为深入落实中央金融工作会议精神及新"国九条"要求，搭建上市公司与投资者的沟通桥梁， 引导投资者理性评估沪市公司价值并提升行权意识，上交所持续举办"我是股东"投资者走进 上市公司活动。2025年，"我是股东"活动主题为"服务投资者，共享高质量"，本期走进的 是全国酿酒骨干企业上市公司安徽迎驾贡酒股份有限公司（迎驾贡酒，603198.SH）。 "投资者走进上市公司"系列活动致力于普及金融知识、保护投资者权益、倡导理性投资，通 过搭建上市公司与投资者的多元化沟通平台，让更多投资者能近距离了解企业，树立价值投 资理念。 本次活动由上海证券交易所指导，申万宏源证券投资者教育基地、安徽分公司主办，安徽迎 驾贡酒股份有限公司协办。活动获得迎驾贡酒的大力支持，吸引了184名机构及个人投资者 参与。投资者实地考察了迎驾贡酒的生产经营状况，并与公司管理层进行了深入交流。 在本次活动中，投资者一行深入迎驾贡酒原酒酿造基地进行实地参观。迎驾贡酒相关负 责人热情接待，并详细介绍了公司的发展历程、核心产品结构及未来发展战略。他指 出，迎驾贡酒作为中国生态白酒酿造领域的标杆企业，近年来在生态白酒研发、生态酿 造技术提升及健康饮品拓展方面取 ...

华夏时报（www.chinatimes.net.cn）记者 周梦婷 北京报道 迎驾贡酒交出了一份令投资者失望的成绩单。4月28日晚，迎驾贡酒发布财报显示，虽然2024年营收净利润维持双 增长，但在白酒销售旺季的第一季度，迎驾贡酒2025年出现营收净利润双双下滑的异常表现。财报发布次日，迎 驾贡酒股价大幅下挫8.98%，盘中一度跌至近两年的最低点43.91元/股，4月30日截至记者交稿，再跌0.18%，收报 44.33元/股，总市值354.64亿元。 作为长期依赖省内市场的区域酒企，迎驾贡酒2025年Q1遭遇关键转折——其安徽省内营收出现近三年来首次下 滑。伴随着全国性名酒加速渠道下沉，以本土市场为根基的迎驾贡酒正面临前所未有的竞争压力。 "失落"一季度 迎驾贡酒坐落于安徽省霍山县，现有迎驾贡酒·大师版、迎驾洞藏、迎驾金银星、百年迎驾、迎驾古坊等多个系列 产品。伴随着业绩下滑，迎驾贡酒虽未减少对销售费用等成本的支出但也变得谨慎起来。2025年第一季度，该公 司销售费用为1.58亿元，同比增长0.8%，2024年第一季度，该公司销售费用同比增幅为27.2%。对于今年迎驾贡酒 销售费用规划，"整体全年会保持相对稳定 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown a revenue growth of 8.5% in 2024, with a total revenue of 73.4 billion yuan and a net profit of 25.9 billion yuan, reflecting a 13.4% increase [7] - The company is experiencing a slowdown in mid-to-low-end liquor sales, while the "Dòngcáng" series continues to show strong growth potential [7] - The report indicates that the company is adjusting its product offerings to clear out low-end items, which has led to a significant decline in sales for lower-tier products [7] Financial Summary - Total revenue projections for the company are as follows: 7,344 million yuan in 2024, 7,378 million yuan in 2025, 7,862 million yuan in 2026, and 8,685 million yuan in 2027, with respective year-on-year growth rates of 8.46%, 0.46%, 6.57%, and 10.47% [1] - The net profit forecast is set at 2,589 million yuan for 2024, 2,617 million yuan for 2025, 2,842 million yuan for 2026, and 3,205 million yuan for 2027, with year-on-year growth rates of 13.45%, 1.06%, 8.60%, and 12.77% [1] - The earnings per share (EPS) are projected to be 3.24 yuan in 2024, 3.27 yuan in 2025, 3.55 yuan in 2026, and 4.01 yuan in 2027 [1] - The current price-to-earnings (P/E) ratio is 15.07 for 2024, 14.92 for 2025, 13.73 for 2026, and 12.18 for 2027 [1]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown a revenue growth of 8.5% for the full year 2024, with a net profit increase of 13.4%. However, the growth rates for Q4 2024 and Q1 2025 were below market expectations due to significant declines in sales of lower-tier products [7] - The company’s high-end product line, particularly the "洞藏" series, continues to grow rapidly, while the mid-to-low-end products are showing signs of fatigue [7] - The company is actively managing its cash flow and inventory to ensure healthy channel profits and turnover [7] Financial Summary - Total revenue for 2023 was 6,771 million, projected to be 7,344 million in 2024, and 7,378 million in 2025, with a growth rate of 22.99%, 8.46%, and 0.46% respectively [1] - Net profit attributable to shareholders for 2023 was 2,282 million, expected to rise to 2,589 million in 2024 and 2,617 million in 2025, reflecting growth rates of 33.85%, 13.45%, and 1.06% respectively [1] - The latest diluted EPS is projected to be 3.24 in 2024 and 3.27 in 2025, with a P/E ratio of 15.07 and 14.92 respectively [1] - The company’s cash flow from operating activities is expected to increase significantly from 1,907 million in 2024 to 3,926 million in 2025 [12]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown a revenue growth of 8.5% in 2024, with a total revenue of 73.4 billion RMB and a net profit of 25.9 billion RMB, reflecting a 13.4% increase [7] - The company is experiencing a slowdown in mid-to-low-end liquor sales, while the "Dingcang" series continues to show strong growth potential [7] - The report highlights a proactive approach to managing cash flow and inventory, ensuring healthy channel profits and turnover [7] Financial Summary - Total revenue projections for the company are as follows: 2023A: 6,771 million RMB, 2024A: 7,344 million RMB, 2025E: 7,378 million RMB, 2026E: 7,862 million RMB, 2027E: 8,685 million RMB [1] - Net profit forecasts are: 2023A: 2,282 million RMB, 2024A: 2,589 million RMB, 2025E: 2,617 million RMB, 2026E: 2,842 million RMB, 2027E: 3,205 million RMB [1] - The earnings per share (EPS) estimates are: 2023A: 2.85 RMB, 2024A: 3.24 RMB, 2025E: 3.27 RMB, 2026E: 3.55 RMB, 2027E: 4.01 RMB [1] - The price-to-earnings (P/E) ratios for the years 2025-2027 are projected to be 14.9, 13.7, and 12.2 respectively [7]