Group 1: Company Overview and Market Context - In 2023, the overall domestic economy showed signs of recovery, but the market experienced a "weak recovery" with insufficient consumption [1] - The liquor distribution industry faces challenges such as rising prices of famous liquors and profit dilution in the distribution process [1] Group 2: Financial Performance - In 2023, the company's revenue reached 10.121 billion CNY, a year-on-year increase of 16.22% [2] - The net profit attributable to shareholders was 235 million CNY, a year-on-year decrease of 35.78% [2] Group 3: Strategic Initiatives - The company implemented two major strategies: "Golden Bud Campaign" and "Liquor Upgrade" to enhance marketing strategies and customer service [2] - The "Liquor Upgrade" strategy has shown significant results with the expansion of 3.0 store formats [2] Group 4: Future Goals and Plans - For 2024, the company aims to "reduce costs and increase efficiency" to improve profitability [2] - Plans include deepening the "Two Points and One Line" strategy, enhancing collaboration with upstream liquor manufacturers, and focusing on brand building and channel expansion [2] Group 5: Q&A Insights - The increase in revenue in 2023 was attributed to the brand effect of "buying genuine liquor at Huazhi" and timely adjustments to sales strategies during peak seasons [3] - The decline in net profit was due to adjustments in product structure, increased promotional efforts for premium liquors, and price inversions in some famous liquor markets [3] - The company plans to continue enhancing brand communication and market penetration in the mid-to-high-end sector [3][4]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% relative to the industry index in the next six months [15]. Core Views - The company shows signs of profit recovery, with Q1 2024 gross margin and net margin at 10.48% and 3.30%, respectively, reflecting year-on-year increases of 0.21 and 0.51 percentage points [2]. - The positive market recovery during the Spring Festival and improved feedback post-holiday indicate a favorable sales environment, particularly with the price adjustments from major brands like Wuliangye [2]. - The company is focusing on enhancing efficiency and quality, with sales and management expense ratios at historical lows of 4.67% and 1.10%, respectively, due to management improvements and team optimization [5]. - The company is expected to benefit from its established consumer trust and brand influence, particularly in premium and proprietary brands, which are anticipated to drive a positive cycle [18]. Financial Summary - Revenue is projected to grow from 10,121 million in 2023 to 11,133 million in 2024, reflecting a year-on-year growth rate of 10% [4]. - The net profit is expected to increase from 235 million in 2023 to 284 million in 2024, with a year-on-year growth rate of 20.7% [4]. - The company's EPS is forecasted to rise from 0.56 in 2023 to 0.68 in 2024, with corresponding P/E ratios of 31.6x and 26.2x [4][18]. - The company’s return on equity (ROE) is projected to improve from 6.2% in 2023 to 7.0% in 2024 [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [10][8]. Core Insights - The company achieved a significant milestone in 2023 with total revenue exceeding 10 billion yuan, with a year-on-year growth of 16.2%. However, the net profit decreased by 35.8% to 235 million yuan [25][3]. - In Q1 2024, the company reported a revenue increase of 10.4% year-on-year, with net profit rising by 28.2% to 130 million yuan, indicating a recovery in profitability [18][25]. - The company has seen a notable improvement in its sales channels, particularly in the North China and e-commerce sectors, which experienced growth rates of 21.9% and 182.8% respectively in 2023 [3]. Financial Summary - The company’s total revenue for 2023 was 10,121 million yuan, with projections for 2024, 2025, and 2026 at 11,330 million yuan, 12,904 million yuan, and 14,261 million yuan respectively [4][10]. - The gross margin for 2023 was 10.7%, with expectations of improvement to 11.3% in 2024 [4][10]. - The net profit margin for 2023 was 2.3%, with forecasts of 2.5% for 2024 and 3.0% for 2026 [4][10]. - The company’s total assets were reported at 7,409.34 million yuan, with a total market capitalization of approximately 7,410.68 million yuan [4][3]. Operational Highlights - The company opened 201 new stores in 2023, enhancing its store image and quality [3]. - The sales expense ratio decreased by 0.50 percentage points, while the management expense ratio saw a slight increase of 0.01 percentage points [3].

华致酒行（300755） 2024 年 05 月 01 日 | --- | --- | --- | --- | --- | --- | |------------------------------|---------|---------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 8,708 | 10,121 | 11,346 | 12,553 | 13,780 | | 同比（ % ） | 16.73 | 16.22 | 12.11 | 10.63 | 9.77 | | 归母净利润（百万元） | 366.33 | 235.27 | 287.23 | 347.41 | 403.70 | | 同比（ % ） | (45.77) | (35.78) | 22.08 | 20.95 | 16.20 | | EPS- 最新摊薄（元 / 股） | 0.88 | 0.56 | 0.69 | 0.83 | 0.97 | | P/E （现价 & 最新摊薄） ...

华致酒行（300755） 2024 年 05 月 01 日 | --- | --- | --- | --- | --- | --- | |------------------------------|---------|---------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 8,708 | 10,121 | 11,346 | 12,553 | 13,780 | | 同比（ % ） | 16.73 | 16.22 | 12.11 | 10.63 | 9.77 | | 归母净利润（百万元） | 366.33 | 235.27 | 287.23 | 347.41 | 403.70 | | 同比（ % ） | (45.77) | (35.78) | 22.08 | 20.95 | 16.20 | | EPS- 最新摊薄（元 / 股） | 0.88 | 0.56 | 0.69 | 0.83 | 0.97 | | P/E （现价 & 最新摊薄） ...

证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 公 司 更 新 报 告 [Table_Range] 52 周内价格范围 14.78-27.33 市值（百万元） 6,848 -10% 3% 17% 30% 44% 57% -45% -36% -27% -18% -9% 0% 2023-04 2023-09 2024-02 股票绝对涨幅和相对涨幅 华致酒行价格涨幅 华致酒行相对指数涨幅 2% 5% 8% 11% 14% 17% 22A 23A 24E 25E 26E 利润率趋势 收入增长率(%) EBIT/销售收入(%) 5% 6% 7% 8% 9% 10% 22A 23A 24E 25E 26E 回报率趋势 净资产收益率(%) 投入资本回报率(%) 请务必阅读正文之后的免责条款部分 2 of 4 请务必阅读正文之后的免责条款部分 3 of 4 分析师声明 免责声明 本报告仅供国泰君安证券股份有限公司（以下简称"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。本报告仅在相关法律许可的情况下发放，并仅为提供信息而发放，概不构成任何广告。 本报告中所指的投资及服务可能不适合个别 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1][22]. Core Views - The company reported Q1 2024 profits that exceeded expectations, with total revenue of 4.133 billion yuan, a year-on-year increase of 10.42%, and a net profit attributable to shareholders of 130 million yuan, up 28.24% year-on-year [3]. - The improvement in product structure and increased operational efficiency contributed to the sustained enhancement of profitability, with gross margin and net margin at 10.48% and 3.30%, respectively, reflecting increases of 0.21 and 0.51 percentage points year-on-year [3]. - The company is expected to continue enhancing its premium liquor offerings and improve store performance through strategic marketing and operational efficiency [4][22]. Summary by Sections Financial Performance - Q1 2024 total revenue was 4.133 billion yuan, a 10.42% increase year-on-year, while net profit was 130 million yuan, reflecting a 28.24% increase [3]. - The gross margin and net margin for Q1 2024 were 10.48% and 3.30%, respectively, showing improvements from the previous year [3]. - The company reported a significant increase in cash flow quality, with operating net cash flow and sales receipts at 4.26 billion yuan and 4.223 billion yuan, respectively [3]. Product and Market Strategy - The company plans to accelerate the exposure and sales of its flagship product through tasting events and improve distribution rates for its premium liquor [4]. - Increased investment in marketing for premium liquor is anticipated, alongside refined operational strategies to smooth out sales expenses [4]. Store Development - The company is committed to expanding its 3.0 store model, focusing on enhancing brand quality and long-term market penetration [4].

资料来源：Wind、Ifind、国元证券研究所整理 | --- | --- | --- | --- | |-------|---------------------------------------------------|-------|---------------------------------------------------| | | | | | | | | | | | | (1) 公司评级定义 | | (2) 行业评级定义 | | 买入 | 预计未来 6个月内,股价涨跌幅优于上证指数 20%以上 | 推荐 | 預計未来 6个月内,行业指數表现优于市场看数 10%以上 | | 地持 | 预计未来 6个月内,股价涨跌幅优于上证指数 5-20%之间 | 中性 | 预计未来6个月内,行业指数表现介于市场指数工10%之间 | | 持有 | 预计未来 6个月内,股价涨跌幅介于上证指数土5%之间 | 国进 | 预计未来 6个月内,行业指数表现劣于市场稻数 10%以上 | | 卖出 | 預计未来6个月内,股价涨跌幅劣于上证指数 5%以上 | | | 请务必阅读正文之后的免责条款部分 2 / 3 (021) ...

2024 年 4 月 25 日 持续打磨基本功，加强营销团队培养 要点 4 月 25 日，公司公布 2024 年一季报：1Q2024 实现营业收入 41.33 亿元，同比 增长 10.42%，实现归母净利润 1.30 亿元，折合成全面摊薄 EPS 为 0.31 元，同 比增长 28.24%，实现扣非归母净利润 1.28 亿元，同比增长 28.25%。 1Q2024 公司期间费用率为 6.03%，同比下降 0.94 个百分点，其中，销售/管理 /财务费用率分别为 4.67%/1.10%/0.26%，同比分别变化-0.70/ -0.21/-0.03 个 百分点。 2023 年公司重新调整全国营销区域的战略布局，将全国市场划分为 14 个大区和 76 个省级市场，进一步推动动销触达一线市场。聚焦战略产品的推广工作，成 立金蕊项目部、赖高淮项目部，对重点产品精准化营销。在营销团队的打造上， 持续动态优化团队人才建设，通过"五星通关"、"精英大赛"等各类竞赛选拔 出百余位后备营销骨干，为市场拓展储备人才。 公司业绩基本符合我们此前预期，我们维持对公司 2024/2025/2026 年 EPS 的 预测 0.67/0.7 ...

Financial Performance - The company's revenue for Q1 2024 reached ¥4,133,205,464.36, an increase of 10.42% compared to ¥3,743,007,723.00 in the same period last year[3] - Net profit attributable to shareholders was ¥129,767,785.75, reflecting a growth of 28.24% from ¥101,189,173.85 year-on-year[3] - The basic earnings per share increased by 29.17% to ¥0.31 from ¥0.24 in the previous year[3] - Total operating revenue for Q1 2024 reached CNY 4,133,205,464.36, an increase of 10.4% compared to CNY 3,743,007,723.00 in the same period last year[25] - Net profit attributable to the parent company was CNY 129,767,785.75, up 28.3% from CNY 101,189,173.85 in Q1 2023[26] - The total comprehensive income for the period was CNY 136,446,307.12, compared to CNY 105,236,856.37 in the previous year, reflecting a growth of 29.6%[27] - Operating costs for Q1 2024 were CNY 3,966,023,471.81, up from CNY 3,628,895,764.15, indicating an increase of 9.3%[25] Assets and Liabilities - The total assets at the end of Q1 2024 were ¥7,409,338,801.26, up 2.18% from ¥7,251,487,754.94 at the end of the previous year[3] - The company's total assets reached CNY 7,409,338,801.26, up from CNY 7,251,487,754.94, indicating a growth of 2.2%[24] - The company's total equity attributable to shareholders decreased by 0.42% to ¥3,784,556,265.93 from ¥3,800,351,925.09 at the end of the previous year[4] - The company's total equity attributable to shareholders was CNY 3,784,556,265.93, a slight decrease from CNY 3,800,351,925.09 in the previous year[24] - The total liabilities increased to CNY 3,527,333,560.20, compared to CNY 3,349,182,550.28 in the previous year, reflecting a growth of 5.3%[24] Cash Flow - The net cash flow from operating activities decreased by 12.40% to ¥426,261,203.86, down from ¥486,603,260.37 in the same period last year[13] - Cash inflow from operating activities was CNY 4,237,706,369.03, an increase from CNY 3,600,019,377.54 in Q1 2023, marking a growth of 17.7%[28] - The net cash flow from operating activities for Q1 2024 was CNY 426,261,203.86, a decrease of 12.4% compared to CNY 486,603,260.37 in Q1 2023[29] - The total cash outflow from operating activities amounted to CNY 3,811,445,165.17, up 22.4% from CNY 3,113,416,117.17 in the previous year[29] - The net cash flow from investing activities was CNY 2,875,976.98, a significant recovery from a negative cash flow of CNY 4,431,107.24 in Q1 2023[29] - Cash inflow from financing activities totaled CNY 89,560,112.00, down 56.7% from CNY 206,900,000.00 in the same quarter last year[29] - The net cash flow from financing activities was negative at CNY -248,094,139.82, compared to CNY -47,352,761.81 in Q1 2023[29] Tax and Expenses - The company reported a significant increase in tax expenses, which rose by 416.55% to ¥29,141,930.09 due to higher profits[11] - The company experienced a 77.29% increase in taxes and surcharges, amounting to ¥16,820,490.53, primarily due to increased revenue[11] - Tax payments increased significantly to CNY 137,985,365.49 from CNY 61,307,806.46, reflecting a rise of 125.5%[29] Shareholder Information - Total number of common shareholders at the end of the reporting period is 21,487[15] - The largest shareholder, Yunnan Rongrui High-tech Investment Management Co., holds 47.80% of shares, totaling 199,237,500 shares[15] - The company has repurchased 9,098,096 shares, representing 2.18% of the total share capital[16] Other Financial Metrics - The company reported a credit impairment loss of CNY -4,458,563.73, compared to CNY -679,473.46 in the previous year, showing a significant increase in losses[26] - The company paid CNY 132,636,641.23 in employee compensation, slightly down from CNY 135,476,235.92 in the previous year[29] - The company reported cash outflows for other operating activities amounting to CNY 596,162,825.71, an increase of 25.1% from CNY 476,523,257.77[29] Cash and Equivalents - The company's cash and cash equivalents at the end of the period amount to ¥1,773,326,341.50, an increase from ¥1,093,186,563.55 at the beginning of the year[21] - The ending balance of cash and cash equivalents was CNY 1,104,096,925.08, a decrease from CNY 1,185,670,377.32 at the end of Q1 2023[30]