Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported H1 2024 revenue of 1.589 billion yuan, a year-on-year increase of 3.78%, but net profit attributable to shareholders decreased by 2.38% to 251 million yuan, indicating performance below expectations [2] - The soy sauce and vinegar segments faced pressure, while other products showed steady growth, with Q2 revenue for soy sauce and vinegar declining by 3.1% and 10.2% respectively, while other products grew by 2.2% [2] - The company is actively adjusting its channel strategy, with a net increase of 204 distributors in H1 2024, totaling 3,560 distributors, indicating ongoing channel expansion [2] - Gross margin is under pressure, with a year-on-year decline of 2.3 percentage points in Q2 2024, attributed to a higher proportion of low-margin products and increased promotional efforts due to intensified competition [2] - New products launched since June 2024 are expected to improve performance, with a focus on high-end soy sauce and affordable products to broaden the consumer base [3] - Revenue forecasts for 2024-2026 have been adjusted to 3.431 billion, 3.834 billion, and 4.228 billion yuan respectively, with corresponding net profit forecasts of 564.85 million, 637.78 million, and 703.13 million yuan [3] Financial Summary - For 2024, the company expects total revenue of 3.431 billion yuan, a year-on-year increase of 6.98%, and net profit of 564.85 million yuan, a growth of 6.48% [1][3] - The company's P/E ratios for 2024, 2025, and 2026 are projected to be 24.51, 21.71, and 19.69 respectively [1][3] - The gross margin is expected to be 36.20% in 2024, slightly declining from 37.15% in 2023 [9]

2024 年 9 月 2 日 公司研究 24Q2 公司业绩承压，战略调整期待下半年改善 ——千禾味业（603027.SH）2024 年中报点评 | --- | --- | --- | --- | --- | |-----------------------------------------------------------------|------------------------|-----------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Hold" rating for Qianhe Flavor Industry (603027) [1] Core Views - The company reported a revenue of 1.59 billion yuan in the first half of 2024, a year-on-year increase of 3.8%, while the net profit attributable to shareholders was 250 million yuan, a decrease of 2.4% year-on-year. In Q2 2024, revenue was 690 million yuan, down 2.5% year-on-year, and net profit was 96 million yuan, down 14.2% year-on-year [1][2] - The competitive intensity in the zero-additive market has increased, leading to revenue pressure in Q2 due to high base effects from the previous year. The soy sauce segment faced challenges, while other segments maintained stable growth [1][2] - The company is expected to benefit from the ongoing trend towards healthier products, with a focus on expanding its zero-additive product line and enhancing its distribution channels [2] Summary by Sections Financial Performance - In H1 2024, the company achieved a gross margin of 35.6%, down 2.7 percentage points year-on-year. The Q2 gross margin was 35.2%, down 2.3 percentage points year-on-year, primarily due to changes in product mix and increased costs [1] - The sales expense ratio in Q2 2024 was 16%, up 2.5 percentage points year-on-year, reflecting increased marketing expenditures. The management expense ratio decreased by 0.8 percentage points to 3.4% [1] Product and Channel Strategy - The company plans to continue enriching its zero-additive product line and actively expand categories such as vinegar and cooking wine, with a focus on increasing the proportion of high-margin products [2] - The company is enhancing its distribution network and channel penetration, particularly in underdeveloped markets, which is expected to accelerate growth [2] Earnings Forecast - The earnings per share (EPS) for 2024-2026 are projected to be 0.56 yuan, 0.66 yuan, and 0.76 yuan, respectively, with corresponding dynamic price-to-earnings (PE) ratios of 24x, 20x, and 18x [2]

证 券 研 究 报 告 千禾味业（603027）2024 年中报点评 推荐（维持） 业绩低于预期，着眼内功积累 目标价：14.7 元 事项： 公司发布 2024 年中报，24H1 公司实现收入 15.89 亿，同比+3.78%；归母净利 润 2.51 亿，同比-2.38%。单 Q2 公司实现营收 6.94 亿，同比-2.53%；归母净利 润 0.96 亿，同比-14.16%。 评论： 需求压力放大，加上市场竞争加剧，高基数下公司收入低于预期。公司单 Q2 收入同比-2.5%，主要原因一是公司产品更侧重中高端定位，零添加红利退潮 后，加上需求压力放大故承压明显，二是期内市场竞争加剧，主要对手纷纷补 齐零添加产品，三是此前招商数量较快，部分中小经销商面临消化留存等问 题，最终在高基数下收入低于市场预期。分业务看，Q2 酱油/食醋分别收入同 比-3.1%/-10.2%，主业聚焦资源后下滑更少，分渠道看，经销商数量尽管环比 继续增加 204 至 3560 家，但对经销商消化不良问题体现，期内经销渠道同比 -4.8%，而线上电商表现较好，直销渠道同比+2.9%，分地区看，除北部和南部 分别同比+17.6%/+1.4%外 ...

千禾味业（603027.SH）2024 年半年报点评 短期经营承压，期待后续改善 2024 年 09 月 01 日 [盈利预测与财务指标 Table_Forcast] ➢ 事件：公司发布 2024 年半年报，24H1 公司实现营业收入 15.89 亿元，同 比+3.78%；实现归母净利润 2.51 亿元，同比-2.38%；实现扣非净利润 2.46 亿 元，同比-3.73%。单季度看，24Q2 公司实现营业收入 6.94 亿元，同比-2.53%； 实现归母净利润 0.96 亿元，同比-14.16%；实现扣非净利润 0.95 亿元，同比14.73%。 ➢ 需求偏弱叠加主动控货，Q2 收入同比-2.5%。分产品看，24Q2 酱油/食醋 /其他产品分别实现收入 4.33/0.89/1.59 亿元，同比-3.07%/-10.17%/+2.24%， 酱油、食醋同比下滑除需求偏弱影响外，预计主要系公司主动控货及基数影响， 其他产品相对稳健；新品方面公司上半年陆续推出千禾浓香酱油、千禾醇香醋、 千禾松茸酱油等产品，引领高品质调味品升级。分渠道看，24Q2 经销/直销分别 实现收入 5.02/1.78 亿元，同比-4.80%/ ...

Investment Rating - The report maintains a "Buy" rating for Qianhe Flavor Industry Co., Ltd. (千禾味业) [5][9] Core Views - The company reported H1 2024 revenue of 1.589 billion yuan, a year-on-year increase of 3.78%, while net profit attributable to shareholders was 251 million yuan, a decrease of 2.38% [1] - Q2 2024 saw revenue of 694 million yuan, down 2.53% year-on-year, and net profit attributable to shareholders of 96 million yuan, down 14.16% year-on-year, indicating pressure on demand and increased competition [1][2] - The company is facing significant growth pressure in its main products, such as soy sauce and vinegar, due to weak demand and intensified competition [2][3] Summary by Sections Financial Performance - In H1 2024, the company achieved a gross margin of 35.16%, a decrease of 2.28 percentage points year-on-year, attributed to increased competition and promotional activities [3] - The total expenses increased, with Q2 2024 sales, management, R&D, and financial expense ratios showing year-on-year changes of +2.48, -0.80, +0.06, and +0.35 percentage points respectively [3] - The net profit margin for Q2 was 13.77%, down 1.87 percentage points year-on-year [3] Market Dynamics - The company’s soy sauce and vinegar products experienced revenue declines of 3.07% and 10.17% year-on-year in Q2, respectively, despite the benefits from zero-additive products and channel expansion [2] - Regional performance varied, with Q2 revenue changes in different areas: Eastern (-7.65%), Southern (+1.35%), Central (-15.63%), Northern (+17.57%), and Western (-5.10%) [2] Future Outlook - The company plans to maintain its high-end and health-oriented brand positioning while launching new high-quality products like Qianhe Matsutake Soy Sauce [3] - The second phase of the 600,000-ton seasoning production line project has begun trial production, with remaining capacity expected to be launched within the year [3] - The profit forecasts for 2024-2026 have been adjusted to 559 million, 651 million, and 752 million yuan, respectively, reflecting a year-on-year growth of 5%, 16%, and 15% [4][5]

千禾味业（ [Table_StockNameRptType] 603027） 公司点评 | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------|-------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 15.68 [6][4]. Core Views - The company is experiencing short-term revenue pressure due to weak external demand and a reduction in scale effects, leading to a decline in profitability. However, there is an expectation for gradual improvement in operations as new products gain traction and new distribution points are developed [1][2]. - The company is focusing on product optimization and upgrading, which is anticipated to drive revenue and profit growth in the second half of 2024. The forecasted EPS for 2024-2026 is RMB 0.56, 0.65, and 0.74 respectively, with a reference PE of 28x for 2024 [1][4]. Summary by Sections Revenue and Profitability - In the first half of 2024, the company's revenue was RMB 1.59 billion, with a net profit attributable to the parent company of RMB 250 million, reflecting a year-on-year growth of 3.8% but a decline in net profit by 2.4% [1]. - For Q2 2024, revenue was RMB 690 million, with a net profit of RMB 100 million, showing a year-on-year decrease of 2.5% in revenue and 14.2% in net profit [1][2]. - The gross profit margin for Q2 2024 was 35.2%, down 2.3 percentage points year-on-year, attributed to reduced scale effects despite lower raw material costs [3]. Product and Market Strategy - The company is strategically upgrading its product line, focusing on low-additive products priced around RMB 7 and mid-range products around RMB 10, which has led to short-term revenue pressure due to inventory management of older products [2]. - The company has seen a net increase of 204 distributors by the end of Q2 2024, indicating ongoing efforts in recruitment and network expansion [2]. Financial Projections - The projected revenue for 2024 is RMB 3.422 billion, with a net profit of RMB 580 million, reflecting a growth rate of 6.71% and 9.42% respectively [5]. - The company’s PE ratio is expected to decrease from 26.10 in 2023 to 23.85 in 2024, indicating a more favorable valuation outlook [5].

来源：公司年报、国金证券研究所 业绩简评 8月30日公司发布半年报，24H1实现营收15.89亿元，同比+3.78%； 实现归母净利润 2.51 亿元，同比-2.38%；扣非归母净利润 2.46 亿 元，同比-3.73%。其中，24Q2 实现营收 6.94 亿元，同比-2.53%； 实现归母净利润 0.96 亿元，同比-14.16%；扣非归母净利润 0.95 亿元，同比-14.73%。 经营分析 产品矩阵不断丰富，高基数下增长承压。1）随着酱油市场趋于饱 和且零添加赛道涌现较多玩家，公司Q2收入在高基数下增长承压。 分产品看， 24Q2 酱 油 / 食 醋 / 其他产品 分 别 实 现 营 收 4.33/0.89/1.73/亿元，同比-3.1%/-10.2%/3.4%，其他产品增长主 要系今年以来上新频次加快，主攻健康低脂方向的 SKU 逐步完善。 2）24Q2 经销/直营分别实现营收 5.02/1.78 亿元，同比4.8%/+2.9%。直营增速回暖主要系公司强化特通事业部开拓范围， 并且线上直营店增加大包装、组合装等产品投放。流通渠道持续扩 大招商范围，24Q2 全国经销商净增 204 家。3）北部优势持续 ...

1、按照产品类别分类情况 2、主营业务按照销售渠道分类情况 单位：万元 币种：人民币 证券代码：603027 证券简称：千禾味业 公告编号：临 2024-060 千禾味业食品股份有限公司 2024 年半年度经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 根据 《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》第 十四号—食品制造的相关规定，现将千禾味业食品股份有限公司(以下简称"公 司")2024 年半年度主要经营数据公告如下： 一、2024 年半年度主要经营数据 单位：万元 币种：人民币 | 区域 | 2024 | 年半年度 | 2023 | 年半年度 | 同比变动（%） | | --- | --- | --- | --- | --- | --- | | 东部区域 | | 33,345.94 | | 33,725.34 | -1.12 | | 南部区域 | | 11,217.54 | | 9,193.97 | 22.01 | 单位：万元 币种：人民币 产品收入 2024 年半年度 2023 ...