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].

证券代码：603919 证券简称：金徽酒 公告编号：临 2024-028 金徽酒股份有限公司 2023 年年度股东大会决议公告 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： 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东大会召开的时间：2024 年 4 月 19 日 (二)股东大会召开的地点：甘肃省陇南市徽县伏家镇金徽酒股份有限公司会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 17 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 310,654,615 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总数的比例（%） | 61.2416 | (四)本次会议由董事会负责召集，董事长周志刚先生主持会议，本次会议以现场 与通讯相结合的方式召开。会议的召集、召开和表决方式、表决程序符合《公司法》和 《公司章程》的有关规定。 (五)公司董事、监事和董事会秘书的出席情况 1、公司在 ...

Financial Performance - The company's operating revenue for the first quarter of 2024 reached ¥1,075,552,902.20, representing a year-on-year increase of 20.41%[3] - The net profit attributable to shareholders of the listed company was ¥221,042,846.30, reflecting a growth of 21.58% compared to the same period last year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥221,944,522.03, an increase of 22.48% year-on-year[3] - Basic and diluted earnings per share were both ¥0.44, up 22.22% from the same quarter last year[3] - In Q1 2024, the company's net profit reached ¥219,329,897.68, an increase from ¥181,158,316.06 in Q1 2023, representing a growth of approximately 21.0%[47] - The operating profit for Q1 2024 was ¥265,443,672.50, compared to ¥220,986,136.73 in Q1 2023, indicating an increase of about 20.1%[47] - The total profit for Q1 2024 was ¥263,127,491.35, compared to ¥220,601,517.79 in Q1 2023, marking an increase of approximately 19.2%[47] Cash Flow and Assets - The net cash flow from operating activities amounted to ¥343,087,420.19, showing a significant increase of 46.60% compared to the previous year[3] - Cash and cash equivalents at the end of Q1 2024 were approximately ¥1.37 billion, up from ¥1.03 billion at the end of Q1 2023[33] - The total assets at the end of the reporting period were ¥4,662,090,134.68, which is a 5.90% increase from the end of the previous year[3] - The company's total current assets increased to approximately ¥3.02 billion as of March 31, 2024, compared to ¥2.74 billion at the end of 2023[44] - The company's inventory decreased to approximately ¥1.47 billion as of March 31, 2024, down from ¥1.62 billion at the end of 2023[44] - The total equity attributable to shareholders increased to approximately ¥3.55 billion as of March 31, 2024, compared to ¥3.33 billion at the end of 2023[45] Expenses and Losses - Research and development expenses decreased to ¥8,773,989.92 in Q1 2024 from ¥11,779,800.67 in Q1 2023, a reduction of approximately 25.5%[47] - The company's management expenses rose to ¥85,099,491.61 in Q1 2024, up from ¥64,538,727.03 in Q1 2023, reflecting an increase of about 32.0%[47] - The company reported a credit impairment loss of ¥6,913,387.14 in Q1 2024, compared to a loss of ¥674,167.52 in Q1 2023, indicating a significant increase in credit losses[47] Share Repurchase - The company has initiated a share repurchase plan with a budget of between ¥100 million and ¥200 million, with a maximum repurchase price of ¥28.00 per share[24] - As of the report date, the company has repurchased 403,700 shares, accounting for 0.0796% of the total share capital[24] Non-Recurring Gains and Losses - The company reported non-recurring gains and losses, including government subsidies amounting to ¥1,024,058.93, while other non-operating income and expenses totaled -¥2,130,623.04[19] - The company did not report any significant non-recurring gains or losses for the period[53] Audit Status - The financial report for Q1 2024 was not audited[51]

第二章 会计师事务所执业质量要求 第四条 公司选聘的会计师事务所应当具备下列条件： （一） 具有独立的法人资格，具备国家行业主管部门和中国证监会规定的 开展证券期货相关业务所需的执业资格； 金徽酒股份有限公司会计师事务所选聘制度 第一章 总则 第一条 为规范金徽酒股份有限公司（简称"公司"）选聘（含续聘、变更， 下同）会计师事务所的行为，提高审计工作和财务信息质量，切实维护股东利益， 根据《公司法》《证券法》《会计法》《国有企业、上市公司选聘会计师事务所管 理办法》等相关法律、法规、规范性文件及《金徽酒股份有限公司章程》（简称 "《公司章程》"）的相关规定，结合公司实际情况，制定本办法。 第二条 公司选聘执行年度报告审计业务的会计师事务所（简称"会计师事 务所"）对财务会计报告发表审计意见、出具审计报告，应遵照本办法履行选聘 程序。选聘其他专项审计业务的会计师事务所，可参照本办法执行。 第三条 公司聘用或解聘会计师事务所应当经董事会审计委员会（简称"审 计委员会"）审议同意后，提交董事会审议，并由股东大会决定。公司不得在董 事会、股东大会审议通过前聘请会计师事务所开展审计业务。 （二） 具有固定的工作场所、健 ...

证券代码:603919 证券简称 :金徽酒 公告编号:临 2024-032 金徽酒股份有限公司 2024 年度"提质增效重回报"行动方案公告 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。 金徽酒股份有限公司（简称"金徽酒""公司"）为深入贯彻党的二十大和中央 金融工作会议精神，落实国务院《关于进一步提高上市公司质量的意见》和上海证 券交易所《关于开展沪市公司"提质增效重回报"专项行动的倡议》，推动公司高 质量发展和投资价值提升，保护投资者尤其是中小投资者合法权益，落实以投资者 为本的理念，切实履行上市公司的责任和义务，保障投资者权益，共同促进资本市 场平稳健康发展，公司制定了"提质增效重回报"行动方案： 一、聚焦主营业务，提升经营质量 金徽酒主营业务为白酒生产及销售。金徽酒地处秦岭南麓森林河谷美酒区，毗 邻世界自然遗产九寨沟的陇南徽县，生态环境得天独厚，酿酒历史和白酒文化悠久。 金徽酒作为西北地区具有较高知名度和影响力的白酒生产企业，着力建设"生态金 徽""文化金徽""智慧金徽"，依靠良好的生态环境、悠久的酿酒历史、深厚文化 ...