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今世缘(603369):业绩释放真实经营压力,最差时点已过
China Post Securities· 2025-08-27 09:55
证券研究报告:食品饮料 | 公司点评报告 股票投资评级 资料来源:聚源,中邮证券研究所 公司基本情况 | 最新收盘价(元) | 44.55 | | --- | --- | | 总股本/流通股本(亿股)12.47 | / 12.47 | | 总市值/流通市值(亿元)555 | / 555 | | 52 周内最高/最低价 | 56.37 / 35.59 | | 资产负债率(%) | 36.2% | | 市盈率 | 16.28 | | 第一大股东 | 今世缘集团有限公司 | 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:张子健 SAC 登记编号:S1340524050001 Email:zhangzijian@cnpsec.com 今世缘(603369) 业绩释放真实经营压力,最差时点已过 l 投资要点 公司发布 2025 年中报,实现营业收入/归母净利润/扣非净利润 69.5/22.29/22.24 亿元,同比-4.84%/-9.46%/-9.08%。25H1 公司毛 利率/归母净利率为 73.41%/32.06%,分别同比-0 ...
今世缘上半年营收69.50亿元,第二季度净利降37%;“苏超对消费量的提升难量化”
Sou Hu Cai Jing· 2025-08-26 10:19
编辑丨李文贤 出品丨搜狐财经 随着行业全面进入存量博弈的缩量竞争阶段,酒企业绩普遍回调。 8月25日盘后,今世缘交出了一份营利微降的成绩单。 今年上半年,公司实现营收69.50亿元,同比减少4.84%;归母净利润22.29亿元,同比减少9.46%。 第二季度,公司实现营收18.52亿元,同比下滑29.69%;归母净利润5.85亿元,同比下滑37.06%,均为2014年以来首次下滑。 针对下半年动销情况,今世缘近期透露,6 月及7月终端动销增速环比4月、5 月出现下滑,主要是受政策因素和季节性影响。 九成收入仍靠省内,省外市场营收6.28亿元 从产品结构看,上半年今世缘特A类产品(出厂价100-300元)成为唯一增长品类,营收22.32亿元,同比增长0.74%。 作者丨饶婷 分区域看,今世缘市场仍以江苏为主,省内贡献了近九成营收。 上半年省内实现营收62.54亿元,同比减少6.07%;省外实现营收6.28亿元,同比增长4.84%。 "省外市场受政策影响小于省内,市占率和营收仍在提升。"今世缘方面表示,省外战略聚焦于江苏周边核心市场(如安徽、山东、上海、浙 江)。上海、浙江市场民间消费占比较高,V 系产品表现较好 ...
今世缘(603369):25H1大众价位稳增 省外重点布局
Xin Lang Cai Jing· 2025-08-26 04:34
25H1 特A+/特A/其他类收入同比-7.4%/+0.7%/-12.6%,25Q2 特A+/特A/其他类同 比-32.1%/-28.1%/-34.4%,25H1 特A 及以上收入占总营收比重同比+0.4pct 至95.1%。25Q2 外部环境压 力增大,但预计大众价位代表产品淡雅系列仍实现稳健增长;核心大单品开系列受外部环境影响预计略 有下滑,其中四开表现好于对开;国缘V 系定位高线次高端价格带同样有所承压。分区域,公司通过分 区精耕、分品提升不断打破省内"天花板",省外围绕重点板块市场布局,25H1 省内/省外营收同 比-6.1%/+4.8%,25Q2 省内/省外营收同比-32.2%/-17.8%。公司收入跨越百亿规模后,"省内精耕"+"区 域扩张"的节奏更加坚定清晰。 盈利能力略有承压,合同负债环比提升 公司发布2025 年半年报,25H1 总营收/归母净利/扣非净利69.5/22.3/22.2亿,同比-4.8%/-9.5%/-9.1%; 25Q2 总营收/归母净利/扣非净利18.5/5.8/5.8亿,同比-29.7%/-37.1%/-36.5%。产品端,公司核心产品升 级、新产品布局陆续落地,外部环境 ...
今世缘(603369):延续增长趋势
Huaan Securities· 2025-04-30 14:16
Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company continues to show a growth trend, with strong willingness to repay and high cooperation intent from distribution channels, leading to an increase in market share [7] - The revenue for Q1 2025 is reported at 5.099 billion yuan, a year-on-year increase of 9.17%, while the net profit attributable to the parent company is 1.644 billion yuan, up 7.27% [8] - The company’s gross margin decreased by 0.60 percentage points to 73.6% in Q1 2025, primarily due to an increase in the proportion of A-class products [9] Financial Performance Summary - For the year 2024, the company reported a total revenue of 11.546 billion yuan, representing a year-on-year growth of 14.31%, and a net profit of 3.412 billion yuan, up 8.80% [8] - The company’s revenue for Q1 2025 is 5.099 billion yuan, with a net profit of 1.644 billion yuan, both figures exceeding market expectations [8] - The company’s revenue projections for 2025-2027 are 12.559 billion yuan, 13.838 billion yuan, and 15.289 billion yuan, with respective year-on-year growth rates of 8.8%, 10.2%, and 10.5% [9] Product and Market Insights - The company maintains strong growth in the mass price segment, with specific product lines showing significant year-on-year revenue increases [9] - The company’s A+/A-class product revenue grew by 6.6%/17.4%/3.3% in Q1 2025, indicating a robust performance in the premium segment [8] - The company’s market share in the Jiangsu province continues to expand, with revenue growth rates of 15.2% in Suzhong and 12.6% in Yancheng [9]