| 四川华信(集团)会计师事务所 地址:成都市洗面桥街 18 号金茂礼都南 28楼 | | --- | | 申话:(028)85560449 | | (特殊普通合伙) 传真:(028) 85560449 | | 邮编:610041 | | SI CHUAN HUA XIN (GROUP) CPA (LLP) 电邮: schxzhb@hxcpa.com.cn | 四川省宜宾五粮液集团财务有限公司 风险持续评估审核报告 川华信专(2024)第0943号 目录: 1、四川省宜宾五粮液集团财务有限公司风险持续评估审核报告 2、四川省宜宾五粮液集团财务有限公司风险持续评估说明 您可使用手机"扫一扫"或进入 此码用于证明该审计报告是否由具有执业许可的会计师 您可使用手机"扫一扫"或进入 注册会计师行业统一监管平台（http://acc.mof.gov.cn) 四川省宜宾五粮液集团财务有限公司 风险持续评估审核报告 一、对报告使用者和使用目的的限定 本报告仅供宜宾五粮液股份有限公司在深圳证券交易所披露关联交易信息时使用,不得 用作任何其他目的。 二、管理层的责任 财务公司管理层的责任是建立健全并合理设计风险管理体系并保持其 ...

Financial Performance - Revenue for the first half of 2024 reached RMB 50.648 billion, an increase of 11.30% year-over-year[10] - Net profit attributable to shareholders was RMB 19.057 billion, up 11.86% compared to the same period last year[10] - Operating cash flow increased by 18.52% to RMB 13.428 billion[11] - Basic earnings per share rose to RMB 4.910, an 11.87% increase from the previous year[11] - Total assets grew by 12.42% to RMB 185.985 billion[11] - The weighted average return on equity decreased by 0.49 percentage points to 13.70%[11] - Non-recurring gains and losses amounted to RMB 118.016 million[14] - Wuliangye's total operating revenue for the first half of 2024 reached 47.11 billion yuan, a year-on-year increase of 12.46%[19] - The gross profit margin of Wuliangye products was 86.69%, slightly down by 0.11% compared to the same period last year[19] - The sales revenue of other liquor products increased by 17.77% year-on-year, reaching 7.91 billion yuan[19] - The total number of Wuliangye dealers increased by 98, reaching 2,530[19] - The production volume of Wuliangye products increased by 10.74% year-on-year, reaching 22,910 tons[24] - The company's raw material procurement cost was 5.07 billion yuan, accounting for 55.53% of the total operating cost[23] - Inventory of finished liquor is 40,742 tons, and semi-finished liquor (including ceramic jar base liquor) is 180,940 tons[25] - The company's brand value reached 449.872 billion yuan, ranking 15th in the "2024 China 500 Most Valuable Brands" list[26] - Total operating income for the reporting period was 50.648 billion yuan, a year-on-year increase of 11.30%[27] - Revenue from the liquor category accounted for 93.02% of total operating income, reaching 47.111 billion yuan, a year-on-year increase of 12.46%[28] - The gross profit margin of the liquor category was 82.59%, with a slight decrease of 0.02% compared to the same period last year[29] - Revenue from the eastern region increased by 15.70% year-on-year, reaching 13.552 billion yuan[28] - Revenue from the western region increased by 16.66% year-on-year, reaching 16.759 billion yuan[28] - The company's R&D investment increased by 17.75% year-on-year, reaching 159.761 million yuan[27] - The net cash flow from operating activities increased by 18.52% year-on-year, reaching 13.428 billion yuan[27] - The company's liquor production capacity is 17.5627 million tons, with an actual capacity of 7.8024 million tons in the first half of the year[25] - Northern region revenue reached 4,841,310,361.21 yuan, with a year-on-year growth of 8.16%[30] - Central region revenue reached 8,462,195,848.29 yuan, with a year-on-year growth of 8.22%[30] - Sales expenses totaled 5,366,342,173.42 yuan, a year-on-year increase of 24.21%, with promotional expenses accounting for 64.11%[31] - Advertising expenses included 128 million yuan for online ads, 548 million yuan for offline ads, and 256 million yuan for TV ads[32] - Monetary funds amounted to 128,714,842,080.74 yuan, accounting for 69.21% of total assets[33] - Inventory decreased by 1.45% to 16,847,018,906.97 yuan compared to the previous year[33] - Contract liabilities increased by 0.24% to 8,157,503,632.65 yuan[33] - Financial assets totaled 19,577,630,505.90 yuan, with a significant increase in receivables financing[34] - Restricted monetary funds amounted to 234,648,885.56 yuan, primarily due to bank acceptance guarantees[35] - Subsidiary Yibin Wuliangye Liquor Sales Co., Ltd. reported a net profit of 12,460,145,152.08 yuan[39] - The company achieved a total operating revenue of 50.648 billion yuan in the first half of 2024, a year-on-year increase of 11.30%[42] - Net profit attributable to shareholders of the listed company reached 19.057 billion yuan, up 11.86% year-on-year[42] - The brand value increased by double digits for the seventh consecutive year, reaching 449.8 billion yuan[42] - The company's cash dividend for 2023 totaled 18.127 billion yuan, with a dividend payout ratio of 60%[44] - Wuliangye Group increased its shareholding by 3,406,668 shares, accounting for 0.09% of the total share capital, with a total investment of 500.0016 million yuan[45] - The employee stock ownership plan involved 2,428 employees holding a total of 23,696,280 shares, accounting for 0.61% of the total share capital[51] - Total assets increased to 185.98 billion yuan from 165.43 billion yuan, a growth of 12.4%[89] - Monetary funds rose to 128.71 billion yuan from 115.46 billion yuan, an increase of 11.5%[87] - Accounts receivable financing grew to 19.58 billion yuan from 14.09 billion yuan, up 39.0%[87] - Inventory decreased to 16.85 billion yuan from 17.39 billion yuan, a decline of 3.1%[87] - Total liabilities increased to 51.94 billion yuan from 33.08 billion yuan, a rise of 57.0%[89] - Contract liabilities rose to 8.16 billion yuan from 6.86 billion yuan, up 18.8%[88] - Net profit attributable to parent company owners increased to 90.34 billion yuan from 89.41 billion yuan, a growth of 1.0%[89] - Fixed assets decreased to 5.14 billion yuan from 5.19 billion yuan, a decline of 0.9%[87] - Construction in progress increased to 6.81 billion yuan from 5.62 billion yuan, up 21.1%[87] - Intangible assets grew to 2.65 billion yuan from 2.06 billion yuan, an increase of 28.6%[87] - Total current liabilities increased to 18,378,093,001.93, up from 256,899,898.89[92] - Total operating income for the first half of 2024 reached 50,648,026,578.65, a 11.3% increase compared to 45,506,384,818.37 in the same period of 2023[93] - Net profit attributable to parent company shareholders rose to 19,056,829,528.87, up from 17,036,708,791.18 in the previous year[94] - Basic earnings per share increased to 4.910 from 4.389 in the prior year[94] - Total liabilities and owner's equity amounted to 81,097,723,073.77, slightly higher than 80,528,835,543.17 in the previous period[93] - Research and development expenses grew to 159,760,941.28, up from 135,677,515.04 in the same period last year[93] - Total owner's equity increased to 80,263,939,356.80, up from 62,702,807,588.06[93] - Interest income rose to 1,423,837,619.29, compared to 1,259,323,479.12 in the previous year[93] - Total comprehensive income for the period reached 19,826,530,605.22, up from 17,792,533,904.19[94] - Net profit for the first half of 2024 increased to 565,977,614.61 yuan, up 14.25% from 495,397,188.02 yuan in the same period last year[95] - Operating cash flow for the first half of 2024 reached 13,427,928,655.63 yuan, an 18.52% increase from 11,329,818,886.30 yuan in the same period last year[96] - Cash and cash equivalents at the end of the first half of 2024 stood at 125,296,379,907.83 yuan, up 39.61% from 89,762,101,198.36 yuan at the end of the same period last year[97] - Sales revenue from goods and services for the first half of 2024 was 49,648,363,358.43 yuan, a 15.32% increase from 43,051,685,416.56 yuan in the same period last year[96] - Interest income for the first half of 2024 rose to 848,904,968.99 yuan, up 15.75% from 733,404,479.69 yuan in the same period last year[95] - Taxes and surcharges for the first half of 2024 decreased to 328,041.00 yuan, down 1.18% from 331,940.81 yuan in the same period last year[95] - R&D expenses for the first half of 2024 were 37,880,928.14 yuan, a 1.81% decrease from 38,580,473.31 yuan in the same period last year[95] - Investment cash outflow for the first half of 2024 was 1,087,312,766.70 yuan, a 19.16% decrease from 1,345,043,512.81 yuan in the same period last year[97] - Income tax expense for the first half of 2024 increased to 183,046,646.94 yuan, up 29.31% from 141,550,011.95 yuan in the same period last year[95] - Total comprehensive income for the first half of 2024 was 565,977,614.61 yuan, up 14.25% from 495,397,188.02 yuan in the same period last year[96] - Operating cash outflow totaled 1,373,381,162.76 RMB, a decrease from 1,149,121,193.81 RMB in the previous period[98] - Net cash flow from operating activities was -440,145,436.90 RMB, compared to 648,395,985.09 RMB in the previous period[98] - Net cash flow from investing activities was 296,577,713.48 RMB, a decrease from 1,201,006,446.88 RMB in the previous period[98] - Net cash flow from financing activities was -10,588,875,988.24 RMB, a significant decrease from the previous period[98] - Total owner's equity increased by 1,699,421,221.87 RMB, reaching 134,048,794,409.04 RMB[99] - Comprehensive income for the period was 19,056,829,528.87 RMB, contributing to the increase in owner's equity[99] - Profit distribution to owners amounted to -18,127,109,383.35 RMB, impacting the overall equity[100] - The company's cash and cash equivalents decreased by 8,739,473,556.27 RMB, ending at 41,236,165,303.90 RMB[98] - The company's retained earnings increased by 929,720,145.52 RMB, reaching 90,335,152,592.07 RMB[99] - Minority interest in the company increased by 769,701,076.35 RMB, totaling 3,560,833,223.01 RMB[99] - Total owner's equity at the end of the period is RMB 119,794,910,503.32[103] - The company allocated RMB -18,127,109,383.35 to shareholders during the period[104] - Comprehensive income for the period is RMB 565,977,614.61[104] - Undistributed profits at the end of the period are RMB 40,629,782,542.87[105] - Total owner's equity at the beginning of the period is RMB 80,263,939,356.80[104] - Capital reserve at the end of the period is RMB 2,682,647,086.15[105] - Undistributed profits decreased by RMB -17,561,131,768.74 during the period[104] - Total owner's equity decreased by RMB -17,561,131,768.74 during the period[104] - Comprehensive income for the previous period was RMB 495,397,188.02[105] - Undistributed profits at the beginning of the period were RMB 58,190,914,311.61[104] - The company's total equity at the end of the period was RMB 58,627,823,384.66[106] - The company distributed RMB 14,680,241,440.97 to shareholders[106] - The company's registered capital is RMB 388,160.80 million[107] - The company's total shares increased to 3,881,608,005 after the latest capital increase[108] - The company's major shareholder, Yibin Development Holding Group, holds 34.43% of the shares[108] - The company's second-largest shareholder, Yibin Wuliangye Group, holds 20.49% of the shares[108] - Yibin Wuliangye Group increased its shareholding by 3,406,668 shares, amounting to RMB 500,001,600[108] - The company operates in the beverage manufacturing industry, primarily producing "Wuliangye" and its series of liquors[109] - The financial statements were approved by the board of directors on August 27, 2024[110] - The company has the ability to continue operations for at least 12 months from the end of the reporting period, with no significant events affecting its ability to continue operations[111] - Important individual bad debt provisions for receivables are those that account for more than 10% of the total bad debt provisions for all types of receivables and exceed RMB 40 million[112] - Significant capital construction projects are those with an investment budget exceeding RMB 1 billion[113] - Important external R&D projects are those that account for more than 10% of the total R&D project budget and exceed RMB 40 million[113] - Important capitalized R&D projects are those that account for more than 10% of the total R&D project budget and exceed RMB 40 million in the current period[113] - Important prepayments, accounts payable, and other payables are those with an age of over 1 year, accounting for more than 10% of the corresponding items in the consolidated financial statements and exceeding RMB 100 million[113] - Important prepayments and contract liabilities are those with an age of over 1 year, accounting for more than 10% of the corresponding items in the consolidated financial statements and exceeding RMB 100 million[113] - Important investment projects are those where a single investment activity accounts for more than 10% of the total cash inflow or outflow from investment activities and exceeds RMB 1 billion[113] - Significant non-wholly owned subsidiaries are those where minority shareholders hold 5% or more of the equity, and the total assets, net assets, revenue, and net profit account for more than 10% of the corresponding items in the consolidated financial statements[113] - Significant joint ventures or associates are those where the long-term equity investment amount accounts for more than 1% of the total assets in the consolidated financial statements[113] - Foreign currency business and financial statement translation methods are based on the benchmark exchange rate published by the People's Bank of China[119] - Foreign currency cash flows and cash flows of overseas subsidiaries are translated using the spot exchange rate on the date of the cash flow[120] - Financial assets are initially measured at fair value, with transaction costs either expensed or included in the initial recognition amount[121] - Financial assets are classified and measured based on business models and contractual cash flow characteristics[120] - Debt instrument investments measured at amortized cost use the effective interest method for subsequent measurement[121] - Debt instrument investments measured at fair value with changes in other comprehensive income include impairment losses and gains in current profit or loss[121] - Financial assets not classified as amortized cost or fair value through other comprehensive income are measured at fair value through profit or loss[121] - Non-trading equity instrument investments designated at fair value through other comprehensive income have their dividend income recognized in current profit or loss[121] - The company classifies financial liabilities into those measured at amortized cost and those measured at fair value with changes in profit or loss[122] - Financial liabilities measured at fair value include trading financial liabilities and those initially designated as such[122] - The company uses expected credit loss (ECL) models to measure impairment for financial assets like receivables and debt investments[123] - For financial instruments with low credit risk, the company assumes no significant increase in credit risk and measures ECL over 12 months[123] - Receivables are grouped based on credit risk characteristics like bank acceptance bills, commercial acceptance bills, and external customers[123] - The company calculates ECL for receivables using historical loss experience and forward-looking information[123] - Contract assets and liabilities are presented net for the same contract when the company has transferred goods or services to the customer[124] - Inventory includes raw materials, packaging materials, semi-finished products, work-in-progress, finished goods, and consumables[125] - Inventory is valued using the weighted average method for grain, raw coal, and liquor production auxiliary materials[125] - Inventory is measured at the lower of cost or net realizable value, with any excess cost over net realizable value recognized as an impairment loss[125] - The company uses the perpetual inventory system for inventory management[125] - Low-value consumables are amortized using the one-time amortization method[125] - Non-current assets or disposal groups held for sale are classified based on their immediate saleability and the likelihood of sale within one year[126] - Initial measurement of held-for-sale assets is at the lower of their carrying amount or fair value less costs to sell[126] - Impairment losses on held-for-sale assets can be reversed if the fair value less costs to sell increases in subsequent periods[

然后公司到时候又操作了大概有几个月对市场对这一块就经济上这块压力还很大但最终价格因为受这个618还有受这个茅台批价的影响我连整体价格就是没有上涨然后第二阶段就是公司建于1019要执行了 客户类似感觉比较大然后我们那个黄天博总督然后就直接跟你领导商量之后直接要求就是在7月30号以前收货就是950收货8月10号以前960收货8月20号以前970的收货凡是按照这个时间节点低于这个价格的然后每个区都都要都可以收 然后并且在每个零会就是建立一个收货的基金池要在7月30号以前完成大概就是几千万的一两千万这个资金资金链然后进行循环的滚动这一次收货必须是要求对方要回购对方要加十块钱这个回购目前我们这个深圳区已经收了好几百件了 就是因为有经销商配合来做这个资金已经回到黄金板件整体上的话基本上突破这样第三块就还是说那个价格的问题价格的话就是说相当于大家整体上就是春节之后价格就是突破管控稍微提升嘛当时候大概可能在快到九五零左右九五零左右然后收着 618然后茅台批价然后有所下停目前的话就是说在大批量的话都在得在940 935左右反正我们本区客户出货基本上950不带票是小批量是可以出货的目前是这个价格然后就是整体上的看法来说的话 就是 ...

证券代码：000858 证券简称：五粮液 公告编号：2024/第 026 号 宜宾五粮液股份有限公司 第六届董事会 2024 年第 8 次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 二、董事会会议审议情况 议案：关于调整专门委员会成员的议案 因部分董事人员变更，公司对全面预算管理委员会、薪酬与考核 委员会委员进行相应调整。 （一）全面预算管理委员会 调整前：曾从钦（召集人）、蒋文格、蒋琳 调整后：曾从钦（召集人）、蒋文格、章欣 （二）薪酬与考核委员会 调整前：吴越（独立董事，召集人）、梁鹂、罗华伟（独立董事） 调整后：吴越（独立董事，召集人）、韩成珂、罗华伟（独立董 事） 本议案同意 11 票，反对 0 票，弃权 0 票。表决结果：通过。 一、董事会会议召开情况 宜宾五粮液股份有限公司（以下简称"公司"）第六届董事会 2024 年第 8 次会议，于 2024 年 7 月 24 日以通讯及传阅方式完成议 案审议，应参与审议表决董事 11 人，实际参与审议表决董事 11 人。 会议的召开方式符合《公司法》及《公司章程》的规定。 三、备查文件 第六 ...

Investment Rating - The report maintains a "Buy" rating for Wuliangye [8]. Core Viewpoints - Wuliangye has the potential to enhance its brand strength and narrow the gap with competitors, particularly Moutai, due to its strong brand heritage and the undervaluation of its scarcity attributes [3][24]. - The company needs to focus on expressing quality value to restore brand value, leveraging its scarce high-quality production capacity [3][24]. - Wuliangye's growth strategy should balance short-term performance with long-term high-quality growth, aiming for breakthroughs in higher price segments [8][24]. Financial Summary - Revenue (in million CNY): - 2022A: 73,969 - 2023A: 83,272 - 2024E: 91,674 - 2025E: 102,033 - 2026E: 114,277 - Year-over-Year Growth Rate (%): - 2022A: 11.7 - 2023A: 12.6 - 2024E: 10.1 - 2025E: 11.3 - 2026E: 12.0 - Net Profit Attributable to Shareholders (in million CNY): - 2022A: 26,690 - 2023A: 30,211 - 2024E: 33,874 - 2025E: 38,298 - 2026E: 43,581 - Year-over-Year Growth Rate (%): - 2022A: 14.2 - 2023A: 13.2 - 2024E: 12.1 - 2025E: 13.1 - 2026E: 13.8 - ROE (%): - 2022A: 24.0 - 2023A: 23.8 - 2024E: 23.7 - 2025E: 23.4 - 2026E: 23.1 - EPS (CNY): - 2022A: 6.88 - 2023A: 7.78 - 2024E: 8.73 - 2025E: 9.87 - 2026E: 11.23 - P/E Ratios: - 2022A: 18.3 - 2023A: 16.2 - 2024E: 14.4 - 2025E: 12.8 - 2026E: 11.2 - P/B Ratios: - 2022A: 4.3 - 2023A: 3.8 - 2024E: 3.4 - 2025E: 3.0 - 2026E: 2.6 [1][2][8]. Industry Context - The report outlines the historical evolution of the Chinese liquor industry, highlighting the transitions in leading brands and the strategic shifts that have occurred over time [2][12]. - Wuliangye's rise was attributed to its pricing strategies and innovative channel leverage, which allowed it to establish a significant competitive advantage during favorable market conditions [2][18]. - The report emphasizes the importance of brand perception and pricing strategy in the competitive landscape, particularly in relation to Moutai, which has successfully positioned itself as a premium brand [2][18][20].

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company emphasizes a balanced approach to volume and price for its flagship product, the eighth generation Wuliangye, while focusing on optimizing its market presence and product structure [2][8] - The launch of the Classic Wuliangye series, which includes products aged 10, 20, 30, and 50 years, is a strategic move to position the brand in the ultra-premium market segment [4][7] - The company is expanding its direct sales channels and enhancing consumer experience through the "Three Stores in One" model, aiming to increase brand visibility and consumer engagement [3][4] Summary by Sections Event Overview - The 2023 annual shareholder meeting was successfully held with over 1,000 attendees, and the Classic Wuliangye strategic launch event took place in Chengdu [1] Product Strategy - The eighth generation Wuliangye will maintain its market scarcity while increasing sales activities during traditional peak seasons, achieving double-digit year-on-year growth during the Dragon Boat Festival [2] - New product launches will include 1618, 39°, 45°, and 68° Wuliangye, along with cultural custom wines [2] Channel Development - In 2023, the company added 81 new distributors and 26,000 core terminals, with a 35% increase in terminal scanning purchases [3] - Plans include the addition of 1,000 "Three Stores in One" locations by the end of the 14th Five-Year Plan, enhancing consumer experience through scene-based marketing [3] Classic Wuliangye Launch - The Classic Wuliangye series is positioned as a core support for the company's ultra-high-end product matrix, emphasizing quality and exclusivity [4][7] - Suggested retail prices for the Classic series are set at 3,099 yuan, 4,999 yuan, 12,999 yuan, and 30,999 yuan, reflecting its premium market positioning [7] Financial Projections - The company maintains its revenue forecasts for 2024-2026 at 92 billion, 101.2 billion, and 110.7 billion yuan, with net profits projected at 33.6 billion, 37.5 billion, and 41.5 billion yuan respectively [9] - The earnings per share (EPS) are expected to be 8.66, 9.66, and 10.70 yuan for the same period [9] Valuation Metrics - As of July 5, 2024, the closing price was 128.95 yuan, with corresponding price-to-earnings (P/E) ratios of 15, 13, and 12 for the next three years [9]

证券代码：000858 证券简称：五粮液 公告编号：2024/ 第 025 号 宜宾五粮液股份有限公司 3.本次实施的分配方案与股东大会审议通过的分配方案一致。 4.本次实施分配方案距离股东大会审议通过的时间未超过两个月。 二、本次实施的利润分配方案 本公司 2023 年度利润分派方案为：以公司现有总股本 3,881,608,005 股为 基数，向全体股东每 10 股派 46.70 元人民币现金（含税；扣税后，通过深股通 持有股份的香港市场投资者、QFII、RQFII 以及持有首发前限售股的个人和证券 投资基金每 10 股派 42.03 元；持有首发后限售股、股权激励限售股及无限售流 通股的个人股息红利税实行差别化税率征收，本公司暂不扣缴个人所得税，待个 人转让股票时，根据其持股期限计算应纳税额【注】；持有首发后限售股、股权 1 2023 年度分红派息实施公告 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。 特别提示：本公司为其代扣代缴所得税的 QFII、RQFII，若需办理完税证明 或税收减免优惠的，请将相关材料原件于 2024 年 7 月 16 日前寄送至 ...

Summary of Conference Call Company/Industry Involved - The conference call pertains to Shenghua Hongri, a company in the industry [1] Core Points and Arguments - The call began with a disclaimer, indicating that all participants were muted at the start [1] Other Important but Possibly Overlooked Content - No additional content was provided in the document to summarize further [1]

Investment Rating - The report maintains a "Buy" rating for Wuliangye (000858.SZ) [2][3] Core Views - The company emphasizes steady growth, with a focus on increasing dividend payouts. The current product strategy is clear, with the main growth coming from products like 1618 and lower-alcohol options, while maintaining stable sales overall. The revenue growth target for 2024 is set at double digits [2][3] - The company plans to increase its cash dividend steadily, aiming to provide good returns to shareholders. The dividend per share for 2023 is projected at 4.67 RMB (including tax), corresponding to a dividend yield of 3.64% based on the closing price on July 1 [2][3] - The product strategy is focused on strict volume control for the flagship product, with growth contributions from 1618 and other products. The company is actively seeking growth through product structure adjustments and market channel expansion, maintaining stable performance despite a weak external environment [2][3] Financial Summary - The projected financials for Wuliangye are as follows: - Revenue for 2024 is estimated at 92.484 billion RMB, with a growth rate of 11.1% - Net profit attributable to shareholders is projected at 33.903 billion RMB for 2024, reflecting a growth rate of 12.2% - Earnings per share (EPS) is expected to be 8.73 RMB for 2024, with a steady increase in subsequent years [7][8] - The company’s current market capitalization is approximately 498.01 billion RMB, with a price-to-earnings (P/E) ratio of 20X for 2024 [3][4] Market Performance - The stock has experienced a 12-month decline of 22% and a 3-month decline of 18% [5] - The stock price range over the past 52 weeks has been between 123.82 RMB and 181.18 RMB [4]

五粮液(000858.SZ) 节奏良好、战略清晰,传递稳健增长信心 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:2024 年 6 月 28 日,五粮液 2023 年股东大会在股份公司多功能厅召开,会议上董事长曾从钦以《稳 中求进,以进促稳:以稳健高质量发展巩固和强化龙头地位》为主题发表演讲,核心管理层就公司当前经 营状况、未来增长抓手等诸多市场关切与投资者进行充分交流,彰显公司高质量发展底气,强化市场信心。 国信食饮观点:1)2024 上半年经营节奏良好,预计公司核心产品动销实现双位数增长;2)公司产品规划 进一步清晰,长期增长抓手明确,主品牌持续丰富完善"1+3"产品矩阵,经典五粮液创新运营模式,长 期有望贡献吨价增长;3)渠道建设纵深推进,持续提升经销商盈利能力,并加快对直营渠道和新兴渠道 的良性建设。考虑到公司市场节奏良好,产品规划清晰,厂商关系向好,看好公司 ...