文丨森潘咨询 潘文富 整理丨酒食汇团队 当前，白酒经销商正面临着"生死拐点"。 在传统销售模式中，白酒行业依赖"厂家-经销商-终端"的多级分销体系构成了稳固的金三角，成就了万亿级的繁荣市场。但在酒业剧变的调整期，白酒市 场需求疲软，去库存成为核心任务，价格倒挂现象普遍，电商与名酒价格战升级……压得经销商"喘不过气"。 与此同时，酒企正在推动渠道扁平化改革，开发专卖店、建立自营数字营销平台……越来越多的经销商猛然发现，其在产业链的功能正在被逐渐弱化，部 分经销商"变身"成为产品"配送商"，甚至部分酒厂已开启探索产品配送的"酒厂-终端店"的直达模式，经销商原本的仓库都已"可有可无"。 当原有的商业模式不再是护城河，如何进化便成为经销商突围的关键所在。 三个维度，经销商需调整思路"求生存" 互联网技术打破了传统商业中的时间与空间壁垒，碎片化的社交媒体打破了企业与消费者之间的信息壁垒，让以往经销商凭借信息差赚取差价的商业模式 不再奏效，经销商需要转变经营思路，主要从以下几个维度进行调整： 首先是经营思路上的转变。要认识到卖酒不是首要任务，首要任务是经营客户群体，增加数量、维护关系、建立信任，部分客户甚至要做到服务溢出 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][17]. Core Views - The company achieved a revenue of 6.37 billion yuan in 2024, a year-on-year increase of 2.2%, and a net profit attributable to shareholders of 480 million yuan, up 8.4% year-on-year [1]. - The company is focusing on brand image enhancement and channel management improvement, aiming to discover growth potential through a multi-category and multi-brand matrix [4]. - The company plans to distribute a cash dividend of 3 yuan per 10 shares, totaling 250 million yuan, which accounts for 51% of the net profit attributable to shareholders for 2024 [1]. Financial Performance - In Q1 2025, the company reported a revenue of 1.26 billion yuan, a decrease of 8.8% year-on-year, and a net profit of 110 million yuan, down 14.33% year-on-year [1]. - The gross margin for 2024 was 40.7%, a slight decrease of 0.4 percentage points year-on-year, while the gross margin for Q1 2025 improved to 42.1% [3]. - The company expects net profits attributable to shareholders for 2025, 2026, and 2027 to be 510 million, 580 million, and 650 million yuan respectively [4]. Market and Product Insights - The company experienced stable growth in its core product categories, with the domestic smoke and stove categories showing increases of 7% and 5% respectively in 2024 [2]. - The new retail channel contributed significantly, with a revenue of 1.3 billion yuan in 2024, reflecting a year-on-year growth of 30% [2]. - The integrated stove market faced challenges, with a year-on-year decline in retail revenue of 30.6% [2]. Valuation Metrics - The projected P/E ratios for 2025, 2026, and 2027 are 10.7x, 9.5x, and 8.4x respectively [4]. - The company’s total market capitalization is approximately 5.48 billion yuan [7].

Investment Rating - The investment rating for the company is "Buy" [6][17] Core Views - The company achieved a revenue of 6.37 billion yuan in 2024, a year-on-year increase of 2.2%, and a net profit attributable to shareholders of 480 million yuan, up 8.4% year-on-year [1] - The company is focusing on brand image enhancement and channel management improvement, aiming to discover growth potential through a multi-category and multi-brand matrix [4] - The company plans to distribute cash dividends of 3 yuan per 10 shares, totaling 250 million yuan, which accounts for 51% of the net profit attributable to shareholders in 2024 [1] Financial Performance Summary - In Q1 2025, the company reported a revenue of 1.26 billion yuan, a year-on-year decrease of 8.8%, and a net profit of 110 million yuan, down 14.33% year-on-year [1] - The gross margin for 2024 was 40.7%, a decrease of 0.4 percentage points year-on-year, while the gross margin for Q1 2025 improved to 42.1%, an increase of 0.2 percentage points year-on-year [3] - The company expects net profits attributable to shareholders for 2025-2027 to be 510 million, 580 million, and 650 million yuan respectively, with corresponding P/E ratios of 10.7x, 9.5x, and 8.4x [4] Market and Product Insights - The domestic market for kitchen appliances, particularly range hoods and gas stoves, showed stable growth in 2024, with retail sales of range hoods increasing by 14.9% and gas stoves by 15.7% year-on-year [2] - The new retail channel contributed significantly to revenue, with a 30% year-on-year increase in new retail revenue, while online sales decreased by 6% [2] - The company is experiencing pressure in integrated products, with a 30.6% year-on-year decline in retail sales for integrated stoves [2]

作为OTC（非处方药）龙头企业，葵花药业选择主动应对行业变局，以短痛换长生。公司在保持研发投入强度、加快新品研发上市的同时，主动优化营销模 式、梳理下游渠道库存，推动渠道扁平化与业务数字化，缩短渠道环节，提升决策效率。 面临阶段性经营压力，也难掩葵花药业发展的坚定决心，公司仍决定以总股本5.84亿股为基数，向全体股东每10股派发现金红利5元（含税），占公司去年 净利润的近六成。 作为一家以生产中成药为主导，以"化学药、生物药"和"健康养生品"为两翼，集药品、健康养生品研发、制造与营销为一体的大型品牌医药集团企业，葵花 药业在2024年面临的挑战，可以按产品板块拆分。 其中，中成药作为公司的核心支柱，去年收入为24.64亿元，占公司总营收的72.96%；化学药和营养保健品分别实现营业收入7.13亿元和1.86亿元，占比分别 为21.10%和5.50%。 从表面来看，公司业绩的变化源于呼吸类产品在上一年度需求爆发式增长后，由于高基数效应，整体销量呈现下行回归趋势。同时，前期原材料价格高位运 行，成本压力增大，导致毛利率有所下降。 但更深层的原因，是市场环境变化。去年，公司发布半年报时曾指出，随着市场突发性事件引起 ...

格力电器（ [Table_StockNameRptType] 000651） 公司点评 渠道经营持续提效 ——格力电器 24A&25Q1 点评 | 主要观点： | | --- | ➢ 25Q1 超市场预期。 ⚫ 收入分析：国补支撑家用空调内销 ⚫ 利润分析：渠道经营继续提效 [Table_CompanyReport] 相关报告 1.格力电器 24Q3：经营提质增效 2024-10-31 2.格力电器 24Q2：盈利水平提升 2024-09-01 3.格力电器：渠道改革收效，以旧换新 加码 2024-06-12 敬请参阅末页重要声明及评级说明 证券研究报告 | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-04-28 | | | [Table_BaseData] 收盘价（元） | | 45.22 | | 近 12 个月最高/最低（元） | 52.73/36.74 | | | 总股本（百万股） | | 5,601 | | 流通股本（百万股） | | 5,515 | 流通股比例（%） 98.46 总市值（亿元） 2,533 流通市 ...

格力电器（ [Table_StockNameRptType] 000651） 公司点评 渠道经营持续提效 ——格力电器 24A&25Q1 点评 | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-04-28 | | | [Table_BaseData] 收盘价（元） | | 45.22 | | 近 12 个月最高/最低（元） | 52.73/36.74 | | | 总股本（百万股） | | 5,601 | | 流通股本（百万股） | | 5,515 | | 主要观点： | | --- | ➢ 25Q1 超市场预期。 ⚫ 收入分析：国补支撑家用空调内销 ⚫ 利润分析：渠道经营继续提效 [Table_CompanyReport] 相关报告 联系人：唐楚彦 1.格力电器 24Q3：经营提质增效 2024-10-31 2.格力电器 24Q2：盈利水平提升 2024-09-01 3.格力电器：渠道改革收效，以旧换新 加码 2024-06-12 敬请参阅末页重要声明及评级说明 证券研究报告 流通股比例（%） 98.46 总市值（亿元） 2 ...