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]

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by over 15% in the next six months [36]. Core Views - The company achieved a revenue milestone of 10.121 billion yuan in 2023, representing a year-on-year growth of 16.2%, while the net profit attributable to shareholders decreased by 35.8% to 235 million yuan [1][3]. - The company is expected to continue its growth trajectory, with projected revenues of 11.133 billion yuan, 12.469 billion yuan, and 13.841 billion yuan for 2024, 2025, and 2026 respectively [3]. - The company is focusing on enhancing its product matrix with premium wines to meet diverse consumer demands, which is anticipated to support profit growth as the consumption environment improves [8][15]. Financial Summary - In 2023, the company reported a gross margin of 10.75% and a net margin of 2.39%, both showing a decline compared to the previous year [2]. - The company's return on equity (ROE) for 2023 was 6.32%, down 4.10 percentage points year-on-year [1]. - The earnings per share (EPS) for 2023 was 0.56 yuan, a decrease of 36.4% from the previous year [1][3]. Revenue Breakdown - The company's white wine business grew by 20.0%, accounting for 92.83% of total revenue, while revenue from grape wine and imported spirits decreased by 19.9% and 4.4% respectively [15]. - The e-commerce segment saw significant growth, with a year-on-year increase of 182.8%, raising its revenue contribution from 4.91% in 2022 to 11.96% in 2023 [15]. Future Outlook - The company is expected to maintain a cash dividend payout ratio of no less than 20% of the distributable profits in the coming three years [1]. - The report highlights the potential for profit recovery as the industry cycle stabilizes and the company continues to expand its market share, with projected EPS of 0.68 yuan, 0.84 yuan, and 1.03 yuan for 2024, 2025, and 2026 respectively [26].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.48 CNY per share [8][10][13]. Core Insights - The company achieved a revenue of 10.12 billion CNY in 2023, representing a year-on-year growth of 16.2%. However, the net profit attributable to shareholders decreased by 35.8% to 235 million CNY [7][9]. - The white liquor business saw both volume and price increases, with revenue reaching 9.4 billion CNY, up 20.0% year-on-year. Sales volume and price per ton increased by 7.5% and 11.7%, respectively [7][9]. - The company has opened 201 new stores, enhancing store quality and strengthening group purchase resources [7]. Financial Performance Summary - **Revenue**: 2023 revenue was 10,121 million CNY, with a growth rate of 16.2% compared to 2022 [9]. - **Net Profit**: The net profit attributable to shareholders was 235 million CNY, down 35.8% from the previous year [9]. - **Earnings Per Share (EPS)**: The EPS for 2023 was 0.56 CNY, with projections of 0.68 CNY for 2024 and 0.81 CNY for 2025 [9][13]. - **Gross Margin**: The gross margin for 2023 was 10.7%, a decrease of 3.3 percentage points year-on-year [9]. - **Sales and Management Expenses**: The sales expense ratio was 6.4%, while the management expense ratio remained stable at 1.8% [7]. Future Projections - The report forecasts a decrease in revenue and gross margin for 2024-2025, with expected EPS of 0.68 CNY and 0.81 CNY for 2024 and 2025, respectively [8][13]. - The company’s cash flow is robust, and the valuation method used is FCFF, resulting in an equity value of 7.3 billion CNY [13][14].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 10.121 billion yuan in 2023, representing a year-on-year increase of 16.22%, while the net profit attributable to the parent company was 235 million yuan, a decrease of 35.78% year-on-year [1] - The company is recognized as a leading distributor in the domestic liquor circulation sector, with stable upstream partnerships and strong channel, brand, and operational capabilities. The report highlights the potential for growth in the high-end liquor market and the value of diversified product offerings [17] Financial Performance Summary - The total gross margin for the year was 10.8%, a decrease of 3.3 percentage points year-on-year, with specific margins for liquor and wine at 9.3% and 33.3%, respectively [2] - The company reported a total operating income of 10.121 billion yuan for 2023, with projected revenues for 2024, 2025, and 2026 expected to be 11.285 billion yuan, 12.983 billion yuan, and 14.685 billion yuan, respectively [18] - The net profit attributable to the parent company for 2024, 2025, and 2026 is projected to be 283 million yuan, 341 million yuan, and 418 million yuan, respectively [18] Operational Strategy Summary - The company has focused on upgrading and developing its store network, with a total of 201 new stores opened during the reporting period. The brand "Hua Zhi Jiu Hang" has significantly increased its market share [16] - The company has strengthened its collaboration with renowned liquor manufacturers to enhance its premium product offerings, including partnerships with various brands to launch new products [16]

Investment Rating - The report maintains a "Buy" rating for the company Huazhi Wine [1] Core Views - In 2023, the company achieved total revenue of 10.121 billion yuan, an increase of 16.22%, while the net profit attributable to shareholders decreased by 35.78% to 235 million yuan [2][3] - The company plans to distribute a cash dividend of 0.116 yuan per share, with a payout ratio of 20.10% [2] Revenue and Profitability - The revenue from the company's main products in 2023 was as follows: Baijiu (9.395 billion yuan, +20.02%), wine (488 million yuan, -19.86%), imported spirits (143 million yuan, -4.42%), and other products (96 million yuan, -22.25%) [3] - In Q4 2023, the company experienced a significant revenue increase of 52.11% year-on-year, with total revenue reaching 1.868 billion yuan [3] - The gross profit margin for 2023 was 10.75%, a decrease of 3.29 percentage points year-on-year, while the net profit margin was 2.32%, down 1.88 percentage points [3] Future Outlook - Short-term: The company is expected to benefit from the price stabilization of its flagship product, which may lead to a recovery in profit margins [3] - Mid-term: The upgrade strategy from "Huazhi Mingjiu Ku" to "Huazhi Wine" is anticipated to support sales growth [3] - Long-term: The company aims to capitalize on the growth of premium liquor and develop customized high-margin products in collaboration with major liquor brands [3] Financial Projections - The company forecasts net profits for 2024, 2025, and 2026 to be 283 million yuan, 339 million yuan, and 403 million yuan, respectively, with growth rates of 20.39%, 19.51%, and 19.03% [3][9]

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