Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company reported a revenue of 13.806 billion (up 22% year-on-year) and a net profit attributable to shareholders of 3.573 billion (up 29%) for the first half of 2024 [2] - The product structure continues to optimize, with a gross margin of 80.50% (up 2.7 percentage points) and a net profit margin of 28.14% (up 1.7 percentage points) in Q2 2024 [2] - The company plans to achieve a revenue of 24.45 billion (up 21%) and a total profit of 7.95 billion (up 25.6%) for the full year 2024 [2] Summary by Sections Financial Performance - Q2 2024 revenue was 5.519 billion (up 17%) with a net profit of 1.507 billion (up 25%) [2] - The sales expenses increased to 1.36 billion (up 18%), while management expenses rose to 274 million (up 23%) [2] - The company reported a cash collection of 5.879 billion (up 13%) with a cash collection ratio of 103% [2] Product and Market Expansion - The revenue from the premium product line reached 10.78 billion (up 23%), accounting for 80% of total revenue [2] - The company expanded its market presence in North China, with revenue growth of 35% in that region [2] - The total number of distributors increased to 4,782, with significant growth in Central and North China [2] Profitability Forecast - The earnings per share (EPS) forecast for 2024-2026 is set at 10.96, 13.30, and 16.19 yuan respectively [3] - The report anticipates a gross margin of 80.0% for 2024, increasing to 82.1% by 2026 [3]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 224.8 yuan based on a 20x PE for 2024 [2][4][7]. Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2024, achieving 13.81 billion yuan in revenue (up 22.1% year-on-year) and 3.573 billion yuan in net profit (up 28.5% year-on-year) [1]. - The white liquor business experienced growth in both volume and price, with sales volume and price per ton increasing by 12.8% and 8.5% respectively in the first half of 2024 [1]. - The company is focusing on a "nationalization and mid-to-high-end" strategy, aiming to strengthen its domestic market while accelerating its expansion into international markets [1]. Financial Summary - For 2024, the company is projected to achieve revenues of 24.682 billion yuan, with a year-on-year growth of 21.9% [3]. - The gross margin for the first half of 2024 was reported at 80.4%, an increase of 1.5 percentage points year-on-year, indicating improved profitability [1]. - The net profit margin for the first half of 2024 was 26.7%, reflecting a significant improvement compared to previous periods [1][3].

[Table_StockInfo] 2024 年 08 月 31 日 证券研究报告•2024 年中报点评 买入 （维持） 当前价：172.02 元 古井贡酒（000596）食品饮料 目标价：——元（6 个月） 年份原浆量价齐升，业绩弹性持续释放 [Table_Summary 事件：公司发布] 2024 年中报，上半年实现收入 138.1 亿元，同比+22.1%，归 母净利润 35.7亿元，同比+28.5%；其中单 Q2实现收入 55.2亿元，同比+16.8%， 归母净利润 15.1 亿元，同比+24.6%，24Q2 业绩符合市场预期。 年份原浆量价齐升，省内基地市场稳固。1、24H1 外部消费疲软的背景下，公 司加强终端渠道建设，抢占宴席场景消费，深耕核心市场，多管齐下推动开瓶 率提升，主品牌年份原浆延续高增，助力上半年进度如期达成。2、分产品，24H1 年份原浆系列实现收入 107.9 亿元，同比+23.1%，其中销量、吨价分别同比 +16.6%、+5.6%；受益于古 8、古 16 的高速放量，24H1 年份原浆毛利率同比 提升 1.2个百分点至 86.3%；古井贡酒系列收入 12.4亿元，同比+11.5% ...

古井贡酒（ [Table_StockNameRptType] 000596） 公司点评 结构升级持续推进 ——古井贡酒 2024Q2 点评 [Table_Rank] 投资评级：买入（维持） | --- | --- | |---------------------------------|--------------------------| | 报告日期： | 2024-09-01 | | [Table_BaseData] 收盘价（元） | 172.02 | | 近 12 个月最高 / | 最低（元） 293.07/156.64 | | 总股本（百万股） | 529 | | 流通股本（百万股） | 409 | | 流通股比例（ % ） | 77.30 | | 总市值（亿元） | 909 | | 流通市值（亿元） | 703 | [公司价格与沪深 Table_Chart] 300 走势比较 -54% -38% -21% -5% 12% 9/23 12/23 3/24 6/24 古井贡酒 沪深300 [Table_Author] 分析师：邓欣 执业证书号：S0010524010001 邮箱：dengxin@haz ...

Investment Rating - The report maintains a "Hold" rating for the company [2][4] Core Views - The company achieved a revenue of 138.06 billion yuan in the first half of 2024, representing a year-on-year increase of 22.07%, with a net profit of 35.73 billion yuan, up 28.54% year-on-year [4] - The white liquor business continues to expand, with significant growth in the premium segment, particularly in the year-round original liquor series [3][4] - The company is targeting a revenue goal of 30 billion yuan, supported by a strong national expansion strategy [3] Financial Performance Summary - For the first half of 2024, the company reported a revenue of 138.06 billion yuan, with a net profit of 35.73 billion yuan, and a year-on-year growth of 28.54% in net profit [4] - The company’s revenue forecast for 2024 is set at 24,607 million yuan, with a projected growth rate of 21% [5] - The earnings per share (EPS) for 2024 is estimated to be 11.10 yuan, with a price-to-earnings (P/E) ratio of 15.5 [5][6] Business Segment Analysis - The white liquor segment accounted for 97.27% of total revenue in the first half of 2024, with a revenue of 134.28 billion yuan, up 22.29% year-on-year [3] - The company’s product structure has been optimized, with the year-round original liquor series contributing significantly to revenue growth [3] - The company has seen regional revenue growth across various markets, with North China achieving a 35.1% increase [3]

Investment Rating - The investment rating for Gujing Gongjiu (000596.SZ) is "Outperform the Market" [3][5] Core Views - The company continues to experience a trend of product structure upgrades, leading to an increase in net profit margins. In Q2 2024, the company reported a revenue growth of 16.8% year-on-year and a net profit growth of 24.6% [1][4] - For the first half of 2024, the company achieved total revenue of 13.806 billion yuan, a year-on-year increase of 22.1%, and a net profit of 3.573 billion yuan, up 28.5% year-on-year [1][4] - The company is focusing on high-quality growth in its premium product lines, particularly the "Nianfen Yuanjiang" brand, which saw a revenue increase of 23.12% in H1 2024 [1][4] Financial Performance Summary - In H1 2024, the revenue breakdown by brand shows "Nianfen Yuanjiang" at 10.787 billion yuan (+23.12%), "Gujing Gongjiu" at 1.238 billion yuan (+11.47%), and "Huanghelou" at 1.403 billion yuan (+26.53%) [1][4] - The gross profit margin for "Nianfen Yuanjiang" increased by 1.16 percentage points, while "Gujing Gongjiu" saw a decrease of 3.02 percentage points [1][4] - The company reported a slight increase in expense ratios in Q2 2024, with comprehensive net profit margin rising by 1.7 percentage points [1][4] Profit Forecast and Investment Recommendations - The company maintains a strong competitive advantage despite industry pressures. The revenue forecast for 2024 and 2025 is 24.507 billion yuan and 29.041 billion yuan, respectively, representing year-on-year growth of 21.0% and 18.5% [5][9] - The net profit forecast for the same period is 5.808 billion yuan and 7.216 billion yuan, reflecting year-on-year growth of 26.6% and 24.2% [5][9] - The current stock price corresponds to a PE ratio of 15.7 for 2024, indicating a high confidence in EPS growth [5][9]

Investment Rating - Investment Rating: Buy [1] - Target Price: RMB 224.20 [1] Core Views - The company has demonstrated strong growth momentum with a revenue of RMB 13.81 billion and a net profit of RMB 3.57 billion for the first half of 2024, reflecting year-on-year increases of 22.1% and 28.5% respectively [2] - The company is focusing on high-end products, particularly the core product "Gu 20", which is driving brand momentum, while also expanding into the banquet market with "Gu 16" [2][3] - The company's gross margin improved by 1.5 percentage points to 80.4% in the first half of 2024, indicating enhanced profitability [4] Revenue and Profitability - For the first half of 2024, the company achieved revenue of RMB 13.81 billion and net profit of RMB 3.57 billion, with growth rates of 22.1% and 28.5% respectively [2] - The gross margin for the first half of 2024 was 80.4%, up 1.5 percentage points year-on-year, while the net profit margin increased by 1.3 percentage points to 25.9% [4] - The company expects a net profit CAGR of 24% from 2024 to 2026, which is higher than the average of comparable companies at 13% [2] Product and Market Expansion - The company is optimizing its product structure, with significant revenue contributions from various products: RMB 10.79 billion from year-end raw liquor, RMB 1.24 billion from Gujing Gongjiu, and RMB 1.40 billion from Huanghelou and others, showing year-on-year growth of 23.1%, 11.5%, and 26.6% respectively [3] - The company is expanding its market presence outside its home province, with notable revenue growth in North China (35.1%), South China (17.2%), and Central China (21.3%) [3] - The number of distributors has increased, indicating a solid foundation for further market penetration [3] Financial Forecasts - The company forecasts EPS of RMB 11.21, RMB 13.73, and RMB 16.46 for 2024, 2025, and 2026 respectively [5] - The projected revenue for 2024 is RMB 24.33 billion, with a year-on-year growth of 20.12% [6] - The company maintains a target price of RMB 224.20, reflecting a PE ratio of 20x for 2024 [5]

159.00 183.00 207.00 231.00 255.00 279.00 303.00 230830231130240229240531 人民币(元) 成交金额(百万元) 成交金额 古井贡酒 沪深300 0 100 200 300 400 500 600 700 800 900 | --- | --- | --- | --- | --- | --- | |-------------------------------|--------|--------|--------|--------|--------| | 公司基本情况（人民币） \n项目 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入(百万元 ) | 16,713 | 20,254 | 24,484 | 28,929 | 33,635 | | 营业收入增长率 | 25.9% | 21.2% | 20.9% | 18.2% | 16.3% | | 归母净利润 (百万元) | 3,143 | 4,589 | 5,815 | 7,174 | 8,669 | | 归母净利润增长率 | 36.8% | 46 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has maintained high growth in performance, with continuous optimization of its product structure. The revenue for the first half of 2024 reached 138.06 billion, a year-on-year increase of 22.07%, while the net profit attributable to shareholders was 35.73 billion, up 28.54% year-on-year [3][5] Summary by Relevant Sections Performance Overview - In H1 2024, the company achieved revenue of 138.06 billion, a 22.07% increase year-on-year, and a net profit of 35.73 billion, reflecting a 28.54% growth [3] - The second quarter of 2024 saw revenue of 55.19 billion, up 16.79% year-on-year, and a net profit of 15.07 billion, which is a 24.57% increase [3] Product Structure and Market Performance - The product structure has steadily improved, with revenue from different product lines in H1 2024 as follows: Year Original Liquor 10.787 billion (+23.12%), Gujing Liquor 1.238 billion (+11.47%), and Yellow Crane Tower 1.403 billion (+26.58%) [2] - The revenue contribution from Year Original Liquor increased by 0.54 percentage points to 80.33%, with a gross margin increase of 1.16 percentage points [2] Market Strategy - The company is focusing on a "nationalization and next-high-end" strategy, enhancing its product and customer structure while accelerating its national expansion [2] - As of the end of H1 2024, the number of distributors in various regions was as follows: North China 1,288, South China 630, Central China 2,848, and international 16 [2] Financial Projections - The company aims to exceed 200 billion in revenue and is targeting 300 billion, with projected revenues for 2024-2026 being 243.35 billion, 287.95 billion, and 333.39 billion respectively [5][6] - The expected net profits for the same period are 58.81 billion, 72.37 billion, and 86.75 billion, with corresponding EPS of 11.12, 13.69, and 16.41 [5][6]

Investment Rating - The report maintains a "Recommended" rating for Gujing Gongjiu [3][7][14] Core Views - The company achieved a revenue of 13.8 billion yuan in 1H24, representing a year-on-year growth of 22%, with a net profit of 3.6 billion yuan, up 29% year-on-year [6][7] - The product structure is upgrading, with significant growth in the premium product segment, particularly the aged raw liquor [7] - The company is expanding its market presence outside its base region, with notable growth in the North China market [7] Financial Performance Summary - 1H24 revenue breakdown: aged raw liquor 10.8 billion yuan (+23% YoY), Gujing Gongjiu 1.2 billion yuan (+11% YoY), and Huanghelou and others 1.4 billion yuan (+27% YoY) [7] - 2Q24 gross margin improved to 80.5%, up 2.7 percentage points year-on-year, indicating enhanced profitability [7] - The company’s net profit margin for 2Q24 was 27.3%, an increase of 1.7 percentage points year-on-year [7] Market Expansion and Strategy - Revenue by region in 1H24: Central China 11.9 billion yuan (+21% YoY), North China 1.1 billion yuan (+35% YoY), South China 800 million yuan (+17% YoY) [7] - The company is accelerating its national expansion strategy, with solid performance in its home market of Anhui and ongoing growth in Jiangsu, Hebei, and Shandong [7] Future Projections - The forecast for net profit in 2024-2026 has been adjusted to 5.8 billion, 7.0 billion, and 8.3 billion yuan respectively [7][8] - The company is expected to maintain a strong growth trajectory, driven by stable growth in its core products and effective market expansion strategies [7][8]