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中经酒业周报∣5月上旬白酒环比价格总指数下跌,茅台酱香酒确定3家电商平台运营商,多家酒企人事变动
Xin Hua Cai Jing· 2025-05-16 09:46
2.11月将有4项酒类行业标准实施 由全国酿酒标准化技术委员会组织制修订《果酒第4部分:青梅酒》《果酒第5部分:桑葚酒》《烹饪黄 酒》《果酒第7部分:草莓酒》4项酒类行业标准发布,并于2025年11月1日起正式实施。(工业和信息 化部) 1.5月上旬白酒环比价格总指数下跌 2025年5月上旬全国白酒环比价格总指数为99.95,下跌0.05%。从分类指数看,名酒环比价格指数为 99.96,下跌0.04%;地方酒环比价格指数为99.88,下跌0.12%;基酒环比价格指数为100.00,保持稳 定。从定基指数看,2025年5月上旬全国白酒商品批发价格定基总指数为108.84,上涨8.84%。其中,名 酒定基价格指数为110.92,上涨10.92%。(泸州白酒价格指数办公室) 中国经济信息社分析师认为,白酒环比价格指数下跌与行业调整、消费疲软、价格体系重构等因素相 关,尤其近两年婚宴等宴席场景价格下探,一定程度上带动5月上旬价格指数环比下跌。未来酒企不应 单纯通过降价"引流",必须要通过打造差异化服务与体验构建品牌壁垒。 行业动态 3.中酒协公布"中威计划"项目规划 5月8日,中国酒业协会威士忌专业委员会技术委员会2 ...
与徽酒“榜眼”渐行渐远,口子窖业绩增势乏力
Zheng Quan Zhi Xing· 2025-05-15 23:59
Core Viewpoint - The performance of Kuozi Jiao in 2024 shows weak growth, with revenue only slightly increasing by 0.89% to 6.015 billion yuan, while net profit declined by 3.83% to 1.655 billion yuan, indicating a significant gap compared to its main competitor, Yingjia Gongjiu [1][2] Group 1: Financial Performance - Kuozi Jiao's revenue for 2024 is 6.015 billion yuan, with a net profit of 1.655 billion yuan, both showing declines compared to the previous year [1] - Yingjia Gongjiu reported a revenue increase of 8.46% to 7.344 billion yuan and a net profit increase of 13.45% to 2.589 billion yuan, highlighting Kuozi Jiao's underperformance [2] - Kuozi Jiao's revenue growth in its core market of Anhui is only 1.1%, while Yingjia Gongjiu's growth is significantly higher at 12.75% [1][2] Group 2: Market Position and Competition - The competition in the Anhui liquor market is intensifying, with Kuozi Jiao previously holding the second position but now being surpassed by Yingjia Gongjiu [2][3] - The revenue gap between Kuozi Jiao and Yingjia Gongjiu narrowed from 780 million yuan in 2018 to 452 million yuan in 2021, but Kuozi Jiao was overtaken again in 2022 [3] - Kuozi Jiao's slow product updates and ineffective sales strategies have contributed to its declining market position [3][4] Group 3: Product and Channel Strategy - Kuozi Jiao's main product line has not been updated for over a decade, leading to product aging and a lack of competitiveness in the high-end market [3][4] - The company has implemented a large dealer system for distribution, which has limited its ability to adapt to market changes and promote new products effectively [5][6] - Kuozi Jiao is attempting to reform its distribution channels to enhance product promotion and market development, but the short-term effects of these changes have yet to be seen [5][6] Group 4: National Expansion Challenges - Kuozi Jiao's revenue from outside Anhui remains low, accounting for less than 20% of total revenue, with a decline of 2.88% in 2024 [6][7] - The company aims to accelerate its national expansion by establishing operational centers in other regions, but it faces significant challenges in reducing its reliance on the Anhui market [6][7] - The chairman of Kuozi Jiao acknowledged the gap in achieving national expansion, emphasizing the need for further development outside its core market [7]
水井坊(600779):公司事件点评报告:中档产品带动增长,整体表现符合预期
Huaxin Securities· 2025-05-09 05:25
| 分析师:孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人:肖燕南 | S1050123060024 | | xiaoyn@cfsc.com.cn | | | 基本数据 | 2025-05-08 | | --- | --- | | 当前股价(元) | 46.95 | | 总市值(亿元) | 229 | | 总股本(百万股) | 488 | | 流通股本(百万股) | 488 | | 52 周价格范围(元) | 30.73-61.16 | | 日均成交额(百万元) | 298.7 | 市场表现 2025 年 05 月 09 日 中档产品带动增长,整体表现符合预期 买入(维持) 事件 -40 -20 0 20 40 (%) 水井坊 沪深300 资料来源:Wind,华鑫证券研究 相关研究 1、《水井坊(600779):业绩符合 预期,臻酿八号稳增》2025-01-26 2、《水井坊(600779):财年开门 红业绩稳健,费投优化力度明显》 2024-11-01 3、《水井坊(600779):业绩略超 预期,臻酿八号贡献增长》202 ...
华鑫证券:给予舍得酒业买入评级
Zheng Quan Zhi Xing· 2025-05-07 06:36
业绩整体承压,处于调整期。2025Q1总营收/归母净利润分别为15.76/3.46亿元,分别同比-25%/-37%。产品结构变化 致毛利率下滑,管理费用整体优化。2025Q1毛利率/净利率分别为69%/22%,分别同比-4.8/-4.2pcts。2025Q1销售/管理 费用率分别为19%/8%,分别同比+3.0/-0.01pcts。税费及购买商品接受劳务支出减少,经营净现金流大幅增长。 2025Q1经营净现金流/销售回款分别为2.24/16.23亿元,分别同比+107%/-15%。截至2025Q1末,公司合同负债2.06亿元 (环比+0.41亿元)。 电商渠道表现较好,省内市场相对稳健 华鑫证券有限责任公司孙山山,肖燕南近期对舍得酒业(600702)进行研究并发布了研究报告《公司事件点评报告: 业绩表现承压,期待弹性恢复》,给予舍得酒业买入评级。 舍得酒业 事件 2025年4月25日,舍得酒业发布2025年一季报。 投资要点 业绩短期承压,合同负债环比增长 宏观经济下行风险、舍得增速不及预期、老酒战略推进受阻、省外扩张不及预期、夜郎古销售不及预期、股份回购进 度低于预期、股权激励目标实现低于预期。 证券之星数 ...
舍得酒业(600702):公司事件点评报告:业绩表现承压,期待弹性恢复
Huaxin Securities· 2025-05-07 06:30
2025 年 05 月 07 日 业绩表现承压,期待弹性恢复 买入(维持) 事件 | 分析师:孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人:肖燕南 | S1050123060024 | | xiaoyn@cfsc.com.cn | | | 基本数据 | 2025-05-06 | | --- | --- | | 当前股价(元) | 57.84 | | 总市值(亿元) | 193 | | 总股本(百万股) | 333 | | 流通股本(百万股) | 333 | | 52 周价格范围(元) | 40.18-82.9 | | 日均成交额(百万元) | 630.07 | 市场表现 资料来源:Wind,华鑫证券研究 相关研究 1、《舍得酒业(600702):业绩短 期承压,期待企稳回升》2025-03- 24 2、《舍得酒业(600702):调整期 业绩承压,发布回购方案彰显信 心》2024-10-29 3、《舍得酒业(600702):利润不 及预期,短期去库释放压力》2024- 08-22 2025 年 4 月 25 日,舍得酒业发 ...
今世缘(603369):25年经营战略延续,收入目标5-12%
HUAXI Securities· 2025-05-06 11:24
证券研究报告|公司点评报告 [Table_Date] 2025 年 05 月 06 日 [Table_Title] 25 年经营战略延续,收入目标 5-12% [Table_Title2] 今世缘(603369) | [Table_DataInfo] 评级: | 买入 | 股票代码: | 603369 | | --- | --- | --- | --- | | 上次评级: | 买入 | 52 周最高价/最低价: | 59.6/35.35 | | 目标价格: | | 总市值(亿) | 583.38 | | 最新收盘价: | 46.79 | 自由流通市值(亿) | 583.38 | | | | 自由流通股数(百万) | 1,246.80 | [Table_Summary] 事件概述 1 2025 年 4 月 29 日,公司发布 2024 年年报及 2025 年一季报。2024 年,公司实现营业收入 115.44 亿元,同 比+14.32%,实现归母净利润 34.12 亿元,同比+8.80%,收入业绩符合市场预期。2025Q1,公司实现营业收入 50.99 亿元,同比+9.17%,实现归母净利润 16.44 亿元, ...
水井坊:经营态势平稳,新渠道增速亮眼-20250430
SINOLINK SECURITIES· 2025-04-30 05:23
2025 年 4 月 29 日,公司披露 24 年年报及 25 年一季报。1)24 年 实现营收 52.2 亿元,同比+5.3%;实现归母净利 13.4 亿元,同比 +5.7%。2)25Q1 实现营收 9.6 亿元,同比+2.7%;实现归母净利 1.9 亿元,同比+2.1%。业绩符合市场预期。 分产品看:1)24 年高档/中档分别实现营收 47.6/2.6 亿元,同比 +2%/+29%,其中销量同比+3%/+36%,吨价同比-1%/-5%,毛利率同 比+0.8pct/-2.4pct。2)25Q1 高档/中档分别实现营收 8.5/0.5 亿元,同比+7%/-34%。公司目前对产品战略再梳理,目标构建水 井坊+第一坊的双品牌体系,在水井坊品牌内部实行双子星策略、 打造与八号相衬映的第二大单品。 分渠道看:1)24 年新渠道/批发代理分别实现营收 5.3/45.0 亿元, 同比+10%/+2%,其中销量同比+23%/+4%,吨价同比-11%/-2%,毛 利率同比-1.1pct/+0.7pct。2)25Q1 新渠道/批发代理分别实现营 收 2.9/6.1 亿元,同比+184%/-20%。传新渠道大幅增长、占比提 升至 ...
水井坊(600779):经营态势平稳,新渠道增速亮眼
SINOLINK SECURITIES· 2025-04-30 04:54
2025 年 4 月 29 日,公司披露 24 年年报及 25 年一季报。1)24 年 实现营收 52.2 亿元,同比+5.3%;实现归母净利 13.4 亿元,同比 +5.7%。2)25Q1 实现营收 9.6 亿元,同比+2.7%;实现归母净利 1.9 亿元,同比+2.1%。业绩符合市场预期。 分产品看:1)24 年高档/中档分别实现营收 47.6/2.6 亿元,同比 +2%/+29%,其中销量同比+3%/+36%,吨价同比-1%/-5%,毛利率同 比+0.8pct/-2.4pct。2)25Q1 高档/中档分别实现营收 8.5/0.5 亿元,同比+7%/-34%。公司目前对产品战略再梳理,目标构建水 井坊+第一坊的双品牌体系,在水井坊品牌内部实行双子星策略、 打造与八号相衬映的第二大单品。 分渠道看:1)24 年新渠道/批发代理分别实现营收 5.3/45.0 亿元, 同比+10%/+2%,其中销量同比+23%/+4%,吨价同比-11%/-2%,毛 利率同比-1.1pct/+0.7pct。2)25Q1 新渠道/批发代理分别实现营 收 2.9/6.1 亿元,同比+184%/-20%。传新渠道大幅增长、占比提 升至 ...
古井贡酒(000596):次高端全面发力 全国化稳步推进
Xin Lang Cai Jing· 2025-04-29 10:38
次高端产品占比提升,产品结构持续优化。分产品看,2024 年公司年份原浆/古井贡酒/黄鹤楼及其他产 品分别实现营收180.86/22.41/25.38亿元, 分别同比+17.31%/11.17%/15.08%; 营收占比分别为 79.10%/9.80%/11.10%,分别同比+0.59/-0.46/-0.13 个百分点,其中公司次高端主要抓手"年份原浆"系列 产品对收入的贡献占比持续提升,且其毛利率达86.12%,同比提升0.47 个百分点,产品结构优化已见 成效。年份原浆系列在次高端市场的持续突破,不仅增强了品牌高端形象,更带动了整体利润率提升。 我们认为,2025 年公司次高端产品占比有望延续抬升趋势。 事件概述 4月27日,公司发布2024年年报,2024年实现营业收入235.78亿元,同比增长16.41%;归母净利润55.17 亿元,同比增长20.22%。同时,今年一季度实现营业收入91.46亿元,同比增长10.38%;归母净利润 23.30亿元,同比增长12.78%。 盈利能力逐步增强,报表质量持续改善。公司2024年销售净利率与销售毛利率分别同比+0.86/+0.83个百 分点至24.20%/79 ...
古井贡酒(000596):2024平稳收官 2025开局亮眼
Xin Lang Cai Jing· 2025-04-29 02:37
Core Viewpoint - The company demonstrates strong performance in 2024 and Q1 2025, with revenue and net profit growth despite external pressures, indicating a trend towards sustainable high-quality growth [1][2][4]. Financial Performance - In 2024, the company achieved revenue of 235.8 billion and net profit of 55.2 billion, representing year-on-year growth of 16.4% and 20.2% respectively [1]. - Q4 2024 revenue and net profit showed a year-on-year increase of 4.9% and a slight decrease of 0.7% respectively [1]. - In Q1 2025, the company reported revenue of 91.5 billion and net profit of 23.3 billion, with year-on-year growth of 10.4% and 12.8% respectively [1][2]. Product and Market Performance - The product structure is expected to improve steadily in 2024, with notable performance from products such as Gu 7, Gu 8, and Gu 16 [1]. - In 2024, the company’s revenue from different product lines included 180.9 billion from aged raw liquor, 22.4 billion from Gujing Gongjiu, and 25.4 billion from other products, with respective year-on-year growth rates of 17.3%, 11.2%, and 15.1% [2]. - The company continues to focus on inventory reduction and sales activation in provincial markets, maintaining a competitive edge in Hefei while expanding in other regions [1][2]. Profitability and Cost Management - The gross margin for 2024 increased by 0.8 percentage points to 79.9%, attributed to an upward shift in product structure [3]. - The sales and management expense ratios decreased by 0.6 percentage points each, resulting in a sales expense ratio of 26.2% and a management expense ratio of 6.1% [3]. - In Q1 2025, the gross margin slightly decreased to 79.7%, but the net profit margin improved to 25.5%, reflecting ongoing enhancements in profitability [3]. Future Outlook - The company aims for steady revenue growth in 2025, with a focus on sustainable development and a strategy targeting national expansion and premium product lines [2][4]. - The earnings per share (EPS) forecast for 2025 and 2026 has been slightly adjusted to 11.49 and 12.85 respectively, with a projected CAGR of 14% for net profit, surpassing comparable companies [4]. - The target price for 2025 is set at 229.80, based on a 20x price-to-earnings ratio [4].