股 票 研 究 [table_Authors] 訾猛(分析师) 李耀(分析师) 021-38676442 021-38675854 zimeng@gtjas.com liyao022899@gtjas.com [当前价格： Table_CurPrice] 36.72 登记编号 S0880513120002 S0880520090001 公 司 更 新 报 告 52 周内股价区间（元） 34.52-97.16 总市值（百万元） 11,931 总股本/流通A股（百万股） 325/325 流通 B 股/H 股（百万股） 0/0 [Table_Balance] 资产负债表摘要(LF) 股东权益（百万元） 4,075 每股净资产（元） 12.54 市净率（现价） 2.9 净负债率 -47.73% [Table_Trend] 升幅(%) 1M 3M 12M 绝对升幅 -8% -29% -59% 相对指数 -6% -18% -39% 4401056 证 券 研 究 报 告 | --- | --- | --- | --- | --- | --- | |------------------------------------- ...

证券研究报告 非金融公司|公司点评|酒鬼酒（000799） 2024 年半年报点评： Q2 降幅收窄，静待行业反转 glzqdatemark1 证券研究报告 |报告要点 考虑到消费弱复苏，且短期内公司仍在改革调整中，我们预计公司 2024-2026 年营业收入分 别为 22.07/23.48/25.78 亿元，同比分别-22.02%/+6.42%/+9.77%，归母净利润分别为 2.08/2.31/2.56 亿元，同比分别-62.05%/+11.32%/+10.66%，对应 2024-2026 年 PE 估值分别 为 57/52/47X。鉴于公司主动改革，渠道趋于良性，建议持续关注。 |分析师及联系人 邓周贵 徐锡联 刘景瑜 吴雪枫 SAC：S0590524040005 SAC：S0590524040004 SAC：S0590524030005 请务必阅读报告末页的重要声明 1 / 5 行 业： 食品饮料/白酒Ⅱ 投资评级： 当前价格： 36.72 元 基本数据 总股本/流通股本(百万股) 324.93/324.93 流通 A 股市值(百万元) 11,931.39 每股净资产(元) 12.54 资产负债率(% ...

Investment Rating - The report maintains an "Accumulate" rating for the company [3][6][9] Core Views - The company reported a significant decline in revenue and net profit for the first half of 2024, with revenue at 994 million yuan, down 35.50% year-on-year, and net profit at 121 million yuan, down 71.32% year-on-year [3][4] - The second quarter showed a revenue of 500 million yuan, reflecting a year-on-year increase of 13.27%, while net profit was 48 million yuan, down 60.87% year-on-year [3][4] - The company is actively pursuing marketing transformation and has seen a substantial increase in consumer engagement through activities such as scanning and banquet events [4][6] Financial Performance Summary - For the first half of 2024, the company experienced a revenue decline of 48.80% in Q1 and a reduced decline of 13.27% in Q2, indicating a gradual recovery [4][6] - The revenue breakdown shows significant declines in certain product lines, with "Neican" down 60.85% and "Jiugui" down 30.11%, while "Xiangquan" saw a growth of 36.33% [4] - The company’s gross margin decreased to 75.59% in Q2, down 2.23 percentage points year-on-year, attributed to a higher proportion of lower-priced products [5][6] Profitability and Forecast - The net profit margin for Q2 was 9.52%, down 11.59 percentage points year-on-year, due to rising expense ratios [5] - The report projects revenues for 2024, 2025, and 2026 to be 2,402 million yuan, 2,644 million yuan, and 2,981 million yuan respectively, with corresponding net profits of 312 million yuan, 359 million yuan, and 423 million yuan [6][7] - Earnings per share (EPS) are forecasted to be 0.96 yuan, 1.10 yuan, and 1.30 yuan for the years 2024, 2025, and 2026 respectively [7]

酒鬼酒（000799.SZ） 中性 第二季度收入降幅同环比改善，刚性费用投入压制净利率 2024 年第二季度收入及净利润落于此前业绩预告中值附近。2024 上半年公司实 现营业总收入 9.94 亿元，同比-35.5%；实现归母净利润 1.21 亿元，同比 -71.3%。其中，2024 年第二季度实现营业总收入 5.00 亿元，同比-13.3%； 实现归母净利润 0.48 亿元，同比-60.9%。 次高端承压背景下产品结构继续调整。分产品看，2024H1 内参/酒鬼/湘泉系 列分别实现营收 1.73/5.91/0.49 亿元，同比-60.85%/-30.11%/+36.33%；量 价看，2024H1 销量/吨价分别-18.77%/-20.75%（其中内参吨价同比-30%）； 结构下移及原材成本提升影响，2024H1/2024Q2 毛利率同比-6.8/-2.2pcts。 上半年商务场景受经济环境影响需求仍然疲软，次高端及以上产品表现继续 承压，公司主动控制内参放货量，以甲辰版为核心优化渠道价值链，批价稳 定在 740-780 元；酒鬼红坛、湘泉等大众价位产品动销较好，宴席场次、开 瓶率均有增加，省内市场基本盘逐步 ...

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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 ...

证券研究报告·公司点评报告·白酒Ⅱ 酒鬼酒（000799） 2024 年中报点评：着眼长期，转型攻坚 2024 年 08 月 29 日 增持（维持） | --- | --- | --- | --- | --- | --- | |----------------------------|----------|---------|---------|--------|--------| | 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 | 0.9 ...

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 ...