actively promoting its "Thousand Villages and Ten Thousand Towns" project to increase market share in targeted regions [1]

证券代码：603919 证券简称：金徽酒 金徽酒股份有限公司投资者关系活动记录表 编号：2024-005 日期：2024 年 8 月 20 日 地点：金徽酒股份有限公司（线上） 接待人职务及姓名：财务总监谢小强、董事会秘书任岁强 来访人员 国泰君安、浙商证券、招商证券、中金证券、中信证券、广发证券、海通证券、华金证券、 方正证券、天风证券、兴业证券、东吴证券、开源证券、上海证券、安信证券、西部证券、 东北证券、华创证券、华鑫证券、华福证券、国信证券、国金证券、华泰证券、德邦证券、 中泰证券、中信建投、信达证券、西南证券、民生证券、光大证券、长城证券、太平洋证券、 平安证券、华安证券、申万证券、华西证券、国联基金、新华基金、华宝基金、上海曜川基 金、同犇投资、太平资产、雪石资产等 93 位分析师、投资者。 调研形式： □ 公司现场接待 ☑ 电话接待 □ 其他场所接待 □ 公开说明会 □ 定期报告说明会 □ 重要公告说明会 □ 媒体来访 □ 其他 调研活动主要内容： 一、公司 2024 年半年度经营业绩介绍 2024 年上半年度，金徽酒以转型促发展，以实干促增长，实现营业收入 17.54 亿元，较 上年同期增长 ...

金徽酒（603919.SH）2024 年半年报点评 [盈利预测与财务指标 Table_Forcast] 产品结构延续升级，甘肃市场稳步夯实 2024 年 08 月 20 日 ➢ 事件：2024 年 8 月 19 日，公司发布 24 年半年报，公司 24H1 实现营收 17.54 亿元，同增 15.17%；实现归母净利润 2.95 亿元，同增 15.96%；实现扣 非归母净利润 3.02 亿元，同增 19.08%。单二季度看，24Q2 实现营收 6.78 亿 元，同增 7.73%；实现归母净利润 0.74 亿元，同增 1.88%；实现扣非归母净利 润 0.80 亿元，同增 10.56%。 ➢ 高档产品势能向上，基地市场持续精耕。分产品看，24H1 公司 300 元以上 /100-300 元/100 元以下产品分别实现营收 3.13/8.90/5.22 亿元，同比+44.17% /+14.97%/+1.77%，占比 18.14%/51.61%/30.25%，公司持续优化产品结构， 保持渠道库存良性可控，完成世纪金徽四星、柔和金徽 H3、H6 价格上调，300 元以上年份、金徽老窖等产品销售收入增长表现较优，助推产 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1]. Core Views - The company's H1 2024 performance met expectations, with total revenue of 1.754 billion yuan, a year-on-year increase of 15.17%, and a net profit attributable to shareholders of 295 million yuan, up 15.96% year-on-year [3]. - The company is experiencing a marketing transformation, with product upgrades expected to sustain growth. The main growth drivers for the next three years are anticipated to come from government and business group purchases, as well as banquet channels [3]. - The company’s cash flow is under pressure, with cash received from sales declining by 12.84% year-on-year in Q2 2024, primarily due to changes in advance payments [4]. Summary by Sections Market Data - Closing price: 18.05 yuan - Year-to-date high/low: 30.80/17.16 yuan - Price-to-book ratio: 2.6 - Dividend yield: 2.16% - Market capitalization: 9,156 million yuan [1]. Financial Performance - H1 2024 total revenue: 1.754 billion yuan, up 15.17% year-on-year - H1 2024 net profit: 295 million yuan, up 15.96% year-on-year - Q2 2024 total revenue: 678 million yuan, up 7.73% year-on-year - Q2 2024 net profit: 74 million yuan, up 1.88% year-on-year [3]. Profitability Metrics - Q2 2024 gross margin: 64.67%, up 2.63 percentage points year-on-year - Q2 2024 net profit margin: 10.74%, down 0.47 percentage points year-on-year - Q2 2024 non-recurring net profit margin: 11.8%, up 0.37 percentage points year-on-year [3][4]. Future Earnings Forecast - Projected net profits for 2024-2026: 380 million, 420 million, and 453 million yuan respectively, with year-on-year growth rates of 16%, 10%, and 8% [3][5]. - Projected earnings per share for 2024-2026: 0.75, 0.83, and 0.89 yuan respectively [5].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [3][11]. Core Insights - The company reported a revenue of 1.75 billion RMB for the first half of 2024, representing a year-on-year increase of 15.2%, and a net profit attributable to shareholders of 290 million RMB, up 16.0% year-on-year [2]. - In Q2 2024, the company achieved a revenue of 680 million RMB, a 7.7% increase year-on-year, with a net profit of 70 million RMB, reflecting a 1.9% year-on-year growth [2]. - The operational performance aligns with expectations, with a notable increase in gross profit margin by 2.6 percentage points, despite a slight decline in net profit margin by 0.6 percentage points due to increased external donations and tax expenses [2]. - The company has implemented price increases and controlled inventory for its products, leading to a significant improvement in operating profit, which grew over 40% year-on-year [2]. - The company continues to expand its market presence, adding 130 new distributors in Q2 2024, with a focus on both domestic and regional markets [2]. Summary by Sections Performance Overview - For the first half of 2024, the company achieved a revenue of 1.75 billion RMB and a net profit of 290 million RMB, with respective year-on-year growth rates of 15.2% and 16.0% [2]. - Q2 2024 revenue was 680 million RMB, with a net profit of 70 million RMB, showing year-on-year growth of 7.7% and 1.9% respectively [2]. Operational Analysis - The company’s gross profit margin increased by 2.6 percentage points to 10.9% in Q2 2024, while the net profit margin decreased by 0.6 percentage points [2]. - The company’s operational efficiency is improving, with a significant increase in operating profit driven by enhanced gross margin and controlled expenses [2]. Product and Market Strategy - Revenue from products priced below 100 RMB, between 100-300 RMB, and above 300 RMB reached 200 million RMB, 340 million RMB, and 120 million RMB respectively in Q2 2024, with year-on-year growth rates of 13%, 3%, and 7% [2]. - The company is actively pursuing a national layout strategy, focusing on deepening its presence in the northwest and achieving breakthroughs in key areas [2]. Financial Projections - The company’s revenue is projected to reach 3.08 billion RMB in 2024, with a year-on-year growth of 21%, and net profit is expected to be 400 million RMB, reflecting a 22% increase [3]. - The estimated earnings per share (EPS) for 2024 is 0.79 RMB, with a price-to-earnings (P/E) ratio of 23 [3].