公司经 2024 年 4 月 24 日第五届董事会第十五次会议及 2024 年 5 月 28 日 2023 年度股东大会审议通过了《关于公司未来十二个月对外担保额度的议案》， 拟对子公司以及子公司之间预计提供总计不超过 20 亿元人民币的担保额度，担 保额度的有效期为股东大会审议通过之日起十二个月内；其中预计为全资子公司 锐澳营销银行融资业务提供担保，担保金额不超过人民币 8 亿元。 为提高工作效率，保证业务办理手续的及时性，该议案经股东大会审议通过 后，董事会授权董事长刘晓东先生或其授权人在严格遵守国家法律、行政法规、 部门规章、规范性文件以及深圳证券交易所规定的前提下，全权代表公司审核并 签署上述担保额度内的相关合同及文件。 债券代码：127046 债券简称：百润转债 证券代码：002568 证券简称：百润股份 公告编号：2024-072 上海百润投资控股集团股份有限公司 关于为全资子公司提供担保额度的进展公告 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。 一、担保事项概述 （一）担保情况概述 上海百润投资控股集团股份有限公司（以下简称"公司"）之全资子 ...

股票交易异常波动公告 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。 一、股票交易异常波动的情况介绍 百润股份（002568）股票于 2024 年 11 月 1 日、11 月 4 日连续二个交易日 收盘价格涨幅偏离值累计达到 20%以上，根据《深圳证券交易所股票上市规则》 的有关规定，属于股票交易异常波动。 二、公司关注并核实的情况 债券代码：127046 债券简称：百润转债 证券代码：002568 证券简称：百润股份 公告编号：2024-071 上海百润投资控股集团股份有限公司 - 1 - 经本公司自查、征询本公司控股股东和实际控制人，现就有关情况说明如下： 1．公司于 2024 年 10 月 30 日召开第六届董事会第二次会议，审议通过了 《关于公司<2024 年第三季度报告>的议案》《关于使用部分闲置募集资金进行现 金管理的议案》《关于公司内部业务架构调整的议案》。具体内容详见公司于 2024 年 10 月 31 日登载于《证券时报》《上海证券报》《证券日报》《中国证券报》和 巨潮资讯网（www.cninfo.com.cn）的相关公告。 2．经核查，公司 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company's performance slightly underperformed market expectations, with a focus on ready-to-drink cocktails and whiskey contributing to potential excess returns in the medium to long term [2]. - The target price has been raised to 29.90 yuan from the previous 22.50 yuan, reflecting a valuation premium due to the company's growth potential [2][3]. Financial Performance Summary - For Q3 2024, the company reported revenue of 2.386 billion yuan, a year-on-year decrease of 2.88%, and a net profit attributable to shareholders of 574 million yuan, down 13.67% year-on-year [2]. - The Q3 single-quarter revenue was 758 million yuan, a decline of 5.95% year-on-year, with net profit at 172 million yuan, down 24.01% year-on-year [2]. - The gross margin for Q3 2024 was 70.18%, an increase of 0.75 percentage points year-on-year, attributed to product mix optimization [2]. - The net profit margin was 22.67%, a decrease of 5.39 percentage points year-on-year, primarily due to increased expense ratios [2]. Product Development and Market Strategy - The company has established a product matrix for ready-to-drink cocktails, covering a wide consumer base, and anticipates continued growth in this segment [2]. - The company plans to launch its first domestic whiskey product in mid-November, aiming to tap into the growing demand for personalized drinking experiences among younger consumers [2].

Investment Rating - The report maintains a "Buy" recommendation for the company [4]. Core Views - The company reported a Q3 2024 revenue of 758 million yuan, a year-on-year decrease of 5.9%, and a net profit attributable to shareholders of 172 million yuan, down 23.9% year-on-year [1]. - The ready-to-drink cocktail business showed resilience with Q3 revenue of 671 million yuan, a decline of 6.6% year-on-year. Despite a general downturn in beer sales, the company's product sales demonstrated relative strength due to brand loyalty, a focus on non-immediate consumption channels, and a strong product structure [1][2]. - The company is actively expanding its marketing efforts, with a Q3 net profit margin of 22.7%, down 5.4 percentage points year-on-year. The gross margin increased by 1.3 percentage points year-on-year, although the growth rate was lower than in the first half of the year [1]. - The company is set to launch its whiskey brand in November, indicating an expansion of its product portfolio [2]. Financial Summary - The company forecasts revenues of 3,263.89 million yuan for 2023, with a projected decline to 3,218.40 million yuan in 2024, followed by growth to 3,621.81 million yuan in 2025 and 4,176.00 million yuan in 2026 [3]. - The net profit attributable to shareholders is expected to decrease from 809.42 million yuan in 2023 to 742.02 million yuan in 2024, before increasing to 900.03 million yuan in 2025 and 1,050.44 million yuan in 2026 [3]. - The earnings per share (EPS) are projected to be 0.77 yuan in 2023, decreasing to 0.71 yuan in 2024, and then increasing to 0.86 yuan in 2025 and 1.00 yuan in 2026 [3].

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The report indicates that the sales of pre-mixed cocktails are under pressure, but there is an expectation for gradual improvement in performance [1] - The company has slightly adjusted its profit forecasts for 2024-2026 due to the pressure on pre-mixed cocktail sales, with projected net profits of 750 million, 860 million, and 1 billion yuan for the respective years, reflecting year-on-year changes of -7.3%, +15.0%, and +15.5% [3][4] - The company plans to launch new whiskey products in the fourth quarter, which is expected to create a new growth curve [3] Financial Performance Summary - For the first three quarters of 2024, the company reported operating revenue of 2.39 billion yuan, a decrease of 2.9% year-on-year, and a net profit attributable to shareholders of 570 million yuan, down 13.7% year-on-year [3] - In Q3 2024, the operating revenue was 760 million yuan, a decline of 6.0% year-on-year, and the net profit was 170 million yuan, down 24.0% year-on-year [3] - The gross margin improved to 70.18% in Q3 2024, an increase of 1.34 percentage points year-on-year, primarily due to lower costs and changes in product mix [3] Sales and Product Performance - The revenue from pre-mixed cocktails for the first three quarters was 2.1 billion yuan, a decrease of 3.1% year-on-year, with Q3 revenue at 670 million yuan, down 6.6% year-on-year [3] - The company is focusing on promotional activities and inventory reduction in response to weak consumer demand [3] - The sales of the "Refreshing" product line are expected to maintain high growth due to its cost-effectiveness in lower-tier markets [3] Financial Metrics and Projections - The projected earnings per share (EPS) for 2024-2026 are 0.72 yuan, 0.82 yuan, and 0.95 yuan, with corresponding price-to-earnings (P/E) ratios of 29.5, 25.7, and 22.2 [3][4] - The company’s total market capitalization is approximately 24.36 billion yuan, with a circulating market capitalization of about 16.63 billion yuan [1]

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company reported a revenue of 2.39 billion yuan for the first three quarters of 2024, a year-on-year decrease of 2.9%, and a net profit attributable to shareholders of 570 million yuan, down 13.7% year-on-year [1]. - The pre-mixed beverage segment is under pressure due to high base effects, weak consumer spending, and intense competition at the retail level, while the flavoring and other segments showed stable performance [1][2]. - The gross margin improved by 1.3 percentage points year-on-year to 70.2% in Q3 2024, attributed to product mix improvements [2]. - The company is expected to increase channel and terminal investments in Q4 2024, which may help improve sales of pre-mixed beverages due to a significantly lower base and the upcoming Spring Festival stocking season [2]. Financial Summary - For Q3 2024, the company achieved a revenue of 760 million yuan, a decrease of 6.0% year-on-year, and a net profit of 170 million yuan, down 24.0% year-on-year [1]. - The company’s net profit margin for Q3 2024 decreased by 5.4 percentage points to 22.7%, while the net profit margin for the first three quarters decreased by 3.1 percentage points to 23.9% [2]. - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 740 million, 860 million, and 960 million yuan, respectively, reflecting a year-on-year decrease of 8.6% in 2024, followed by increases of 15.6% and 12.6% in the subsequent years [3][4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5][7]. Core Insights - The company reported a revenue of 758 million yuan in Q3 2024, a year-on-year decrease of 5.95%, and a net profit attributable to shareholders of 172 million yuan, down 24.01% year-on-year. The pre-mixed cocktail segment generated 671 million yuan in revenue, reflecting a decline of 6.58% due to weak terminal demand and a high base from the previous year. The company maintains a leading position in the pre-mixed cocktail market and has significant advantages in whiskey production capacity and reserves. The launch of new products in Q4 is expected to drive growth [3][7]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 2.386 billion yuan, a decrease of 2.88% year-on-year, and a net profit of 574 million yuan, down 13.67% year-on-year. The gross margin for Q3 2024 was 70.18%, an increase of 1.33 percentage points year-on-year, attributed to reduced commercial discounts and lower raw material costs. However, the operating expense ratio increased to 33.46%, up 4.18 percentage points year-on-year, leading to a net profit margin of 22.67%, down 5.39 percentage points year-on-year [7][8]. Future Outlook - The company is strategically positioned in the whiskey market, which is small but growing rapidly in China. The company has been developing its liquor business since 2017, with advantages in production capacity and advanced facilities. The launch of whiskey products in Q4 2024 is anticipated to contribute positively to revenue growth. The projected revenues for 2024-2026 are 3.204 billion yuan, 3.537 billion yuan, and 3.867 billion yuan, respectively, with corresponding net profits of 720 million yuan, 836 million yuan, and 924 million yuan [7][8].

证 券 研 报 公 司 研 2024 年 11 月 02 日 究 | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][7][13] Core Views - The pre-mixed beverage business is under pressure, but the whisky segment is expected to drive future growth. The company has been enhancing its product matrix and marketing strategies to adapt to market changes [5][6][7] - The company reported a revenue of 2.386 billion yuan for the first three quarters of 2024, a year-on-year decrease of 2.88%, with a net profit of 574 million yuan, down 13.67% year-on-year [4][5] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 758 million yuan, a decline of 5.95% year-on-year, and a net profit of 172 million yuan, down 24.01% year-on-year [4][5] - The gross margin increased by 3.25 percentage points to 70.11%, attributed to a decrease in raw material costs [6] - The company’s operating expenses increased, impacting the net profit margin, which decreased by 3.06 percentage points to 23.95% [6] Business Segments - The pre-mixed beverage segment generated 2.102 billion yuan in revenue for the first three quarters, a decrease of 3.13% year-on-year, but showed signs of recovery in Q3 with a revenue of 671 million yuan, up 6.58% year-on-year [5] - The company is expanding its whisky product line, which is expected to launch in Q4 2024, potentially becoming a new growth driver [5][6] Market Outlook - The pre-mixed beverage industry has a low penetration rate, and the company maintains a leading market share. The revenue projections for 2024-2026 are 3.276 billion, 3.418 billion, and 3.646 billion yuan, with respective year-on-year growth rates of 0.37%, 4.34%, and 6.67% [7][8] - The net profit forecasts for the same period are 824 million, 878 million, and 950 million yuan, with growth rates of 1.84%, 6.52%, and 8.19% respectively [7][8]

Investment Rating - The investment rating for the company is "Outperform the Market" [2][10] Core Views - The company reported a 6% year-on-year decline in revenue for the third quarter, indicating continued pressure on demand [1] - The pre-mixed liquor business experienced a revenue decline of 6.6% year-on-year, although the rate of decline narrowed compared to the previous quarter [1][4] - The company is enhancing its product matrix in the pre-mixed liquor segment and is optimistic about the growth potential of its liquor business, which is expected to contribute to revenue starting in 2025 [6][7] Financial Performance Summary - For the first three quarters of 2024, the company achieved total revenue of 2.386 billion yuan, a decrease of 2.88% year-on-year, and a net profit attributable to shareholders of 574 million yuan, down 13.67% year-on-year [1][4] - In the third quarter alone, total revenue was 758 million yuan, down 5.95% year-on-year, with a net profit of 172 million yuan, reflecting a 24.01% decline [1][4] - The gross profit margin improved by 1.3 percentage points year-on-year, attributed to lower raw material prices and changes in product structure [5] Revenue and Profit Forecast - The company has adjusted its revenue forecasts for 2024-2026, now expecting revenues of 3.192 billion, 3.578 billion, and 3.937 billion yuan respectively, with year-on-year changes of -2.2%, +12.1%, and +10.0% [7][9] - The net profit forecasts for the same period are 773 million, 864 million, and 963 million yuan, with year-on-year changes of -4.5%, +11.7%, and +11.4% [7][9] - The earnings per share (EPS) are projected to be 0.74, 0.82, and 0.92 yuan for 2024, 2025, and 2026 respectively [7][9]