公司报告 | 季报点评 古井贡酒（000596） 证券研究报告 2024年05月 13日 投资评级 全国化、次高端战略推进顺利，费用优化有望持续贡献利润弹性 行业 食品饮料/白酒Ⅱ 6个月评级 买入（维持评级） 当前价格 275.32元 【业绩】2023 年公司收入/归母净利润分别为 202.54/45.89 亿元（同比 目标价格 元 +21.18%/+46.01%）；2024Q1公司收入/归母净利润分别为82.86/20.66亿元 （同比+25.85%/+31.61%）。【分红率】2023年拟现金分红率51.83%（22年 基本数据 为50.45%）。【经营计划】2024 年公司计划实现营业收入244.50 亿元，较 A股总股本(百万股) 408.60 上年增长20.72%；计划实现利润总额79.50亿元，较上年增长25.55%。 流通A股股本(百万股) 408.60 A股总市值(百万元) 112,495.75 年份原浆势能不减，产品结构持续升级。23年年份原浆/古井贡酒/黄鹤楼 流通A股市值(百万元) 112,495.75 及其他营业收入154.17/20.16/22.06亿元（同比+27.34%/+7. ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [4][7]. Core Views - The company achieved a revenue of 20.254 billion yuan in 2023, representing a year-on-year increase of 21.18%, with a net profit attributable to shareholders of 4.589 billion yuan, up 46.01% year-on-year [3][7]. - The company is expected to maintain stable growth in performance, with projected revenues for 2024, 2025, and 2026 at 24.576 billion, 29.360 billion, and 34.772 billion yuan respectively [7][8]. - The gross profit margin for 2023 was 79.07%, an increase of 1.90 percentage points year-on-year, driven by the rapid growth of mid-to-high-end products [3][8]. Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 4.301 billion yuan, a year-on-year increase of 8.92%, and a net profit of 0.777 billion yuan, up 49.20% year-on-year [3]. - For Q1 2024, the company achieved a revenue of 8.286 billion yuan, representing a year-on-year increase of 25.85%, with a net profit of 2.066 billion yuan, up 31.61% year-on-year [3]. Product and Regional Performance - The company’s product segments saw significant growth, with revenue from aged raw liquor reaching 15.417 billion yuan, an increase of 27.34% year-on-year [3]. - The North China region experienced rapid growth, with revenue of 1.843 billion yuan, up 39.01% year-on-year [3]. Profitability Metrics - The company’s net profit margin improved to 22.66% in 2023, an increase of 3.85 percentage points year-on-year [3]. - For Q1 2024, the gross profit margin and net profit margin were 80.35% and 24.93% respectively, continuing the trend of improving profitability [3].

2024年05月07日 公司研究●证券研究报告 古井贡酒（ ） 公司快报 000596.SZ 食品饮料 | 白酒Ⅲ 23 年顺利完成目标，24Q1 开局表现靓丽 投资评级 买入-B(首次) 股价(2024-05-06) 279.12元 事件： 公司发布2023年年报及2024年一季报，2023全年公司实现营业收入202.54亿元， 交易数据 同比+21.18%，实现归母净利润45.89亿元，同比+46.01%，实现扣非归母净利润44.95 总市值（百万元） 147,542.83 亿元，同比+46.59%。单季度来看，23Q4公司实现营业收入43.01亿元，同比+8.92%， 流通市值（百万元） 114,048.43 实现归母净利润7.77亿元，同比+49.20%，实现扣非归母净利润7.52亿元，同比 总股本（百万股） 528.60 +53.98%。 流通股本（百万股） 408.60 24Q1公司实现营收82.86亿元，同比+25.85%，实现归母净利润20.66亿元，同比 12个月价格区间 290.50/201.60 +31.61%，实现扣非归母净利润20.50亿元，同比+32.67%。 一年股价表现 202 ...

证券研究报告：食品饮料 | 公司点评报告 2024年5月6日 股票投资评级 古井贡酒(000596) 买入|维持 突破 200 亿，迈向 300 亿新征程 个股表现 ⚫ 事件 公司发布 2023 年年报、2024 年一季报，2023 年实现营收/归母 古井贡酒 食品饮料 2% 净利润/扣非归母净利润 202.54/45.89/44.95 亿元，同比 -1% -4% +21.18%/+46.01%/+46.59%。公司2023年每10股派发45元、分红率 -7% -10% 为51.83%，同比提升1.4个百分点。2023 年公司顺利突破200亿， -13% 收入利润双超年度经营目标。2024年Q1，公司实现营收/归母净利润 -16% -19% /扣非归母净利润 82.86/20.66/20.5 亿元，同比+25.85%/+31.61%/ -22% -25% +32.67%，收入/利润在前期市场较高的预期下仍略超预期，实现开门 -28% -31% 红。 2023-05 2023-07 2023-09 2023-12 2024-02 2024-05 资料来源：聚源，中邮证券研究所 ⚫ 投资要点 2023年年份原浆系 ...

证券研究报告|公司点评报告 [Tabl2e0_2D4a年te]0 4月30日 [年Table份_Title]原 浆继续引领，24 年目标收入增速延续 [古Tab井le_T贡itle2酒] (000596) [ 评T 级ab ：le _DataInfo] 买入 股票代码： 000596 上次评级： 增持 52 周最高价/最低价（元)： 299.25/199.12 目标价格（元）： 总市值(亿元) 1,433.77 最新收盘价（元）： 271.24 自由流通市值(亿元) 1,108.29 自由流通股数(百万) 408.60 [Table_Summary] 事件概述 公司发布 23 年年报和 24 年一季报，2023 年营业收入 202.54 亿元，同比+21.18%；归母净利润 45.89 亿 元，同比+46.01%。23Q4 营业收入43.01 亿元，同比+8.92%；归母净利润7.77 亿元，同比+49.20%。2024Q1 营 收 82.86 亿元，同比+25.85%，归母净利润20.66 亿元，同比+31.61%。符合市场预期。 分析判断: ► 年份原浆继续量价齐升，收入延续20+%增长 23 年年份原浆 ...

Investment Rating - The investment rating for Gujing Gongjiu is "Buy" [1][4][6] Core Views - In 2023, Gujing Gongjiu achieved revenue of 20.25 billion, a year-on-year increase of 21.2%, and a net profit of 4.589 billion, up 46.0% year-on-year. The first quarter of 2024 saw revenue of 8.29 billion, increasing by 25.9% year-on-year, with a net profit of 2.07 billion, up 31.6% year-on-year [5][6] - The company is expected to continue its growth trajectory, with a revenue target of 24.51 billion for 2024, representing a year-on-year growth of 21.0%, and a net profit target of 5.821 billion, up 26.9% year-on-year [6][9] Summary by Sections Financial Performance - In 2023, the revenue from year-round original liquor increased by 27.3% (volume +20.6%, price +5.6%), benefiting significantly from compensatory consumption at provincial banquets. Overall revenue for Gujing Gongjiu grew by 7.6% (volume -3.8%, price +11.8%) [5][6] - The gross margin for 2023 improved by 1.8 percentage points, driven by an increase in the proportion of year-round original liquor [5] - For Q1 2024, revenue growth continued at 26%, with a gross margin increase of 0.7 percentage points, attributed to faster growth of Gu 8 and Gu 16 compared to the overall [5][6] Regional Performance - Revenue growth in 2023 varied by region, with North China, Central China, and South China seeing increases of 39%, 19%, and 27% respectively. The company anticipates smooth progress in cultivating markets outside the province, while still having room for growth within the province [5][6] Cost and Profitability - The sales expense ratio decreased by 1.1 percentage points in 2023, reflecting scale effects and external expense recovery. The net profit margin increased by 3.9 percentage points, confirming the logic behind the margin improvement [5][6] - In Q1 2024, the sales expense ratio further decreased by 1.7 percentage points, indicating that there is still growth potential within the province without needing to increase expenses [5][6] Future Outlook - Gujing Gongjiu aims for a revenue target of 24.51 billion in 2024, with a year-on-year growth of 21.0%, and net profit of 5.821 billion, up 26.9% year-on-year. The company expects to maintain a strong operational rhythm and has sufficient growth tools for the coming years [6][9]

证券研究报告 | 2024年05月04日 古井贡酒（000596.SZ） 买入 一季度收入增长 26%，2024 年继续稳健增长 核心观点 公司研究·财报点评 2023年收入顺利破200亿，净利率提升逻辑不断兑现。2023年，年份原浆 食品饮料·白酒Ⅱ 收入同比+27.3%（量+20.6%，价+5.6%），显著受益于省宴席补偿性消费。 证券分析师：张向伟 证券分析师：李文华 2023年，古井贡酒收入同比+7.6%（量-3.8%，价+11.8%），预计省内价位升 021-60375461 zhangxiangwei@guosen.com.cnliwenhua2@guosen.com.cn 级趋势延续。分区域看，2023年华北/华中/华南收入同比+39%/19%/27%，预 S0980523090001 S0980523070002 计省外培育进度顺畅、省内市场留有余力。从毛利率看，整体毛利率同比 联系人：张未艾 +1.8pcts，预计显著受益于年份原浆占比提升。费用端看，销售费用率同比 021-61761031 zhangweiai@guosen.com.cn -1.1pcts，预计规模效应凸显、体外费用回收等 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][4][8] Core Insights - The company achieved a revenue of 20.25 billion yuan in 2023, representing a year-on-year growth of 21.18%, and a net profit of 4.59 billion yuan, up 46.01% year-on-year [4][5] - In Q1 2024, the company reported a revenue of 8.29 billion yuan, a 25.85% increase year-on-year, and a net profit of 2.07 billion yuan, growing 31.61% year-on-year [4][5] - The company has seen a significant increase in its gross margin, which rose by 1.9 percentage points to 79.07% in 2023, and the net profit margin increased by 3.85 percentage points to 22.66% [5][6] Financial Performance Summary - Total revenue projections for 2024-2026 are 24.68 billion yuan, 29.45 billion yuan, and 34.22 billion yuan, with growth rates of 22%, 19%, and 16% respectively [6][7] - Net profit forecasts for the same period are 6 billion yuan, 7.54 billion yuan, and 9.11 billion yuan, with growth rates of 31%, 25%, and 21% respectively [6][7] - Earnings per share (EPS) are projected to be 10.86 yuan, 13.61 yuan, and 16.46 yuan for 2024-2026 [6][7] Market Expansion Potential - The company increased its number of distributors by 242 to a total of 464 in 2023, indicating strong market penetration potential [6][7] - Revenue from key regions such as North China, Central China, and South China showed significant growth, with increases of 39.01%, 19.17%, and 26.89% respectively [6][7]

食品饮料/白酒Ⅱ 公 司 研 古井贡酒（000596.SZ） 成长劲头十足，盈利弹性释放 究 2024年05月01日 ——公司信息更新报告 投资评级：增持（维持） 张宇光（分析师） 逄晓娟（分析师） 张恒玮（分析师） zhangyuguang@kysec.cn pangxiaojuan@kysec.cn zhanghengwei@kysec.cn 日期 2024/4/30 证 书编号：S0790520030003 证书编号：S0790521060002 证书编号：S0790524010001 当前股价(元) 271.24  产品结构持续提升，省内外市场增长势能较好，维持“增持”评级 公 一年最高最低(元) 301.10/195.39 古井贡酒2023年公司实现营收202.5亿元，同比+21.2%；实现归母净利润45.89 司 信 总市值(亿元) 1,433.77 亿元，同比+46.0%。2024Q1 营收 82.9 亿元，同比+25.9%；归母净利润 20.7 亿 息 流通市值(亿元) 1,108.29 元，同比+31.6%，收入利润符合预期。我们维持2024-2025年盈利预测，并新增 更 总股本(亿股) ...

2024 年 04 月 30 日 公司研究 评级：买入(维持) 研究所： [Table_Title] 高举品牌复兴旗帜，继续高速前行 证券分析师： 刘洁铭 S0350521110006 liujm@ghzq.com.cn 证券分析师： 秦一方 S0350523120001 ——古井贡酒（ ） 年报及 年一 000596 2023 2024 qinyf@ghzq.com.cn 联系人 ： 景皓 S0350124030009 季报点评 jingh@ghzq.com.cn 最近一年走势 事件 : 2024年4月27日，古井贡酒发布2023年年报及2024年一季报。2023 年公司实现营业收入202.54亿元，同比+21.18%；实现归母净利润45.89 亿元，同比+46.01%。2024 年一季度实现营业收入 82.86 亿元，同比 +25.85%；实现归母净利润20.66亿元，同比+31.61%。2023年公司EPS 为8.68元/股，拟每10股派45.00元（含税）。 投资要点 : 相对沪深300表现 2024/04/29  保持高速增长，开启后两百亿元时代。2023年，公司营业收入达到 表现 1M 3M 1 ...