证 券 2024 年 04 月 29 日 研 究 业绩略超预期，持续稳健增长 报 告 —五粮液（000858.SZ）公司事件点评报告 买入(维持) 事件 分析师：孙山山 S1050521110005 2024 年 4 月 28 日，五粮液发布 2023 年年报及 2024 年一季 sunss@cfsc.com.cn 报。 投资要点 基本数据 2024-04-26 ▌ 营收增速双位数目标达成，保持稳健增长 当前股价（元） 152.25 总市值（亿元） 5910 业绩略超预期，Q1 保持稳健增长。2023 年总营收 832.72 亿 总股本（百万股） 3882 元（同增 12.58%），归母净利润 302.11 亿元（同增 13.19%）。其中，2023Q4 总营收 207.36 亿元（同增 流通股本（百万股） 3882 14.00%），归母净利润 73.78 亿元（同增 10.09%）。2024Q1 52周价格范围（元） 123.82-184.08 总营收 348.33 亿元（同增 11.86%），归母净利润 140.45 亿 日均成交额（百万元） 2599.32 元（同增 11.98%）。费用率基本稳定，盈利 ...

Financial Performance - Revenue for 2023 reached RMB 83.27 billion, a 12.58% increase compared to 2022[8] - Net profit attributable to shareholders in 2023 was RMB 30.21 billion, up 13.19% year-on-year[8] - Operating cash flow surged 70.86% to RMB 41.74 billion in 2023, driven by higher cash collection and bank acceptance bills[8] - Total assets grew 8.26% to RMB 165.43 billion at the end of 2023[8] - Shareholders' equity increased 13.62% to RMB 129.56 billion by the end of 2023[8] - Basic earnings per share rose 13.19% to RMB 7.783 in 2023[8] - Weighted average ROE slightly decreased by 0.22 percentage points to 25.06% in 2023[8] - Revenue for the first quarter was RMB 31.14 billion, second quarter was RMB 14.37 billion, third quarter was RMB 17.03 billion, and fourth quarter was RMB 20.74 billion[13] - Net profit attributable to shareholders for the first quarter was RMB 12.54 billion, second quarter was RMB 4.49 billion, third quarter was RMB 5.80 billion, and fourth quarter was RMB 7.38 billion[13] - Non-recurring gains and losses for 2023 amounted to RMB 94.12 million, compared to RMB 27.92 million in 2022 and RMB 49.35 million in 2021[14] - Total revenue from liquor products reached 76.447 billion yuan, with a gross margin of 81.92%[21] - Revenue from Wuliangye products accounted for 62.804 billion yuan, with a gross margin of 86.64%[21] - The top five distributors accounted for 11.319 billion yuan, representing 13.59% of total sales revenue[21] - The inventory of finished liquor increased by 49.85% to 48,322 tons[24] - The inventory of semi-finished liquor (including base liquor) increased by 115.47% to 43,885 tons[24] - The actual annual production capacity of liquor products was 11.95928 million tons, with an additional 6 million tons under construction[23] - Total operating revenue for 2023 reached 83.27 billion yuan, a year-on-year increase of 12.58%[27] - Net profit attributable to shareholders was 30.21 billion yuan, up 13.19% year-on-year[27] - Revenue from the liquor segment accounted for 91.80% of total revenue, reaching 76.45 billion yuan, a 13.15% increase from the previous year[28] - The eastern region saw the highest revenue growth in the liquor segment at 17.92%, contributing 22.39 billion yuan[28] - The western region contributed the largest share of liquor revenue at 26.22 billion yuan, a 21.71% increase year-on-year[28] - The gross profit margin for the liquor manufacturing segment was 81.92%, a slight increase of 0.04% from the previous year[29] - Total revenue from liquor products reached RMB 76.45 billion, with a gross profit margin of 81.92%[30] - Wuliangye product revenue accounted for RMB 62.80 billion, representing 86.64% of total liquor revenue[30] - Sales volume increased by 25.12% to 159,106 tons, while production volume rose by 42.35% to 184,100 tons[30] - Inventory volume surged by 107.14% to 48,322 tons due to strong product sales and pre-holiday stockpiling[30] - Raw material costs increased by 0.81% to 53.62% of total operating costs, amounting to RMB 10.81 billion[31] - Sales expenses grew by 13.91% to RMB 7.80 billion, with promotional expenses accounting for 58.24%[38][40] - R&D expenses increased by 36.50% to RMB 321.85 million, driven by increased investment in production technology research[39] - The top five customers contributed RMB 11.32 billion in sales, representing 13.59% of total annual sales[34][35] - The company's operating cash inflow in 2023 increased by 28.52% to RMB 107.76 billion, while operating cash outflow increased by 11.11% to RMB 66.02 billion[43] - The net cash flow from operating activities in 2023 surged by 70.86% to RMB 41.74 billion[44] - The net increase in cash and cash equivalents in 2023 rose by 134.26% to RMB 22.51 billion[44] - The company's investment cash outflow increased by 65.56% to RMB 2.96 billion, mainly due to the advancement of major engineering projects[44] - The company's monetary funds increased to 115.456 billion yuan at the end of 2023, accounting for 69.79% of total assets, up by 9.35% compared to the beginning of the year[45] - Accounts receivable and inventory increased slightly, with accounts receivable rising to 42.647 million yuan (0.03% of total assets) and inventory to 17.388 billion yuan (10.51% of total assets)[45] - Construction in progress increased significantly to 5.623 billion yuan, up by 0.93% in proportion to total assets[45] - Contract liabilities decreased to 6.864 billion yuan, down by 3.95% in proportion to total assets[45] - The company's financial assets decreased by 14.818 billion yuan due to the net amount of confirmed and used bank acceptance bills, ending at 14.088 billion yuan[47] - The company's restricted assets amounted to 200.977 million yuan, primarily due to bank acceptance bill guarantees and other security deposits[48] - The subsidiary, Yibin Wuliangye Liquor Sales Co., Ltd., reported a net profit of 21.445 billion yuan, contributing significantly to the company's overall performance[52] - The company achieved a total operating revenue of 83.272 billion yuan in 2023, representing a year-on-year growth of 12.58%, meeting its initial target of double-digit growth[55] - The company plans to focus on brand value enhancement, quality improvement, and consumer cultivation to drive price alignment with brand value and achieve both qualitative and quantitative growth[54] - The company's strategic outlook includes leveraging macroeconomic recovery, favorable industry policies, and evolving consumer preferences to sustain high-quality development in the liquor industry[53] - The company aims to achieve a double-digit steady growth in total operating revenue in 2024, consolidating and enhancing its robust development momentum[56] - In 2023, the company achieved a total operating revenue of 83.272 billion yuan, a year-on-year increase of 12.58%, and a net profit attributable to shareholders of 30.211 billion yuan, a year-on-year increase of 13.19%[61] - In Q1 2024, the company achieved a total operating revenue of 34.833 billion yuan, a year-on-year increase of 11.86%, and a net profit attributable to shareholders of 14.045 billion yuan, a year-on-year increase of 11.98%[62] - The company's R&D investment in 2023 was 322 million yuan, a year-on-year increase of 36.50%, further strengthening the foundation for innovation[62] - The company has established 7 national-level innovation platforms, including the National Liquor Product Quality Supervision and Inspection Center, National Enterprise Technology Center, and National Industrial Design Center[62] - The proportion of R&D personnel with doctoral degrees exceeds 8%, highlighting the company's focus on high-quality talent[62] - The company's brand strength index (BSI) scored 90.7 points, ranking first among liquor brands and receiving the highest global liquor brand rating of AAA[62] - The company disclosed the "Quality and Return Dual Enhancement" action plan on March 7, 2024, aiming to improve quality and investment value[60] - Potential risks include uncertainties in internal and external environments, slower-than-expected recovery in effective demand, and intensified competition, especially from leading companies[57] - The company has disclosed a total of 36 periodic and interim reports since 2024, maintaining the highest level of information disclosure rating (A) from the Shenzhen Stock Exchange for nine consecutive years[63] - The company's cash dividend ratio for 2023 is 60%, with a total cash dividend distribution of 18.127 billion RMB, both reaching record highs since its listing[64] - The company's major shareholder, Wuliangye Group, has cumulatively increased its shareholding by 180 million RMB as of December 14, 2023, and plans to continue the share buyback[65] - The company will hold a performance briefing on May 23, 2024, to discuss the 2023 annual and 2024 Q1 results, actively engaging with investors[66] - The company has 9 board members, including 4 internal and 5 external directors, ensuring a balanced governance structure[63][67] - In 2023, the company held 12 board meetings, reviewing 46 proposals, including profit distribution and major project decisions[67] - The company's independent directors attended all 12 board meetings in 2023, ensuring compliance and effective governance[67] - The company maintains independence in business, personnel, assets, organization, and finance, with no asset or fund occupation by the controlling shareholder[68] - The 2022 annual shareholders' meeting had a 72.79% investor participation rate, held on May 26, 2023[69] - The company has continuously optimized its governance system, including revising the "Triple Major" system and the performance evaluation and compensation management measures for deputy senior management[67] - The total number of shares held by directors, supervisors, and senior management at the end of the period was 97,337 shares[71] - Zhang Xin was appointed as the Board Secretary on April 19, 2024[72] - Jiang Jia resigned as the Chief Economist on February 2, 2024[72] - Xie Zhiping was removed as the CFO by the board on February 2, 2024[72] - Liu Yang resigned as the Vice President on February 2, 2024[72] - Liang Li resigned as a director on February 2, 2024[72] - Jiang Lin resigned as the Board Secretary on April 19, 2024[72] - Zhang Xin was appointed as the Vice President on September 25, 2023[72] - Jiang Lin resigned as the Vice President on September 25, 2023[72] - Zhang Xin resigned as a supervisor on June 2, 2023[72] - The company's current Chairman and Party Secretary, Zeng Congqin, holds a PhD and is a senior economist with extensive experience in government and economic roles[73] - Jiang Wenge, the company's Vice Chairman and General Manager, has a master's degree and is a senior economist with a background in development and reform commissions[73] - Zhang Yu, the company's Vice Chairman, holds a PhD and has experience in education and government roles[73] - Xu Bo, a company director, has a bachelor's degree and experience in education and auditing sectors[73] - Xiao Hao, a company director and Party Secretary, holds a master's degree and has experience in organizational and government roles[73] - Xie Zhihua, an independent director, is a PhD holder, professor, and certified public accountant with extensive academic and professional experience[73] - Wu Yue, an independent director, is a PhD holder and professor specializing in commercial law[73] - Hou Shuiping, an independent director, is a PhD holder and researcher with experience in social sciences and government advisory roles[73] - Luo Huawei, an independent director, is a PhD holder, professor, certified public accountant, and practicing lawyer[73] - Liu Ming, the company's Supervisory Board Chairman, is a senior brewing engineer and a national-level liquor tasting expert with extensive experience in the company[73] - The company's Chairman, Zeng Congqin, received a total pre-tax compensation of 6.183 million yuan[77] - The company's Vice Chairman and General Manager, Jiang Wenge, also received a total pre-tax compensation of 6.183 million yuan[77] - The company's independent directors, including Xie Zhihua, Wu Yue, Hou Shuiping, and Luo Huawei, each received a compensation of 100,000 yuan[78] - The company's Supervisory Board Chairman, Liu Ming, received a total compensation of 7.552 million yuan[78] - The company's employee supervisors, Wu Guoping and Zhang Qing, received compensations of 6.866 million yuan and 8.792 million yuan respectively[78] - The company's Chief Engineer, Yang Yunxia, received a compensation of 5.552 million yuan[78] - The company's Vice President, Yue Song, received a compensation of 5.564 million yuan[78] - The company's Vice President and Board Secretary, Li Jian, received a compensation of 1.397 million yuan[78] - The company's former Vice President, Liu Yang, received a compensation of 5.552 million yuan[79] - The company's former Director and Vice President, Jiang Lin, received a compensation of 5.256 million yuan[79] - Total number of employees at the end of the reporting period is 25,118, with 16,911 from the parent company and 8,207 from major subsidiaries[86] - The company plans to conduct 618 training programs in 2024, expecting to train over 85,000 employees[89] - The company paid a total of 317 million RMB (excluding tax) for labor outsourcing in 2023, mainly for handling, loading/unloading, and temporary labor[90] - The company's cash dividend policy complies with the articles of association and shareholder meeting resolutions, with clear standards and proportions[91] - The company's production personnel account for 74.5% of the total workforce (18,725 out of 25,118)[86] - The company has 4,030 technical personnel, representing 16% of the total workforce[86] - Employees with college education or above account for 28.2% of the total workforce (7,090 out of 25,118)[87] - The company's audit committee held 6 meetings in 2023, reviewing financial reports and internal control audits[85] - The strategic committee held 2 meetings in 2023, focusing on high-quality development plans and progress reports[84] - The company's board members attended all 12 board meetings, with most attending via teleconference (10 out of 12)[82] - The company plans to distribute a cash dividend of RMB 46.70 per 10 shares, totaling RMB 18,127,109,383.35, with a 100% cash dividend ratio of the total profit distribution[92] - The employee stock ownership plan involves 2,428 employees holding 23,696,280 shares, accounting for 0.61% of the company's total share capital[94] - The company updated 23 internal control management systems, abolished 2, and added 34 new ones in 2023[96] - The internal control evaluation covered 100% of the company's total assets and revenue, with no significant or important defects found[97] - The company's internal control audit report received a standard unqualified opinion, indicating effective financial reporting controls[99] - The company has identified 204 environmental protection laws, regulations, and standards, and established 16 internal environmental management systems, including the stricter internal control standard "Brewery Wastewater Discharge Standard"[102] - The company's wastewater treatment capacity is 10,000 tons per day, utilizing biological and Fenton treatment technologies, with treated water further purified through ecological wetlands before discharge[106] - The company invested approximately 250 million yuan in environmental protection projects and pollution control facilities, and paid 567,700 yuan in environmental protection taxes[109] - The company generated about 7.24 million kWh of electricity annually using biogas from wastewater treatment, reducing greenhouse gas emissions by approximately 3,806 tons[109] - The company disclosed 217,300 self-monitoring data points on the national pollution source monitoring information management and sharing platform in 2023[108] - The company's COD (Chemical Oxygen Demand) emission concentration was 38.01 mg/l, with a total emission of 105.37 tons, well below the permitted limit of 132 tons[104] - The company's ammonia nitrogen emission concentration was 1.58 mg/l, with a total emission of 1.77 tons, significantly lower than the permitted limit of 9.9 tons[104] - The company's total nitrogen emission concentration was 13.67 mg/l, with a total emission of 30.61 tons, below the permitted limit of 49.5 tons[104] - The company's total phosphorus emission concentration was 0.45 mg/l, with a total emission of 0.88 tons, below the permitted limit of 1.65 tons[104] - The company's nitrogen oxide emission concentration from natural gas boilers ranged from 74.75 mg/m³ to 79.90 mg/m³, with total emissions well below the permitted limits[105] - Completed the construction of a 200-acre "High Mountain Organic Tea Demonstration Base" in Pingshan County, planting 350,000 tea seedlings in 2023[114] - The company's internal sales efforts in 2023 helped achieve sales of over 14.3 million yuan for products from assisted areas, directly boosting collective economic income in Pingshan County's Yingxiong Village by over 1.9 million yuan[115] - The company donated 2 million yuan to the "Wuliangye Education Fund" to reward and support students and educators in Yibin City[117] - Invested over 9 million yuan in expanding and upgrading village infrastructure, including road construction and maintenance of water, electricity, and internet facilities[118] - Donated 1 million yuan for the construction of the "Wuliangye Torch Square" in Qingping Yi Township to promote cultural activities and rural revitalization[119] - Established "Sichuan Yibin Jiang'an Pras New Materials Co., Ltd." with a registered capital of 50 million yuan, fully owned by the company[121] - The company's domestic accounting firm, Sichuan Huaxin (Group) Accounting Firm, was paid 1.58 million yuan for audit services, with a continuous service period of 23 years[122] - The company continued to appoint Sichuan Huaxin (Group) Accounting Firm as its internal control audit institution for 2023, with a fee of 600,000 yuan[123] - The company's deposit business with its affiliated financial company had a daily maximum deposit limit of

宜宾五粮液股份有限公司2024年第一季度报告 证券代码：000858 证券简称：五粮液 公告编号：2024/第009号 宜宾五粮液股份有限公司 2024 年第一季度报告 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。 重要内容提示: 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记 载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务 信息的真实、准确、完整。 3.第一季度报告是否经审计 □是 否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 本报告期比上年同期增 本报告期 上年同期 减（%） 营业收入（元） 34,832,906,762.77 31,138,862,489.34 11.86% 归属于上市公司股东的净利润（元） 14,045,140,540.62 12,542,086,212.64 11.98% 归属于上市公司股东的扣除非经常性损益的 14,038,69 ...

在中国白酒市场竞争日益激烈的今天，五粮春凭借其独特的酿造工艺、卓越的品质和深厚的品牌文化底 蕴，不仅稳固了自身在白酒市场的地位，更在品牌价值上实现了跨越式的发展。近日，五粮春宣布推出 新品“五粮春·和美”，这一动作不仅进一步强化了五粮春次高端阵营的市场地位，也为其在白酒市场的 未来发展注入了新的活力。 五粮春自1995年上市以来，便以其出类拔萃的酒质和五粮液品牌的强大背书，赢得了消费者的广泛喜 爱。2001年，五粮春的销售额已达到数亿元，显示出其强大的市场潜力和品牌影响力。五粮春并未满足 于已有的成绩，而是不断寻求自我突破和创新。2021年，五粮春回归五粮液浓香酒公司自营体系，形成 了“五粮液次高端核心品牌”的战略定位。这一战略定位不仅提升了五粮春的品牌地位，也为其未来的发 展指明了方向。 ...

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨五粮液（ ） 000858.SZ [五Ta粮b液le_更T新itle报] 告： 2024 再出发，勇攀新高峰 报告要点 [2T0a2b3le年_S以um来m五a粮ry液] 内外部改善，定调营销执行年，以提升五粮液品牌价值为核心，推动价格向 品牌价值合理回归；公司完善团队建设和激励机制，将普五价格提升至千元以上并在 2024 年 减少计划量20%，加强市场管控，加强“和美”营销；组合拳下春节动销良好，批价走出稳中 向上趋势。长期来看，公司产品结构更加完善，利于未来全面发力，分红、大股东等动作积极， ...

3月28日，北上资金净买入A股23.35亿元。 其中，五粮液、科大讯飞、中国中免分别获净买入4.81亿元、3.06亿元、2.82亿元。歌尔股份净卖出额居首，金额为4.32亿元。 ...

食品饮料 | 证券研究报告 — 调整盈利预测 2024年3月28日 000858.SZ 五粮液 买入 淡季普五价格坚挺，未来持续稳健增长可期 原评级：买入 市场价格:人民币 155.22 政策组合拳叠加春节旺销，淡季普五价格表现坚挺。2024年公司加强市场监 管，进一步完善“1+3”产品矩阵，未来持续稳健增长可期。五粮液消费者的基 板 块评级:强于大市 本盘稳固，千元价格带品牌优势突出，维持买入评级。 本报告要点 支撑评级的要点  公司最新信息跟踪  政策组合拳叠加春节旺销，淡季普五价格表现坚挺。3 月五粮液平均批价为 940元，环比年初提升了10-15元左右，我们认为有两个原因。（1）提价缩 股价表现 量、加强管控，政策组合拳促使经销商珍惜在手库存。根据酒业家、云酒头 4% 条等媒体报道，自2024年2月5日起，第八代五粮液出厂价由969元/瓶提 升至 1019 元/瓶，此次经销商打款可在规定时间节点前按照原价打款，最高 (3%) 可执行年度计划的80%，且新的年度合同规定第八代五粮液对传统渠道适当 (11%) 缩量。近期，公司对电商的低价货进行了查处，并鼓励商家回收渠道低价货 (18%) 源。（2）主 ...

证券研究报告 | 公司动态点评 2024 年 03月 22日 五粮液（000858.SZ） 积极变化正在累积，持续关注动作落地 财务指标 2021A 2022A 2023E 2024E 2025E 买入（维持评级） 营业收入（百万元） 66,209 73,969 82,697 93,282 104,942 股票信息 增长率yoy（%） 15.5 11.7 11.8 12.8 12.5 归母净利润（百万元） 23,377 26,691 29,661 34,073 38,835 行业 食品饮料 增长率yoy（%） 17.2 14.2 11.1 14.9 14.0 2024年3月22日收盘价（元） 153.43 ROE（%） 24.2 24.0 23.4 23.0 22.1 总市值（百万元） 595,555.12 EPS最新摊薄（元） 6.02 6.88 7.64 8.78 10.00 流通市值（百万元） 595,542.52 P/E（倍） 25.5 22.3 20.1 17.5 15.3 总股本（百万股） 3,881.61 P/B（倍） 6.0 5.2 4.6 4.0 3.4 流通股本（百万股） 3,881.53 ...

[Table_Title] 证券研究报告 改革信号显著，定调“营销执行年” 公司研究 [Table_ReportDate] 2024年03月25日 [Table_ReportType] 点评报告 [T事ab件le：_ 2S 0u 2mm 4a年ry] 3 月19日，五粮液在成都召开经销商大会，会议传递出积极 [T五ab粮le液_S to(c0k0A0n8d5R8an.kS]Z ) 改革信号。 投资评级 买入 点评： 上次评级 买入 ➢ 正视市场问题，加强营销作风。过去两年，面对大环境的波动影响，八 代五粮液的市场批价表现疲软，渠道利润呈压缩趋势。本次会议，公司 [T马ab铮le _ A u t食ho品r]饮 料行业首席分析师 总经理蒋文格深刻分析了五粮液在市场动销、价格提升、品牌宣传等方 执业编号：S1500520110001 面的发展现状，强调优化计划配置、理顺渠道体系、创新增长方式、提 邮 箱： mazheng@cindasc.com 高传播效率、强化战术执行，解决当前的市场痛点问题，传递出积极改 革信号。从品牌力角度来说，我们认为五粮液具有明显优势，即便过去 的团队执行总有偏差，但经过多个旺季的检验，八 ...

证券研究报告 | 2024年03月21日 五粮液（000858.SZ） 买入 提价初显成效，建议重点配置  公司研究·公司快评  食品饮料·白酒Ⅱ  投资评级：买入（维持评级） 证券分析师： 张向伟 021-60933131 zhangxiangwei@guosen.com.cn 执证编码：S0980523090001 证券分析师： 李文华 021-60375461 liwenhua2@guosen.com.cn 执证编码：S0980523070002 联系人： 张未艾 021-61761031 zhangweiai@guosen.com.cn 事项： 近期我们参加了第110届成都春季糖酒会，白酒行业整体反馈平稳，渠道经营信心在市场低预期下修复。 其中五粮液表现较为亮眼：普五淡季批价走势向好，经销商信心提振，市场秩序得到改善。公司定义2024 年为“营销执行年”，产品布局、渠道运作更加清晰。我们认为公司近年来多方位改革已进入“质变”阶 段，调入我们重点推荐组合。 国信食饮观点：1）普五提价效果初显，淡季批价温和上涨，经销商信心提振，厂商关系得到改善；2）五 粮液主品牌“1+3”产品矩阵进一步丰富，侧翼产 ...