Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Insights - The company has established a solid foundation in authenticity and supply chain management, with a focus on high-end brands and store transformation [1]. - The company has grown into a billion-dollar liquor distribution enterprise over 19 years, with a significant increase in store count and revenue [1][18]. - The liquor distribution market in China is fragmented, with a low chain rate of 5%, indicating potential for accelerated consolidation [1][3]. - The company has a leading position in the authenticity system, which serves as a core competitive advantage [1][4]. Summary by Sections Company Overview - The company started in 2005 and has expanded to over 2,000 stores, becoming the first listed company in liquor distribution in 2019 [1][18]. - The company has a concentrated shareholding structure, with the founder holding 63.47% of the shares, ensuring stable management [1][27]. Market Dynamics - The liquor distribution market in China is expected to grow, with a projected market size of 1.36 trillion yuan in 2023, reflecting a 5% year-on-year increase [1]. - The competitive landscape is highly fragmented, with the top five companies holding only 2.3% market share compared to over 60% in developed markets like the US and UK [1][3]. Supply Chain and Management - The company has established long-term partnerships with major liquor manufacturers, ensuring a stable supply chain [1][4]. - The organization has optimized its internal management, with a focus on enhancing efficiency and productivity [2][4]. Brand Development and Store Transformation - The company has successfully launched its own brand, "Lotus," and is expanding its sales channels through innovative marketing strategies [3][4]. - The transformation to a brand-focused store model is expected to enhance single-store profitability [3][4]. Financial Projections - Revenue is projected to grow at a CAGR of 5.7% from 2024 to 2026, with net profit expected to increase by 4.5% in 2024 and 24% in 2025 [4]. - The earnings per share (EPS) are forecasted to be 0.59 yuan in 2024, 0.73 yuan in 2025, and 0.92 yuan in 2026, with corresponding price-to-earnings (PE) ratios of 31, 25, and 20 [4].

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、股票交易异常波动的具体情况 证券代码：300755 证券简称：华致酒行 公告编号：2024-039 华致酒行连锁管理股份有限公司 4、公司、控股股东和实际控制人不存在关于公司的应披露而未披露的重大 事项，或处于筹划阶段的重大事项。在股票异常波动期间，公司控股股东、实际 控制人不存在买卖公司股票的行为。 三、是否存在应披露而未披露信息的说明 公司董事会确认，截至本公告披露日，公司目前没有任何根据《深圳证券交 易所创业板股票上市规则》等有关规定应予以披露而未披露的事项或与该事项有 关的筹划、商谈、意向、协议等；董事会也未获悉公司有根据《深圳证券交易所 创业板股票上市规则》等有关规定应予以披露而未披露的、对公司股票及其衍生 1 品种交易价格产生较大影响的信息；公司前期披露的信息不存在需要更正、补充 之处。 华致酒行连锁管理股份有限公司（以下简称"公司"）股票交易于 2024 年 9 月 26 日、2024 年 9 月 27 日、2024 年 9 月 30 日连续三个交易日内收盘价格涨幅 偏离值 ...

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company has shown resilience in expanding its operations despite market disruptions, with a focus on upgrading its store formats and enhancing its product offerings [1] - The company reported a revenue of 5.943 billion yuan for H1 2024, a year-on-year increase of 1.3%, and a net profit of 155 million yuan, up 2.77% year-on-year [1] - The company is positioned as a leading distributor in the domestic liquor market, with stable upstream partnerships and strong channel, brand, and operational capabilities [1] Financial Performance - For Q2 2024, the company achieved a revenue of 1.81 billion yuan, representing a year-on-year growth of 14.77%, but the net profit decreased by 49.10% year-on-year to 25 million yuan [1] - The gross margin for Q2 2024 was 10.5%, down 2.36 percentage points year-on-year, primarily due to increased costs associated with premium liquor and a higher proportion of premium products [1] - The company expects revenues of 10.58 billion yuan, 11.92 billion yuan, and 13.37 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 247 million yuan, 302 million yuan, and 393 million yuan for the same years [2][1] Market Strategy - The company is actively promoting the upgrade of its store formats, adopting a new model that combines famous liquor, high-end dining, and entertainment ecosystems [1] - The product strategy includes collaborations with renowned liquor brands and a focus on experiential marketing for premium products [1] - The company has successfully hosted numerous tasting events and golf club tournaments to enhance brand visibility and customer engagement [1]

证券研究报告 | 公司动态点评 2024 年 08 月 24 日 华致酒行（300755.SZ） 行业压力窥豹，华致仍提供最优解 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|--------|--------|--------|--------|------------------------------------------|----------| | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 8,708 | 10,121 | 10,931 | 12,133 | 13,346 | 股票信息 | | | 增长率 yoy （ % ） | 16.7 | 16.2 | 8.0 | 11.0 | 10.0 | | | | 归母净利润（百万元） | 366 | 235 | 256 | 303 | 355 | 行业 | ...

关于公司向银行申请综合授信暨接受关联担保事项 变更部分关联担保方的公告 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、关联担保调整情况概述 证券代码：300755 证券简称：华致酒行 公告编号：2024-037 华致酒行连锁管理股份有限公司 1．华致酒行连锁管理股份有限公司（以下简称"公司"或"华致酒行"）于 2024 年 4 月 18 日召开第五届董事会第十六次会议和第五届监事会第十二次会议，审 议通过了《关于接受关联担保的议案》。为满足公司日常经营和业务发展资金需 要，公司拟向中国建设银行股份有限公司长沙左家塘支行申请总敞口额度不超过 人民币 40,000 万元的综合授信，期限为 12 个月；公司拟向长沙银行股份有限公 司南城支行申请总敞口额度不超过人民币 30,000 万元的综合授信，期限为 12 个 月。以上具体内容详见公司于 2024 年 4 月 20 日在中国证券监督管理委员会指定 的创业板信息披露网站巨潮资讯网（www.cninfo.com.cn）披露的《关于接受关联 担保的公告》（公告编号：2024-017）。 2024 年 8 月 27 ...

证券代码：300755 证券简称：华致酒行 公告编号：2024-036 华致酒行连锁管理股份有限公司 关联监事贺明已回避表决。 第五届监事会第十六次会议决议公告 本公司及监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。 华致酒行连锁管理股份有限公司（以下简称"公司"）第五届监事会第十六次会 议（以下简称"会议"）通知于 2024 年 8 月 23 日以电子邮件的方式发出，并于 2024 年 8 月 27 日以通讯表决的方式召开。会议应出席监事 3 名，实际出席监事 3 名。 会议召集、召开程序符合《中华人民共和国公司法》等相关法律、法规、规范性 文件及《华致酒行连锁管理股份有限公司章程》的有关规定。本次会议由监事会 主席皮文湘先生召集并主持，会议审议并通过了《关于公司向银行申请综合授信 暨接受关联担保事项变更部分关联担保方的议案》。 经审议，公司监事会认为：本次公司向银行申请综合授信变更部分关联担保 方的审议程序，符合《深圳证券交易所创业板股票上市规则》（2024 年修订）等 有关规定以及《华致酒行连锁管理股份有限公司章程》的有关要求，不存在损害 公司及中小股东利益的情 ...

公司报告 | 半年报点评 24H1 名酒动销良好支撑收入，精品酒淡季略有承压 事件：公司发布 24 年中报，24Q2 公司实现营收 18.10 亿元（同比-14.77%）； 归母净利润 0.25 亿元（同比-49.10%）；扣非归母净利润 0.10 亿元（同比 -77.15%）。 上半年名酒奠定收入基本盘，门店升级拓展稳步推进。24H1 公司白酒/其 他业务营收分别为 55.85/3.58 亿元，同比+2.88%/-18.30%，白酒业务奠定 增长基本盘。分产品看，预计上半年名酒表现相对更好，名酒销售占比预 计同比略有提升。24H1 公司继续聚焦华致酒行 3.0 门店升级迭代，开创 "名酒+高档餐饮+文娱生态"新模式，打造创新高端体验空间，预计门店 的开发及拓展均按目标稳步推进。 名酒毛利下降&精品酒加大市场投入导致毛利率阶段承压，人员优化持续 推动费用率下降。24Q2 公司毛利率 10.55%（同比-2.36pcts）、销售费用率 6.89%（同比-0.74pcts）、管理费用率 2.30%（同比+0.01pcts）、归母净利率 1.40%（同比-0.94pcts）。Q2 毛利率下降主要系：①24H1 名酒 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [2][4]. Core Views - The company's profitability is under pressure, with H1 2024 total revenue at 5.943 billion yuan, a year-on-year increase of 1.30%, and net profit attributable to shareholders at 155 million yuan, a year-on-year increase of 2.77%. However, the Q2 2024 results show a significant decline, with total revenue of 1.810 billion yuan, down 14.77%, and net profit down 49.10% [2][3]. - The company is increasing its investment in premium wines, which has led to a decrease in profit contribution from this segment. The sales of famous wines have increased, but some have seen a decline in gross margin [2][3]. - The company is focusing on optimizing its cost structure and improving operational efficiency, despite facing challenges in cash flow, with negative net cash flow from operating activities in both H1 and Q2 2024 [2][3]. Summary by Sections Financial Performance - H1 2024 total revenue was 5.943 billion yuan, with a slight increase of 1.30% year-on-year. The net profit attributable to shareholders was 155 million yuan, up 2.77%, while the non-recurring net profit decreased by 3.63% to 138 million yuan. In Q2 2024, total revenue dropped to 1.810 billion yuan, a decrease of 14.77%, and net profit fell to 25 million yuan, down 49.10% [2][3]. - The gross margin for H1 2024 was 10.50%, a decrease of 0.73 percentage points year-on-year, while the net margin was 2.70%, an increase of 0.03 percentage points [2][3]. Product Performance - Revenue from white liquor and other products in H1 2024 was 5.585 billion yuan and 358 million yuan, respectively, with year-on-year growth of 2.88% and a decline of 18.30%. The gross margins for these segments were 9.36% and 28.35% [3]. - The company is actively promoting its premium wine brands and has organized numerous tasting events to enhance brand visibility and customer engagement [3]. Earnings Forecast - The report slightly adjusts the company's EPS forecasts for 2024-2026 to 0.59, 0.73, and 0.92 yuan, respectively, reflecting a cautious outlook due to short-term industry demand pressures. The current stock price corresponds to P/E ratios of 22, 17, and 14 for the respective years [4][6].

Group 1: Company Performance - In the first half of 2024, the company achieved a revenue of 5.943 billion CNY, representing a year-on-year increase of 1.3% [1] - The net profit attributable to shareholders was 155 million CNY, with a year-on-year growth of 2.77% [2] Group 2: Strategic Initiatives - The company launched a comprehensive upgrade plan for its chain stores, creating an immersive wine tasting experience [2] - A strategic partnership with the Beaulieu Vineyard was deepened, resulting in the launch of the BV Beaulieu Vineyard Roosevelt Reserve Cabernet Sauvignon [4] Group 3: Market Adaptation - In response to a relatively weak demand in the first half of the year, the company adjusted its sales strategy and product structure, enhancing promotional efforts for certain products [3] - The company organized 27 innovative marketing events for Moutai, establishing a new benchmark for promoting traditional liquor culture [2] Group 4: Operational Efficiency - The company conducted 237 employee training sessions, covering approximately 20,000 participants, focusing on various operational aspects [2] - Sales expenses decreased due to stricter control over promotional costs and optimization of personnel structure [4]