HeadertTabl e_Address 东方证券研究所 地址： 上海市中山南路 318 号东方国际金融广场 26 楼 网址： www.dfzq.com.cn 5 电话： 021-63325888 传真： 021-63326786 HeadertTabl e_Discl ai mer 免责声明 在任何情况下，本公司不对任何人因使用本报告中的任何内容所引致的任何损失负任何责任，投资者自主作 出投资决策并自行承担投资风险，任何形式的分享证券投资收益或者分担证券投资损失的书面或口头承诺均 为无效。 本证券研究报告（以下简称"本报告"）由东方证券股份有限公司（以下简称"本公司"）制作及发布。 本报告仅供本公司的客户使用。本公司不会因接收人收到本报告而视其为本公司的当然客户。本报告的全体 接收人应当采取必要措施防止本报告被转发给他人。 本报告是基于本公司认为可靠的且目前已公开的信息撰写，本公司力求但不保证该信息的准确性和完整性， 客户也不应该认为该信息是准确和完整的。同时，本公司不保证文中观点或陈述不会发生任何变更，在不同 时期，本公司可发出与本报告所载资料、意见及推测不一致的证券研究报告。本公司会适时更新我们的研 ...

华福证券 白酒Ⅲ 2024 年 07 月 14 日 顺鑫农业（000860.SZ） 半年度业绩预告点评：稳市场，强基础，24H1 扭亏为盈 事件： 白酒业务方面，公司围绕"稳市场，强基础，促改革，谋发展" 的总要求，紧抓重点市场建设，不断推动营销创新，白酒业务保持稳 定。公司 24 年持续打造以白牛二和金标为核心的光瓶酒"双轮驱动" 战略，稳定陈酿塔基基本盘，为产品结构升级提供基本盘支持；同时， 强化金标市场营销，通过"金标牛烟火气餐厅榜"第二季系列活动， 扩大金标牛营销成果。7 月 11 日，第二季第四站"金标牛烟火气餐厅 榜"入围颁奖典礼在沈阳举行，沈阳成为长沙、武汉、青岛后的第四 个发榜城市。 此外，公司 6 月 27 日举行了魁盛号·北京礼遇新品发布会，新品 酒体以特级陈年清香老酒为基础，承袭了牛栏山酒厂前身四家著名老 烧锅之一的魁盛号之名，是魁盛号系列产品中第三款，是公司目前较 为高端的鉴赏级产品，符合公司 24 年发挥北京市场引领作用的战略方 生猪行业压力下降，公司猪肉业务减亏。 证 券 研 究 报 告 公司作为大众酒龙头，白酒业务表现稳定，猪肉业务减亏，此前 持续拖累公司盈利表现的地产业务现已不 ...

Investment Rating - The report maintains a "Buy" rating for Shunxin Agriculture (000860.SZ) [2] Core Views - The company is expected to achieve a net profit attributable to shareholders of 330 to 480 million yuan in the first half of 2024, a significant turnaround from a loss of 80.97 million yuan in the same period last year [5][6] - The second quarter of 2024 is projected to have a net profit ranging from -120 million to 29.42 million yuan, compared to a loss of 410 million yuan in the previous year, indicating a substantial reduction in losses [5][6] - The company is focusing on market development and marketing innovation, maintaining stability in its liquor business while reducing losses in its pork business due to a recovery in the pig industry [6] Financial Projections - Expected revenue for 2024-2026 is projected at 10.86 billion, 11.92 billion, and 13.01 billion yuan, with year-on-year growth rates of 2.5%, 9.8%, and 9.1% respectively [7] - The net profit attributable to shareholders is forecasted to be 630 million, 800 million, and 970 million yuan for 2024-2026, with year-on-year growth rates of 311.8%, 27.8%, and 20.9% respectively [7] - The company aims to improve its profitability through a "dual-wheel drive" strategy focusing on product segmentation and enhancing brand recognition [8]

Investment Rating - The report initiates coverage with an "Outperform" rating for the company, indicating a positive outlook for its performance in the market [10]. Core Viewpoints - The company operates in a rapidly growing market for light bottle liquor, which is projected to exceed 150 billion yuan by 2024, with a compound annual growth rate (CAGR) of 14.3% from 2016 to 2021 [5][26]. - The company is recognized as a leader in the low-end liquor sector, with a strong focus on product upgrades and market expansion [10][44]. - The company has a comprehensive meat industry chain, which helps mitigate the impact of price fluctuations in the pork market [10][44]. Summary by Sections Light Bottle Liquor Market - The light bottle liquor market reached 98.8 billion yuan in 2021, growing by 9.3% year-on-year, with future growth expected to be between 15% and 30% [5][26]. - The market is characterized by a fragmented competitive landscape, with the company holding a 14% market share in 2020, making it the absolute leader [5][33]. - The implementation of new national standards in June 2022 is anticipated to accelerate industry consolidation [5][34]. Product Strategy and Upgrades - The company's flagship product, "Bai Niu Er," achieved sales of 246,400 kiloliters in 2023, accounting for 67.2% of total sales [10][58]. - The company plans to launch new products and increase prices for existing ones, which is expected to enhance profit margins [5][44]. - The company aims to position its new product, "Jin Biao Chen Nian," as the leading light bottle liquor in the 30-40 yuan price range, targeting sales of 15 million boxes by 2025 [5][44]. Market Expansion - The company is focusing on deepening its market presence in Beijing while expanding into other provinces through a strong distribution network [5][44]. - The proportion of revenue from outside Beijing has increased from 32.4% in 2015 to 59.2% in 2023, indicating successful market penetration [5][44]. Financial Performance and Forecast - The company forecasts revenues of 10.83 billion yuan, 11.92 billion yuan, and 12.99 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 2.3%, 10.0%, and 9.0% [10][11]. - The projected net profit for 2024 is 521 million yuan, with earnings per share (EPS) expected to reach 0.70 yuan [10][11]. - The company is valued at a price-to-earnings (PE) ratio of 22 times for its liquor business, leading to a target price of 23.39 yuan for 2024 [10][11].

Financial Performance - The company expects a net profit of between 33 million and 48 million yuan for the first half of 2024, compared to a loss of 8.1 million yuan in the same period last year[4]. - The net profit attributable to shareholders is projected to be positive, indicating a turnaround from previous losses[1]. - The basic earnings per share are estimated to be between 0.4449 yuan and 0.6471 yuan, compared to a loss of 0.1092 yuan per share last year[4]. Business Focus and Operations - The company has focused on its core businesses of liquor and pork, with improvements noted in both sectors during the reporting period[1]. - The pork segment has seen a reduction in losses compared to the same period last year, benefiting from industry recovery[1]. - The company has implemented cost reduction and efficiency enhancement measures in its operations[1]. Financial Reporting and Compliance - The real estate development subsidiary has been excluded from the consolidated financial statements, impacting overall financial results[1]. - The company emphasizes strict compliance with legal and regulatory requirements for information disclosure[3]. - The financial data presented is preliminary and subject to further verification by registered accountants[4]. Investment Risks - Investors are advised to pay attention to investment risks associated with the company's performance[1].

图目录 | --- | --- | --- | |-------|---------------------------------------------------------------------------------------------------------------------|-------| | | | | | 图 1 | 光瓶酒行业市场规模及同比增速 | | | 图 2 | 居民人均可支配收入 | | | 图 3 | 19 年光瓶滴消费人群结构 | | | 图 4 | 20 年光瓶酒市场竞争格局 | | | 图 5 | 分价格带主要产品（电商零售到手价）. | | | 图 6 | 公司 历史沿革 | | | 图 7 | 公司 股权结构（截至 2024/3/31） | | | 图 8 | 2017 年以来公司收入及同比增速 | | | 图 9 | | | | | 2017 年以来公司归母净利及同比增速 | | | 图 10 | 2017 年以来公司毛利率、净利率、ROE | | | 图 11 | 2017 年以来公司销售、管理、研发、财务费用率 | | | 图 12 | 2023 年 ...

公司董事会对李秋生先生担任总经理期间恪尽职守、勤勉尽责的工作及为公 司发展做出的积极贡献表示衷心的感谢。 公司将依据法定程序尽快增补新的总经理人选及完成总经理聘任的相关工 作。为保证公司相关工作顺利开展，公司在未聘任新的总经理期间，由公司董事 长李颖林先生代行总经理职责，直至公司聘任总经理为止。 特此公告。 证券代码：000860 证券简称：顺鑫农业 公告编号：2024-018 北京顺鑫农业股份有限公司 关于总经理辞职及董事长代行总经理职务的公告 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。 北京顺鑫农业股份有限公司（以下简称"公司"）董事会于近日收到公司总 经理李秋生先生提交的书面辞职报告，李秋生先生因工作调整原因申请辞去公司 总经理职务。根据《公司法》《公司章程》及《深圳证券交易所上市公司自律监 管指引第 1 号——主板上市公司规范运作》等有关规定，李秋生先生的辞职报告 自送达公司董事会时生效。李秋生先生辞去总经理职务后仍然担任公司董事及董 事会提名委员会、战略与投资委员会委员。 李秋生先生辞去总经理职务不会对公司的正常生产经营产生影响。截至本公 告披露 ...

北京顺鑫农业股份有限公司 2023 年年度股东大会会议决议公告 北京顺鑫农业股份有限公司 2023 年年度股东大会会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 1、本次股东大会未出现否决提案的情形； 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 证券代码：000860 证券简称：顺鑫农业 公告编号：2024-017 1、会议召开时间 现场会议召开时间：2024 年 5 月 20 日（星期一）下午 2:30 网络投票时间：2024 年 5 月 20 日 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为2024年5月 20日上午9:15-9:25，9:30-11:30，下午13:00—15:00；通过深圳证券交易所互联网 投票的具体时间为2024年5月20日9:15至15:00期间的任意时间。 2、现场会议召开地点：北京市顺义区站前街 1 号院 1 号楼顺鑫国际商务中 心 14 层会议室 3、召开方式：本次股东大会采用现场表决与网络投票相结合的方式召开。 4、召集人：北京顺鑫农 ...

关于北京顺鑫农业股份有限公司 2023 年年度股东大会的法律意见书 致：北京顺鑫农业股份有限公司 北京海润天睿律师事务所 北京海润天睿律师事务所（以下简称"本所"）接受北京顺鑫农业股份有限公 司（以下简称"公司"）的委托，指派张圣怀律师、冯玫律师出席公司 2023 年年 度股东大会。本所律师依据《中华人民共和国公司法》（以下简称"《公司法》"）、 《上市公司股东大会规则》等法律、法规和规范性文件及《公司章程》的规定， 就公司本次股东大会的召集、召开程序、出席会议人员的资格、召集人资格、表 决程序、表决结果等有关事宜出具本法律意见书。 对本法律意见书的出具，本所律师特作如下声明： 1．本所律师仅就本次会议的召集、召开程序、出席会议人员的资格、召集 人资格、表决程序、表决结果发表意见，不对本次会议所审议的议案内容及该等 议案所表述的事实或数据的真实性、准确性和完整性发表意见。 2．本所律师无法对网络投票过程进行见证，参与本次会议网络投票的股东 资格、网络投票结果均由相应的证券交易所交易系统和互联网投票系统予以认证。 3．本所律师已经按照《上市公司股东大会规则》的要求，对公司本次会议 所涉及的相关事项进行了必要的核 ...

Group 1: Business Strategy and Development - The company aims to strengthen its two main businesses: liquor and pork, focusing on product segmentation and enhancing the quality of listed companies [2] - The liquor segment will implement a "dual-wheel drive" strategy centered on the core products "Bai Niu Er" and "Jin Biao" [2] - The pork segment will focus on the front end of the industry chain, including "breeding sales" and "deep processing" to improve operational efficiency [3] Group 2: Market Performance and Sales - In 2023, the sales volume of "42-degree 500ml Niulan Mountain Chenxiang Wine" reached 246,400 liters, accounting for 67.22% of total sales of 366,500 liters [4] - The high-end liquor revenue increased by 45.31% year-on-year in 2023, attributed to a low base in 2022 and the upgrade of several mid- and low-end products to high-end [3] - The overall revenue of the pork segment in 2023 was 2.598 billion yuan, a decrease of 4.59% compared to 2022 [5] Group 3: Financial Performance - In Q1 2024, the company achieved an operating income of 4.057 billion yuan, a year-on-year change of -0.75%, while net profit attributable to shareholders was 451 million yuan, an increase of 37.42% [4] - The liquor segment showed growth in both revenue and net profit, while the pork segment reduced its losses compared to the same period in 2023 [4] Group 4: Shareholder Confidence - The major shareholder, Shunxin Holdings, has increased its stake in the company, acquiring 6,301,500 shares, representing 0.8495% of the total share capital, with an investment of 100.0131 million yuan [5] - This move is aimed at boosting investor confidence and reflects the shareholder's recognition of the company's future development potential [5]