证券代码：000799 证券简称：酒鬼酒 公告编号：2024-21 酒鬼酒股份有限公司 2023 年度利润分配实施公告 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。 一、股东大会审议通过利润分配情况 1、酒鬼酒股份有限公司(以下简称"公司")2023 年度利润分配 方案已获 2024 年 6 月 28 日召开的 2023 年度股东大会审议通过，2023 年度利润分配方案为：以公司现有股份总额 324,928,980 股为基数， 每 10 股派发现金红利人民币 10.00 元（含税），分配总额固定，共 分配利润 324,928,980.00 元；不送红股，不以公积金转增股本。 本次权益分派股权登记日为：2024 年 7 月 30 日，除权除息日为： 2024 年 7 月 31 日。 四、分红派息对象 本次分派对象为：截止 2024 年 7 月 30 日下午深圳证券交易所收 市后，在中国证券登记结算有限责任公司深圳分公司（以下简称"中 国结算深圳分公司"）登记在册的本公司全体股东。 五、权益分派方法 2、自 2023 年度利润分配方案披露至实施期间，公司股本总额 ...

公司报告 | 公司点评 酒鬼酒(000799) Q2 收入端环比改善,样板建设投入期利润承压 【 业绩 】2024H1 预计实现收入 10 亿元左右,同比-35.12%左右;实现归母 净利润 1.1-1.3 亿元,同比下降 73.93%至 69.19%;实现扣非归母净利润 1.1-1.3 亿元,同比下降 73.59%至 68.79%。 2024Q2 预计实现收入 5.06 亿元左右,同比-12.26%;实现归母净利润 0.37-0.57 亿元,同比-69.92%至-53.50%;实现扣非归母净利润 0.40-0.60 亿 元,同比-65.57%至-48.57%。 Q2 内参回归正常,带动收入端环比改善。24Q2 预计实现营收 5.06 亿元左 右,同比-12.26%,收入降幅环比 Q1 显著收窄,预计主要系;①Q2 内参回 归正常发货,甲辰版导入顺利;②红坛、内品延续向好势能,成功打开宴 席市场贡献增量。公司持续通过强化宴席投入、精准投入消费者费用等方 式推动库存去化,红坛、内参(甲辰版)大单品批价坚挺,渠道信心逐步 恢复。 强化消费者培育费用前量投放,利润端阶段承压。24Q2 预计实现归母净利 润 0.37 ...

我需要比我照顾的情况还要更好那些但这个参与可能也就少几个亿的一个状态 这个小米的一个状态这个差跟我们现在已有的库存值相比的话其实这个变化并不是说会非常的大所以首先省内这边库存肯定是正常的我现在一直都说省内就是两个月左右的库存这个未来也不会有变化就是一个正常的库存表现然后省外的话今年上半年肯定是库存是有略降的那降的幅度并不会特别大然后在我们现在整体省外 大概说有十到五个月库存的一个情况下啊这个库存我们也就是可能有不到一个月或者说三个月左右的一个按照绝对体量算的话可能就大概这样的一个墙条幅度吧嗯哼明白明白也就是说咱们基本上就是上半年的这个内参规划发货主要还是集中在省内是吧嗯对也是集中在省内会更多一些 表现的也是稍微更好一些明白明白了解那宋总就是因为我们也看到就是二季度其实降幅也是在收窄的就是想了解一下咱们下半年整体上公司是怎么展望的下半年的话整体我觉得这个随着我们刚刚我们的这个 渠道方面的建设包括样板市场的打造这些方面的落地这方面的成果的不断展现因为这些都是需要时间的我渠道的一些建设工作和渠道发力包括样板市场的资源汇聚和样板市场的一些发力它都是需要时间来展现它的成果的 然后我估计随着我们上半年十几个亚美尔市场的建 ...

优于大市 酒鬼酒(000799.SZ) 二季度收入降幅环比缩窄,持续推进营销改革 公司研究·公司快评 食品饮料·白酒Ⅱ 投资评级:优于大市(维持) 证券分析师: 张向伟 zhangxiangwei@guosen.com.cn 执证编码:S0980523090001 联系人: 张未艾 021-61761031 zhangweiai@guosen.com.cn 事项: 事件:公司发布业绩预告,2024 上半年实现预计实现营业总收入 10 亿元,同比下降 35.1%;预计实现归 母净利润 1.1-1.3 亿元,同比下降 69.2%-73.92%。根据预告测算 2024Q2 对应营业总收入 5.1 亿元,同比 下降 12.3%,对应归母净利润 0.37-0.57 亿元,同比下降 53.5%-69.9%。 请务必阅读正文之后的免责声明及其项下所有内容 证券研究报告 | 2024年07月14日 国信食饮观点:1)2024Q2 收入降速环比 Q1 大幅收窄,公司营销模式转型初显成效,BC 联动闭环已基本 建立,终端参与公司消费者促销活动积极性提升,客户回款意愿逐步增强。2)内参严格控货挺价,湘泉 等中低价位酒贡献主要收入; ...

[Table_Main] 证券研究报告 | 公司点评 酒 鬼 酒(000799.SZ) 2024 年 07 月 11 日 增持(维持) 所属行业:食品饮料/白酒Ⅱ 当前价格(元):39.20 证券分析师 熊鹏 资格编号:S0120522120002 邮箱:xiongpeng@tebon.com.cn 研究助理 尤诗超 邮箱:yousc3@tebon.com.cn 市场表现 酒鬼酒 沪深300 -71% -57% -43% -29% -14% 0% 14% 29% 2023-07 2023-11 2024-03 | | | | | |-------------|--------|--------|--------| | 沪深300对比 | 1M | 2M | 3M | | 绝对涨幅(%) | -22.18 | -29.14 | -27.41 | | 相对涨幅(%) | -18.11 | -22.67 | -25.25 | 资料来源:德邦研究所,聚源数据 相关研究 1.《酒鬼酒(000799.SZ):转型短期阵 痛,立足长远发展》,2023.10.29 酒鬼酒(000799.SZ):营收降幅收 窄,营销改革持续推 ...

证券研究报告·公司点评报告·白酒Ⅱ 酒鬼酒(000799) 2024H1 预告点评:持续投入,坚定转型 2024 年 07 月 11 日 增持(首次) | | | | | | | |----------------------------|----------|---------|---------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入(百万元) | 4050 | 2830 | 2405 | 2663 | 3036 | | 同比(%) | 18.63 | (30.14) | (15.01) | 10.74 | 13.98 | | 归母净利润(百万元) | 1,048.86 | 547.81 | 306.22 | 354.02 | 427.48 | | 同比(%) | 17.39 | (47.77) | (44.10) | 15.61 | 20.75 | | EPS-最新摊薄(元/股) | 3.23 | 1.69 | 0.94 | 1.09 | 1.32 | | P/E ...

证券研究报告·公司点评报告·白酒Ⅱ 酒鬼酒(000799) 2024H1 预告点评:持续投入,坚定转型 2024 年 07 月 11 日 增持(首次) | | | | | | | |----------------------------|----------|---------|---------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入(百万元) | 4050 | 2830 | 2405 | 2663 | 3036 | | 同比(%) | 18.63 | (30.14) | (15.01) | 10.74 | 13.98 | | 归母净利润(百万元) | 1,048.86 | 547.81 | 306.22 | 354.02 | 427.48 | | 同比(%) | 17.39 | (47.77) | (44.10) | 15.61 | 20.75 | | EPS-最新摊薄(元/股) | 3.23 | 1.69 | 0.94 | 1.09 | 1.32 | | P/E ...

2024 年 07 月 10 日 研 究 利润承压明显,动销逐步向好 买入(维持) 事件 | | | |--------------------|----------------| | 分析师:孙山山 | S1050521110005 | | sunss@cfsc.com.cn | | | 联系人:肖燕南 | S1050123060024 | | xiaoyn@cfsc.com.cn | | 基本数据 2024-07-09 当前股价(元) 39 总市值(亿元) 127 总股本(百万股) 325 流通股本(百万股) 325 52 周价格范围(元) 38.78-106.38 日均成交额(百万元) 419.76 市场表现 -80 -60 -40 -20 0 20 (%) 酒鬼酒 沪深300 资料来源:Wind,华鑫证券研究 相关研究 1、《酒鬼酒(000799):费用改革 持续推进,聚焦策略效果显现》 2024-06-30 2、《酒鬼酒(000799):坚持费用 改革,期待业绩拐点》2024-04-29 3、《酒鬼酒(000799):百酿馥郁 百炼成金,坚定信心赢战长期》 2023-12-10 报 告 公 司 研 ...

Investment Rating - The report maintains a "Buy" rating for Jiugui Liquor (000799 CH) with a target price of RMB 41.07 [1][4][6] Core Views - Jiugui Liquor's H1 2024 revenue is expected to be around RMB 1 billion, a 35% YoY decline, with Q2 revenue at RMB 510 million, down 12.3% YoY [1] - H1 2024 net profit attributable to shareholders is projected to be RMB 110-130 million, a 69%-74% YoY decrease, with Q2 net profit at RMB 37-57 million, down 54%-70% YoY [1] - The company is actively reducing inventory and focusing on mid-to-low-end products like Xiangquan, while maintaining brand value for its premium product Neican [1][2] - Jiugui Liquor is expected to continue its BC linkage and cost reform strategies, with a focus on improving sales quality and market penetration [1][2] Business Performance and Strategy - Q2 2024 revenue decline narrowed significantly compared to Q1, indicating improved terminal construction and BC linkage effectiveness [2] - Mid-to-low-end products outperformed premium products, with Xiangquan contributing significantly to revenue growth [2] - The company is focusing on deepening its presence in Hunan province while stabilizing prices in other regions [2] - Profitability in Q2 was pressured by a shift in product mix towards lower-end products and increased sales expenses for inventory reduction and consumer cultivation [3] Financial Forecasts - EPS for 2024-2026 is projected at RMB 1.08, 1.25, and 1.43, respectively, down from previous estimates of RMB 1.66, 1.93, and 2.24 [1][4] - Revenue for 2024-2026 is forecasted at RMB 2.4 billion, 2.754 billion, and 3.165 billion, respectively, with a 15.2% decline in 2024 followed by 14.78% and 14.9% growth in 2025 and 2026 [5][10] - Net profit attributable to shareholders is expected to be RMB 351.21 million, 404.63 million, and 465.45 million for 2024-2026, respectively [5][10] Valuation and Market Position - The target price of RMB 41.07 is based on a 38x PE ratio for 2024, higher than the industry average of 25x, reflecting the company's nationalization potential [1] - Jiugui Liquor's current market capitalization is RMB 12.672 billion, with a 52-week price range of RMB 38.78-106.38 [8] - The company's PE ratio for 2024 is projected at 36.08x, higher than the industry median of 24x, indicating a premium valuation [5][11]

Investment Rating - The report maintains a "Buy" rating for the company, with expected earnings per share (EPS) of 1.23, 1.52, and 1.83 for the years 2024 to 2026 respectively, corresponding to price-to-earnings (P/E) ratios of 31.8, 25.6, and 21.3 [5][12]. Core Views - The company is currently undergoing a period of adjustment, with a significant decline in revenue and net profit expected for the first half of 2024. Total revenue is projected to be 1 billion yuan, down 35% year-on-year, and net profit is expected to be between 110 to 130 million yuan, a decrease of 74% to 69% year-on-year [3][5]. - The second quarter of 2024 shows an improvement in revenue decline compared to the previous quarter, with expected revenue of 510 million yuan, down 12% year-on-year, and net profit estimated between 37 to 57 million yuan, a decrease of 70% to 53% year-on-year [3][4]. Summary by Sections Performance Overview - The company anticipates a total revenue of 2.651 billion yuan for 2024, reflecting a 6.3% decrease, followed by a recovery with projected growth of 15.3% and 14.1% in 2025 and 2026 respectively [9]. - The net profit forecast for 2024 is 398 million yuan, a decline of 27.3%, with subsequent increases of 24.1% and 20.5% in 2025 and 2026 [9]. Operational Analysis - The company is focusing on deepening its domestic market presence and establishing model markets, with recent initiatives in cities like Yiyang and others in Hebei province [4]. - The marketing transformation is ongoing, with an increase in sales expense ratio expected due to upfront costs associated with this transition [4]. Financial Projections - The report projects a decline in gross profit margin due to changes in product mix and increased competition from lower-priced products [4]. - The estimated net profit margin for Q2 2024 is between 7.2% and 11.2%, indicating a decline from previous periods [4]. Valuation Metrics - The company's stock price is currently at 39.00 yuan, with a projected P/E ratio of 31.8 for 2024, which reflects the anticipated earnings decline [6][9]. - The report indicates a significant reduction in net profit estimates for 2024 to 2026, with adjustments of 33%, 30%, and 30% respectively [5].