可更新 [公T司ab网le_址Website] www.jinhuijiu.com 请务必阅读正文之后的免责条款部分 2 of 5 [Table_Page] 金徽酒(603919) [T[模Ta型bable更l_e_新OItn时hde间urIs：ntrfyo2]0]24.03.17 股票研究 必需消费 食品饮料 本报告的信息来源于已公开的资料，本公司对该等信息的准确性、完整性或可靠性不作任何保证。本报告所载的资料、意见及 推测仅反映本公司于发布本报告当日的判断，本报告所指的证券或投资标的的价格、价值及投资收入可升可跌。过往表现不应 作为日后的表现依据。在不同时期，本公司可发出与本报告所载资料、意见及推测不一致的报告。本公司不保证本报告所含信 息保持在最新状态。同时，本公司对本报告所含信息可在不发出通知的情形下做出修改，投资者应当自行关注相应的更新或修 改。 市场有风险，投资需谨慎。投资者不应将本报告作为作出投资决策的唯一参考因素，亦不应认为本报告可以取代自己的判断。 在决定投资前，如有需要，投资者务必向专业人士咨询并谨慎决策。 国泰君安的销售人员，交易员和其他专业人员可能会口头或书面提供与本研究报告中的观点不 ...

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：2024-002 日期：2024年3月16日 地点：金徽酒股份有限公司（线上） 接待人职务及姓名：副总裁石少军、财务总监谢小强、董事会秘书任岁强、总裁助理樊兰 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、汇添富、永赢基金、国联基金、新华基金、华 宝基金、银华基金、平安基金、上海曜川基金、西部利得、同犇投资、信达澳亚、汇华理财、 太平资产、雪石资产等109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 ...

公 司 报 告 证 券 研 究 报 告 结构持续升级，省外拓展有序 股价:22.45元 公 司 年 报 点 评 金徽酒(603919.SH) 推荐 ( 维持) 事项： | --- | --- | |--------------------------------|----------------------------------| | 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 ) | 114 | | 流通 A 股市值 ( 亿元 ) ( ) | 114 6.56 | | 每股净资产 元 资产负债率 (%) | 24.5 | | 行情走势图 | | -- 上涨300揭款 相关研究报告 【平安证券】金徽酒（603919.SH）*首次覆盖报告* 甘肃名酒二次创业，立足西北目标全国*推荐 20231025 ...

公 司 点 评 报 告 | --- | --- | |---------------------------------|-------------------------------------| | | | | | | | | | | ＃市场数据 marketData ＃ | | | 日期 | 2024-3-15 | | 收盘价（元） 总股本（百万股） | 22.45 | | | 507.26 | | 流通股本（百万股） | 507.26 | | 净资产（百万元） | 3326.01 | | 总资产（百万元） | 4402.32 | | 每股净资产（元） 来源： WIND | 6.56 ，兴业证券经济与金融研究院整理 | 相关报告 研究助理： 汪润 wangrun22@xyzq.com.cn 公 司 研 究 证券研究报告 ＃industryId＃ 白酒 ＃investSuggestion＃ 《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 《金徽酒一季报点评：销售亮眼 迎开门红，短期聚焦规 ...

金徽酒（603919.SH）2023 年年报点评 | --- | --- | --- | --- | --- | |----------------------------------------------------|-------|-------------------|------------|-------| | 项目/年度 | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 2,548 | 3,076 | 3,744 | 4,583 | | 增长率（%） | 26.6 | 20.7 | 21.7 | 22.4 | | 归属母公司股东净利润（百万元） | 329 | 400 | 477 | 569 | | 增长率（ %） | 17.3 | 21.7 | 19.2 | 19.3 | | 每股收益（元） | 0.65 | 0.79 | 0.94 | 1.12 | | PE | 35 | 28 | 24 | 20 | | PB | 3.4 | 3.2 | 3.0 | 2.7 | | 资料来源： Wind ，民生证券研究院预测；（注：股价为 | 2024 | 年 ...

公 司 报 告│ 公 司 年 报 点 评 证券研究报告 行 业： 食品饮料/白酒Ⅱ 当前价格： 22.45 元 事件： ➢ 公司业绩坚实增长，产品结构持续优化 ➢ 区域扩张省外为重，渠道布局积极尝试 同比增加分别为 25.67%/9.78%/128.15%。 23 年公司毛利率 62.44%，略降 0.34pct，主要系原材料价格较上年同期上 涨；净利率 12.66%，同降 1.22pct；销售费用率/管理费用率分别为 21.02%/10.79%，同比+0.13pct/-0.01pct，销售费用增加主要是新市场开 拓、品牌宣传以及消费者培育互动费用增加。 ➢ 盈利预测、估值与评级 公司当前正处省内升级、省外拓展的积极进取阶段，大力投入下对利润有 所压制，但销售体量可见较快增长；叠加公司在分红和回购动作上彰显对 投 资 者 的 重 视 度 。 我 们 预 计 公 司 2024-2026 年 营 业 收 入 分 别 为 31.12/37.46/44.46 亿元，同比增速分别为 22.14%/20.39%/18.70%，归母 净 利 润 分 别 为 4.08/5.27/6.56 亿 元 ， 同 比 增 速 分 别 ...

www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 [Table_ReportTypeIndex] 公司点评 | --- | --- | --- | --- | --- | |----------------------|-------|-------|---------------------------------|-------| | [Table_MainFinance] | | | 2023A 2024E 2025E 2026E | | | 营业收入(百万元) | | | 2547.61 3087.27 3669.08 4291.91 | | | 收入增长率% | | | 26.64 21.18 18.85 16.98 | | | 归母净利润（百万元） | | | 328.86 411.48 528.15 639.26 | | | 利润增速% | | | 17.35 25.12 28.36 21.04 | | | 毛利率% | | | 62.44 62.50 62.80 62.90 | | | 摊薄 EPS(元) | | | 0.65 0. ...

Investment Rating - The report maintains a "Buy" rating for the company [1][4] Core Views - The company achieved steady growth in 2023 with total revenue of RMB 2.548 billion, up 27% YoY, and net profit attributable to shareholders of RMB 329 million, up 17% YoY [1] - In Q4 2023, revenue was RMB 529 million, up 17% YoY, but net profit attributable to shareholders decreased by 15% YoY to RMB 56 million [1] - The company's product structure has been significantly optimized, with revenue from products priced above RMB 300 increasing by 37% YoY to RMB 401 million [1] - The company plans to achieve revenue of RMB 3 billion and net profit of RMB 400 million in 2024 [1] Financial Performance - Gross margin in 2023 was 62.44%, down 0.3 percentage points YoY, mainly due to rising raw material costs [1] - Sales expense ratio in 2023 was 21.02%, up 0.1 percentage points YoY, driven by new market development and brand promotion [1] - Net profit margin in 2023 was 12.66%, down 1 percentage point YoY [1] - Contract liabilities in 2023 were RMB 575 million, up 13% YoY, and operating cash flow was RMB 450 million, up 41% YoY [1] Product and Channel Analysis - Revenue from products priced above RMB 300, RMB 100-300, and below RMB 100 were RMB 401 million, RMB 1.288 billion, and RMB 816 million, respectively, with YoY growth rates of 37%, 32%, and 14% [1] - Revenue from dealer channels, direct sales, and internet channels were RMB 2.377 billion, RMB 70 million, and RMB 59 million, respectively, with YoY growth rates of 26%, 10%, and 128% [1] - Revenue from domestic and external markets were RMB 1.921 billion and RMB 585 million, respectively, both up 27% and 26% YoY [1] Share Repurchase Plan - The company plans to repurchase 3.57-7.14 million shares, accounting for 0.70%-1.41% of the total share capital, with a maximum repurchase price of RMB 28 per share [3] Profit Forecast - The company is expected to achieve revenue of RMB 3.050 billion, RMB 3.596 billion, and RMB 4.148 billion in 2024, 2025, and 2026, respectively, with YoY growth rates of 19.7%, 17.9%, and 15.4% [6] - Net profit attributable to shareholders is expected to be RMB 406 million, RMB 512 million, and RMB 628 million in 2024, 2025, and 2026, respectively, with YoY growth rates of 23.6%, 25.9%, and 22.6% [6] - EPS is expected to be RMB 0.80, RMB 1.01, and RMB 1.24 in 2024, 2025, and 2026, respectively [6] Valuation - The current stock price corresponds to a PE ratio of 28x, 22x, and 18x for 2024, 2025, and 2026, respectively [4]

Financial Performance - The total comprehensive income attributable to the parent company's owners for 2023 was ¥328,862,305.61, an increase of 17.4% from ¥280,242,491.81 in 2022[6] - Basic and diluted earnings per share for 2023 were both ¥0.65, up from ¥0.55 in 2022, reflecting an increase of 18.2%[6] - The company achieved a net profit of CNY 437,536,479.11 for the fiscal year 2023, with a statutory surplus reserve of CNY 13,719,094.97 allocated, resulting in retained earnings of CNY 1,708,024,612.07 at year-end[72] - The net profit attributable to shareholders reached RMB 328.86 million, reflecting a growth of 17.35% compared to the previous year[108] - The weighted average return on equity rose to 10.20%, an increase of 1.03 percentage points year-on-year[109] Cash Flow and Liquidity - The net cash flow from operating activities for 2023 was ¥450,174,649.97, compared to ¥319,242,776.51 in 2022, representing an increase of 41.0%[10] - Cash and cash equivalents at the end of 2023 totaled ¥1,030,752,321.46, up from ¥807,895,560.88 at the end of 2022, marking a 27.6% increase[11] - The cash inflow from operating activities in 2023 was ¥2,992,199,547.42, up from ¥2,481,394,270.80 in 2022, reflecting an increase of 20.6%[10] - The net cash flow from financing activities for 2023 was -¥162,296,403.65, worsening from -¥120,961,862.99 in 2022[11] - Cash and cash equivalents at the end of the period totaled ¥1,042,232,656.30, an increase from ¥810,134,671.99 at the beginning of the period, representing a growth of approximately 28.6%[188] Assets and Liabilities - The total equity attributable to the parent company's owners as of December 31, 2023, was ¥3,339,831,716.73, an increase of 9.3% from ¥3,054,915,409.43 in 2022[3] - The total liabilities and equity as of December 31, 2023, amounted to ¥3,804,349,811.98, compared to ¥3,486,382,177.94 in 2022, indicating a growth of 9.1%[3] - The retained earnings as of December 31, 2023, were ¥1,436,783,182.47, an increase from ¥1,181,227,077.21 in 2022, showing a growth of 21.6%[18] Credit Risk and Provisions - The company reported a bad debt provision of 218,174.66 RMB, with a year-end balance of 842,410.81 RMB[149] - The company has not recognized any significant changes in the bad debt provision for the current period, maintaining a consistent approach to credit risk management[199] - The group assesses expected credit losses based on whether the credit risk of financial assets has significantly increased since initial recognition, measuring losses accordingly[53] - The company confirms credit loss provisions based on the present value of expected cash shortfalls, reflecting the difference between all contractual cash flows and expected cash flows[52] Inventory Management - Inventory is categorized and measured at the lower of cost and net realizable value, with provisions for inventory write-downs recognized when necessary[94] - The company employs a perpetual inventory system for inventory management[96] - The company’s total inventory cash at the end of the period was ¥22,929.61, down from ¥30,704.05, reflecting a decrease of approximately 25.4%[188] Business Operations and Strategy - The company focused on optimizing marketing strategies and expanding market regions, contributing to sales growth[110] - The main business remains the production and sales of liquor, with no significant changes in the business scope during the reporting period[123][124] - The company is actively involved in various sponsorships and events to broaden its market reach and enhance brand visibility[120] - The company emphasizes digital transformation and lean management through the "81456" model to improve business quality and operational efficiency[121] Employee and Governance - The company employed a total of 2,829 staff members, with 1,474 in the parent company and 1,355 in major subsidiaries[181] - The company has established a competitive salary system based on employee performance and position value, ensuring alignment with overall company performance[182] - The board of directors held five meetings in the year, with all members attending and no instances of consecutive absences reported[169] - The audit committee consists of independent directors, ensuring oversight and compliance with financial regulations[172] Market Performance - In 2023, the company achieved operating revenue of RMB 2.55 billion, a year-on-year increase of 26.64%[108] - The Gansu province market saw a revenue increase of 26.67% year-on-year, with continuous improvement in market share[118] - Internet sales doubled, with enhanced product offerings and optimized sales region structure[118] Financial Reporting and Compliance - The company appointed a new auditing firm for the fiscal year 2023, ensuring compliance with regulatory standards[105] - The financial reporting period is defined as January 1, 2023, to December 31, 2023[99] - The company’s internal audit reports were reviewed and approved in all committee meetings, ensuring compliance with regulations[175]

证券代码:603919 证券简称:金徽酒 公告编号:临 2024-011 金徽酒股份有限公司 关于续聘 2024 年度审计机构的公告 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： 拟聘任的会计师事务所名称：上会会计师事务所（特殊普通合伙）（简 称"上会"） 本事项尚需提交公司股东大会审议。 （一）机构信息 1.基本信息 名称：上会会计师事务所（特殊普通合伙） 统一社会信用代码：91310106086242261L 类型：特殊普通合伙企业 主要经营场所：上海市静安区威海路 755 号 25 层 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续聘 2024 年度审计 机构的议案》。本议案尚需提交公司 2023 年年度股东大会审议。现将具体情况公 告如下： 一、拟续聘会计师事务所基本情况 执行事务合伙人：朱清滨、巢序、杨滢、耿磊、张健、张晓荣、江燕 成立日期：2013 年 12 月 27 日 经营范围：审查企业会计报表，出具审 ...