Core Insights - The rise of ready-to-eat meals in the consumer market is driven by rational consumption trends and the "lazy economy" resulting from fast-paced lifestyles, indicating significant growth potential in this sector [1] - The company, Guoquan, reported a revenue of 6.47 billion yuan for 2024, a year-on-year increase of 6.2%, and a core operating profit of 311 million yuan, up 3.1%, showcasing robust financial growth [1] - Guoquan announced a cash dividend plan of approximately 200 million yuan, representing a 39.8% increase compared to the previous year, reflecting its commitment to shareholder returns [1] Financial Performance - In 2024, Guoquan achieved a revenue of 6.47 billion yuan and a core operating profit of 311 million yuan, both showing positive growth [1] - The company’s cash dividend plan of around 200 million yuan indicates a strong financial position and a focus on returning value to investors [1] Store Innovation and Channel Expansion - Guoquan has focused on store innovation by targeting lower-tier markets and extending its service scenarios, resulting in the addition of 287 new stores in rural areas in 2024 [2] - The company has implemented smart retail initiatives, including 24-hour operations and the integration of IoT and AI technologies to enhance customer service and reduce costs [2] - Guoquan's online strategy has led to significant sales, with a notable product generating over 500 million yuan in sales within seven months, and a total online exposure of 6.21 billion times [5] Supply Chain Management - The company emphasizes a "single product, single factory" approach to enhance efficiency and maintain quality, with six dedicated production facilities for various food items [9] - Guoquan collaborates with 266 suppliers to establish a nationwide logistics network, ensuring efficient supply chain management and cost control [9] - The integration of digital systems for supply chain monitoring allows for dynamic inventory management, optimizing operations from procurement to retail [8] Future Outlook - Guoquan plans to continue expanding its sales network and deepen its market penetration, particularly in lower-tier markets, while enhancing its membership ecosystem [9] - The company aims to leverage its supply chain efficiency and store network to support its growth strategies, including instant retail and international expansion [9]

Core Viewpoint - The Chinese catering industry is undergoing a significant reshuffle, with some companies like Guoquan Food demonstrating resilience and adaptability, making them potential investment opportunities [1] Financial Performance - Guoquan Food achieved a revenue of 6.47 billion yuan in 2024, marking a year-on-year increase of 6.2%, with a gross profit of 1.42 billion yuan, up 4.9%, maintaining a gross margin of 21.9% [2] - The company's core operating profit reached 311 million yuan, reflecting a 3.1% increase year-on-year [2] - Cash reserves increased by 9.8% to 2.125 billion yuan, while the debt ratio decreased to 3.2%, indicating enhanced financial safety [2] Operational Improvements - Guoquan Food has improved operational quality across channels, membership, supply chain, and inventory, enhancing efficiency and cost-effectiveness [3] - The company maintained a scale of 10,000 offline stores and successfully expanded online channels, selling over 5 million units of the "Free Hot Pot Set" through online platforms, generating over 500 million yuan in sales [3] - Membership numbers surged by 48.2% to 41.33 million, with member savings reaching 990 million yuan, a 36.6% increase [3] Strategic Growth Initiatives - Guoquan Food plans to continue expanding its presence in lower-tier markets, enhance membership operations, and strengthen its supply chain [6] - The company aims to embrace IoT, big data, and AI technologies to develop instant retail and explore overseas markets, leveraging a localized supply chain model [6][8] - Future plans include opening 10,000 new stores over the next five years, focusing on community and rural areas [8] Community and Brand Development - The company is enhancing its brand reputation through community engagement and direct consumer relationships, with plans to launch its own social media content [8] - Guoquan Food is innovating product offerings, including desserts and beverages, while focusing on core categories like soup bases [8] International Expansion - The overseas strategy combines "regional supply chains" with "Chinese flavors," targeting densely populated areas with many communities [15][16] - The company is in the exploratory phase of entering international markets, particularly in areas with significant Chinese populations [16]

Group 1: Industry Insights - The food sector experienced significant movement, with Guoquan's stock rising over 15% and a trading volume of 1.27 billion yuan [1] - The "Two New" policy has led to an 18% year-on-year increase in investment in equipment and tools, while retail sales of consumer goods grew by 4% [1] - The government aims to enhance consumer spending and investment, focusing on improving domestic demand, particularly in consumption, to drive economic growth [1] Group 2: Company Performance - Guoquan's 2024 annual performance report indicates a revenue of 6.47 billion yuan, a 6.2% increase year-on-year, with a gross profit of 1.417 billion yuan and a gross margin of 21.9% [2] - The company's core operating profit reached 311 million yuan, reflecting a 3.1% year-on-year growth, and cash reserves increased by 9.8% to 2.125 billion yuan [2] - Guoquan announced a dividend of approximately 200 million yuan, a 39.8% increase compared to the previous year, indicating a commitment to returning value to shareholders [2]

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [1][8]. Core Insights - The company has shown steady expansion in its store network and the effectiveness of its explosive product strategy is becoming evident [1][7]. - In 2024, the company achieved a revenue of 6.47 billion yuan, reflecting a year-on-year increase of 6%, while the net profit attributable to shareholders was 231 million yuan, a decrease of 4% [5][8]. - The company plans to continue focusing on explosive product combinations and enhancing its supply chain efficiency to improve profitability [6][7]. Summary by Sections Basic Data - Current stock price is HKD 2.01, with a total market capitalization of HKD 55.2 billion and total shares outstanding of 2,747.4 million [2]. Financial Performance - In the second half of 2024, the company reported revenue of 3.80 billion yuan, a 14% increase year-on-year, and a net profit of 145 million yuan, a 10% increase [5][8]. - The gross profit margin for 2024 decreased by 0.3 percentage points to 21.90%, primarily due to the increased volume of low-margin products [6]. Market Strategy - As of the end of 2024, the company had 10,150 stores, with a net increase of 287 stores in rural areas [7]. - The pre-paid card amount increased by 37% in 2024, indicating a successful membership strategy [7]. Profit Forecast - The company expects earnings per share (EPS) of 0.09, 0.10, and 0.12 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 20, 18, and 16 [8][11].

Investment Rating - The report assigns a "Buy" investment rating for the company, marking the first coverage of the stock [1][8]. Core Views - The company has shown steady expansion in its store network and the effectiveness of its explosive product strategy is becoming evident [1][7]. - In 2024, the company achieved a revenue of 6.47 billion yuan, a year-on-year increase of 6%, while the net profit attributable to the parent company was 231 million yuan, a decrease of 4% [5][8]. - The company plans to continue focusing on explosive product combinations and enhancing its supply chain efficiency to improve profitability [6][7]. Summary by Sections Basic Data - Current stock price is HKD 2.01 with a total market capitalization of HKD 55.2 billion and total shares outstanding of 2,747.4 million [2]. Financial Performance - In 2024, the company reported a revenue of 6.47 billion yuan and a net profit of 231 million yuan, with a dividend payout ratio of 89% [5][8]. - The gross margin decreased by 0.3 percentage points to 21.9% due to the increased volume of low-margin products [6]. Investment Highlights - The company is enhancing its supply chain efficiency and increasing investment in brand promotion, leading to a rise in sales expenses by 1 percentage point to 10.27% [6]. - The number of stores reached 10,150 by the end of 2024, with a net increase of 287 stores in rural areas [7]. - The prepayment card amount increased by 37%, indicating a growing membership base and improved customer retention [7]. Earnings Forecast - The company is expected to see earnings per share (EPS) of 0.09, 0.10, and 0.12 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 20, 18, and 16 times [8][11].

2025年3月28日，2024财年年报归属股东应占溢利2.306亿人民币，同比下降3.79%，基本每股收益 0.0841人民币 （以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） 行业估值方面，食物饮品行业市盈率（TTM）平均值为24.21倍，行业中值8.38倍。锅圈市盈率19.72 倍，行业排名第35位；其他原生态牧业（01431.HK）为3.81倍、威扬酒业控股（08509.HK）为3.95倍、 第一太平（00142.HK）为4.7倍、宾仕国际（01705.HK）为5.13倍、TS WONDERS（01767.HK）为5.31 倍。 资料显示，锅圈食品(上海)股份有限公司(中外合资企业)旗下明星品牌,项目成立于2017年,是国内知名的 食材连锁超市,也是在家吃饭餐食产品品牌,历经六年发展,锅圈已升级为——社区餐饮数字零售化知名企 业。目前,锅圈门店和线上业务已经覆盖火锅、烧烤食材、饮料、一人食、即烹套餐、生鲜食品、西餐 和零食等品类,满足社区百姓多种居家需求。锅圈食汇品牌自2017年至今,截至2023年9月26日,公司共有 9,978家门店。 大事提醒 3月31日，截至港股 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 2.40 [8][9]. Core Insights - The company is expected to achieve revenue of RMB 6.47 billion in 2024, representing a year-over-year increase of 6.2%, and a core operating profit of RMB 310 million, also up 3.1% year-over-year, driven by better-than-expected gross margins and cost control [1]. - The second half of the year (H2) has shown a significant recovery in same-store sales growth, attributed to the introduction of value-for-money meal packages and effective marketing strategies [2][4]. - The company has successfully expanded its 2B sales channels, with revenue from these channels increasing by 113.6% to RMB 620 million in H2, reflecting strong growth in its production capabilities and market reach [2]. Revenue and Profitability Forecast - The company forecasts a revenue increase to RMB 7.12 billion in 2025, with a projected adjusted net profit of RMB 360 million, marking a 12% upward revision for both 2025 and 2026 [5][14]. - The gross margin is expected to recover gradually, with a forecasted gross margin of 22.0% for 2025, following a slight decline in H2 due to initial lower margins on new product offerings [3][14]. Strategic Developments - The company is innovating its sales channels by implementing a "one store, one shop, one warehouse" model, enhancing customer convenience through online ordering and offline pickup options [4]. - The company has also expanded its presence in lower-tier markets, adding 287 new rural stores in 2024, which is expected to drive future growth [4].

3月31日，截至发稿，港股锅圈一度大涨超6%，成交额3662.2万元，换手率1.03%。 消息面上，3月28日，在家吃饭餐食产品头部品牌——锅圈食品(上海)股份有限公司(以下简称锅圈， 2517.HK)交出2024年成绩单。 2024年，锅圈全年收入64.70亿元，同比增长6.2%，核心经营利润3.11亿元，同比增长3.1%，实现收 入、核心经营利润双增长。同时，锅圈抛出约2亿元现金分红计划，拟派发现金股息较上年同期增长 39.8%。 与业绩稳健增长、回馈投资者相对应，2024年，锅圈在新店型开拓、新销售渠道开辟、会员经营以及产 业布局方面均获得良性发展。 作为起步于河南的现象级新消费品牌之一，锅圈秉承销供产一体化生态投资理念，依托万家门店、产品 创新、场景创新等，不断向市场输出极具质价比的产品。从业务展望来看，该公司将巩固目前在销售网 络、会员生态、产业端布局的既有优势，并在即时零售、出海业务等方面寻求增长点。 华泰证券认为锅圈是在家吃饭餐食产品龙头品牌，立足于高效的食材加工+物流供应链系 统，撬动加盟商万店渠道，为消费者提供"好吃不贵"的在家吃饭解决方案，形成规模效应的正向飞轮。 24年顺应理性消费趋势， ...

锅圈的产品力密码：创新驱动，核心经营利润稳步攀升 锅圈深谙"得产品者得天下"的道理，产品线满足了从独居青年到多口之家的多元需求。更重要的是，锅 圈紧跟消费趋势，创新能力也不可小觑，2024年锅圈就成功推出了412个火锅及烧烤类新SKU，同时还 推出深受广大消费者喜爱的多款套餐组合产品，为消费者带去更多元的选择和更愉快的在家用餐体验。 这也使得锅圈2024年核心经营利润达人民币3.1亿元，同比增长3.1%。 树立供应链护城河，从源头到餐桌的极致掌控 处在这两块不断扩大的市场中，锅圈正是趋势的精准捕手，它的定位简单却直击痛点：让在家吃饭更简 单。从火锅底料到牛羊肉卷，从海鲜拼盘到菌菇蔬菜，再到蘸料和锅具，乃至烧烤小龙虾都一应俱全， 锅圈提供了一站式的火锅烧烤解决方案。这种"拎包入锅"的便捷性，不仅迎合了年轻一代的懒人经济， 也让火锅从外出大餐变成了日常餐桌的主角。 智通财经APP获悉，近日，在家吃饭餐食品牌锅圈食品(02517)发布了年度业绩，凭借扎实的供应链能 力、创新的渠道策略、高效的会员运营，锅圈食品实现营收毛利双增长。2024年，锅圈收入达人民币 64.7亿元，同比增长6.2%;毛利为14.2亿元，同比增 ...

3月28日，在家吃饭餐食产品头部品牌——锅圈食品（上海）股份有限公司（以下简称"锅圈"，2517.HK）发布截至2024年12月31日的财报。数据显 示，锅圈2024年实现收入64.70亿元，同比增长6.2%；净利润为2.41亿元，同比下降约8.4%。 | | 截至十二月三十一日止年度 | | | --- | --- | --- | | | 二零二四年 | 二零二三年 | | | 人民幣千元 | 人民幣千元 | | 收入 | 6.469.810 | 6.094.104 | | 销售成本 | (5,053,058) | (4.743.163) | | 毛利 | 1,416,752 | 1.350.941 | | 其他收入及收益淨額 | 26.134 | 104.915 | | 销售及分銷開支 | (664,194) | (578,820) | | 行政開支 | (454.282) | (497.235) | | 其他開支 | (1,240) | (8.652) | | 財務成本 | (4.421) | (5.432) | | 金融資產减值虧損,扣除撥回 | 797 | (2,292) | | 除税前利潤 | 3 ...