股 票 研 究 [table_Authors] 訾猛(分析师) 李美仪(分析师) 021-38676442 021-38038667 zimeng@gtjas.com limeiyi026738@gtjas.com [当前价格： Table_CurPrice] 119.28 登记编号 S0880513120002 S0880524080002 公 司 更 新 报 告 52 周内股价区间（元） 112.94-241.18 总市值（百万元） 175,576 总股本/流通A股（百万股） 1,472/1,467 流通 B 股/H 股（百万股） 0/0 [Table_Balance] 资产负债表摘要(LF) 股东权益（百万元） 46,231 每股净资产（元） 31.41 市净率（现价） 3.8 净负债率 -42.89% [Table_Trend] 升幅(%) 1M 3M 12M 绝对升幅 -0% -28% -47% 相对指数 1% -17% -26% 证 券 研 究 报 告 短期基数影响，奋进全年目标 泸州老窖(000568) 食品饮料 [Table_Industry] /必需消费 [Table_Invest] 评级： ...

公 司 半 年 报 点 评 证 券 研 究 报 告 公 司 报 告 | --- | --- | --- | |------------------------|-------|----------------------------------| | 行业 | | 食品饮料 | | 公司网址 | | www.lzlj.com | | 大股东 / 持股 | | 泸州老窖集团有限责任公司 /25.89% | | 实际控制人 | | 泸州市国有资产监督管理委员会 | | 总股本 ( 百万股 ) | | 1,472 | | 流通 A 股 ( 百万股 ) | | 1,467 | | 流通 B/H 股 ( 百万股 ) | | | | 总市值 ( 亿元 ) | | 1,756 | | 流通 A 股市值 ( 亿元 ) | | 1,750 | | 每股净资产 ( 元 ) | | 28.39 | | 资产负债率 (%) | | 40.3 | | 行情走势图 | | | | | | | 泸州老窖(000568.SZ) 主动调整，稳重求进 股价:119.28元 【平安证券】泸州老窖（000568.SZ）*年报点评*23 年圆满收官， ...

Financial Performance - Revenue for the first half of 2024 reached RMB 16.904 billion, a 15.84% increase compared to the same period last year[11] - Net profit attributable to shareholders was RMB 8.028 billion, up 13.22% year-on-year[11] - Operating cash flow surged by 45.63% to RMB 8.225 billion[11] - Basic earnings per share increased by 13.28% to RMB 5.46[11] - Total assets grew by 10.97% to RMB 70.239 billion[11] - Weighted average return on equity (ROE) decreased slightly by 1.18 percentage points to 17.61%[11] - Revenue for the first half of 2024 reached 16.905 billion yuan, a year-on-year increase of 15.84%[17] - Net profit attributable to shareholders was 8.028 billion yuan, up 13.22% year-on-year[17] - Revenue increased by 15.84% to RMB 16,904,885,169.38 compared to the same period last year[37] - Net cash flow from operating activities surged by 45.63% to RMB 8,225,060,212.57, driven by increased cash receipts from sales[38] - High-end liquor sales grew by 17.12% to RMB 15,213,367,295.49, accounting for 89.99% of total revenue[39] - Net profit after deducting non-recurring gains and losses increased by 13.54% to 799,411.07 thousand yuan compared to the same period last year[120] - The EBITDA to total debt ratio improved by 11.77% to 92.02% from 80.25% in the same period last year[120] - The interest coverage ratio increased by 12.26% to 41.93 from 37.35 in the same period last year[120] - The EBITDA interest coverage ratio rose by 12.27% to 43.38 from 38.64 in the same period last year[120] - Total assets increased to 70,239,197,050.01 yuan from 63,294,455,201.60 yuan at the beginning of the period[124] - Total liabilities increased to 28,290,836,224.33 yuan from 21,762,747,471.75 yuan at the beginning of the period[124] - Owner's equity increased to 41,948,360,825.68 yuan from 41,531,707,729.85 yuan at the beginning of the period[124] - Total operating revenue for the first half of 2024 reached RMB 16,904,885,169.38, a significant increase from RMB 14,593,051,774.14 in the same period of 2023[129] - Operating costs for the first half of 2024 were RMB 6,061,192,676.41, up from RMB 5,234,429,060.11 in the first half of 2023[129] - Net profit attributable to shareholders for the first half of 2024 was RMB 10,916,820,514.95, compared to RMB 9,506,984,141.75 in the same period of 2023[129] - Total assets as of the end of the first half of 2024 amounted to RMB 57,095,708,172.15, up from RMB 49,739,454,891.20 at the end of the first half of 2023[126] - Total liabilities as of the end of the first half of 2024 were RMB 28,220,063,018.17, compared to RMB 13,996,028,918.45 at the end of the first half of 2023[127] - Total equity attributable to shareholders as of the end of the first half of 2024 was RMB 28,875,645,153.98, up from RMB 35,743,425,972.75 at the end of the first half of 2023[127] - Research and development expenses for the first half of 2024 were RMB 75,028,702.85, an increase from RMB 62,914,698.99 in the same period of 2023[129] - Sales expenses for the first half of 2024 were RMB 1,630,293,023.67, up from RMB 1,463,196,830.61 in the first half of 2023[129] - Long-term loans as of the end of the first half of 2024 were RMB 10,990,000,000.00, compared to RMB 10,000,300,000.00 at the end of the first half of 2023[127] - Total current liabilities as of the end of the first half of 2024 were RMB 17,174,510,699.76, a significant increase from RMB 2,424,419,293.44 at the end of the first half of 2023[127] - Revenue for the first half of 2024 reached 5,698,158,853.96 yuan, a significant increase from 4,014,540,328.02 yuan in the same period of 2023[132] - Net profit attributable to the parent company's shareholders in the first half of 2024 was 8,027,538,165.31 yuan, compared to 7,090,426,787.07 yuan in the same period of 2023[130] - Operating profit for the first half of 2024 was 1,070,950,835.88 yuan, up from 790,957,884.20 yuan in the same period of 2023[132] - Basic earnings per share (EPS) for the first half of 2024 were 5.46 yuan, compared to 4.82 yuan in the same period of 2023[130] - Research and development expenses decreased to 18,486,265.53 yuan in the first half of 2024 from 26,515,628.81 yuan in the same period of 2023[132] - Interest income for the first half of 2024 was 393,493,177.13 yuan, slightly up from 389,316,203.47 yuan in the same period of 2023[132] - Other comprehensive income for the first half of 2024 was -34,442,245.50 yuan, compared to -218,514,527.93 yuan in the same period of 2023[130] - Income tax expense for the first half of 2024 was 2,870,561,488.56 yuan, up from 2,385,359,516.12 yuan in the same period of 2023[130] - Minority interest in net profit for the first half of 2024 was 18,720,861.08 yuan, down from 31,197,838.56 yuan in the same period of 2023[130] - Total comprehensive income for the first half of 2024 was 8,011,816,780.89 yuan, compared to 6,903,110,097.70 yuan in the same period of 2023[130] - Sales revenue from goods and services received in cash increased to 20,162,157,471.33 yuan in H1 2024, up from 17,584,367,655.42 yuan in H1 2023[134] - Net cash flow from operating activities rose to 8,225,060,212.57 yuan in H1 2024, compared to 5,647,760,797.04 yuan in H1 2023[134] - Net cash flow from investing activities increased to 1,108,797,050.00 yuan in H1 2024, up from 732,254,553.22 yuan in H1 2023[135] - Cash received from sales of goods and services in the parent company grew to 6,440,549,216.51 yuan in H1 2024, compared to 4,537,069,372.71 yuan in H1 2023[136] - Net cash flow from operating activities in the parent company reached 5,323,635,772.06 yuan in H1 2024, up from 4,776,395,143.00 yuan in H1 2023[136] - Net cash flow from investing activities in the parent company increased to 1,444,928,046.04 yuan in H1 2024, compared to 1,131,519,646.18 yuan in H1 2023[137] - Cash and cash equivalents at the end of the period totaled 35,995,050,518.55 yuan in H1 2024, up from 30,311,535,608.00 yuan in H1 2023[135] - Cash and cash equivalents in the parent company at the end of the period reached 31,795,504,116.47 yuan in H1 2024, compared to 29,094,005,911.05 yuan in H1 2023[137] - Cash received from tax refunds increased to 1,262,805.77 yuan in H1 2024, up from 268,904.22 yuan in H1 2023[134] - Cash received from other operating activities in the parent company was 3,842,158,617.85 yuan in H1 2024, compared to 4,098,127,059.26 yuan in H1 2023[136] - The company's total owner's equity at the end of the first half of 2024 was RMB 41,948,360,825.68, with minority shareholders' equity at RMB 155,398,178.55[140] - The company's capital reserve increased by RMB 100,107,773.11 during the first half of 2024[139] - The company's comprehensive income for the first half of 2024 was RMB 3,592,885,838.16[139] - The company allocated RMB 7,948,733,952.60 for profit distribution during the first half of 2024[140] - The company's undistributed profit at the end of the first half of 2024 was RMB 33,894,370,787.46[140] - The company's capital reserve at the beginning of 2024 was RMB 5,185,481,523.22[138] - The company's total owner's equity at the beginning of 2024 was RMB 41,531,707,729.85[138] - The company's minority shareholders' equity at the beginning of 2024 was RMB 140,297,234.96[138] - The company's undistributed profit at the beginning of 2024 was RMB 33,815,566,574.75[138] - The company's capital reserve at the end of the first half of 2024 was RMB 5,285,589,296.33[140] - The company's total comprehensive income for the period was RMB 7,090,426,787.07, with a net profit attributable to shareholders of RMB 6,870,958,576.30[141] - The company allocated RMB 6,219,148,324.03 for profit distribution to shareholders[141] - The company's capital reserve increased by RMB 204,415,619.85, primarily due to owner contributions and share-based payments[141] - The company's undistributed profits decreased by RMB 22,278,388.19, mainly due to profit distribution[141] - The company's total assets increased by RMB 887,494,116.25, reaching RMB 34,207,871,130.03[141] - The company's total liabilities decreased by RMB 235,683,863.98, primarily due to reductions in short-term borrowings[141] - The company's equity attributable to shareholders increased by RMB 878,596,929.31, reaching RMB 26,772,197,213.98[141] - The company's cash and cash equivalents increased by RMB 36,655,098.51, reaching RMB 120,923,806.61[141] - The company's capital reserve increased by RMB 101,085,675.76, primarily due to owner contributions[143] - The company's undistributed profits decreased by RMB 7,191,248,930.49, mainly due to profit distribution[143] - Share capital increased to 1,471,987,769.00, up by 92,669.00 from the previous year[147] - Capital reserve rose to 4,996,441,364.97, an increase of 206,838,213.32[147] - Retained earnings decreased to 17,523,898,094.09, down by 5,607,672,707.85[147] - Total comprehensive income for the period was 595,259,962.97[146] - Total owner's equity at the end of the period was 24,939,174,093.34[147] - The company's total equity decreased by 5,615,311,056.83 compared to the previous year[146] - The company's total equity at the beginning of the period was 30,554,485,150.17[146] - The company's total equity at the end of the period was 24,939,174,093.34[147] - The company's total equity decreased by 5,615,311,056.83 compared to the previous year[146] - The company's total equity at the beginning of the period was 30,554,485,150.17[146] Dividends and Shareholder Information - The company did not distribute cash dividends, stock dividends, or capital reserve transfers[2] - Cumulative cash dividends since listing amounted to 43.301 billion yuan, 10.78 times the amount of equity refinancing, with a dividend payout ratio of 60.93%[71] - The controlling shareholder increased its stake by 1,140,200 shares, accounting for 0.08% of the total shares, with an investment of approximately 200.9629 million yuan[72] - The company plans to maintain a dividend payout ratio of no less than 50% of distributable profits, with cash dividends accounting for no less than 30%[71] - The company's restricted stock incentive plan saw 2,734,640 shares unlocked for 435 incentive objects, which became tradable on February 22, 2024[106] - The company's limited-sale shares decreased by 2,621,650 shares, reducing the proportion from 0.51% to 0.33%[105] - Total number of ordinary shareholders at the end of the reporting period is 147,587[109] - Luzhou Laojiao Group Co., Ltd. holds 25.89% of the shares, totaling 381,088,389 shares[110] - Luzhou Xingrong Investment Group Co., Ltd. holds 24.86% of the shares, totaling 365,971,142 shares[110] - China Merchants CSI Liquor Index Fund holds 2.98% of the shares, totaling 43,827,519 shares, with an increase of 810,540 shares during the reporting period[110] - Hong Kong Securities Clearing Company Ltd. holds 2.90% of the shares, totaling 42,754,559 shares, with a decrease of 4,736,702 shares during the reporting period[110] - China Securities Finance Corporation holds 2.30% of the shares, totaling 33,842,059 shares[110] - E Fund Blue Chip Select Mixed Fund holds 1.46% of the shares, totaling 21,470,000 shares[110] - ICBC Credit Suisse Emerging Growth Mixed Fund holds 0.92% of the shares, totaling 13,598,087 shares[110] - Central Huijin Asset Management Co., Ltd. holds 0.92% of the shares, totaling 13,539,862 shares[110] - China Life Insurance Company holds 0.73% of the shares, totaling 10,759,401 shares, with an increase of 1,229,089 shares during the reporting period[110] - The company's total shares held by Laojiao Group and Sichuan Jinduo Investment Co., Ltd. amounted to 382,228,589 shares, accounting for 25.97% of the total shares[111] - Laojiao Group increased its holdings by 1,140,200 shares, representing 0.08% of the total shares[111] - The top 10 shareholders hold a significant portion of the company's shares, with Laojiao Group holding 381,088,389 shares and Xinglu Investment Group holding 365,971,142 shares[111] - The company issued a corporate bond "20 Laojiao 01" with a total amount of 1.5 billion yuan, an interest rate of 3.50%, and a maturity date of March 17, 2025[117] - The bond "20 Laojiao 01" is traded on the Shenzhen Stock Exchange and follows an annual interest payment and principal repayment at maturity[117] - No significant changes in the holdings of directors, supervisors, and senior management were reported during the period[114] - The company's controlling shareholder and actual controller remained unchanged during the reporting period[114] - The company does not have any preferred shares or non-financial enterprise debt financing tools[115][119] - The company's bond "20 Laojiao 01" has no risk of termination of listing[117] - The company's bond "20 Laojiao 01" is available to qualified investors as per regulatory requirements[117] Operational Performance - Traditional channel operating model revenue was 16.107 billion yuan, with a gross margin of 89.09%[20] - Emerging channel operating model revenue was 730.67 million yuan, with a gross margin of 79.00%[21] - The company participated in the formulation or revision of 4 national standards, 2 industry standards, and 8 group standards[17] - 56 patent applications were filed, with 23 patents authorized[17] - The company's "Luzhou Laojiao" brand was selected for the 2024 "China's 500 Most Valuable Brands" list[17] - The company plans to further expand market layout and implement the "Hundred Cities Plan" in the second half of 2024[18] - The company will continue to promote digital marketing and enhance the refined operation of full-chain digital QR code marketing[18] - The company aims to deepen cultural empowerment and launch brand actions, including a national tour of the "Mobile Museum"[18] - Domestic dealer count increased by 4.00% to 1,769, with 133 new dealers added and 74 dealers reduced during the reporting period[22] - Overseas dealer count

证券代码：000568 证券简称：泸州老窖 公告编号：2024-45 泸州老窖股份有限公司 第十一届监事会二次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 监事会认为，董事会编制和审议 2024 年半年度报告的程序符合 有关法律、行政法规、部门规章、规范性文件和公司《章程》的规定， 报告内容真实、准确、完整地反映了公司的实际情况，不存在虚假记 载、误导性陈述或者重大遗漏。具体内容参见同日发布的《2024 年半 年度报告》及摘要。 2.审议通过了《关于 2024 年上半年募集资金存放与使用情况的 专项报告》。 表决结果：5 票同意，0 票反对，0 票弃权。 监事会认为，公司对募集资金进行了专户存储和专项使用，不存 在变相改变募集资金用途和损害股东利益的情况，不存在违规使用募 集资金的情形。具体内容参见同日发布的同名公告。 三、备查文件 一、监事会会议召开情况 泸州老窖股份有限公司（以下简称"公司"）第十一届监事会二次 会议于 2024 年 8 月 29 日以通讯表决的方式召开。召开本次会议的通 知已于 2024 年 8 月 19 日以邮件方式发出 ...

泸州老窖股份有限公司 2024 年上半年非经营性资金占用及其他关联资金往来情况汇总表 编制单位：泸州老窖股份有限公司 金额单位：人民币万元 | 泸州老窖 销售有限 | 子公司 | 应收账款 | | | | | | 销售商 品、资金 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 公司 | | | - | 804,715.38 | - | 804,715.38 | - | 往来 | 经营性往来 | | 泸州老窖 新酒业有 | 子公司 | 应收账款 | | | | | | 销售商 品、资金 | 经营性往来 | | 限公司 | | | - | 3.25 | - | 3.25 | - | | | | | | | | | | | | 往来 | | | 泸州品创 | | | | | | | | 销售商 | | | 科技有限 | 子公司 | 应收账款 | - | 3.70 | - | 3.70 | - | 品、资金 | 经营性往来 | | 公司 | | | | | | | | 往来 | | | 泸州老窖 | | | | | | | | ...

第十一届董事会三次会议决议公告 证券代码：000568 证券简称：泸州老窖 公告编号：2024-44 泸州老窖股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 泸州老窖股份有限公司（以下简称"公司"）第十一届董事会三 次会议于2024年8月29日以通讯表决的方式召开。召开本次会议的通 知已于2024年8月19日以邮件方式发出，截止会议表决时间2024年8 月29日，共收回11名董事的有效表决票11张。本次董事会会议的召 开符合有关法律、行政法规、部门规章、规范性文件和公司《章 程》的规定。 二、董事会会议审议情况 1.审议通过了《2024年半年度报告》。 1.经与会董事签字并加盖董事会印章的董事会决议； 2.深交所要求的其他文件。 泸州老窖股份有限公司 董事会 2024 年 8 月 31 日 具体内容参见同日发布的《2024 年半年度报告》及摘要。 2.审议通过了《关于2024年上半年募集资金存放与使用情况的专 项报告》。 表决结果：11 票同意，0 票反对，0 票弃权。 具体内容参见同日发布的同名公告。 三、备查文件 表决 ...

证券代码：000568 证券简称：泸州老窖 公告编号：2024-46 泸州老窖股份有限公司 本公司于2019年8月27日发行了第一期2,500.00万张5年期公司债 券，每张面值100元，票面利率3.58%，发行总额250,000.00万元，扣 除发行费用1,000.00万元后收到实际募集资金金额249,000.00万元，债 券简称"19老窖01"。本公司于2020年3月17日发行了2020年第一期公 司债1,500.00万张5年期公司债券，每张面值100元，票面利率3.50%， 发行总额150,000.00万元，扣除发行费用600.00万元后收到实际募集 资金金额149,400.00万元，债券简称"20老窖01"。 根据中国证券登记结算有限责任公司深圳分公司提供的数据，截 关于 2024 年上半年募集资金存放与使用情况的专项 报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、募集资金基本情况 （一）实际募集资金金额、资金到账时间 2019 年和 2020 年面向合格投资者公开发行公司债券募集资金 2019年7月18日，经中国证监会"证监许可〔2019 ...

债券代码:149062 债券简称:20老窖 01 中国国际金融股份有限公司(以下简称"中金公司"或"受托管理 人"）作为泸州老窖股份有限公司（以下简称"发行人"或"公司"） 2020 年面向合格投资者公开发行公司债券(第一期) (债券简称"20 老窖 01",债券代码 149062)的受托管理人,持续密切关注对债券持 有人权益有重大影响的事项。根据《公司债券发行与交易管理办法》、 《公司债券受托管理人执业行为准则》等相关规定及上述债券《受托 管理协议》的约定,现将发行人涉及重大诉讼相关事项报告如下: 一、事项基本情况 (一) 股东大会审议通过利润分配方案的情况 1、发行人 2023 年度分配方案为:以发行人现有总股本 1,471,987,769 股为基数,向全体股东每 10 股派 54.00 元人民币现金 (含税),现金分红金额为 7,948,733,952.60 元(含税),若在分配 方案实施前发行人总股本发生变化,将按照分配总额不变的原则相应 调整。2023年度发行人不送红股,不进行资本公积金转增股本。 2、自分配方案披露至实施期间,发行人股本总额因限制性股票 回购注销减少 21,266股,本次权益分派以 ...

证券代码：000568 证券简称：泸州老窖 公告编号：2024-42 泸州老窖股份有限公司 2023 年度分红派息实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 泸州老窖股份有限公司（以下简称"公司"或"我公司"）2023 年度分红派息实施方案已获 2024 年 6 月 27 日召开的 2023 年度股东 大会审议通过，现将分红派息事宜公告如下： 一、股东大会审议通过利润分配方案的情况 1.公司2023年度分配方案为：以公司现有总股本1,471,987,769股 为基数，向全体股东每10股派54.00元人民币现金（含税），现金分 红金额为7,948,733,952.60元（含税），若在分配方案实施前公司总 股本发生变化，将按照分配总额不变的原则相应调整。2023年度公 司不送红股，不进行资本公积金转增股本。 2.自分配方案披露至实施期间，公司股本总额因限制性股票回 购注销减少21,266股，本次权益分派以股权登记日的总股本为基 数，采取按分配总额不变的原则进行调整。公司总股本由 1,471,987,769股变动至1,471,966,503股，分配比例 ...

证券代码：000568 证券简称：泸州老窖 公告编号：2024-41 债券代码：149062 债券简称：20 老窖 01 3.2021 年 12 月 24 日，公司监事会出具核查意见《关于 2021 年 限制性股票激励计划激励对象名单的核查意见及公示情况说明》。 泸州老窖股份有限公司 关于部分限制性股票回购注销完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1.本次回购注销的限制性股票数量为 21,266 股，占回购注销前公 司股份总数的 0.0014%，回购价格为 85.241 元/股，涉及 4 名激励对 象，回购资金总额为 1,828,275.81 元（其中股份回购金额 1,812,735.11 元，利息 15,540.70 元）。 2.截至本公告披露日，经中国登记结算有限责任公司深圳分公司 审核确认，本次限制性股票回购注销事宜已办理完成，公司股份总数 由 1,471,987,769 股减少至 1,471,966,503 股。 根据泸州老窖股份有限公司（以下简称"公司"）第十届董事会三 十八次会议、第十届董事会四十次会议及第十届监事 ...