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 ...

Investment Rating - The investment rating for the company is "Buy" [3][5]. Core Views - The company reported a total revenue of 1.076 billion yuan for Q1 2024, representing a year-on-year increase of 20.41%. The net profit attributable to shareholders reached 221 million yuan, up 21.58% year-on-year, while the net profit excluding non-recurring items was 222 million yuan, reflecting a 22.48% increase year-on-year [1][8]. - The product structure continues to upgrade, with significant growth in products priced above 300 yuan, which saw a revenue increase of 86.48% year-on-year. The share of revenue from products priced above 100 yuan increased by 7.9 percentage points to 69.6% [1][8]. - The company is focusing on expanding its market presence outside its home province while maintaining strong performance in its domestic market, achieving a revenue of 848 million yuan from the domestic market, up 22.55% year-on-year [9]. Summary by Sections Financial Performance - In Q1 2024, the company achieved total revenue of 1.076 billion yuan, with a net profit of 221 million yuan and a net profit excluding non-recurring items of 222 million yuan [1][8]. - The revenue from products priced above 300 yuan was 191 million yuan, while products priced between 100-300 yuan generated 551 million yuan, and those below 100 yuan brought in 324 million yuan [1][8]. Market Dynamics - The company reported a revenue split of 79.6% from the domestic market and 20.4% from the external market, with domestic revenue growing faster than external revenue [9]. - The company plans to continue allocating resources to expand its external market presence, particularly in key regions such as Shaanxi, Ningxia, and Qinghai [9]. Profitability and Cash Flow - The gross margin improved slightly by 0.46 percentage points year-on-year, with a net profit margin of 20.6%, an increase of 0.2 percentage points year-on-year [9]. - Operating cash flow for Q1 2024 was 343 million yuan, reflecting a year-on-year increase of 46.60%, which is better than the revenue growth rate [10]. Future Outlook - The company maintains its revenue forecast for 2024 and 2025, expecting revenues of 3.012 billion yuan and 3.595 billion yuan, respectively, with year-on-year growth rates of 18.2% and 19.4% [2][10]. - The projected net profit for 2024 and 2025 is 406 million yuan and 513 million yuan, respectively, with expected growth rates of 23.4% and 26.3% [2][10].

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 ...