Investment Rating - The report maintains a "Buy" rating for the company with a target price of 112.48 CNY, based on a current price of 98.44 CNY [8]. Core Insights - The company's revenue and profit figures for 2023 and Q1 2024 are in line with expectations, with revenues of 331.26 billion CNY and 162.55 billion CNY, representing year-on-year growth of 10.04% and 8.03% respectively. The net profit attributable to shareholders was 100.16 billion CNY and 60.55 billion CNY, with year-on-year growth of 6.80% and 5.02% respectively [2][3]. - The growth rate of mid-to-high-end liquor has slowed in the short term, with revenue from mid-to-high-end liquor and ordinary liquor reaching 285.39 billion CNY and 39.50 billion CNY, reflecting year-on-year growth of 8.82% and 20.70% respectively. Revenue growth in provinces outside the home province outpaced that within the home province [4]. - Increased sales expenses have put short-term pressure on profitability, with a gross margin of 75.25% in 2023, up 0.65 percentage points year-on-year, while the net profit margin decreased by 0.91 percentage points to 30.24% [5]. - The company is projected to achieve revenues of 360.76 billion CNY, 387.61 billion CNY, and 412.66 billion CNY from 2024 to 2026, with corresponding growth rates of 8.91%, 7.44%, and 6.46%. Net profits are expected to be 105.88 billion CNY, 116.08 billion CNY, and 126.29 billion CNY, with growth rates of 5.71%, 9.63%, and 8.80% respectively [6][7]. Financial Summary - In 2023, the company reported total revenue of 331.26 billion CNY, with a growth rate of 10.04%. The net profit attributable to shareholders was 100.16 billion CNY, with a growth rate of 6.80% [3][7]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 7.03 CNY, 7.71 CNY, and 8.38 CNY respectively, with a three-year compound annual growth rate (CAGR) of 8.03% [6][7]. - The company's financial metrics indicate a price-to-earnings (P/E) ratio of 16.1 in 2023, expected to decrease to 14.2 by 2024, and a price-to-book (P/B) ratio of 3.2 in 2023, projected to decline to 2.6 by 2024 [7].

证券代码：002304 证券简称：洋河股份 公告编号：2024-023 江苏洋河酒厂股份有限公司 关于举行2023年度业绩网上说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 江苏洋河酒厂股份有限公司（以下简称"公司"）定于 2024 年 5 月 13 日（星期一）15:00-17:00 在全景网举办 2023 年度业绩说明会，本次年度 业绩说明会将采用网络远程的方式举行，投资者可登陆全景网"投资者关 系互动平台"（https://ir.p5w.net）参与本次年度业绩说明会。 出席本次说明会的人员有：公司董事长张联东先生，副董事长、总 裁钟雨先生，独立董事路国平先生，副总裁、财务负责人尹秋明先生， 董事会秘书陆红珍女士。 为充分尊重投资者、提升交流的针对性，现就公司 2023 年度业绩说 明会提前向投资者公开征集问题，广泛听取投资者的意见和建议。投资 者可于 2024 年 5 月 12 日 15:00 前访问 https://ir.p5w.net/zj/，或扫描下方 二维码，进入问题征集专题页面。公司将在 2023 年度业绩说明会上，对 投资者普 ...

证券研究报告 | 2024年05月05日 洋河股份（002304.SZ） 买入 2023 年分红率提升，2024 年第一季度经营平稳 核心观点 公司研究·财报点评 2023Q4收入利润阶段承压，2024Q1经营平稳。2023年实现营业总收入331.26 食品饮料·白酒Ⅱ 亿元，同比+10.04%；归母净利润100.16亿元，同比+6.80%。其中，2024Q4 证券分析师：张向伟 证券分析师：李文华 收入28.43亿元，同比-21.51%；归母净利润-1.88亿元，同比-161.28%。 021-60375461 zhangxiangwei@guosen.com.cnliwenhua2@guosen.com.cn 2024Q1收入162.55亿元，同比+8.03%；归母净利润60.55亿元，同比+5.02%。 S0980523090001 S0980523070002 2023年公司分红率进一步提升至70.1%，对应当前股息率约4.66%，估值性 联系人：张未艾 价比凸显。 021-61761031 zhangweiai@guosen.com.cn 产品结构略有压力。分产品看，2023年中高档酒/普通酒收入分 ...

证券研究报告 | 2024年05月05日 洋河股份（002304.SZ） 买入 2023 年分红率提升，2024 年第一季度经营平稳 核心观点 公司研究·财报点评 2023Q4收入利润阶段承压，2024Q1经营平稳。2023年实现营业总收入331.26 食品饮料·白酒Ⅱ 亿元，同比+10.04%；归母净利润100.16亿元，同比+6.80%。其中，2024Q4 证券分析师：张向伟 证券分析师：李文华 收入28.43亿元，同比-21.51%；归母净利润-1.88亿元，同比-161.28%。 021-60375461 zhangxiangwei@guosen.com.cnliwenhua2@guosen.com.cn 2024Q1收入162.55亿元，同比+8.03%；归母净利润60.55亿元，同比+5.02%。 S0980523090001 S0980523070002 2023年公司分红率进一步提升至70.1%，对应当前股息率约4.66%，估值性 联系人：张未艾 价比凸显。 021-61761031 zhangweiai@guosen.com.cn 产品结构略有压力。分产品看，2023年中高档酒/普通酒收入分 ...

[Table_StockInfo] 买入 2024年 04月 29日 （维持） 证券研究报告•23年年报和 24年一季报点评 当前价： 95.86元 洋河股份（002304） 食品饮料 目标价： ——元（6个月） 分红率进一步提升，省外增长较为稳健 投资要点 西南证券研究发展中心 [T ab事le件_S：u公m司ma发ry布] 2023年年报和2024年一季报，2023年实现营业总收入331.3 [分Ta析bl师e_：Au朱th会or振] 亿元，同比+10.0%，实现归母净利润100.2亿元，同比+6.8%；2024年一季度 执业证号：S1250513110001 实现营业总收入 162.6亿元，同比+8.0%，实现归母净利润 60.6亿元，同比增 电话：023-63786049 长 5.0%，业绩略低于市场预期。2023年每 10股派发现金红利46.6元(含税)， 邮箱：zhz@swsc.com.cn 股利支付率提升10.0个百分点至70.1%；2024年营业收入增长目标为5%-10%。 分析师：王书龙  中高档略承压，省外增长稳健。2023 年：1、分产品结构看，中高档酒、普通 执业证号：S12505 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][7] Core Views - The company has demonstrated steady growth in performance, with a significant increase in dividend payout ratio, proposing a dividend of 7.02 billion (including tax) for 2023, which is 70% of net profit, up from 60% in 2022 [2][3] - The company achieved a revenue of 33.126 billion in 2023, a year-on-year increase of 10.04%, and a net profit of 10.016 billion, up 6.80% year-on-year [3][6] - The company is expected to continue its upward trend, targeting a revenue growth of 5%-10% in 2024, supported by a recovery in consumption scenarios [5][6] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 33.126 billion, with a year-on-year growth of 10.04%, and a net profit of 10.016 billion, reflecting a growth of 6.80% [3][6] - For Q1 2024, the company achieved a revenue of 16.255 billion, up 8.03% year-on-year, and a net profit of 6.055 billion, an increase of 5.02% [3][6] - The gross margin remained stable at 75.25%, with a slight decrease in net margin to 30.25% due to increased marketing and tax expenses [2][5] Product and Market Analysis - The company’s mid-to-high-end liquor products generated revenues of 28.539 billion and 3.950 billion respectively in 2023, with year-on-year growth of 8.82% and 20.70% [2][3] - The company’s revenue from domestic and foreign markets was 14.393 billion and 18.096 billion respectively, with growth rates of 8.05% and 11.85% [2][3] - The company is focusing on product structure upgrades and has resolved key issues related to management and organizational adjustments [5][6] Future Outlook - The company aims for revenue projections of 35.246 billion, 38.189 billion, and 41.531 billion for 2024, 2025, and 2026 respectively, with corresponding net profits of 10.695 billion, 11.610 billion, and 12.629 billion [6][7] - The report emphasizes the company's strong brand and channel presence, which supports its competitive edge in the high-end and sub-high-end market segments [5][6]

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - In 2023, the company achieved total revenue of 33.126 billion yuan, a year-on-year increase of 10.04%, and a net profit attributable to the parent company of 10.016 billion yuan, up 6.80% year-on-year. The proposed cash dividend for 2023 is 46.6 yuan per 10 shares (including tax) [2][3]. - The company experienced a decline in Q4 2023 revenue, attributed to inventory digestion before the peak season, but Q1 2024 showed a stable start with a revenue increase of 8.03% year-on-year [2][3]. - The company aims for a revenue growth target of 5%-10% for 2024, with an increased dividend payout ratio of 70% [3][4]. Summary by Sections Financial Performance - In 2023, the company's revenue from mid-to-high-end liquor was 28.539 billion yuan, growing 8.82% year-on-year, while ordinary liquor revenue was 3.950 billion yuan, increasing by 20.70% [2]. - The company reported a Q4 2023 revenue of 2.843 billion yuan, a decrease of 21.51% year-on-year, and a net profit of -188 million yuan, down 161.28% year-on-year [2]. - For Q1 2024, total revenue reached 16.255 billion yuan, up 8.03% year-on-year, with a net profit of 6.055 billion yuan, an increase of 5.02% [2]. Profitability and Cash Flow - The gross profit margin for Q4 2023 was 69.62%, while Q1 2024 saw a margin of 76.03%, indicating relative stability in profitability [3]. - The company reported a total cash collection of 22.218 billion yuan for 2023 and Q1 2024, a year-on-year increase of 13.05%, with a net operating cash flow of 6.637 billion yuan, up 10.49% [3]. Future Projections - The company has revised its net profit forecasts for 2024 and 2025 to 10.75 billion yuan and 11.84 billion yuan, respectively, reflecting a downward adjustment of 11% and 15% from previous estimates [3][4]. - The earnings per share (EPS) are projected to be 7.14 yuan for 2024, 7.86 yuan for 2025, and 8.59 yuan for 2026, with corresponding price-to-earnings (P/E) ratios of 13, 12, and 11 times [3][4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 33.126 billion yuan in 2023, representing a year-on-year growth of 10.04%, and a net profit of 10.016 billion yuan, with a year-on-year increase of 6.80% [4] - In Q1 2024, the company achieved a revenue of 16.255 billion yuan, an increase of 8.03% year-on-year, and a net profit of 6.055 billion yuan, up by 5.02% year-on-year [4] - The company maintains a stable gross margin of 75.25% in 2023, with a slight increase in market expenses due to digital transformation and promotional activities [5] - The company plans to increase its dividend payout to 4.66 yuan per share, resulting in a dividend rate of 70%, which is a significant increase from the previous five-year average of around 60% [5] - The revenue forecast for 2024-2026 is adjusted to 35.901 billion, 38.738 billion, and 41.527 billion yuan respectively, with expected growth rates of 8%, 8%, and 7% [5] Summary by Relevant Sections Financial Performance - Total revenue for 2022 was 30.105 billion yuan, with a growth rate of 18.76% [4] - The net profit for 2022 was 9.378 billion yuan, with a growth rate of 24.91% [4] - The earnings per share (EPS) for 2022 was 6.23 yuan [4] Profitability Metrics - The company’s net asset return rate for 2023 is 19.28% [4] - The price-to-earnings (P/E) ratio for 2023 is 14.30 [4] - The price-to-book (P/B) ratio for 2023 is 2.76 [4] Market Position - The company has a solid market position with a diversified product portfolio, including high-end and regular liquor, which showed revenue growth of 8.82% and 20.70% respectively in 2023 [5] - The company’s cash flow per share for 2023 is 4.07 yuan, indicating strong cash generation capabilities [4]

洋河股份：基本盘稳固，分红受益提升 洋河股份（002304.SZ）/食 证券研究报告/公司点评 2024年5月1日 品饮料 [Table_Industry] [评Ta级bl：e_买Tit入le（] 维持） [公Ta司bl盈e_利Fin预an测ce及1] 估值 市场价格：95.07元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 30,105 33,126 35,901 38,738 41,527 分析师：范劲松 增长率yoy% 18.76% 10.04% 8.38% 7.90% 7.20% 执业证书编号：S0740517030001 净利润（百万元） 9,378 10,016 10,884 11,828 12,804 电话：021-20315138 增长率yoy% 24.91% 6.80% 8.67% 8.67% 8.25% 每股收益（元） 6.23 6.65 7.23 7.85 8.50 Email：fanjs@zts.com.cn 每股现金流量 2.42 4.07 6.17 10.00 6.87 分析师：何长天 净资产收益率 19.75% 19.28% 19.76% ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2][5]. Core Views - The company has achieved stable revenue growth, with a 2023 revenue of 33.126 billion yuan, representing a year-on-year increase of 10.04%. The net profit attributable to shareholders was 10.016 billion yuan, up 6.80% year-on-year [5]. - For Q1 2024, the company reported revenue of 16.255 billion yuan, a year-on-year increase of 8.03%, and a net profit of 6.055 billion yuan, up 5.02% year-on-year. The revenue performance was slightly below expectations, and the structural upgrade has slowed down [5]. - The company aims for a revenue growth of 5%-10% in 2024, with a dividend payout ratio expected to increase to 70%, resulting in a dividend yield of 5% [5]. Revenue and Profitability - The company's revenue from high-end and ordinary liquor in 2023 was 28.539 billion yuan and 3.950 billion yuan, respectively, with year-on-year growth of 8.82% and 20.70% [6]. - The sales volume and price per ton in 2023 decreased by 14.93% and increased by 29.78%, respectively, mainly due to changes in the product structure of ordinary liquor [6]. - The gross profit margin for 2023 was 75.25%, an increase of 0.64 percentage points year-on-year, while the net profit margin decreased by 0.94 percentage points to 30.25% [8]. Market Competition - Revenue from the company's domestic market was 14.393 billion yuan, up 8.05% year-on-year, while revenue from outside the province was 18.096 billion yuan, up 11.85% year-on-year. The slowdown in domestic growth is attributed to the high proportion of the Dream 6+ product, which has been significantly affected by intensified competition [7]. Financial Forecasts - The company forecasts net profits of 11.1 billion yuan, 12.49 billion yuan, and 14.1 billion yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth of 10.8%, 12.5%, and 12.9% [5][9]. - The earnings per share (EPS) are projected to be 7.37 yuan, 8.29 yuan, and 9.36 yuan for the same years, with corresponding price-to-earnings (P/E) ratios of 13.0, 11.6, and 10.2 times [5][9].