Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported a revenue of 2.288 billion in the first three quarters of 2024, a year-on-year decrease of 1.85%, and a net profit attributable to shareholders of 352 million, down 9.19% year-on-year [2][3] - The company faced pressure on soy sauce revenue due to proactive inventory control and price upgrades, leading to a 13.8% year-on-year decline in soy sauce revenue for Q3 2024 [2] - The southern region showed resilience, with a stable performance, while the overall dealer count decreased as the company focused on optimizing its dealer network [2] - The gross margin improved to 37.54% in Q3 2024, up 0.67 percentage points year-on-year, attributed to lower raw material costs [3] - The company expects accelerated growth in Q4 2024 following the completion of channel adjustments and the introduction of new products [3] Financial Forecasts and Valuation - The revenue forecast for 2024-2026 has been adjusted to 32 billion, 36 billion, and 39 billion respectively, with a year-on-year growth of 1%, 11%, and 9% [4] - The net profit forecast for the same period has been revised to 5.2 billion, 5.8 billion, and 6.5 billion, reflecting a year-on-year change of -3%, +13%, and +11% [4] - The corresponding P/E ratios for 2024-2026 are projected to be 25, 22, and 20 times [4]

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company reported a revenue of 2.288 billion yuan for the first three quarters of 2024, a year-on-year decrease of 1.85%. The net profit attributable to shareholders was 352 million yuan, down 9.19% year-on-year [2]. - In Q3 2024, the company achieved a revenue of 699 million yuan, representing a year-on-year increase of 12.63%. However, the net profit attributable to shareholders decreased by 22.58% year-on-year to 101 million yuan [2]. - The company is actively controlling inventory and adjusting channels, which has led to continued operational pressure in Q3. Revenue from soy sauce and vinegar in Q3 2024 was 435 million yuan and 85 million yuan, respectively, down 13.82% and 15.67% year-on-year [2]. - The gross profit margin slightly improved, with Q1-3 2024 and Q3 2024 gross margins at 36.20% and 37.54%, respectively. The increase in Q3 gross margin is attributed to a decline in some raw material prices [2]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 2.288 billion yuan, a decrease of 1.85% year-on-year, and a net profit of 352 million yuan, down 9.19% year-on-year. The net profit margin for Q3 2024 was 14.45%, a decrease of 1.86 percentage points year-on-year [2][5]. - The company expects revenues of 3.24 billion yuan, 3.61 billion yuan, and 4.05 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 1.1%, 11.3%, and 12.2% [2][5]. Cost and Expenses - The sales expense ratio for Q3 2024 was 14.93%, an increase of 2.98 percentage points year-on-year, primarily due to a decline in revenue scale affecting cost efficiency and increased market personnel expenses due to intensified industry competition [2]. - The company is focusing on enhancing the quality of its distributors, with a total of 3,424 distributors as of the end of Q3 2024, a net decrease of 136 from the previous quarter [2]. Future Outlook - The company is expected to continue facing operational pressure in the short term due to intensified market competition and weak demand. However, it has been actively adjusting its strategies since Q2, focusing on product quality and optimizing its product system [2]. - The projected net profits for 2024, 2025, and 2026 are 500 million yuan, 560 million yuan, and 630 million yuan, respectively, with year-on-year changes of -5.3%, +11.8%, and +11.5% [2][5].

Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company continues to face pressure in Q3 performance, with a decline in profitability [3][5] - Revenue for the first three quarters of 2024 reached 2.29 billion yuan, down 1.9% year-on-year, while net profit attributable to shareholders was 350 million yuan, down 9.2% year-on-year [3] - The company is actively adjusting its operational strategy, focusing on channel and brand development, and expanding its zero-additive product line [5][6] Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 700 million yuan, a decrease of 12.6% year-on-year, and a net profit of 100 million yuan, down 22.6% year-on-year [3] - For the first three quarters of 2024, soy sauce and vinegar revenues were 1.435 billion yuan and 287 million yuan, respectively, with year-on-year declines of 2.4% and 10.4% [3] - The company’s gross margin for the first three quarters of 2024 was 36.2%, a decrease of 1.6 percentage points year-on-year [5] Regional Performance - Revenue changes by region for the first three quarters of 2024 showed East/South/Central/North/West regions with year-on-year changes of -3.7%/+13.7%/-3.1%/+3.2%/-5.8% [4] - In Q3 2024, the South region's revenue remained stable, while other regions experienced declines [4] Channel Performance - For the first three quarters of 2024, revenue from distribution and direct sales channels changed by -3.5% and +1.9%, respectively [4] - In Q3 2024, distribution channel revenue decreased by 17.3% year-on-year, influenced by last year's high base [4] Profitability and Forecast - The company’s net profit forecast for 2024-2026 has been adjusted to 515 million, 594 million, and 679 million yuan, respectively, reflecting a downward revision of 9.2%, 8.8%, and 7.6% [6] - The current stock price corresponds to a PE ratio of 25x for 2024, 21x for 2025, and 19x for 2026 [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is undergoing active reforms, and the results are anticipated to show improvement. The product and channel adjustments are nearing completion, with expectations to return to a growth trend. The long-term trend towards zero additives remains unchanged, and there is significant growth potential nationwide. Profitability is expected to improve as cost benefits continue to be realized and scale effects enhance, with net profit margins having substantial room for improvement compared to peers [1][5]. Financial Performance Summary - Q3 revenue was 700 million yuan, down 12.6% year-on-year, with net profit attributable to the parent company at 100 million yuan, down 22.6%. For the first three quarters, revenue totaled 2.29 billion yuan, a decrease of 1.9%, and net profit was 350 million yuan, down 9.2% [1]. - Q3 gross margin increased by 0.7 percentage points to 37.5%, benefiting from lower raw material costs. The sales, management, and R&D expense ratios changed by +3.0 percentage points, -0.7 percentage points, and +0.3 percentage points respectively, with the net profit margin decreasing by 1.9 percentage points to 14.4% [1][4]. - Revenue forecasts for 2024-2026 are projected at 3.27 billion yuan, 3.67 billion yuan, and 4.08 billion yuan, with year-on-year growth rates of 1.9%, 12.2%, and 11.2% respectively. Net profit forecasts are 510 million yuan, 580 million yuan, and 650 million yuan, with year-on-year changes of -4.1%, +14.2%, and +12.2% respectively [4][5]. Segment Analysis - Revenue by product category in Q3 showed soy sauce and vinegar revenues of 435 million yuan and 85 million yuan, down 13.8% and 15.7% year-on-year respectively, impacted by high base effects and product adjustments. The company has completed product adjustments, and channel inventory is at a low level, with normal shipping resuming in September [1]. - Revenue by region in Q3 was 165 million yuan (East), 56 million yuan (South), 92 million yuan (Central), 110 million yuan (North), and 260 million yuan (West), with year-on-year changes of -8.4%, 0%, -21%, -17.7%, and -12% respectively, indicating resilience in the South [1].

Investment Rating - The report maintains a "Buy" rating for the company [1][2] Core Views - The company reported a revenue of 2.288 billion RMB for the first three quarters of 2024, a year-on-year decrease of 1.85%, and a net profit attributable to shareholders of 352 million RMB, down 9.19% year-on-year [1] - The company is focusing on the zero-additive segment of the condiment industry, expecting to benefit from the increasing penetration of zero-additive products despite facing challenges such as weak dining demand and intensified competition [1] Revenue and Profit Analysis - For Q3 2024, the company achieved a revenue of 699 million RMB, a decline of 12.63% year-on-year, and a net profit of 101 million RMB, down 22.58% year-on-year [1] - The revenue from soy sauce, vinegar, and other businesses in Q3 2024 was 430 million RMB, 84 million RMB, and 136 million RMB, reflecting year-on-year changes of 13.8%, -15.6%, and -30.3% respectively [1] - The company reduced the number of distributors by 136 in Q3, impacting revenue significantly in the central and western regions [1] Margin and Cost Analysis - The gross margin for Q3 2024 was 37.54%, an increase of 0.67 percentage points year-on-year, attributed to a decline in raw material prices and price optimization [1] - The net profit margin for Q3 2024 was 14.45%, a decrease of 1.86 percentage points year-on-year [1] Future Earnings Forecast - The report projects a decrease in earnings for 2024-2026, with net profits expected to be 520 million RMB, 590 million RMB, and 670 million RMB, reflecting year-on-year changes of -1%, +12%, and +14% respectively [2] - The corresponding price-to-earnings (P/E) ratios for these years are projected to be 24x, 22x, and 19x [2] Market Positioning - The company is strategically adjusting its operations to enhance its market position in the zero-additive segment, aiming for growth post-channel adjustments [1]

证 券 研 究 报 告 千禾味业（603027）2024 年三季报点评 推荐（维持） 短期压力释放，战略夯实基础 目标价：14.7 元 当前价：12.29 元 事项： ❖ 公司发布 2024 年三季报，2024 年前三季度公司实现营收 22.88 亿，同比-1.85%； 实现归母净利润 3.52 亿，同比-9.19%。单 Q3 公司实现营收 6.99 亿，同比12.63%；实现归母净利润 1.01 亿，同比-22.58%。 评论： ❖ 放慢扩张脚步，转向夯实基础，公司营收 Q3 下滑幅度低于预期。公司单 Q3 收入同比-12.6%，下滑较多一是去年受益零添加事件存在较高基数，二是因为 今年龙头发力挤压，零添加赛道竞争显著加剧，公司份额存在丢失情况，三是 公司主动调整拓张节奏，适当收缩夯实基础，持续消化渠道及终端库存。分产 品来看，24Q3 酱油/食醋分别收入同比-13.8%/-15.7%，均出现一定程度下滑。 分渠道来看，Q3 经销渠道营收同比-17.3%，经销商数量亦环比 Q2 减少 136 家 至 3424 家，是 2020 年以来首个经销商数目减少的季度，直销渠道也在高基 数、龙头挤压下，营收同比-0. ...

Investment Rating - The report maintains a "Buy" rating for Qianhe Flavor Industry Co., Ltd. (603027.SH) [1][2] Core Views - The company is undergoing channel adjustments and optimizations, with expectations for positive effects to materialize in the future. Despite facing challenges such as weak dining demand and intensified competition, the company is committed to its zero-additive product upgrade strategy [1][2]. Summary by Sections Performance Overview - For Q3 2024, the company reported revenue of 2.288 billion RMB, a year-on-year decrease of 1.85%. The net profit attributable to shareholders was 352 million RMB, down 9.19% year-on-year, while the net profit excluding non-recurring items was 347 million RMB, a decline of 10.25% [1]. Operational Analysis - Revenue decline in Q3 was attributed to high base effects and channel adjustments. The revenue from soy sauce, food coolers, and other businesses in Q3 2024 was 430 million RMB, 84 million RMB, and 136 million RMB, respectively, with year-on-year declines of 13.8%, 15.6%, and 30.3% [1]. - The company reduced its number of distributors by 136 in Q3, with significant reductions in central and western regions. The revenue from distribution and direct sales fell by 17.3% and 0.4% year-on-year, respectively [1]. - The company's gross margin improved to 37.54%, an increase of 0.67 percentage points year-on-year, primarily due to lower raw material prices and price optimization [1]. Financial Forecasts - The report projects a 7% reduction in earnings estimates for 2024-2026 due to increased market competition and short-term channel adjustments. Expected net profits for 2024-2026 are 520 million RMB, 590 million RMB, and 670 million RMB, reflecting a year-on-year change of -1%, +12%, and +14%, respectively [2][5]. - The corresponding price-to-earnings ratios are projected to be 24x, 22x, and 19x for the same periods [2].

Investment and Project Progress - The company's total investment in the "Annual 600,000 Tons of Seasoning Intelligent Manufacturing Project" is 1.26 billion yuan, with a cumulative investment of 1.16 billion yuan as of September 30, 2024[12] - The first phase of the project, which includes the production lines for 200,000 tons of soy sauce and 100,000 tons of cooking wine, was completed and put into operation in February 2023[12] - The second phase of the project will complete the construction of a 300,000-ton soy sauce production line[12] Financial Position - As of September 30, 2024, the company's monetary funds amounted to 1.41 billion yuan, a decrease from 1.59 billion yuan at the end of 2023[13] - The company's accounts receivable stood at 134.43 million yuan, slightly down from 136.85 million yuan at the end of 2023[13] - Prepayments increased to 48.80 million yuan from 17.10 million yuan at the end of 2023[13] - Inventory rose to 774.26 million yuan from 748.67 million yuan at the end of 2023[15] - Total current assets decreased to 2.38 billion yuan from 2.54 billion yuan at the end of 2023[15] - Fixed assets decreased to 1.27 billion yuan from 1.30 billion yuan at the end of 2023[15] - Total assets decreased to 4.24 billion yuan from 4.27 billion yuan at the end of 2023[15] - Total owner's equity as of the end of Q3 2024 was 3,507,878,679.08 RMB, compared to 3,652,367,547.60 RMB at the end of Q3 2023[17] - Total liabilities and owner's equity as of the end of Q3 2024 were 4,240,058,152.54 RMB, slightly lower than 4,267,793,815.23 RMB at the end of Q3 2023[17] Financial Performance - Total operating income for the first three quarters of 2024 was 2,288,179,457.58 RMB, a slight decrease from 2,331,413,527.00 RMB in the same period of 2023[18] - Net profit attributable to the parent company's shareholders for the first three quarters of 2024 was 351,561,228.45 RMB, down from 387,129,258.14 RMB in the same period of 2023[19] - Basic earnings per share for the first three quarters of 2024 were 0.3421 RMB, compared to 0.3925 RMB in the same period of 2023[20] - Total operating costs for the first three quarters of 2024 were 1,902,110,873.93 RMB, slightly higher than 1,892,209,458.86 RMB in the same period of 2023[18] - Sales expenses for the first three quarters of 2024 increased to 320,910,896.45 RMB from 287,428,115.25 RMB in the same period of 2023[18] - R&D expenses for the first three quarters of 2024 were 61,016,527.97 RMB, slightly lower than 61,401,791.91 RMB in the same period of 2023[18] - Financial expenses for the first three quarters of 2024 showed a net income of 29,404,045.15 RMB, compared to 22,210,491.55 RMB in the same period of 2023[18] Cash Flow - Cash received from selling goods and providing services in the first three quarters of 2024 was 2,551,391,073.78 RMB, up from 2,536,982,572.98 RMB in the same period of 2023[21]

证券代码：603027 证券简称：千禾味业 公告编号：临 2024-070 千禾味业食品股份有限公司 第五届董事会第四次会议决议公告 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。 一、董事会会议召开情况 千禾味业食品股份有限公司（以下简称"公司"）第五届董事会第四次会议通知 于2024年10月20日以书面、电子邮件、电话形式通知了全体董事，会议于2024年 10月30日在公司会议室以现场结合通讯方式召开。本次会议应参加表决董事9名， 实际参加表决董事9名。会议由公司董事长伍超群先生主持，公司监事和高级管理 人员列席了本次会议。本次会议的召集和召开符合《公司法》等有关法律、行政 法规、部门规章、规范性文件和《公司章程》的相关规定，会议形成的决议合法、 有效。 二、董事会会议审议情况 会议经过董事会充分讨论和认真审议，通过了如下决议： 1、审议并通过了《千禾味业食品股份有限公司 2024 年第三季度报告》 公司严格按照上市公司财务制度规范运作，公司2024年第三季度报告公允地 反映了公司2024年前三季度财务状况和经营成果 ...

一、监事会会议召开情况 千禾味业食品股份有限公司（以下简称"公司"）第五届监事会第四次会议通 知于2024年10月20日以书面、电子邮件、电话形式通知了全体监事，会议于2024 年10月30日在公司会议室以现场方式召开。本次会议应参加表决监事3名，实际参 加表决监事3名。会议由公司监事会主席杨红主持，公司董事会秘书列席了本次会 议。本次会议的召集和召开符合《公司法》等有关法律、行政法规、部门规章、 规范性文件和《公司章程》的相关规定，会议形成的决议合法、有效。 二、监事会会议审议情况 1、审议并通过了《千禾味业食品股份有限公司2024年第三季度报告》 证券代码：603027 证券简称：千禾味业 公告编号：临 2024-071 千禾味业食品股份有限公司 第五届监事会第四次会议决议公告 本公司监事会及全体监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。 公司严格按照上市公司财务制度规范运作，公司2024年第三季度报告公允地 反映了公司2024年前三季度财务状况和经营成果，同意公司编制的《千禾味业食 品股份有限公司 2024年第三季度报告》内容。 ...