Investment Rating - The investment rating for the company is not explicitly stated in the report, but it suggests to "continue to pay attention" to the company due to its proactive reforms and potential recovery in sales [2][7]. Core Views - The company reported a significant decline in revenue and profit for Q3 2024, with total revenue of 197 million yuan, down 67.24% year-on-year, and a net profit loss of 65 million yuan, down 213.67% year-on-year. This performance was below previous expectations [2][6]. - Despite the challenges in the mid-to-high-end market segment, the company is undergoing a marketing transformation, which has led to a reduction in social inventory pressure and an increase in consumption activities such as bottle openings and banquet numbers. However, cautious payment collection from distributors has caused a mismatch between expense input and revenue, impacting profits [2][6]. - The company is increasing promotional investments, but its profitability remains under pressure, with a gross margin of 64.04%, down 11.65 percentage points year-on-year. The sales expense ratio has increased significantly, indicating higher promotional costs [6][7]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved total revenue of 1.191 billion yuan, down 44.41% year-on-year, and a net profit of 56 million yuan, down 88.20% year-on-year [6]. - The Q3 2024 revenue was 197 million yuan, with a significant year-on-year decline, and the sales cash collection was 244 million yuan, down 57.91% [6][7]. Future Projections - The company is expected to see revenues of 1.387 billion yuan in 2024, with a year-on-year decline of 50.99%, followed by a recovery in 2025 and 2026 with projected revenues of 1.537 billion yuan and 1.694 billion yuan, respectively [7]. - The net profit projections for 2024, 2025, and 2026 are 59 million yuan, 152 million yuan, and 226 million yuan, respectively, indicating a significant recovery in profitability in the following years [7]. Market Position and Strategy - The company is focusing on proactive reforms and channel improvements, which are expected to lead to a gradual recovery in sales of major products. The report emphasizes the importance of monitoring these developments closely [2][7].

Investment Rating - The report has downgraded the investment rating to "Accumulate" [3][6]. Core Views - The company's performance remains under pressure, with significant declines in revenue and net profit, indicating that the effects of reforms and cultivation efforts have yet to materialize [4][5]. - The report highlights a 44.4% year-on-year decrease in revenue for the third quarter, with a net profit drop of 88.2%, leading to a loss of 0.6 billion yuan in Q3 [4][6]. - The company is focusing on optimizing its channel value chain and transforming its marketing model to improve sales performance [5]. Summary by Sections Performance Analysis - In Q3 2024, the company reported revenue of 2.0 billion yuan, down 67.2% year-on-year, and a net loss of 0.6 billion yuan [4]. - The net profit margin for Q3 2024 decreased by 42.2 percentage points to -32.8%, with a gross margin of 64.0% [5]. - The company is facing challenges due to weak sales during the holiday season and increased fixed costs impacting net profit [5]. Financial Forecast and Valuation - The report forecasts a significant decline in net profit for 2024-2026, with expected decreases of 89.3%, 68%, and 61% respectively [6]. - Revenue is projected to decline by 51.0% in 2024, followed by modest growth of 10.7% and 10.0% in 2025 and 2026 [6]. - The estimated earnings per share (EPS) for 2024-2026 are 0.18, 0.46, and 0.65 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 285.9, 112.5, and 79.4 [6].

Financial Performance - Q3 2024 revenue decreased by 67.24% year-over-year to ¥196,909,961.95, and year-to-date revenue decreased by 44.41% to ¥1,191,058,956.83[2] - Net profit attributable to shareholders was -¥64,532,001.44 for Q3 2024, a decline of 213.67%, and year-to-date net profit was ¥56,487,634.90, down 88.20%[2] - Total operating revenue for Q3 2024 was CNY 1,191,058,956.83, a decrease of 44.4% compared to CNY 2,142,449,940.98 in the same period last year[13] - Net profit for Q3 2024 was CNY 56,487,634.90, a significant decline from CNY 478,717,779.35 in Q3 2023, representing an 88.2% decrease[14] - The total comprehensive income attributable to the parent company for Q3 2024 was CNY 56,487,634.90, compared to CNY 478,717,779.35 for the same period last year[15] - Basic and diluted earnings per share for Q3 2024 were both CNY 0.1738, down from CNY 1.4733 year-over-year[15] Cash Flow and Assets - The company reported a net cash flow from operating activities of -¥411,415,035.55 year-to-date, representing a decline of 817.04%[2] - The company's cash and cash equivalents decreased from CNY 2,361,201,175.92 to CNY 1,341,052,150.70, a decline of approximately 43.2%[10] - Cash inflow from operating activities for Q3 2024 was CNY 1,173,225,469.09, a decrease from CNY 2,057,639,186.77 in the previous year[16] - Net cash outflow from operating activities was CNY -411,415,035.55, compared to a net inflow of CNY 57,376,841.90 in the same period last year[16] - The ending balance of cash and cash equivalents was CNY 1,341,050,350.70, down from CNY 2,485,522,468.02 year-over-year[17] - Total current assets decreased from CNY 4,259,787,342.63 to CNY 3,308,157,333.15, a reduction of approximately 22.3%[10] - The total assets at the end of Q3 2024 were ¥5,046,458,158.91, a decrease of 10.99% compared to the end of the previous year[2] Shareholder Information - The total number of common shareholders at the end of the reporting period is 143,506[9] - The company has a major shareholder, Zhonghuang Co., Ltd., holding 31.00% of shares[9] - The second-largest shareholder, China Bank Co., Ltd. - CMB Index Fund, holds 4.93% of shares[9] - There are no changes reported in the top 10 shareholders due to securities lending or borrowing activities[10] Inventory and Liabilities - Inventory increased from CNY 1,556,888,541.70 to CNY 1,670,485,190.41, reflecting a growth of about 7.5%[10] - Total liabilities decreased to CNY 1,035,638,811.21 in Q3 2024 from CNY 1,390,579,468.32 in the same period last year, a reduction of 25.5%[12] Strategic Initiatives - The company is undergoing a marketing model transformation, which has led to a significant decline in performance due to weak demand in the liquor industry and cautious repayment willingness from distributors[5] - The company plans to optimize the product value chain and stabilize product prices to boost distributor confidence amid declining industry demand[7] - The focus will be on developing core terminals and enhancing consumer engagement through the BC linkage sales model to drive terminal sales[7] - The company aims to strengthen its presence in the Hunan market and establish model markets outside the province to create localized advantages[8] - The strategy includes concentrating on key products like the Neican Jiachen version and Jiugui Hongtan to refine the product portfolio and enhance brand strength[8] - The company is enhancing its internet and special channel group purchasing capabilities to expand its consumer base and drive sales growth[8] Research and Development - Research and development expenses increased to CNY 16,128,214.07 in Q3 2024, up from CNY 12,677,380.91 in Q3 2023, indicating a growth of 27.5%[13] Accounts Receivable and Prepayments - The company reported accounts receivable of CNY 30,625,047.09, down from CNY 37,538,668.53, a decrease of about 18.4%[10] - The company’s prepayments increased significantly from CNY 13,483,931.04 to CNY 29,595,013.55, an increase of approximately 119.5%[10]

证券代码：000799 证券简称：酒鬼酒 公告编号：2024-25 酒鬼酒股份有限公司 关于参加湖南辖区 2024 年度投资者网上集体接待日 活动的公告 本公司及其董事会全体成员保证信息披露内容的真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 为进一步加强与投资者的互动交流，酒鬼酒股份有限公司（以下 简称"公司"）将参加由湖南证监局、湖南省上市公司协会与深圳市 全景网络有限公司联合举办的"湖南辖区 2024 年度投资者网上集体 接待日"活动，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演" 网站（https://rs.p5w.net），或关注微信公众号：全景财经，或下 载全景路演 APP,参与本次互动交流，活动时间为 2024 年 10 月 10 日 （星期四）15:30-17:00。届时公司董事会秘书、证券事务代表将在 线就公司业绩、公司治理、发展战略、经营状况等投资者关心的问题 与投资者进行沟通与交流，欢迎广大投资者踊跃参与！ 特此公告！ 酒鬼酒股份有限公司董事会 2024 年 9 月 28 日 ...

1 证券代码：000799 证券简称：酒鬼酒 酒鬼酒股份有限公司投资者关系活动记录表 编号：2024-9-20 | --- | --- | --- | |-------------------------|-------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券代码：000799 证券简称：酒鬼酒 公告编号：2024-24 出席本次 2024 年半年度网上业绩说明会的人员有：公司副董事 长、总经理郑轶，独立董事李世辉，董事会秘书汤振羽，财务总监赵 春雷，酒鬼湘泉销售管理中心副总经理王恒俊，证券事务代表宋家麒。 敬请广大投资者积极参与。 酒鬼酒股份有限公司（以下简称"公司"）已于 2024 年 8 月 29 日在巨潮资讯网（http://www.cninfo.com.cn/）上披露了《2024 年 半年度报告》。 为便于广大投资者进一步了解公司 2024 年半年度经营情况，公 司定于 2024 年 9 月 19 日（星期四）下午 15:30 至 16:30 采用网络远 程的方式举行 2024 年半年度网上业绩说明会。投资者可登陆网站 https://eseb.cn/1hJQOTbhIDm 参与互动交流。为广泛听取投资者的 意见和建议，提前向投资者征集问题，提问通道自发出公告之日起开 放。 参与方式一：登录网站 https://eseb.cn/1hJQOTbhIDm； 参与方式二：微信扫一扫以下二维码： 酒鬼酒股份有限公司 关于召开2024年半年度网上业绩说明会的公 ...

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company experienced significant revenue and profit declines in the first half of 2024, with total revenue of 999.4 million yuan, down 35.5% year-on-year, and a net profit attributable to shareholders of 121 million yuan, down 71.32% year-on-year [5]. - The report highlights intensified industry competition, leading to continued revenue pressure in Q2 2024, with total revenue of 500 million yuan, down 13.27% year-on-year [5]. - The gross margin has decreased, and the selling expense ratio has increased, with the net profit margin dropping by 15.2 percentage points to 12.17% in H1 2024 [5]. - The report anticipates earnings per share (EPS) of 0.84 yuan and 1.12 yuan for 2024 and 2025, respectively, with corresponding net profits of 274 million yuan and 363 million yuan [6]. Summary by Sections Financial Performance - In H1 2024, the company reported total revenue of 999.4 million yuan, a decrease of 35.5% year-on-year, and a net profit of 121 million yuan, down 71.32% year-on-year [5]. - The gross margin for H1 2024 was 73.35%, down 6.8 percentage points year-on-year, while the net profit margin fell to 12.17% [5]. - The company’s Q2 2024 revenue was 500 million yuan, a decline of 13.27% year-on-year, with a net profit of approximately 47.64 million yuan, down 60.87% year-on-year [5]. Product Performance - The white liquor business generated revenue of 990 million yuan in H1 2024, down 35.62% year-on-year, with sales volume of 4,418 tons, a decrease of 18.77% [6]. - The average price per ton of white liquor was 224,000 yuan, down 20.75% year-on-year [6]. Future Projections - The report projects EPS of 0.84 yuan for 2024 and 1.12 yuan for 2025, with corresponding net profits of 274 million yuan and 363 million yuan, leading to price-to-earnings (PE) ratios of 42 and 32 times, respectively [6].

华福证券 酒鬼酒（000799.SZ） 保持聚焦战略，逐季持续改善 投资要点： 事件： 酒鬼酒 2024H1 实现营业总收入 9.94 亿元，同比下滑 35.5%；实 现归母净利润 1.21 亿元，同比下滑 71.32%。其中，2024Q2 公司实现 营业总收入 5 亿元，同比下滑 13.34%；实现归母净利润 0.48 亿元，同 比下滑 60.66%，Q2 营业收入降幅较 Q1 大幅收窄，终端建设成果逐步 开始向客户回款效果转化。 酒鬼动销提速，内参甲辰版持续导入，湘泉调整到位量增提速 分产品看，24H1 年酒鬼系列实现营收 5.91 亿元，同比下滑 30.11%， 其中，酒鬼销量/吨价同比分别-29.35%/-1.08%。公司酒鬼系列围绕红 坛大单品持续推进"1+3+1"产品策略，动销不断提速，稳价措施在主 销产品红坛 18 上效果不断显现，库存状况逐步转向良性。 内参方面，24H1 内参系列实现营收 1.73 亿元，同比下滑 60.85%。 分量价看，内参销量/吨价同比分别-44.44%/-29.53%。公司持续导入甲 辰版，通过控盘控价、投入 C 端费用强化动销，缩短新老产品并轨运 行时间，并在华北布 ...

公司报告 | 半年报点评 Q2 内参回归正常，收入端环比改善 事件：2024Q2 公司收入/归母净利润/扣非归母净利润分别为 5.00/0.48/0.47 亿元（同比-13.27%/-60.87%/-59.86%）。 Q2 内参回归正常，收入端环比改善。24H1 内参/酒鬼/湘泉/其他营业收入 1.73/5.91/0.49/1.77 亿元（同比-60.85%/-30.11%/+36.33%/-17.51%）。量价 角度，24H1 内参销量同比-44.44%至 250 吨，吨价同比-29.53%至 69.14 万 元/吨，酒鬼销量同比-29.35%至 2133 吨，吨价同比-1.08%至 27.72 万元/吨。 24Q2 内参正常发货，甲辰版导入较顺利；酒鬼系列红坛、内品延续向好势 能，成功切入宴席场景贡献增量。 24H1 样板市场建设稳步推进，下半年有望带动公司经营持续改善。24H1 经销商数量净减少 473 家至 1301 家，平均经销商规模同比-12.22%至 76.08 万元/家，经销商数量下降预计主要系公司 24 年以来持续调整优化渠道客 户。分区域看，24H1 省内/省外收 入分别 为 4.13/5 ...

Investment Rating - The report does not specify a clear investment rating for the company [1]. Core Views - The company reported a total revenue of 990 million yuan for H1 2024, a decrease of 35.5% year-on-year, and a net profit attributable to shareholders of 120 million yuan, down 71.3% year-on-year [2][3]. - The company is undergoing a transformation in its marketing strategy, shifting from channel fee-based sales to a sales-driven growth model, which has temporarily impacted sales performance [2][3]. - The gross margin has declined, with Q1 and Q2 2024 gross margins at 71.1% and 75.6%, respectively, due to a decrease in product mix and increased sales and management expenses [2][3]. Summary by Sections Financial Performance - H1 2024 total revenue was 990 million yuan, with Q2 revenue at 500 million yuan, reflecting a year-on-year decline of 35.5% and 13.3%, respectively [2]. - The net profit attributable to shareholders for H1 2024 was 120 million yuan, with Q2 net profit at 48 million yuan, showing declines of 71.3% and 60.9% year-on-year [2]. - The company’s revenue from different product lines showed significant variation, with the "Jiu Gui" series down 30.1% and the "Xiang Quan" series up 36.3% [2]. Product and Market Strategy - The company is focusing on its "Jiu Gui" and "Nei Can" product lines, enhancing market presence and optimizing the value chain [3]. - Efforts are being made to improve sales in both domestic and key external markets, with 11 model markets initiated in H1 2024 [3]. - The company is also enhancing the quality of its distributor network and improving service efficiency at retail points [3]. Profitability Forecast - EPS is projected to be 1.09 yuan, 1.31 yuan, and 1.64 yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 32, 26, and 21 [3][4]. - The company anticipates a gradual recovery in sales, particularly in the "Nei Can" series, with expected sales growth rates of -30%, +6%, and +8% from 2024 to 2026 [7]. Key Financial Metrics - The company’s total revenue is expected to be 2.83 billion yuan in 2024, with a year-on-year decline of 12.18% [4]. - The net profit attributable to shareholders is projected at 547.81 million yuan for 2024, down 35.44% year-on-year [4]. - The gross margin is expected to stabilize around 75.6% for the next few years [10].