华致酒行 300755.SZ 公司研究 | 动态跟踪 | 即时零售渠道大有可为，华致酒行具备天 | | --- | | 然优势 | 核心观点 盈利预测与投资建议 ⚫ 根据公司 25 年一季报，对 25-26 年下调收入、毛利率。我们预测公司 2025-2027 年 每股收益分别为 0.29、0.50、0.57 元（原预测 25-26 年为 0.81、1.04 元）。我们维 持 FCFF 估值法，得到公司权益价值为 84 亿元，对应目标价 20.14 元，维持买入评 级。 风险提示 供应商合作关系不稳定、经济复苏不及预期、下游渠道管理不当风险。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 10,121 | 9,464 | 9,713 | 10,258 | 10,865 | | 同比增长 (%) | 16.2% | -6.5% | 2.6% | 5.6% | 5.9% | | 营业利润(百万元) | 256 | 87 | 132 | 231 | 26 ...

白酒消费人群结构逐渐年轻化，即时零售渠道大有可为。公务员禁酒令下，商务宴席场景占比降低，亲 友朋友聚会、深夜小酌、露营微醺等场景占比提升，也意味着消费者更注重白酒购买的即时性。此外， 白酒消费人群结构在变化，开始趋向年轻化，甚至部分00 后也开始了解白酒。根据美团闪购数据， 2024 年白酒即时零售交易规模同比增长超100%；其酒水订单配送地点30%为用户就餐的餐饮店，说明 部分消费者已形成餐饮场景即时购酒的习惯。美团闪购白酒用户多数是80/90/95 后，这类消费者对于即 兴、快捷具备明显偏好，未来白酒即时零售渠道大有可为。 风险提示 即时零售对白酒企业数字建设、门店渠道布局提出要求，消费价位带存在升级现象。贵州茅台、泸州老 窖、五粮液、洋河等头部酒企纷纷入局即时零售渠道，或是通过自有门店进行。例如泸州老窖"小时 达"店铺采用"直播+即时零售"模式，后台自动匹配3 公里内形象店进行产品配送。即时零售对于白酒企 业提出几个要求： 供应商合作关系不稳定、经济复苏不及预期、下游渠道管理不当风险。 1、数字化建设能力强大；2、门店布局数量多且区域广泛；3、门店保真。这些要求意味着数字化建设 能力不足的小企业可能被末 ...

证券研究报告 | 行业周报 | 食品饮料 分析师：杨骥 执业证书号：S1230522030003 yangji@stocke.com.cn 龙头白马持续反弹，大众品 Q2 业绩表现分化 ——食饮行业周报（2025 年 7 月第 3 期） 投资要点 食饮观点：新老消费板块轮动延续，以白酒、乳制品为代表的龙头白马本周 继续反弹；大众品 Q2 业绩表现分化，新消费相关标的 Q2 业绩预期此前持续 调整，但依旧实现快速增长，部分标的受制于传统渠道改革，业绩仍在调整 阶段。综合来看，白酒板块我们认为综合头部酒企谨慎假设下的利润底和高 ROE、高分红、高股息可以推算市值底部区间，当前头部酒企股价下行空间 或有限，具备一定配置价值，基于此当前推荐贵州茅台、山西汾酒、泸州老 窖。新消费短期虽有所回调，但长期动力仍在，下半年蓄势后有望卷土重 来，关注股价低位/低估值及后续有催化的潜力标的，当前推荐卫龙美味、 伊利股份、万辰集团；白酒当前推荐贵州茅台、山西汾酒。 白酒板块：茅台将全力完成年度既定目标，白酒板块当前仍处低位，关注低 位下板块轮动的反弹机会，优选品牌势能较强的香型龙头酒企。我们认为综 合头部酒企谨慎假设下的利润底和高 ...

华致酒行同样对酒类即时零售赛道非常看好，其相关负责人对中国商报记者表示，酒类即时零售的火爆，表明消费市场和服务需求达到了高度的匹配程度， 从宏观上看是中国酒业进入深度调整期所迎来的新机遇，也是酒类商品和服务能够打破时间、空间限制的新场景。 "对于酒类销售渠道而言，布局酒类即时零售是其深度开展数智化应用的必然路径。借力电商平台等更注重大数据赋能、匹配效率和即时送达的优势，酒商 可以将品牌、渠道、门店等各方资源进行有效整合、联合发力，以满足多样化的市场需求和消费体验。"华致酒行相关负责人表示。 从"流量"到"留量" 1919等迎来新机遇 中国商报（记者 周子荑 文/图）电商平台的"外卖大战"让酒类即时零售的话题也备受关注。1919、华致酒行等传统酒类流通企业会如何应对？对此，1919和 华致酒行相关负责人接受了中国商报记者的采访。1919营销总裁郑广先认为，酒类即时零售已成为全行业的标准履约配置，将给传统酒类流通企业带来巨大 的流量红利。 图为1919门店内的货架。 即时零售赋能 行业服务效率或发生质的提升 1919董事合伙人、营销总裁郑广先在接受中国商报记者采访时说，即时零售是高确定性的生活方式，也是电商领域为 ...

证券代码：300755 证券简称：华致酒行 公告编号：2025-026 华致酒行连锁管理股份有限公司 关于收到政府补助的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、获得补助的基本情况 华致酒行连锁管理股份有限公司（以下简称"公司"）下属子公司华致酒行 经营管理有限公司（以下简称"华致经营"）、西藏中糖德和经贸有限公司（以下 简称"西藏中糖"）于近日收到企业发展金共计 1,310.4499 万元，具体情况如下： 2、补助的确认和计量 按照《企业会计准则第 16 号——政府补助》的规定，与资产相关的政府补 助，应当冲减相关资产的账面价值或确认为递延收益，在相关资产使用寿命内按 照合理、系统的方法分期计入损益。与收益相关的政府补助，用于补偿企业以后 期间的相关成本费用或损失的，确认为递延收益，在确认相关费用或损失的期间 计入当期损益或冲减相关成本费用；用于补偿企业已发生的相关成本费用或损失 的，直接计入当期损益或冲减相关成本费用。与公司日常活动相关的政府补助计 入其他收益或冲减相关成本费用；与公司日常活动无关的政府补助计入营业外收 支。 3、补助对公司 ...

零售板块震荡上扬，御银股份（002177）触及涨停，万辰集团（300972）涨超7%，华致酒行 （300755）、小商品城（600415）、大连友谊（000679）跟涨。 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5]. Core Views - The company reported a decline in revenue and net profit for Q1 2025, with revenue at 2.852 billion yuan, a year-on-year decrease of 31.01%, and net profit at 85 million yuan, down 34.19% [1][2]. - The company is undergoing a comprehensive adjustment in response to market changes, focusing on high-end liquor while also emphasizing cost-effective products [3]. - Revenue projections for 2025-2027 are estimated at 9.910 billion yuan, 10.670 billion yuan, and 11.192 billion yuan, representing year-on-year growth rates of 4.71%, 7.67%, and 4.89% respectively [3]. Financial Performance Summary - For Q1 2025, the company's gross margin was 10.44%, a slight decrease of 0.04 percentage points year-on-year, while the net profit margin was 2.99%, down 0.15 percentage points [2]. - The company’s operating cash flow for Q1 2025 was 418 million yuan, a decrease of 1.95% year-on-year, indicating a relatively strong performance in cash flow management despite profit pressures [2]. - The projected net profit for 2025 is 1.301 billion yuan, reflecting a significant year-on-year increase of 192.79% [3]. Financial Data and Valuation - The company’s total revenue for 2023 is projected at 10.121 billion yuan, with a growth rate of 16.22%, followed by a decline in 2024 to 9.464 billion yuan [4]. - The estimated earnings per share (EPS) for 2025 is 0.31 yuan, with a price-to-earnings (P/E) ratio of 66.65 [4]. - The company’s total assets are projected to reach 7.636 billion yuan by 2025, with a debt-to-equity ratio of 61.55% [10].

公司报告 | 季报点评 华致酒行（300755） 证券研究报告 Q1 主动调整业绩短期承压，25 年利润修复弹性可期 事件：公司发布 25 年一季报，2025Q1 公司营业收入/归母净利润/扣非归 母净利润分别为 28.52/0.85/0.75 亿元（同比-31.01%/-34.19%/-41.27%）。 严格落实十八字行动方针，25Q1 调整期业绩阶段承压。25Q1 公司营收端 承压相对明显，预计主要系：①25Q1 酒类流通行业整体仍处于调整期，需 求相对偏弱；②公司自 24Q4 开启包括"去库存、促动销"在内的 18 字行 动方针，主动解决快速发展阶段积累的问题，为后续高质量增长奠基。 计提存货跌价利润承压，经营性现金流表现强于利润。25Q1 公司毛利率 10.44%（同比-0.04pcts）、销售费用率 4.67%（同比+0.01pcts）、管理费用率 1.28%（同比+0.18pcts）、归母净利率 2.99%（同比-0.15pcts）。25Q1 公司毛 利率小幅下滑主要系行业周期性深度调整，主销名酒市场价格呈下降趋势， 此外公司基于谨慎性原则对部分存货计提了存货跌价准备，导致净利润同 比减少。25Q ...

Core Viewpoint - The article discusses the transition of power within the white liquor empire built by Wu Xiangdong, who is facing challenges in the industry due to high inventory and price inversion, while his son Wu Qirong is gradually taking over leadership roles in the family business [1][14]. Company Overview - Wu Xiangdong, known as the "Father of Liquor," has established a significant presence in the Chinese liquor industry over nearly 30 years, starting with the founding of Changsha Haida Liquor Food Wholesale Co., Ltd. in 1996 and later creating the Jin Liufu brand [4][5]. - The company has expanded through acquisitions, including over ten local distilleries, and has successfully launched two publicly listed companies: Huazhi Liquor and Zhenjiu Lidu [8][9]. Financial Performance - In 2024, Zhenjiu Lidu reported a slight revenue increase to 7.067 billion yuan, but net profit fell by over 40% to 1.324 billion yuan, primarily due to non-operating financial instrument valuation changes [15]. - Huazhi Liquor's performance has been declining, with 2024 revenues of 9.464 billion yuan and a net profit of only 44 million yuan, marking an 81.11% drop [16]. - The first quarter of 2024 saw Huazhi Liquor's revenue and net profit continue to decline, with year-on-year decreases of 31.01% and 34.19%, respectively [16]. Market Challenges - The white liquor industry is experiencing a downturn characterized by high inventory levels, price inversions, and intensified competition, leading to a challenging environment for companies like Huazhi Liquor and Zhenjiu Lidu [20]. - The shift towards direct sales by major liquor companies has diminished the advantages of intermediaries like Huazhi Liquor, which is struggling to adapt to the new market dynamics [17]. Leadership Transition - Wu Qirong, Wu Xiangdong's son, has been gradually taking on more responsibilities, including becoming a director at both Huazhi Liquor and Zhenjiu Lidu, indicating a transitional phase in leadership [10][12]. - Wu Qirong has focused on digital marketing and e-commerce, with Huazhi Liquor's e-commerce revenue growing by 72.87% in 2024, becoming the company's second-largest revenue source [18]. Future Outlook - The transition of leadership and the focus on e-commerce may provide opportunities for the company to navigate the current market challenges, but the overall industry environment remains tough [20].

Core Points - The China Securities Index for specialized retail has shown a 4.44% increase over the past month, a 11.08% decrease over the past three months, and a 3.10% decline year-to-date [1] - The index is designed to reflect the overall performance of different industry companies within the China Securities Index sample, categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] - The index's top ten holdings include companies such as Shenzhou Digital (21.08%), Kidswant (15.32%), and Jiangsu Guotai (13.42%) [1] Industry Composition - The specialized retail index is composed entirely of specialized retail companies, with a sample adjustment occurring biannually in June and December [2] - The weight factors of the index are generally fixed until the next scheduled adjustment, with provisions for temporary adjustments in case of special events affecting sample companies [2] - The Shenzhen Stock Exchange accounts for 90.76% of the holdings in the specialized retail index, while the Shanghai Stock Exchange accounts for 9.24% [1]