首次覆盖报告：会稽雅酿，意蕴天成

15.6%17.7% 增持601579.SH--首次19.86于佳琦S0800525040008yujiaqi@xbmail.com.cn田地S0800525050004tiandi@xbmail.com.cn张弛S0800524040007zhangchi@research.xbmail.com.cn2025-02其他酒类沪深300证券研究报告2025年06月23日 20242025E1,6311,95519.8%19618.6%0.4148.52.6 2026E2027E2,3262,74719.0%18.1%23329536326.9%22.8%0.490.620.7640.932.226.32.52.52.5 分析师188002993371580046476817621838100相关研究 2|请务必仔细阅读报告尾部的投资评级说明和声明内容目录投资要点..................................................................................................................................4关键假设.............................................................................................................................4区别于市场的观点..............................................................................................................4股价上涨催化剂..................................................................................................................4投资建议.............................................................................................................................4会稽山核心指标概览................................................................................................................5一、黄酒行业：中华传统品类迎来新机遇..............................................................................61.1黄酒：沧海遗珠，舌尖芭蕾.........................................................................................61.1.1历史的味道：九千年酿造文明传承......................................................................61.1.2养生的味道：黄酒具有一定保健属性..................................................................71.2昔日困境：囿于低价竞争，缺乏单品势能...................................................................81.2.1行业痛点1：错过消费升级，全国化进程滞后....................................................81.2.2行业痛点2：缺少单品突围，局限于江浙沪........................................................91.2.3行业痛点3：盈利水平较低，提升速度缓慢......................................................101.3行业机遇：高端化升级成为行业龙头的一致战略......................................................101.3.1竞争格局：龙头纷纷并购竞对资产，行业集中度持续提升...............................101.3.2战略选择：高端化升级成为行业一致战略.........................................................12二、日本清酒的启示：东瀛酒韵，鉴湖新思........................................................................132.1清酒：更像中国黄酒而非白酒，且饮用场景非常广泛...............................................132.2清酒：销量衰落更多归结于企业自身原因.................................................................132.3清酒：高端产品獭祭逆势崛起，证明了高端化的可行性...........................................14三、会稽山：黄酒老字号，焕发新活力...............................................................................153.1积淀深厚：品牌历史悠久，非遗传承工艺.................................................................153.2机制灵活：高效的管理体制，让酒香传得更远..........................................................153.2.1民营企业，上下一心.........................................................................................153.2.2高举高打，投入坚决.........................................................................................163.3产品高端化：工艺领先立行业示范，产品迭代创升级空间........................................173.3.1产品工艺：为行业创下典范...............................................................................173.3.2兰亭系列：高端化抓手，打开价格天花板你.....................................................193.3.3 1743系列：老品升级的载体，潜力十足的单品.................................................203.4年轻化破圈：低度产品切入新群体............................................................................21四、盈利预测与投资建议.....................................................................................................23五、风险提示.......................................................................................................................25 3|请务必仔细阅读报告尾部的投资评级说明和声明图表目录图1：会稽山核心指标概览图..................................................................................................5图2：会稽山、古越龙山、金枫酒业的历年吨价变化（元）...................................................8图3：黄酒VS白酒、啤酒代表企业吨价复合增速（2015-2024年）.....................................8图4：会稽山分地区收入占比..................................................................................................9图5：金枫酒业分地区收入占比...............................................................................................9图6：规模以上黄酒行业收入下滑...........................................................................................9图7：浙江规上企业黄酒产量及增速（万吨，%）................................................................10图8：3家黄酒上市公司销售净利率趋势（%）....................................................................10图9：黄酒行业集中度变化....................................................................................................11图10：近3年头部黄酒企业中高端产品占比均有提升..........................................................12图11：日本清酒销售量.........................................................................................................14图12：会稽山省外区域销售占比持续提升............................................................................16图13：公司广宣费用显著增长..............................................................................................16图14：会稽山销售人员数量和人均薪酬................................................................................17图15：会稽山毛利率及销售费用率..............