Core Viewpoint - The revenue growth of Laobai Gan liquor has significantly declined, with a 2024 revenue of 5.36 billion yuan, a mere 1.91% increase year-on-year, raising concerns about the sustainability of profit growth despite a net profit increase of 18.19% [2][4][5] Financial Performance - In 2024, Laobai Gan achieved a total revenue of 5.36 billion yuan, up 1.91% from 2023's 5.26 billion yuan, which had a 12.98% growth [3][4] - The net profit attributable to shareholders was 787 million yuan, reflecting an 18.19% increase compared to 666 million yuan in 2023 [3][4] - The net profit after deducting non-recurring gains and losses was 738 million yuan, a 20.12% increase from 614 million yuan in 2023 [3] Revenue Breakdown - The primary sales region for Laobai Gan remains Hebei, generating 3.12 billion yuan in revenue, a 2.61% increase [5] - Other notable revenue contributions include Hunan at 1.10 billion yuan (12.30% growth), Anhui at 550 million yuan (0.53% growth), and Shandong at 210 million yuan (31.39% growth) [5] Product Performance - The core product line, Laobai Gan series, generated 2.59 billion yuan, accounting for 48% of total revenue, with a growth of 9.96% [8] - The Wuling series saw a revenue of 1.10 billion yuan, up 13.30%, while the Kongfu family series grew by 28.12% to 230 million yuan [8] - High-end products priced above 100 yuan generated 2.70 billion yuan, a 5.29% increase, while products priced at or below 100 yuan generated 2.62 billion yuan, a 7.09% increase [8][9] Strategic Challenges - Laobai Gan's struggle to expand its market presence and high-end product sales is attributed to limited geographical reach and insufficient brand recognition [5][7] - The company faces intense competition not only from leading domestic brands but also from local competitors in Hebei [7] - The high pricing strategy for the 1915 series has not translated into significant market traction, highlighting the challenges of positioning as a premium brand [10] Future Outlook - The company's ability to penetrate the high-end market through targeted marketing and the success of its regional strategies will be critical for future growth [12] - Without achieving a revenue scale of 10 billion yuan within the next 3-5 years, Laobai Gan risks falling out of the second-tier market [12]

在房地产行业深度调整的当下，当多数房企收缩战线、以去库存为主时，一家民营企业却以"黑马"之姿 逆势突围。在中指研究院近日发布的《2025年1—4月全国房地产企业拿地TOP100排行榜》中，邦泰集 团以124万平方米的拿地面积位列全国第二，成为前10名中仅有的两家民营房企之一。从四川出发到布 局全国11省39城，从区域深耕到全国化扩张，四川邦泰用18年时间走出了一条"稳健与进取并存"的独特 发展路径。 | | | | 2025年1-4月中国房地产企业 | | | | --- | --- | --- | --- | --- | --- | | | | | 权益拿地金额与面积TOP100 | | | | 排名 | राह नार | 拿地金额 (亿元) | 排名 | राह नार | 拿地面积 (万m4) | | 1 | 绿城中国 | 313 | 1 | 绿城中国 | 139 | | 2 | 中海地产 | 273 | 2 | 邦泰集团 | 124 | | 3 | 滨江集团 | 270 | 3 | 衡南县发展集团 | 122 | | 4 | 建发房产 | 256 | 4 | 保利发展 | 120 | | 5 | 保 ...

查看完整报告 点击注册小程序 1）公司24年收入端同比增长12.8%，符合此前市场预期，分产品看，24年中高价酒类/其他酒类收入分别 为265.32/93.42亿元，同比增加14.35%/9.40%，估计老白汾等腰部产品明显发力，青花系列势能继续释 放，玻汾稳量为主。分市场看，24年省内/省外市场收入分别为135.0/223.7亿元，同比增加 11.72%/13.81%，省内在高基数下依旧保持双位数增长，预计后续将以产品结构升级为主，省外收入增速 快于省内，全国化扩张进程仍在持续。2）24Q4公司主动调控、收入同比承压，25Q1收入端同比增加 7.7%，与24Q4收入合计同比增长3.2%，整体动销表现在同业内相对较好，去年底控货叠加春节动销拉动 下，渠道库存亦处于良性水平。 毛利率继续提升，25Q1费用率有所扰动 1）24年/25Q1毛利率76.20%/78.80%，同比+0.89/+1.34pct，毛利率仍有增厚，估计玻汾控量下产品结构继 续抬升。24年/25Q1税金及附加项占营收比重16.48%/13.69%，同比-1.79/+0.35pct，销售费用率 10.35%/9.23%，同比+0.28/+1.7 ...

随着省内市场逐渐稳固，今世缘要进一步发力省外市场了。 5月7日举行的今世缘2024年度业绩说明会上，今世缘副总经理胡跃吾回应投资者关于省外市场拓展的提问时透露，去年今世缘对省外市场进行了进一步分类 规划，最近对省外销售组织进行了优化调整，将更多人力投向环江苏重点板块。 这是今世缘今年首次明确将对省外周边市场加大人力投入。有券商此前就关注到，今世缘将一些销售骨干派往了省外市场。 过去两年，今世缘大幅扩招，去年销售团队迅速扩容。21世纪经济报道记者注意到，4月底刚披露的2024年报显示，今世缘2024年在职员工增加至5230人， 其中增长最多的是销售人员，1843人，比2023年大幅增加了334人，达到1843人，销售人员占到其在职员工总数的35%。 | | | | | | | 百分点 | | --- | --- | --- | --- | --- | --- | --- | | 盐城大 | | | 74. 49 | | | 減少 | | × | 1, 274, 009, 702. 35 | 324, 980, 195. 85 | | 15. 62 | 29. 04 | 2.65 个 | | | | | | | ...

新大正（002968） 2024 年报点评：实现全国化布局战略，稳步 提升股东回报 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,127 | 3,387 | 3,655 | 3,907 | 4,110 | | 同比（%） | 20.35 | 8.32 | 7.90 | 6.90 | 5.20 | | 归母净利润（百万元） | 160.13 | 113.78 | 122.56 | 133.23 | 143.57 | | 同比（%） | (13.83) | (28.95) | 7.72 | 8.71 | 7.76 | | EPS-最新摊薄（元/股） | 0.71 | 0.50 | 0.54 | 0.59 | 0.63 | | P/E（现价&最新摊薄） | 13.81 | 19.43 | 18.04 | 16.59 | 15.40 | [Table_Tag] [Table_Summary] 投资要点 2025 年 ...

Core Insights - The white liquor industry is experiencing intensified structural differentiation and competition, with a focus on self-transformation and finding new opportunities amidst deep adjustments [1] - In 2024, the production volume of white liquor from 989 large-scale enterprises in China is projected to be 4.145 million kiloliters, a year-on-year decrease of 1.8%, while sales revenue is expected to reach 796.384 billion yuan, a year-on-year increase of 5.3% [1] - The industry is characterized by strong concentration, with leading brands and regions playing a crucial role in market dynamics [1] Industry Overview - The white liquor market is undergoing a reshuffle, with a clear trend of strong concentration and differentiation, leading to fierce competition among top brands [1][15] - Major brands are innovating their marketing strategies and product offerings to adapt to changing consumer demands and market conditions [15][23] Market Dynamics - In key markets like Henan, Jiangsu, and Shandong, leading brands dominate the sales landscape, with significant market shares held by top players such as Moutai and Wuliangye [4][5][6] - The competitive landscape varies by region, with local brands often struggling against national brands in markets like Henan and Guangdong [4][8][9] Brand Strategies - Wuliangye is focusing on expanding its market presence through innovative product launches and targeted marketing strategies aimed at various consumption scenarios [16] - Moutai is enhancing its brand image through cultural marketing and customer engagement initiatives, aiming to adapt to the evolving consumer landscape [17] - Luzhou Laojiao is implementing a dual-brand strategy to enhance market penetration and consumer experience [18] - Shanxi Fenjiu is emphasizing quality and cultural heritage in its marketing approach to strengthen brand loyalty [19][20] - Yanghe is leveraging cultural events and sponsorships to enhance brand visibility and market share [21] Future Outlook - The white liquor industry is expected to continue evolving, with leading companies focusing on innovation, market expansion, and adapting to consumer preferences [23] - The emphasis on quality, cultural relevance, and consumer engagement will be critical for brands to maintain competitiveness in a rapidly changing market [23]

公司顺利完成第一阶段目标，第二阶段稳步推行中，但考虑外部需求改善仍需时间，我们较前次下调 25/26 年收入预测6%/9%，最终预计25/26 年EPS11.15/12.60（较前次-7%/-11%），引入27 年EPS 14.21 元；参考可比公司25 年平均19xPE 均值（Wind 一致预期），考虑公司的全国化潜力，给予公司25 年 23xPE，目标价256.45 元（前次240.01 元，对应25 年估值20xPE，前次可比公司25 年平均16xPE），"买 入"。 公司24 年营收360.1 亿（同比+12.8%）, 归母净利122.4 亿（同比+17.3%）；其中24Q4 营收46.5 亿（同 比-10.2%），归母净利8.9 亿（同比-11.3%）；25Q1 营收165.2 亿（同比+7.7%），归母净利66.5 亿（同 比+6.2%）；25Q1业绩基本符合我们此前预期（营收同比+9%、归母净利同比+6%）。24 年公司圆满完 成汾酒复兴计划的第一阶段，25 年是公司汾酒复兴纲领第二阶段，公司定调"稳健"，目标为未来长期 发展打下坚实基础。展望全年，产品端公司将坚持四轮驱动；渠道端优化经销商考核 ...

保持稳健增长态势,规模跃居行业第三 2024 年度和 2025Q1 业绩点评 2025 年 04月 30 日 核心观点 主要财务指标预测 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入(百万元) | 36010.99 | 39328.45 | 43202.18 | 46878.90 | | 收入增长率% | 12.79 | 9.21 | 9.85 | 8.51 | | 归母净利润(百万元) | 12242.88 | 13104.64 | 14532.14 | 15822.83 | | 利润增速% | 17.29 | 7.04 | 10.89 | 8.88 | | 毛利率% | 76.20 | 76.84 | 77.65 | 78.06 | | 摊薄 EPS(元) | 10.04 | 10.74 | 11.91 | 12.97 | | PE | 20.34 | 19.00 | 17.13 | 15.74 | | PB | 7.16 | 5.55 | 4.19 | 3.31 | 公司点评报告 · 食品饮料行业 资 ...

公司持续推进全国化布局，2024 年经销商总数达 4553 家，较2023 年净增加613 家，其中省外净增加 598 家，渠道网络进一步加密。分渠道来看，2024 年经销/批发/电商实现收入2.33/335.36/21.05 亿元， 同比+19.97%/12.23%/26.22%，公司持续加强经销商优化机制，扩大汾享礼遇模式覆盖范围，实现渠道 精细化管理，增强终端动销积极性。 毛利率&净利率稳中有升，费用投入加大。2024 年公司实现毛利率/净利率76.2%/34%，同比 +0.9/+1.31pct；期间费用率为14.75%，同比+0.66pct，销售/管理/研发/财务费用率分别为 10.35%/4.02%/0.41%/-0.03%，同比分别变动0.27/0.25/0.13/0pct。25Q1 实现毛利率/净利率 78.8%/40.23%，同比+1.34/-0.6pct；期间费用率为11.16%，同比+1.55pct，销售/管理/研发/财务费用率分 别为9.23%/1.76%/0.21%/-0.03%，同比分别变动1.76/-0.23/0.05/-0.03pct。公司持续培育消费者，积极拓 展海外终端渠道， ...

公司点评报告 · 食品饮料行业 保持稳健增长态势,规模跃居行业第三 2024 年度和 2025Q1 业绩点评 2025 年 04月 30 日 核心观点 主要财务指标预测 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入(百万元) | 36010.99 | 39328.45 | 43202.18 | 46878.90 | | 收入增长率% | 12.79 | 9.21 | 9.85 | 8.51 | | 归母净利润(百万元) | 12242.88 | 13104.64 | 14532.14 | 15822.83 | | 利润增速% | 17.29 | 7.04 | 10.89 | 8.88 | | 毛利率% | 76.20 | 76.84 | 77.65 | 78.06 | | 摊薄 EPS(元) | 10.04 | 10.74 | 11.91 | 12.97 | | PE | 20.34 | 19.00 | 17.13 | 15.74 | | PB | 7.16 | 5.55 | 4.19 | 3.31 | 资 ...