证券研究报告·公司点评报告·白酒Ⅱ 古井贡酒（000596） 2024 年报及 2025 年一季报点评：业绩符合 预期，延续韧性增长 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） | 20,254 | 23,578 | 26,252 | 29,270 | 32,550 | | 同比（%） | 21.18 | 16.41 | 11.34 | 11.50 | 11.20 | | 归母净利润（百万元） | 4,589 | 5,517 | 6,199 | 7,013 | 7,826 | | 同比（%） | 46.01 | 20.22 | 12.35 | 13.14 | 11.59 | | EPS-最新摊薄（元/股） | 8.68 | 10.44 | 11.73 | 13.27 | 14.81 | | P/E（现价&最新摊薄） | 19.25 | 16.01 | 14.25 | 12.59 | 11.29 | [Table_ ...

4月27日，泸州老窖发布2024年年报和2025年一季报：2024年营收311.96亿元，同比增长3.19%；归母净 利润134.73亿元，同比增长1.71%；一季度营收93.52亿元，同比增长1.78%；归母净利润45.93亿元，同 比增长0.41%。 面对经济环境复杂严峻、行业深度调整的双重考验，泸州老窖保持战略定力，稳固业绩基本盘，实现持 续稳健发展，彰显了"行业稳盘者"的战略韧性，展现出"价值创造者"的成长势能。 保持战略定力稳固行业头部地位 在中国酒业深度调整、行业增长动能趋缓背景下，泸州老窖以连续十年营收正增长的稳健答卷，为市场 注入确定性信心。 报告期内，泸州老窖深化市场布局，国窖品牌继续战略领跑，稳居200亿阵营；泸州老窖品牌聚焦腰部 市场夯实中坚力量，突破100亿体量。 通过实施百城计划2.0、华东战略2.0等区域深耕战略，泸州老窖成功培育多个规模级市场，实现市场覆 盖与渗透的双向突破。年报显示，当前泸州老窖境内经销商体系稳定在1700多家，境外经销商网络拓展 至85家，区域精耕叠加全球化布局，保障市场渗透率稳步提升。 财务结构方面，年报显示，泸州老窖延续多年稳健态势，资产负债率稳定在30% ...

泰山财经记者 胡明政 实习记者 林俊洁 4月23日，山东知名白酒企业泰山酒业集团股份有限公司（下称"泰山酒业"或"公司"）发生工商变动， 刘汉平、马西元退出，由王波、张小峰接任董事职务。 对于泰山酒业取得如此业绩的原因，张铭新归结为三个方面：品质、品牌和服务。 据张铭新介绍，泰山酒业拥有亚洲最大的小窖酿制群体，可以满足消费者需求；在品牌建设上，近几 年，公司进行了大量的宣传，提升了品牌的知名度和美誉度；在服务上，公司打造了一流的服务团队， 可以满足各个阶层对市场的需求。 据悉，除白酒主业之外，泰山酒业对金融投资也"情有独钟"。 除持有泰安银行3.03%股份外，泰山酒业还投资了多家本地的金融投资公司，截至目前，公司持有泰安 高新区乾邦小额贷款49%股份，持有泰安市泰山区泰通小额贷款5.25%股份，持有泰安市正大典当40% 股份，持有山东金泽中小企业应急转贷基金80%股份，持有泰安市普润投资30%股份。 目前，马西元持有公司的股份为6%；本次退出的另一位董事刘汉平，通过东莞市华盛实业持有公司5% 的股份。据悉，马西元系泰山酒业前任董事长，其已于2023年1月27日逝世，享年68岁。 公司官网显示，泰山酒业总部位于 ...

Industry Dynamics - In March, the production of liquor by large-scale enterprises in China decreased by 0.8% year-on-year, totaling 378,000 kiloliters, with a cumulative production of 1,032,000 kiloliters in the first three months, down 7.3% year-on-year [4] - Beer production increased by 1.9% year-on-year in March, reaching 3,128,000 kiloliters, but the cumulative production for the first three months fell by 2.2% [4] - Wine production saw a significant decline of 25% year-on-year in March, with a total of 9,000 kiloliters produced, and a cumulative production of 24,000 kiloliters in the first three months, also down 25% [4] - The Ministry of Industry and Information Technology announced a list of 40 key traditional food industries for cultivation, including liquor categories such as Baijiu, Huangjiu, and wine, aimed at boosting economic development and enhancing domestic demand [4] - Five liquor enterprises were recognized in the national-level skills master studio list, highlighting the industry's focus on skill development and training [7] Company Dynamics - Yanjing Beer reported a revenue of 14.667 billion yuan for 2024, a year-on-year increase of 3.2%, with a net profit of 1.056 billion yuan, up 63.74% [8] - Shanghai Gui Jiu (Rocky Co.) reported a revenue of 285 million yuan, a significant decline of 82.54%, with a net loss of 217 million yuan, down 349.63% [9] - Tianyoude Jiu reported a revenue of 1.255 billion yuan, a year-on-year increase of 3.69%, but a net profit decline of 52.96% to 42.135 million yuan [10] - Wuliangye reported a revenue of 89.175 billion yuan, a year-on-year increase of 7.09%, with a net profit of 31.853 billion yuan, up 5.44% [10] - Moutai achieved sales exceeding 10 million yuan during the China International Consumer Products Expo, showcasing strong consumer interest in its products [10] - Luzhou Laojiao received the first data intellectual property registration certificate in the liquor industry for real-time monitoring data of bottled liquor, indicating a focus on quality control [11] - Yanghe Baijiu's cellar group was certified by Guinness World Records as the largest scale of liquor cellars, emphasizing the company's production capacity [11]

泸州老窖(000568.SZ)发布2024年年度报告， 营业收入达到311.96亿元，同比增长3.19%， 净利润为 134.73亿元，同比增长1.71%。公司计划每10股派发现金红利45.92元（含税）。如本预案获得股东大会 审议通过，公司2024年度累计现金 分红总额为87.58亿元（含税），占2024年度归属于上市公司股东净 利润的比例约为65.00%。公司积极践行"战略坚定、数字创新、高效协同、全面攻坚"的营销主题，市场 规模得到巩固拓展，销售业绩实现稳健增长，发展韧性和实力进一步凸显。 ...

Group 1: Investment Overview - Berkshire Hathaway sold more stock than it bought in 2024, raising questions about its investment in Constellation Brands, which has likely lost value due to tariff fears and declining alcohol consumption [1] - Constellation Brands appears to align with Buffett's investment philosophy, being a "forever" stock with enduring product demand, particularly as it produces the U.S.'s No. 1 beer, Modelo Especial [2] - The current valuation of Constellation Brands is low, with a forward P/E ratio of 15 and a price-to-sales (P/S) ratio of 3.4, down from 6 in 2022, indicating a significant discount [3] Group 2: Market Performance and Concerns - Constellation's stock performance has been poor, diverging from the S&P 500 since 2023, which may have prompted Buffett's team to see an investment opportunity [4] - Recent tariff concerns regarding imports, including Mexican beers and spirits, could lead to increased prices and decreased sales, potentially jeopardizing Modelo's market position [5] Group 3: Investment Strategy and Opportunities - Investors may have the chance to "out-Buffett" Buffett by purchasing shares at a lower valuation, as current P/S ratios are more favorable than those at which Buffett's team bought shares [6] - New shareholders could benefit from a higher dividend yield of about 2.2%, which is significantly above the S&P 500's approximate 1.5% yield [7] - Constellation Brands has consistently raised its dividend since 2015, with a free cash flow of $1.9 billion in fiscal 2025, indicating the potential for further dividend increases [8] Group 4: Future Considerations - While Berkshire's Q1 purchases remain unknown until the release of its 13-F, there is potential for investors to achieve better returns than Buffett if they buy at lower share prices [9] - Despite the uncertainties surrounding tariffs and consumption, the low valuation and prospects for rising dividends may present a compelling opportunity for investors to add Constellation shares [11]

Investors interested in Beverages - Alcohol stocks are likely familiar with Carlsberg AS (CABGY) and Brown-Forman B (BF.B) . But which of these two stocks is more attractive to value investors? We'll need to take a closer look to find out.Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The proven Zacks Rank emphasizes companies with positive estimate revision tr ...

五粮液（000858）公告，2024年营业收入891.75亿元，同比增长7.09%。归属于上市公司股东的净利润 318.53亿元，同比增长5.44%。基本每股收益8.21元/股，同比增长5.44%。公司拟向全体股东每10股派发 现金红利31.69元(含税)。 ...

Boston Beer (SAM) came out with quarterly earnings of $2.16 per share, beating the Zacks Consensus Estimate of $0.78 per share. This compares to earnings of $1.04 per share a year ago. These figures are adjusted for non- recurring items. This quarterly report represents an earnings surprise of 176.92%. A quarter ago, it was expected that this brewer would post a loss of $1.18 per share when it actually produced a loss of $1.68, delivering a surprise of -42.37%. Over the last four quarters, the company has s ...

Core Insights - El Mayor Tequila is produced at Destiladora Gonzalez Lux in Arandas, Mexico, using 100% estate-grown Blue Weber Agave from Jalisco, Mexico [1][3] - The brand has adopted a consistent packaging design across its product line to enhance consumer recognition [1] - El Mayor Tequila has received multiple prestigious awards, including gold medals at the ASCOT and SIP Awards, and recognition as one of the top 10 tequilas in the world at the 2025 International Wines and Spirits Competition [1][3] Product Offerings - El Mayor Tequila Blanco is an unaged clear tequila with a light body and floral hints [5] - El Mayor Tequila Reposado is aged for a minimum of nine months, offering fruit flavors with vanilla and spice [5] - El Mayor Tequila Rosado Reposado is finished in Cabernet Sauvignon casks for nine months, providing a rich, smooth taste with spiced-berry notes [5] - El Mayor Tequila Añejo is aged for 18 to 36 months, delivering a sophisticated flavor profile with caramel and grilled fruits [5] - El Mayor Tequila Extra Añejo is aged for a minimum of three-and-a-half years, featuring complex flavors of wood, caramel, dark chocolate, and hazelnut [5] - El Mayor Tequila Cristalino is aged for at least 12 months and filtered for a bright, crisp profile while retaining Añejo complexity [5] Company Background - Luxco, founded in 1958, is a leading producer and supplier of beverage alcohol products, operating under MGP Ingredients Inc. since 2021 [4] - The company has a diverse portfolio that includes brands from multiple distilleries, including the production of El Mayor Tequila at Destiladora Gonzalez Lux [4]