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口子窖(603589):场景缺失需求疲软,Q2报表同步释压
Minsheng Securities· 2025-08-22 08:08
Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 34.65 yuan [5]. Core Views - The company reported a significant decline in revenue and net profit for the first half of 2025, with total revenue of 2.531 billion yuan and a net profit of 715 million yuan, representing year-on-year decreases of 20.07% and 24.63% respectively [1]. - The high-end liquor segment saw a substantial drop in revenue, contributing to a shift in product structure, with high-end liquor accounting for 94.13% of total revenue in Q2 2025, down from previous periods [1]. - The company is expected to recover in the medium to long term as market conditions improve, with projected net profits of 1.044 billion yuan, 1.193 billion yuan, and 1.420 billion yuan for 2025, 2026, and 2027 respectively [2]. Financial Summary - For the first half of 2025, the gross margin was 73.07%, down 2.78 percentage points year-on-year, while the net profit margin dropped to 14.51%, a decrease of 11.18 percentage points [2]. - The company’s sales and management expense ratios were 14.09% and 7.37% respectively for the first half of 2025, indicating a strategic adjustment in marketing expenses [2]. - Forecasts for revenue and net profit show a decline in 2025, with expected revenues of 4.691 billion yuan and a net profit of 1.044 billion yuan, followed by a recovery in subsequent years [4][10].
高端白酒增长乏力“兼香”龙头口子窖上半年营收净利“双降”均超20%
Xin Lang Cai Jing· 2025-08-19 21:09
8月19日,中国兼香白酒龙头口子窖公布2025年半年度报告,上半年实现营业收入25.31亿元,同比下降20.07%;归属于上市公司股东的净利润7.11亿元,同比下降24.63%;归属于上市公司 口子窖称,2025年以来,白酒行业市场分化与渠道变化加剧,产量持续萎缩,销量增幅放缓。公司称将全面参与市场竞争,全面帮扶经销商,推进"智转数改"项目,有序推进口子产业园一期、 高端白酒收入下降拖累业绩,直销占比不大却增长良好 口子窖是中国兼香型白酒的代表品牌之一,旗下拥有口子窖、老口子、口子坊、口子酒等系列产品。公司生产的口子窖系列产品香气独特,是我国兼香型白酒的代表。公司位于皖北地区,毗邻江 从收入结构看,公司主要依靠高档白酒产品销售,2025年上半年,公司高档白酒收入23.85亿元,规模占当期白酒营收比例约为96%,该部分收入同比降19.80%,影响了公司上半年整体营收与 从渠道类型来看,公司收入下降主要因批发代理渠道出现了较大幅度的下滑,公司主要渠道分为直销(含团购)、批发代理。上半年,公司批发代理收入23.52亿元,占渠道营收比重约为95%, 销售费用投放同比亦出现下降。公司上半年销售费用3.57亿元,同比下降 ...
口子窖(603589):迎驾贡酒(603198)2024年年报及2025年一季报点评:基本盘稳固,静待改革红利释放
Minsheng Securities· 2025-04-30 11:04
口子窖(603198.SH)2024 年年报及 2025 年一季报点评 基本盘稳固 静待改革红利释放 2025 年 04 月 30 日 ➢ 事件:公司发布 2024 年年报及 2025 年一季报,24 年全年公司实现营收/ 归母净利润 60.15/16.55 亿元,同比+0.89%/-3.83%;经计算,24Q4 实现营收 /归母净利润 16.53/3.45 亿元,同比+9.02%/-7.55%;25Q1 实现营收/归母净 利润 18.10/6.10 亿元,同比+2.42%/+3.59%。 ➢ 兼系列省内外招商汇量,省内精耕细作、省外聚焦核心市场。分产品看:酒 类主营 58.76 亿元,同比+0.46%,量增+2.76%,价增-2.24%。毛利率 74.33%, 同比-0.59pcts。其中:①高档白酒(年份系列/兼系列/小池窖等)24 年实现营收 56.81 亿元,同比+0.06%,量增+5.37%,价增-5.04%,吨价下移或系兼系列推 广期费用投放直接抵减收入所致。毛利率-0.22pcts 至 75.65%,在酒类主营业 务中占比-0.39pcts 至 96.69%。25Q1 高档白酒 17.28 亿元 ...