Investment Rating - The report maintains an "Accumulate" rating for Gujing Gongjiu with a revised target price of 219.26 yuan, down from the previous 343.20 yuan [3][12]. Core Views - The company's revenue in Q2 2024 was slightly below expectations, but profit performance met expectations, indicating a steady cash flow. The report highlights the company's market share logic and continuous improvement in profitability, suggesting a strong certainty in future performance [3][12]. Summary by Sections Financial Performance - In Q2 2024, the company achieved revenue of 5.519 billion yuan and a net profit of 1.507 billion yuan, representing year-on-year increases of 16.79% and 24.57%, respectively [12]. - The revenue growth was slightly below expectations due to seasonal adjustments and a dip in consumer demand, while profit growth aligned with forecasts [12]. - The gross margin improved significantly year-on-year, attributed to product mix enhancements and reduced discounting [12]. Profitability and Cash Flow - The report notes a notable increase in the company's net profit margin, which rose by 1.8 percentage points year-on-year, reaching historical highs [12]. - Cash flow from sales increased by 12.8% year-on-year, with contract liabilities at the end of the period amounting to 2.22 billion yuan, indicating stable cash flow performance [12]. Market Position and Future Outlook - The report emphasizes the importance of market share concentration in the liquor industry, suggesting that Gujing Gongjiu's solid provincial channels and product structure align with consumer trends, which may lead to sustained market share growth [3][12]. - The long-term outlook for the company is positive, with expectations of continued profitability improvements and a strong performance certainty [12].

Investment Rating - The report maintains a "Recommended" rating for the company [2] Core Views - The company achieved a total revenue of 13.806 billion yuan and a net profit attributable to shareholders of 3.573 billion yuan in the first half of 2024, representing year-on-year growth of 22.07% and 28.54% respectively [2] - The revenue for Q2 2024 was 5.519 billion yuan, with a net profit of 1.507 billion yuan, showing year-on-year increases of 16.79% and 24.57% respectively [2] - The company's contract liabilities at the end of H1 2024 were 2.218 billion yuan, down 26.67% year-on-year, indicating fluctuations in contract liabilities and revenue growth [2] - The Year Original Series saw both volume and price increases, with revenue from the white liquor business reaching 13.428 billion yuan, a year-on-year increase of 22.29% [2] - The gross profit margin for the Year Original Series improved to 86.31%, up 1.16 percentage points year-on-year [2] - The company expects net profit attributable to shareholders to grow by 26.4%, 23.5%, and 20.3% in 2024, 2025, and 2026 respectively, with corresponding PE ratios of 16, 13, and 11 [2] Summary by Sections Financial Performance - Total revenue for 2023 is projected at 20.254 billion yuan, with a growth rate of 21.2% [6] - The net profit attributable to shareholders for 2023 is estimated at 4.589 billion yuan, reflecting a growth rate of 46.0% [6] - The gross margin for 2024 is expected to be 80.79%, with a net profit margin of 23.87% [6] Product Performance - The Year Original Series contributed 80.33% to the total revenue, with a revenue increase of 23.12% year-on-year [2] - The company plans to launch new products in the Grape Wine Series, which is expected to sustain the growth trend in the second half of the year [2] Market Dynamics - The company experienced significant growth in the North China market, with revenue increasing by 35.10% year-on-year [2] - Online sales grew by 18.88%, while offline sales increased by 22.17% in H1 2024 [2] Cost Management - The company managed to reduce its sales and management expense ratios, contributing to improved profitability [2] - The gross profit margin for H1 2024 was 80.41%, an increase of 1.53 percentage points year-on-year [2]

[Table_Title] 年份原浆延续量价齐升，龙头省内护城河稳固 | --- | --- | --- | --- | |------------------------------|--------------|------------------------------|---------------| | [Table_DataInfo] 评级： 增持 | | 股票代码： | 000596 | | 上次评级： 增持 | | 52 周最高价 / 最低价（元)： | 293.07/156.64 | | 目标价格（元）： | 总市值(亿元) | | 817.81 | | 最新收盘价（元）： | 172.02 | 自由流通市值(亿元 ) | 702.87 | | | | 自由流通股数 (百万) | 408.60 | [Table_Summary] 事件概述 公司发布中报，24H1 实现收入 138.1 亿元，同比+22.1%；归母净利 35.7 亿元，同比+28.5%。24Q2 实现收 入 55.2 亿元，同比+16.8%；归母净利 15.1 亿元，同比+24.6%。收入符合市场预期，利润略超市场预期。 分析 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [2][4] Core Views - The company achieved a revenue of 13.806 billion yuan in the first half of 2024, representing a year-on-year increase of 22.07%, with a net profit of 3.573 billion yuan, up 28.54% year-on-year [2] - The second quarter of 2024 saw revenue of 5.519 billion yuan, an increase of 16.79%, and a net profit of 1.507 billion yuan, up 24.57% year-on-year [2] - The gross profit margin for the first half of 2024 was 80.41%, an increase of 1.53 percentage points year-on-year, attributed to product mix improvement [2] - The company plans to achieve revenue and total profit of 24.45 billion yuan and 7.95 billion yuan respectively in 2024, with expected year-on-year growth of 20.72% and 25.55% [4] Revenue Growth and Profitability - The company’s revenue from different product lines in the first half of 2024 was as follows: Year-round raw liquor 10.787 billion yuan (+23.12%), Gujing Gongjiu 1.238 billion yuan (+11.47%), and Huanghelou and others 1.403 billion yuan (+26.58%) [3] - Online and offline revenue for the first half of 2024 was 408 million yuan (+18.88%) and 13.397 billion yuan (+22.17%) respectively [3] - The number of distributors increased to 4,782, a net increase of 141 year-on-year [3] Financial Forecasts - The company’s earnings per share (EPS) for 2024-2026 are projected to be 10.91, 13.64, and 16.78 yuan, with corresponding price-to-earnings (P/E) ratios of 16, 13, and 10 times [4][6] - The company’s revenue growth rates are forecasted at 21.5% for 2024, 18.6% for 2025, and 18.2% for 2026 [6][8] - The net profit growth rates are expected to be 25.6% for 2024, 25.0% for 2025, and 23.0% for 2026 [6][8]

证券代码：000596、200596 证券简称：古井贡酒、古井贡 B 公告编号：2024-018 安徽古井贡酒股份有限公司 第十届监事会第七次会议决议公告 本公司及监事会全体成员保证本公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、监事会会议召开情况 安徽古井贡酒股份有限公司（以下简称"公司"）第十届监事会 第七次会议于 2024 年 8 月 30 日以通讯方式召开，会议通知于 2024 年 8 月 16 日通过邮件等方式送达公司全体监事。公司于 2024 年 8 月 30 日（含当日）前收到全体监事的表决意见。本次会议的召开符合 《公司法》和《公司章程》等有关规定，会议形成的决议合法、有效。 2.审议并通过《公司 2024 年半年度募集资金存放与使用情况专 项报告》 经审核，监事会认为：公司的募集资金使用和管理制度完善，运 作规范，公司严格按照深圳证券交易所印发的《深圳证券交易所上市 公司自律监管指引第 1 号——主板上市公司规范运作》和公司《募集 资金管理制度》等规定，对募集资金实行了专户存储和专项使用。公 司董事会编制的《关于 2024 年半年度募集资金存放与使用情况的专 1 项报 ...

证券代码：000596、200596 证券简称：古井贡酒、古井贡 B 公告编号：2024-017 安徽古井贡酒股份有限公司（以下简称"公司"）第十届董事会 第六次会议于 2024 年 8 月 30 日以通讯方式召开，会议通知于 2024 年 8 月 16 日通过邮件等方式送达公司全体董事。公司于 2024 年 8 月 30 日（含当日）前收到全体董事的表决意见。本次会议的召开符合 《公司法》和《公司章程》等有关规定，会议形成的决议合法、有效。 二、董事会会议审议情况 1.审议并通过《公司 2024 年半年度报告及摘要》 具体内容详见公司同日在巨潮资讯网披露的《公司 2024 年半年 度报告及摘要》。 表决结果：9 票同意，0 票反对，0 票弃权。 2.审议并通过《公司 2024 年半年度募集资金存放与使用情况专 项报告》 安徽古井贡酒股份有限公司 第十届董事会第六次会议决议公告 本公司及董事会全体成员保证本公告内容真实、准确和完整，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 1.公司第十届董事会第六次会议决议。 特此公告。 安徽古井贡酒股份有限公司 董 事 会 二〇二四年八月三十一日 2 ...

安徽古井贡酒股份有限公司 2024 年半年度非经营性资金占用及其他关联资金往来情况汇总表 单位：人民币万元 非经营性资金占用 资金占用方名称 占用方与上市公司的关联关系 上市公司核算 的会计科目 2024 年期 初占用资 金余额 2024 年半年 度占用累计 发生金额 （不含利 息） 2024 年 半年度占 用资金的 利息（如 有） 2024 年半 年度偿还 累计发生 金额 2024 年 6 月末占用 资金余额 占用形成原因 占用性质 控股股东、实际控制 人及其附属企业 小计 前控股股东、实际 控制人及其附属企 业 小计 其他关联方及其附属 企业 小计 总计 | | | | | 2024 年期 | 2024 | 年半年 度占用累计 | 2024 年 半年度占 | 年半 2024 | 2024 | 年 6 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 其它关联资金往来 | 资金往来方名称 | 往来方与上市公司的关联关系 | 上市公司核算 的会计科目 | 初占用资 | | 发生金额 | ...

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥13,805,693,542.35, representing a 22.07% increase compared to ¥11,310,016,495.10 in the same period last year[15]. - The net profit attributable to shareholders of the listed company was ¥3,572,791,595.15, up 28.54% from ¥2,779,474,367.51 year-on-year[15]. - The net profit after deducting non-recurring gains and losses was ¥3,540,540,906.67, reflecting a 29.64% increase compared to ¥2,731,120,890.76 in the previous year[15]. - The basic earnings per share increased to ¥6.76, a rise of 28.52% from ¥5.26 in the same period last year[15]. - The company's total revenue for the reporting period reached ¥13,428,363,064.31, with a year-on-year increase of 22.29%[25]. - The company's gross profit margin for the reporting period was 82.05%, reflecting a slight increase of 1.49% compared to the previous year[25]. - The company's total operating costs for the first half of 2024 were ¥8,832,090,887.25, up from ¥7,533,156,217.79, an increase of 17.3%[104]. - The company reported a total comprehensive income of ¥3,681,417,258.12 for the first half of 2024, compared to ¥2,845,675,172.96 in the same period of 2023, reflecting a growth of 29.4%[106]. Assets and Liabilities - The total assets at the end of the reporting period were ¥36,562,696,626.70, which is a 3.22% increase from ¥35,420,907,274.99 at the end of the previous year[15]. - Total assets increased to ¥23,640,522,119.77, compared to ¥22,677,018,504.06 in the previous year, reflecting a growth of 4.25%[103]. - Total liabilities decreased slightly to ¥12.83 billion from ¥13.01 billion, a reduction of about 1.4%[100]. - The company's total equity decreased to ¥17,415,892,494.30 from ¥17,751,213,058.89, a decline of 1.89%[103]. - The company reported a significant increase in contract liabilities to ¥2.22 billion, up from ¥1.40 billion, representing a growth of about 58.6%[99]. Cash Flow - The company reported a net cash flow from operating activities of ¥4,009,706,455.49, down 15.19% from ¥4,727,836,696.73 in the previous year[15]. - The company's cash and cash equivalents net increase was ¥1,189,828,954.35, a decrease of 68.16% compared to the previous year[34]. - Operating cash inflow for the first half of 2024 reached ¥16.55 billion, a significant increase of 63.5% compared to ¥10.11 billion in the same period of 2023[112]. - The total cash and cash equivalents at the end of the period decreased to ¥7.05 billion from ¥8.31 billion at the end of the first half of 2023[113]. Dividends and Shareholder Returns - The company plans not to distribute cash dividends or issue bonus shares during this reporting period[4]. - The company announced a cash dividend of RMB 45.00 per 10 shares, totaling RMB 2,378,700,000.00, which represents 51.83% of the net profit attributable to the parent company for the year 2023[60]. - The cash dividend amount increased by 50.00% year-on-year, reflecting the company's commitment to sharing development results with investors[60]. - The company distributed dividends totaling ¥2.38 billion during the first half of 2024, marking a significant cash outflow[115]. Market and Industry Trends - The white liquor industry experienced a "hot then cold" trend in the first half of 2024, with strong demand before the Spring Festival followed by a slowdown in sales[22]. - The company is facing increased competition in the liquor industry due to rising market concentration and external uncertainties[57]. - The revenue from the North China region increased by 35.10% year-on-year, attributed to an increase in sales orders[37]. Strategic Initiatives - The company has established strategic partnerships with "黄鹤楼酒业" and "明光酒业," expanding its brand portfolio to five renowned trademarks[23]. - The company is focusing on digital transformation to improve management capabilities and user experience through the integration of digital technology and production[58]. - The company aims to achieve a revenue target of CNY 30 billion in the new fiscal year, focusing on enhancing brand presence and expanding market reach[59]. - The company is committed to reducing pollutant emissions and enhancing environmental protection through various sustainability initiatives[59]. Environmental Responsibility - The company adheres to strict environmental protection laws and standards, including the "Environmental Protection Law of the People's Republic of China" and various pollution discharge standards[63]. - The company reported specific pollutant discharge levels, such as COD and NH3-N, which are within the regulatory limits[64]. - The company has effectively fulfilled its social responsibility regarding environmental information disclosure[66]. - The company invested a total of 20.048 million yuan in environmental governance and protection in the first half of 2024, with an environmental protection tax payment of 94,700 yuan[71]. Research and Development - Research and development expenses amounted to ¥33,232,298.34, an increase from ¥29,964,175.22 in the previous year, indicating a focus on innovation[104]. - The company’s research and development expenses increased to ¥13,929,592.90 in the first half of 2024, up from ¥11,525,750.69 in the same period of 2023[107]. Corporate Governance - The financial report for the first half of 2024 has not been audited[97]. - The financial statements prepared by the company comply with the requirements of the accounting standards, reflecting a true and complete picture of its financial status[130]. - The company has not reported any major litigation or arbitration matters during the reporting period[78]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties during the reporting period[75].

安徽古井贡酒股份有限公司 2024 年半年度募集资金存放与使用情况的专项报告 根据深圳证券交易所《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》及《深圳证券交易所上市公司自律 监管指南第 2 号——公告格式》的规定，将安徽古井贡酒股份有限公 司（以下简称"公司"）2024 年上半年度募集资金存放与使用情况报 告如下： 一、募集资金基本情况 1.实际募集资金金额、资金到位时间 2024 年上半年度，公司募集资金使用情况为：2024 年上半年度 公司累计使用募集资金 93,943.71 万元，募集资金专用账户利息收入 3,034.91 万元，截至 2024 年 6 月 30 日使用暂时闲置募集资金购买大 额存单余额为 60,000.00 万元，募集资金专户 2024 年 6 月 30 日应结 存金额为 111,414.46 万元，募集资金专户 2024 年 6 月 30 日实际结存 金额为 111,414.46 万元。募集资金应结存金额与尚未使用的募集资金 余额不存在差异。 1 二、募集资金管理情况 为了规范公司募集资金管理，保护投资者的合法权益，根据《上 市公司监管指引第 2 号——上市 ...

华福证券 白酒Ⅲ 2024年06月21日 公 司 古井贡酒（000596.SZ） 持有（首次评级） 研 究 徽酒航母基础深厚扛风浪，立足安徽稳步扩张 当前价格： 225.21元 基本数据 投资要点： 总股本/流通股本(百万股) 528.60/408.60 流通A股市值(百万元) 92,020.81  安徽经济方兴未艾，结构升级配合集中度提升仍有较大机会 每股净资产(元) 44.60 资产负债率(%) 39.46 安徽白酒饮酒力排全国第三，产量位列全国第五，高容量的白酒 一年内最高/最低价(元) 298.88/195.39 市场给当地酒企提供了较大的发展空间，亦对省外酒企产生较大吸引 一年内股价相对走势 力。同时，安徽经济发展紧追江苏，过去白酒主流价格带实现多次升 级，当前主流价格带为200元左右，预计未来将持续向江苏与合肥看 公 齐，达到300元以上水平。近期安徽本土100-300元的中档价格带扩 司 容显著，在婚宴等场景中100元价格带向上升级的趋势仍在演绎中， 深 同时中档价格带的各大单品较高增速还来自于集中度的提升。同时， 度 考虑到安徽民营经济较为活跃，经济发展韧性强，我们认为未来中档 研 究 以上 ...