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blackjackrtp| Wuliangye (000858): Steady growth in 23 years and increased dividend ratio
24-05-05Sports围观9次
简介 事件:公司2023年实现收入 832blackjackrtp.7亿元,同比+12.6%,归母净利润 302.1亿元,同比+13.2%blackjackrtp;其中23 单Q4 实现收入207.4
事件:公司2023年实现收入 832blackjackrtp.7亿元,同比+12.6%,归母净利润 302.1亿元,同比+13.2%blackjackrtp;其中23 单Q4 实现收入207.4 亿元,同比+14.0%,归母净利润73.8亿元,同比+10.1%。此外,公司拟每10 股派发现金红利46.7 元(含税),股利支付率60%。24Q1实现收入348.3亿元,同比+11.9%,归母净利润140.5 亿元,同比+12.0%,24Q1 收入和利润符合市场预期。 23 年圆满完成增长目标,24Q1 顺利实现开门红。1、分产品,23 年五粮液产品实现收入628.0 亿元,同比+13.5%,销量/吨价分别+18.0%/-3.8%,其中八代普五稳健放量,1618 和低度在扫码红包拉动下增长较快。系列酒实现收入136.4 亿元,同比+11.6%,系列酒销量/吨价分别增长+27.6%/-12.6%。2、分渠道,23年经销、直销分别实现收入459.9 亿元(+13.6%)、304.6亿元(+12.5%),公司积极打造团购和线上渠道,不断优化渠道结构;此外,23 年五粮液品牌新增81 家经销商至2570 家,五粮浓香新增159 家经销商至814 家。3、得益于消费场景恢复和春节返乡人数增加,春节期间宴席和礼赠市场表现热烈,普五需求旺盛,动销在千元价位中表现最优,助力公司顺利实现开门红。 盈利能力保持稳定,现金流略有承压。1、23年公司毛利率提升0.4个百分点至75.8%;整体费用率下降0.2个百分点至10.8%,其中销售费用率上升0.1 个百分点,管理费用率下降0.2个百分点,全年净利率37.9%,环比22年基本持平,盈利能力保持稳定。2、24Q1 毛利率同比持平,销售费用率同比提高0.8 个百分点,管理费用率下降0.5 个百分点,24Q1 净利率42.0%,同比基本持平。3、24Q1 销售现金收现217.7亿元,同比-24.0%;经营现金流净额5.2 亿元,同比-94.6%,主要系公司多措并举支持经销商,收取的银行承兑汇票较多,以及到期收现额度较低综合影响;截至24Q1 末合同负债50.5 亿元,同比-8.8%。 24年延续双位数增长目标,以价为先稳健发展1、2023年在外部需求疲软,市场竞争加剧的背景下,公司收入同比+12.6%,超额达成年初制定的双位数增长目标,彰显出较强的增长韧性。2、24年公司量价策略清晰,主动给传统经销商减量20%左右,坚决控货和查处窜货,推动价格上行并恢复渠道信心,当前批价保持在940 元左右,库存保持在合理偏低水平。3、2024 年公司制定了总营收两位数的增长目标,得益于开门红奠基、1618 及低度放量、五粮浓香加速增长等,全年双位数增长目标达成度高。 盈利预测与投资建议。预计2024-2026年EPS 分别为8.94 元、10.05 元、11.42元,对应动态PE 分别为17 倍、15 倍、13 倍。公司是千元价位绝对龙头,稳健增长确定性高,分红比例提升后配置价值凸显,维持“买入”评级。 风险提示:经济复苏或不及预期,市场竞争加剧风险。 【免责声明】本文仅代表第三方观点,不代表和讯网立场。投资者据此操作,风险请自担。
【免责声明】本文仅代表第三方观点,不代表和讯网立场。投资者据此操作,风险请自担。
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