欢迎关注"方志四川"！ 外国名酒中国化 对中国白酒冲击有多大？ 李后强 2025年5月7—8日，笔者参加"川酒发展我来谈"智汇沙龙在成都邛崃调研时发现，国外名酒（如威士 忌）通过本土化生产与营销策略，对中国白酒市场形成了巨大的潜在冲击，尤其在年轻消费群体中表现 显著。 一、威士忌本土化生产的优势与策略 （一）产区建设与文化融合 国际酒企如保乐力加、帝亚吉欧等选择四川峨眉山、邛崃等地建厂，依托当地优质水源、气候条件及文 化底蕴，打造"中国威士忌"概念。例如，保乐力加的叠川麦芽威士忌酒厂结合峨眉山生态，推出融合中 国单岭橡木桶风味的本土化产品。这种策略既降低运输成本，又通过"在地化"标签增强消费者认同。 （二）产品创新与年轻化定位 威士忌企业针对中国消费者偏好推出低度、易饮产品，并融入本土元素。例如，帝亚吉欧推出春节生肖 限量版威士忌，保乐力加研发含中国橡木桶风味的叠川威士忌，甚至尝试草本风味调和。此类创新更贴 合年轻群体对低度、微醺体验的需求。 渠道与营销策略。威士忌通过夜店、酒吧及电商渠道快速渗透，结合社交媒体营销（如KOL推广、场 景化内容）吸引年轻人。数据显示，2023年威士忌在淘系平台的销售规模复合增长 ...

Group 1 - The report highlights the core viewpoint that the company, Qii 712 (603712), is a key supplier in military wireless communication, with a focus on independent research and innovation in military communication technology [2] - The company reported a revenue of 216 million yuan in Q1 2025, a decrease of 55.88% year-on-year, and a net profit of -54.02 million yuan, down 440.23% year-on-year [2] - The report anticipates that the company will benefit from the increasing defense spending and the expanding market for military private network wireless communication [2] Group 2 - The report on the pet economy indicates a strong growth momentum, with the fifth TOPS Pet Expo showcasing over 1,200 exhibitors and a 43% increase in visitor numbers compared to the previous year [3] - Exports of pet food from China reached 82,400 tons in the first quarter of 2025, reflecting a year-on-year growth of 19.68% [3] - The report suggests that the pet economy is transitioning from "scale expansion" to "value creation," with leading companies focusing on innovation and brand development [3] Group 3 - The report on Aosaikang (002755) indicates a total revenue of 509 million yuan in Q1 2025, a year-on-year increase of 13.39%, and a net profit of 54.73 million yuan, up 73.50% year-on-year [4] - Aosaikang's SmartKine platform is highlighted as a promising innovation in the field of immunotherapy, aiming to selectively activate the immune system to target tumor cells [4] - The report projects significant revenue growth for Aosaikang, with expected revenues of 1.90 billion, 2.89 billion, and 5.30 billion yuan for 2025, 2026, and 2027 respectively [30] Group 4 - The report on Zhongji Xuchuang (300308) shows a revenue of 6.67 billion yuan in Q1 2025, a year-on-year increase of 37.82%, and a net profit of 1.58 billion yuan, up 56.83% year-on-year [33] - The company is focusing on the development of 800G and 1.6T optical modules, with expectations for increased demand in the second half of 2025 [33] - The report emphasizes the strategic partnership with CarLink to develop vehicle-mounted optical communication modules, aiming to enhance smart vehicle capabilities [33]

证券代码：000568 证券简称：泸州老窖 公告编号：2025-22 泸州老窖股份有限公司 关于召开 2024 年度网上业绩说明会的公告 本公司及董事会全体成员保证信息披露内容真实、准确和完 整，没有虚假记载、误导性陈述或者重大遗漏。 泸州老窖股份有限公司（以下简称"公司"）已于2025年4月28日 在巨潮资讯网（www.cninfo.com.cn）披露了《2024年年度报告》。 为了方便广大投资者进一步了解公司2024年度经营情况，公司决定 于2025年5月16日召开2024年度网上业绩说明会。 一、本次业绩说明会安排 投资者可提前登录"互动易"平台"云访谈"栏目 （http://irm.cninfo.com.cn）进入公司2024年度网上业绩说明会页面 或通过扫描下方二维码进行提问。公司将对征集到的问题进行整 理，在本次业绩说明会上对投资者普遍关注的问题进行集中答复。 欢迎广大投资者积极参与。 2.召开方式：网络互动。 3.出席人员：董事长刘淼先生，独立董事陈有安先生、吕先锫 先生、李国旺先生、李良琛先生，财务总监谢红女士，副总经理、 董事会秘书李勇先生。 4.投资者参与方式： 投资者可登录深圳证券交易所 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5]. Core Views - The company is expected to achieve a revenue of 31.82 billion yuan and a net profit of 13.74 billion yuan in 2025, reflecting a year-on-year growth of 2% and 2% respectively [2]. - The company plans to maintain a cash dividend ratio of no less than 65% for 2024, 70% for 2025, and 75% for 2026, with an absolute amount not less than 8.5 billion yuan (including tax) [2]. - The company is focusing on digital transformation and has implemented six strategic shifts to enhance operational efficiency [2]. Financial Performance - In Q1 2025, the company reported a revenue of 9.35 billion yuan and a net profit of 4.59 billion yuan, showing a year-on-year increase of 1.78% and 0.41% respectively [1]. - The gross margin and net margin for Q1 2025 were 86.51% and 49.11%, respectively, with slight declines compared to the previous year [2]. - The company’s operating cash flow decreased by 24.12% year-on-year to 3.31 billion yuan [2]. Revenue and Profit Forecast - The revenue forecast for the company is projected to be 31.82 billion yuan in 2025, with a growth rate of 2% [4]. - The net profit forecast for 2025 is 13.74 billion yuan, with a growth rate of 2% [4]. - The company aims for steady revenue growth, with targets of 31.8 billion yuan, 33.7 billion yuan, and 36.4 billion yuan for 2025, 2026, and 2027 respectively [2]. Valuation Metrics - The projected P/E ratios for 2025, 2026, and 2027 are 14X, 13X, and 12X respectively [2]. - The company’s market capitalization is approximately 185.99 billion yuan [6]. - The estimated EPS for 2025 is 9.33 yuan, with a projected growth rate of 1.97% [4].

Investment Rating - The investment rating for the company is "Buy" with a target price set for the next six months [5][15]. Core Views - The company is expected to achieve a revenue of 31.82 billion yuan and a net profit of 13.74 billion yuan in 2025, reflecting a year-on-year growth of 2% and 2% respectively [2][4]. - The company plans to maintain a cash dividend ratio of no less than 65% for 2024, increasing to 70% and 75% in subsequent years, with an absolute amount not less than 8.5 billion yuan [1][2]. - The company is focusing on digital transformation and has implemented six strategic shifts to enhance operational efficiency and product offerings [2][4]. Financial Performance - In Q1 2025, the company reported a revenue of 9.35 billion yuan and a net profit of 4.59 billion yuan, showing a year-on-year increase of 1.78% and 0.41% respectively [1][2]. - The gross margin for Q1 2025 was 86.51%, while the net profit margin was 49.11%, indicating slight declines compared to the previous year [2][4]. - The company’s operating cash flow decreased by 24.12% year-on-year to 3.31 billion yuan [2]. Revenue and Profit Forecast - The revenue forecast for the company is projected to grow to 31.82 billion yuan in 2025, with further increases to 33.70 billion yuan in 2026 and 36.41 billion yuan in 2027 [4][9]. - The net profit is expected to reach 13.74 billion yuan in 2025, with projections of 14.62 billion yuan in 2026 and 15.89 billion yuan in 2027 [4][9]. Valuation Metrics - The company is currently trading at a price-to-earnings (P/E) ratio of 14.04 for 2023, which is expected to decrease to 11.70 by 2027 [4][9]. - The price-to-book (P/B) ratio is projected to decline from 4.49 in 2023 to 3.11 in 2027 [4][9]. - The enterprise value to EBITDA (EV/EBITDA) ratio is forecasted to decrease from 13.52 in 2023 to 6.97 in 2027 [4][9].

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" and is maintained [2] Core Viewpoints - The food and beverage industry is experiencing a mixed performance across various segments, with opportunities in new channels and product categories. The report highlights the need for companies to adapt to changing consumer preferences and market dynamics [5][6][7] Summary by Relevant Sections 1. Baijiu Sector - The baijiu sector achieved a total revenue of CNY 440.515 billion in 2024, with a year-on-year growth of 6.89%, and a net profit of CNY 166.778 billion, up 7.50%. In Q1 2025, revenue was CNY 152.933 billion, growing 1.82%, and net profit was CNY 63.340 billion, increasing 2.33% [15][19] - High-end baijiu brands like Moutai, Wuliangye, and Luzhou Laojiao are expected to see stable growth targets of around 9%, 5%, and steady progress respectively for 2025 [19][21] - The report notes that companies are increasing dividend rates to enhance returns for investors, with expected dividend yields for major brands ranging from 1.39% to 6.28% in 2025 [18] 2. Frozen Food - The frozen food industry is facing a slowdown in growth, with leading companies like Anjijia showing resilience while others like Qianwei Central Kitchen are under pressure due to product structure. The industry is seeking breakthroughs in products and channels to improve revenue and profit [6] 3. Snack Foods - The snack food sector is experiencing differentiation, with leading companies leveraging product innovation and channel expansion to drive growth. Salted Fish's brand "Big Demon King" has shown significant results from brand investment [6] 4. Soft Drinks - The soft drink segment is seeing high growth from brands like Dongpeng, while companies like LuLu and Master Kong maintain operational resilience. New products in the health drink category are also performing well [6] 5. Pet Food - The pet food industry remains highly prosperous, with leading companies like Guibao Pet and Zhongchong Co. showing revenue growth rates of 21.22% and 19.15% respectively in 2024 [7] 6. Bakery Products - The bakery sector is recovering, with significant growth in supermarket channels driven by new product launches. Companies like Angel Yeast are expanding their international business, contributing to overall growth [8] 7. Dairy Products - Yili's revenue is stabilizing with better-than-expected profit performance, while New Dairy is seeing continuous profit margin improvements. Yili aims for a total revenue of CNY 119 billion in 2025 [8] 8. Beer - The beer market is witnessing a recovery in consumption, with major brands like Qingdao Beer and Chongqing Beer showing positive sales growth in Q1 2025 [9] 9. Seasoning Products - The seasoning industry is under pressure, but companies like Haitian are performing steadily, with core products like soy sauce maintaining growth [9]

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" and is maintained [2] Core Viewpoints - The food and beverage industry is experiencing a mixed performance across various segments, with opportunities in new channels and product categories. The report highlights the need for companies to adapt to changing consumer preferences and market dynamics [5][6][7] Summary by Sections 1. Baijiu Sector - The baijiu sector achieved a total revenue of CNY 440.515 billion in 2024, with a year-on-year growth of 6.89%, and a net profit of CNY 166.778 billion, up 7.50%. In Q1 2025, the sector's revenue was CNY 152.933 billion, growing 1.82%, with a net profit of CNY 63.340 billion, up 2.33% [15][19] - High-end baijiu brands like Moutai, Wuliangye, and Luzhou Laojiao are expected to see stable growth targets of around 9%, 5%, and steady progress respectively for 2025 [19][21] - The report notes that companies are increasing dividend rates to enhance returns to investors, with expected dividend yields for 2025 ranging from 1.39% to 6.28% across various brands [18][20] 2. Consumer Goods - The frozen food sector is facing a slowdown in growth, with leading companies like Anjijia showing resilience while others struggle due to intense price competition [6] - The snack food industry is diversifying through new channels such as e-commerce and overseas markets, with companies like Yanjinpuzi achieving significant growth through brand investment [6] - The soft drink segment is witnessing strong growth from brands like Dongpeng, while other established brands maintain operational resilience [6] 3. Pet Food - The pet food industry is maintaining high growth, with leading companies like Guibao Pet and Zhongchong Co. reporting revenue growth rates of 21.22% and 19.15% respectively in 2024 [7] 4. Bakery Products - The bakery sector is recovering, with significant growth in the supermarket channel, particularly for new products from brands like Sam's Club [8] 5. Dairy Products - Yili's revenue is stabilizing with better-than-expected profit performance, while New Dairy is seeing continuous profit margin improvements [8] 6. Beer - The beer market is showing signs of recovery, with major brands like Qingdao Beer and Chongqing Beer reporting volume increases in Q1 2025 [9] 7. Seasoning Products - The seasoning industry is under pressure, but companies like Haitian are performing steadily, with core products like soy sauce showing robust growth [9]

Group 1 - The 2025 World Brand Moganshan Conference is held from May 9 to 11 in Deqing County, Huzhou City, Zhejiang Province, showcasing the importance of brands as intangible assets for enterprises and as carriers of people's aspirations for a better life [1][3] - Luzhou Laojiao, a leading company in the liquor industry, has participated in the Moganshan Conference for three consecutive years, highlighting its brand story through a two-minute drone performance [3][5] - The company has been recognized as a representative of Chinese quality, winning multiple awards since the first National Wine Evaluation in 1952, including the title of "Chinese Famous Wine" [3][5] Group 2 - In 2024, Luzhou Laojiao plans to hold a themed exhibition titled "700 Years of Chinese Strong Aroma," leveraging its historical significance to promote the local economy [5] - The government report for 2025 emphasizes the integration of technological and industrial innovation, with experts noting that technological innovation is essential for shaping Chinese brands [5][7] - Luzhou Laojiao is advancing its digital transformation with the "Smart Luzhou Laojiao" initiative, establishing a data-driven management and decision-making framework [7] Group 3 - The company has increased its R&D expenditure to 260 million yuan in 2024, a year-on-year growth of 15.5%, and has released significant technological innovations [7][9] - Luzhou Laojiao has been actively promoting Chinese liquor internationally, participating in global events and establishing a sales network in over 70 countries and regions [9][11] - The brand's strength has contributed to its stable development, achieving record-high operating performance in a challenging market environment [11]

2024年，泸州老窖智能包装中心建成投产，项目运用AI智能、数字孪生、工业物联网等新一代智能制 造技术，整合生产控制系统、采购管理系统、物流管理系统等六大信息系统，5条灌装生产线平均生产 速度达15000瓶/小时，将生产效率提高2倍以上。同时，每条生产线配备杂质检测机，准确率达 99.99%。依托科技"组合拳"，泸州老窖智能包装中心成功实现灌装速度、质量检测水平、智能化水平、 数字化水平、自主技术创新水平的全面提升。 泸州老窖多年来坚定改革创新，致力于以先进生产力助推传统行业数智化转型的探索实践。近年来，泸 州老窖相继建成泸州老窖黄舣酿酒生态园等重大项目，搭建国家固态酿造工程技术研究中心、国家酒检 中心、国家博士后工作站等科研平台，持续深化与中国科学院、江南大学等科研院所及高校的合作，以 强大的科技力量支撑推动产品持续创新升级。通过数智建设赋能生产、营销和管理等重要环节，泸州老 窖高质量发展迈上新台阶。 履行社会责任，彰显国企担当 4月28日，庆祝中华全国总工会成立100周年暨全国劳动模范和先进工作者表彰大会在北京召开。泸州老 窖股份有限公司党委副书记、总经理林锋荣获"全国劳动模范"称号。 这一荣誉也将激励泸 ...

食品饮料 分析师：刘冉 登记编码：S0730516010001 liuran@ccnew.com 021-50586281 一季度环比改善，销售增长中枢下沉 ——泸州老窖(000568)业绩点评 证券研究报告-年报点评 谨慎增持(首次) 市场数据(2025-05-08) | 收盘价(元) | 127.18 | | --- | --- | | 一年内最高/最低(元) | 192.74/100.02 | | 沪深 300 指数 | 3,852.90 | | 市净率(倍) | 3.73 | | 流通市值(亿元) | 1,868.48 | | 基础数据(2025-03-31) | | | 每股净资产(元) | 34.08 | | 每股经营现金流(元) | 2.25 | | 毛利率(%) | 86.51 | | 净资产收益率_摊薄(%) | 9.16 | | 资产负债率(%) | 24.67 | | 总股本/流通股(万股) | 147,195.15/146,916.4 | | | 9 | B 股/H 股(万股) 0.00/0.00 资料来源：中原证券研究所，聚源 相关报告 投资要点： 本报告版权属于中原证券股份有限公司 ...