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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Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [8][10]. Core Views - The company achieved a revenue of 10.121 billion yuan in 2023, representing a year-on-year growth of 16.22%, while the net profit attributable to shareholders decreased by 35.78% to 235 million yuan [4][8]. - The company opened 201 new stores under the Huazhi Wine brand in 2023, and its e-commerce channel saw a significant revenue increase of 182.81% [3][4]. - The report highlights a decline in gross margin, which fell by 3.29 percentage points year-on-year to 10.75% in 2023, with a further decline to 9.64% in Q4 2023 [2][9]. Summary by Sections Financial Performance - In 2023, the company reported a total revenue of 10.121 billion yuan, with a net profit of 235 million yuan, resulting in an EPS of 0.56 yuan, down 35.78% year-on-year [4][11]. - The gross margin for 2023 was 10.75%, a decrease of 3.29 percentage points compared to the previous year [2][9]. - The company’s operating income for Q4 2023 was 1.868 billion yuan, showing a year-on-year growth of 52.11% [4][11]. Store Expansion and E-commerce Growth - The company opened 201 new Huazhi Wine stores in 2023, contributing to its growth strategy [3][4]. - The e-commerce channel's revenue growth of 182.81% indicates a strong shift towards online sales [3][4]. Cost and Profitability Metrics - The company’s expense ratio for 2023 was 8.49%, a slight decrease of 0.48 percentage points year-on-year [7][9]. - The report notes that the decline in gross margin has impacted overall profitability, leading to a downward revision of EPS forecasts for 2024 and 2025 by 21% each [8][10].

请阅读最后一页重要免责声明 4 诚信、专业、稳健、高效 报告编号：HX-240420143115 本报告署名分析师具有中国证券业协会授予的证券投资咨询执业资格并注册为 证券分析师，以勤勉的职业态度，独立、客观地出具本报告。本报告清晰准确 地反映了本人的研究观点。本人不曾因，不因，也将不会因本报告中的具体推 荐意见或观点而直接或间接收到任何形式的补偿。 ▌ 证券投资评级说明 | --- | --- | --- | |-------|----------|----------------------------------------| | | | | | | | | | | 投资建议 | 预测个股相对同期证券市场代表性指数涨幅 | | 1 | 买入 | > 20% | | 2 | 增持 | 10% — 20% | | 3 | 中性 | -10% — 10% | | 4 | 卖出 | < -10% | 股票投资评级说明： 行业投资评级说明： | --- | --- | --- | |-------|-------|-------------------------------------------------| ...

目录 CONTENTS | 关于本报告 | 01 | | --- | --- | | 董事长致辞 | 03 | | 未来展望 | 63 | | 指标索引 | 65 | | 意见与反馈 | 67 | 三会运作 风险防控 商业道德 投资者权益保护 17 21 24 25 01 03 稳健治理 实现价值提升 走进华致酒行 | 企业概况 | 05 | | --- | --- | | 企业文化 | 06 | | 数说 2023 | 07 | | 发展历程 | 09 | | 2023 荣誉 | 11 | ESG管理 | 利益相关方沟通 | 13 | | --- | --- | | 实质性议题识别 | 14 | | | | | 环境保护 | 31 | | --- | --- | | 物料管理 | 32 | | 绿色办公 | 33 | | 绿色物流 | 35 | | 安全隐患排查 | 36 | 品质经营 铸就卓越品牌 | 品质管控 | 41 | | --- | --- | | 品牌建设 | 42 | | 客户权益保障 | 43 | | 可持续供应链 | 45 | | 致享酒韵文化 | 47 | 赋能员工 加强人才建设 | 人 ...

根据《上市公司独立董事管理办法》《深圳证券交易所上市公司自律监管指 引第 2 号——创业板上市公司规范运作》的规定，独立董事应当每年对独立性情 况进行自查，并将自查情况提交董事会。董事会应当每年对在任独立董事独立性 情况进行评估并出具专项意见，与年度报告同时披露。基于上述法律法规的规定， 华致酒行连锁管理股份有限公司（以下简称"公司"）董事会，结合公司独立董 事吴革先生、李建伟先生及温健先生出具的《独立董事独立性自查情况表》，就 公司在任独立董事的独立性情况进行评估并出具如下专项意见： 根据公司独立董事自查及其在公司的履职情况，董事会认为公司现任独立董 事吴革先生、李建伟先生及温健先生，均能够胜任独立董事的职责要求，未在公 司担任除独立董事以外的任何职务，也未在公司主要股东公司担任任何职务，与 公司以及主要股东之间不存在妨碍其进行独立客观判断的关系，不存在影响独立 董事独立性的情况，符合《上市公司独立董事管理办法》等法律法规及《公司章 程》中关于独立董事的任职资格及独立性的相关要求。 华致酒行连锁管理股份有限公司董事会 华致酒行连锁管理股份有限公司董事会 关于独立董事独立性情况的专项意见 2024 年 4 月 ...

华致酒行连锁管理股份有限公司 2024 年度董事、监事薪酬方案 根据《公司章程》、《董事会薪酬与考核委员会工作规则》等华致酒行连锁管 理股份有限公司（以下简称"公司"）相关制度，结合公司经营规模等实际情况并 参照行业薪酬水平，制定公司 2024 年度董事、监事薪酬方案。 一、本方案适用对象：在公司任职的全体董事、监事 二、本方案使用期限：2024 年 1 月 1 日—2024 年 12 月 31 日 三、薪酬标准： （2）公司全体监事领取津贴 6 万元/年（税前）。 四、其他规定 1. 公司董事、监事薪酬按月发放；非独立董事、独立董事、监事津贴按月发 放。 2. 公司董事、监事因换届、改选、任期内辞职等原因离任的，薪酬按其实际 任期计算并予以发放。 3. 上述薪酬涉及的个人所得税由公司统一代扣代缴。 4. 根据相关法规及公司章程的要求，董事和监事薪酬方案须提交股东大会 审议通过方可生效。 1．董事薪酬方案 （1）公司非独立董事按其在公司所担任的管理职务或岗位，按照公司相关 薪酬管理制度确定其薪酬并发放。公司全体非独立董事领取津贴 6 万元/年（税 前）。 （2）公司独立董事津贴为 18 万元/年（税前）。独立 ...