酒鬼酒 (000799.SZ) (维持评级) 买入 公司点评 证券研究报告 于聚焦中改善，建设成效仍待转换 业绩简评 2024 年 8 月 28 日,公司披露 24 年半年报,24H1 实现营收 9.9 亿元,同比-35.5%;实现归母净利 1.2 亿元,同比-71.3%。其中 24Q2 实现营收 5.0 亿元,同比-13.3%;实现归母净利 0.5 亿元, 同比-60.9%，落于此前预告偏上沿。 经营分析 分产品来看, 24H1 内参/酒鬼/湘泉/其他系列分别实现营收 1.7/5.9/0.5/1.8 亿元，同比-61%/-30%/+36%/-18%，其中销量分 别-44%/-29%/+36%/-11%， 吨 价 分 别-30%/-1%/ 持 平 /-7% 至 69.1/27.7/6.0/14.4 万元/千升,吨价下行致使内参/酒鬼/其他 系列毛利率分别-2.8/-3.2/-8.1pct。公司坚持以甲辰版为核心 抓手优化内参价值链,推进控盘分利,费用投放以扫码红包与买 赠为主;酒鬼系列围绕红坛大单品完善全国市场产品布局。 分渠道来看,24H1 线上/线下分别实现营收 1.1/8.8 亿元,同比 +2%/-39 ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company is undergoing a transformation with a focus on long-term growth despite facing significant revenue declines in the first half of 2024. The revenue for H1 2024 was 994 million yuan, down 35.5% year-on-year, and the net profit attributable to the parent company was 121 million yuan, down 71.32% year-on-year [2][3] - The company is committed to controlling the distribution of its products and focusing on core products to stabilize pricing and improve market presence. The revenue from its main product lines has shown varying performance, with some segments experiencing significant declines while others, like Xiangquan, have seen growth [2][3] Summary by Sections Revenue and Profitability - For H1 2024, the company's total revenue was 994 million yuan, a decrease of 35.5% year-on-year. In Q2 2024, revenue was estimated at 500 million yuan, down 13.27% year-on-year. The net profit for Q2 2024 was approximately 48 million yuan, down 60.87% year-on-year [2] - The company has implemented strict controls on the distribution of its products, particularly the Inner Reference brand, which saw a revenue decline of 60.8% in H1 2024. The company is focusing on core products and reducing the rebate ratio for distributors to stabilize pricing [2][3] Cost Structure and Margins - The gross profit margin has been negatively impacted by a shift in product mix, leading to a decline in profitability. The net profit margin for Q2 2024 was 9.5%, down 11.6 percentage points year-on-year. The gross margin for H1 2024 decreased by 6.8 percentage points [2][3] - The company has increased its sales expenses by 5.7 percentage points to 35.5% in Q2 2024, primarily due to upfront investments in consumer marketing and promotional activities [2] Future Outlook - The company is expected to continue its marketing transformation, focusing on deepening its presence in key markets and providing targeted services to important customers. The forecast for net profit for 2024 to 2026 is 306 million yuan, 354 million yuan, and 427 million yuan, respectively, with year-on-year changes of -44%, +16%, and +21% [3] - The current market valuation corresponds to a P/E ratio of 37, 32, and 26 for the years 2024, 2025, and 2026, respectively, indicating a potential for future growth as the company stabilizes its operations [3]

酒鬼酒股份有限公司 关于与中粮财务公司关联存、贷款等金融业务的 风险持续评估报告 根据《深圳证券交易所上市公司自律监管指引第 7 号——交易与关 联交易》的要求，酒鬼酒股份有限公司（以下简称"本公司"或"公司"） 通过查验中粮财务有限责任公司（以下简称"财务公司"）《中华人民共 和国金融许可证》《企业法人营业执照》等证件资料，并对财务公司的 经营资质、业务和风险状况进行了评估，现将有关风险评估情况报告如 下： 二、财务公司内部控制的基本情况 一、财务公司基本情况 中粮财务有限责任公司经中国人民银行银复[2001]206号文件批准， 于 2002 年 9 月 24 日在国家工商行政管理局注册成立，取得了统一社会 信用代码为 91110000710930245D 的企业法人营业执照；2021 年 8 月 4 日经中国银行业监督管理委员会北京监管局换发了新的《金融许可证》， 2023 年 4 月 20 日，因增加注册资本金向国家市场监督管理总局申请换 发了新的营业执照。现财务公司注册地址：北京市朝阳区朝阳门南大街 8 号中粮福临门大厦 19 层。法定代表人：粟健。 | 股东名称 | 认缴注册资本（元） | 持股比例 ...

Financial Performance - The company's operating revenue for the first half of 2024 was approximately ¥994.15 million, a decrease of 35.50% compared to ¥1,541.38 million in the same period last year[11]. - The net profit attributable to shareholders was approximately ¥121.02 million, down 71.32% from ¥421.95 million year-on-year[11]. - The basic earnings per share decreased to ¥0.3724, a decline of 71.32% compared to ¥1.2986 in the previous year[11]. - The company reported a net cash flow from operating activities of approximately -¥208.64 million, a significant decline compared to ¥83.13 million in the same period last year, representing a decrease of 350.97%[11]. - The company's total revenue from liquor sales was approximately ¥989.77 million, a decrease of 35.62% compared to the same period last year[34]. - The gross profit margin for liquor sales was 73.38%, down 7.22% year-on-year[34]. - The company reported a significant decrease in revenue from the Neican series, which was approximately ¥172.85 million, down 60.85% year-on-year[34]. - The sales revenue from the "Inner Reference Series" dropped by 60.85% to ¥172.85 million, while the "Jiu Gui Series" revenue decreased by 30.11% to ¥591.28 million[33]. Assets and Liabilities - The total assets at the end of the reporting period were approximately ¥5.63 billion, a slight decrease of 0.64% from ¥5.67 billion at the end of the previous year[11]. - The net assets attributable to shareholders decreased by 4.77% to approximately ¥4.08 billion from ¥4.28 billion at the end of the previous year[11]. - The company's cash and cash equivalents at the end of the reporting period were approximately ¥1.95 billion, accounting for 34.56% of total assets, a decrease of 7.09% from the previous year[35]. - Total liabilities rose from ¥1,390,579,468.32 to ¥1,558,049,972.26, an increase of approximately 12.06%[81]. - The company's total equity decreased from ¥4,278,931,902.60 to ¥4,075,022,558.94, a decline of about 4.76%[81]. Inventory and Production - The company's total finished product inventory at the end of the period was 5,520 tons, with a base liquor inventory of 44,871 tons[24]. - The production volume for the "Jiu Gui" series was 2,118 thousand liters, with sales volume of 2,133 thousand liters, resulting in an ending inventory of 3,128 thousand liters[24]. - Inventory increased to approximately ¥1.64 billion, representing 29.15% of total assets, an increase of 1.69% year-on-year[35]. - The company has completed the elimination of 323 high-energy-consuming motors, which is expected to save 43,342 kWh of electricity annually and reduce carbon dioxide emissions by 26.44 tons per year[51]. Research and Development - Research and development investment increased by 43.37% to ¥11.49 million, attributed to an increase in R&D personnel[32]. - The company has recognized a total of 50 million yuan in investment income from its equity investments during the reporting period[143]. - The company has implemented a new cost management strategy aimed at reducing operational costs by 5% over the next year[147]. Market Strategy and Risks - The company plans not to distribute cash dividends or issue bonus shares for this reporting period[2]. - The company has outlined potential risks and corresponding measures in the report, which investors are advised to pay attention to[2]. - The company is addressing risks from increased competition and potential demand decline by stabilizing operations and expanding market share[39]. - The company plans to enhance market presence by focusing on consumer engagement and optimizing promotional activities in key markets[39]. Related Party Transactions - Major related party transactions included purchasing raw materials from related companies, with amounts such as 1,093.81 million CNY for engineering equipment and 862.84 million CNY for rice[54]. - The company engaged in related party transactions for IT consulting services amounting to 12.92 million CNY and research and development expenses of 637.28 million CNY[55]. - The company has disclosed all related party transactions in accordance with regulatory requirements, ensuring transparency[54]. Compliance and Governance - The financial report for the first half of 2024 has not been audited[78]. - The company has not undergone any bankruptcy reorganization during the reporting period[52]. - The company has no significant litigation or arbitration matters during the reporting period[52]. - The company has not experienced any non-compliance with external guarantees during the reporting period[52]. Shareholder Information - The total number of shares remained unchanged at 324,928,980, with no new shares issued or repurchased during the period[66]. - The total number of common stock shareholders at the end of the reporting period is 143,600, with the largest shareholder, Zhonghuang Co., Ltd., holding 31.00% of shares, totaling 100,727,291 shares[68]. - China Bank's investment fund holds 4.85% of shares, amounting to 15,743,053 shares, with a slight increase of 537,000 shares during the reporting period[68]. Environmental and Social Responsibility - The company invested 2.1576 million yuan in environmental protection in the first half of 2024 and paid 69,676.81 yuan in environmental protection tax[50]. - The company has a wastewater treatment capacity of 2,400 tons per day, ensuring compliance with relevant discharge standards[50]. - The company has obtained a new pollutant discharge permit following the renovation and expansion of its wastewater treatment facility[47].

酒鬼酒股份有限公司 2024 年第三次独立董事专门会议审核意见 根据《上市公司独立董事管理办法》《深圳证券交易所股票上市 规则》等相关规定，酒鬼酒股份有限公司（以下简称公司）于 2024 年 8 月 26 日通过视频会议方式召开了 2024 年第三次独立董事专门会 议。会议由独立董事张晓涛召集并主持，独立董事符正平、李世辉出 席了会议。 一、对《关于与中粮财务公司关联存、贷款等金融业务的风险持 续评估报告》的审核意见 根据《上市公司独立董事管理办法》《深圳证券交易所上市公司 自律监管指引第 7 号——交易与关联交易》的相关要求，我们审阅了 《风险持续评估报告》，认为中粮财务公司作为非银行金融机构，其 业务范围、业务流程、内部风险控制均符合国家相关法律法规的规定， 未发现中粮财务公司的风险管理存在重大缺陷，公司与中粮财务公司 之间的关联存、贷款业务为正常的商业业务，发生的关联存款等金融 业务公平、合理，风险可控，不存在损害公司及中小股东权益的情形， 本风险评估报告客观公正。 全体独立董事一致同意该议案，并同意将该议案提交董事会审议。 二、对公司 2024 年半年度关联方资金占用、对外担保情况的独 立意见。 根据 ...

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; ...

Investment Rating - The report maintains an "Accumulate" rating for the company [3][7]. Core Views - The company is expected to achieve total revenue of approximately 1 billion yuan in the first half of 2024, representing a year-on-year decline of 35.1%. The net profit attributable to shareholders is projected to be between 110 million and 130 million yuan, reflecting a year-on-year decrease of 69.2% to 73.9% [6][7]. - Revenue decline is narrowing, with a 12.3% year-on-year decrease expected in Q2 2024, attributed to improved market conditions and customer payment cycles. However, profit margins are under pressure due to a higher proportion of lower-priced products and increased sales expenses [6][7]. - The company is focusing on long-term development through marketing reforms, emphasizing deepening market penetration in Hunan province and establishing model markets in other regions [6][7]. Financial Summary - The company’s revenue is projected to be 2.68 billion yuan in 2024, down 5.3% year-on-year, with net profits expected to be 407 million yuan, a decrease of 25.8% [8][9]. - The gross profit margin is expected to decline to 73.9% in 2024, with a gradual recovery anticipated in subsequent years [8][9]. - Key financial metrics for 2024 include an EPS of 1.25 yuan and a net asset return rate of 9.2% [8][9].