千禾味业食品股份有限公司（以下简称"公司"或"千禾味业"）于 2024 年 9 月 10 日接到伍超群先生的通知，其将其持有的部分公司股份进行了补充质 押，具体情况如下： 一、股东股份质押的基本情况 | 是 | 否 | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 为 | 占其所 | 占公司 | 质押融 | 股东 | 本次质 | 是否为 | 是否补 | 质押起 | 质押到 | 控 | 质权人 | 持股份 | 总股本 | 资资金 | | | | | 名称 | 押股数 | 限售股 | 充质押 | 始日 | 期日 | 股 | 比例 | 比例 | 用途 | | | | | | | | | | 股 | 东 | | | | | | | | | | | | | | | | | | 2024 | 招商证 | 年 | 6 | 月 | | | | | | | | | | | | | | | ...

证 券 研 报 公 司 研 2024 年 09 月 06 日 究 | --- | --- | --- | |--------------------------------------------------------------------------------------------------------|--------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

上 市 公 司 证 券 研 究 报 告 食品饮料 2024 年 09 月 01 日 千禾味业 (603027) ——24Q2 短期承压 主动调整 静待改善 | --- | --- | |-------------------------------------------|------------------------------------| | 市场数据： | 2024 年 08 月 30 日 | | 收盘价（元） | 13.47 | | 一年内最高/最低（元） | 18.41/12.61 | | 市净率 | 3.8 3.71 | | 息率（分红/股价） | 12,948 | | 流通 A 股市值（百万元） 上证指数/深证成指 | 2,842.21/8,348.48 | | | 注："息率"以最近一年已公布分红计算 | | --- | --- | |------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 3.31 | | 资 ...

证券代码：603027 证券简称：千禾味业 公告编号：临 2024-063 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。 重要内容提示： ●本次收回现金管理的受托方：中国农业银行股份有限公司成都马鞍支行 ●本次收回现金管理产品名称：2024 年第 10 期公司类法人客户人民币大额 存单产品 ●本次收回现金管理本金金额：2,000 万元 ●本次收回现金管理收益：8.62 万元 一、本次收回现金管理产品的情况 截至本公告日，公司使用闲置募集资金购买的部分现金管理产品已收回，公 司已收回该现金管理产品部分资金本金和收益，具体情况如下： 千禾味业食品股份有限公司 关于使用闲置募集资金购买现金管理产品部分收回的 公告 单位：万元 | 序 | 理财产品类型 | 实际总投入 | 本次收回本 | 本次收益 | 尚未收回 | | --- | --- | --- | --- | --- | --- | | 号 | | 金额 | 金 | | 本金金额 | | 1 | 2024年第10期公司类法人客户 | 6,000 | 2,000 | 8. ...

[Table_MainInfo] 公司研究/食品/食品加工 证券研究报告 千禾味业（603027）公司半年报点评 2024 年 09 月 04 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |---------------------------------------------------------------|-------------| | 股票数据 | | | 09 [ Table_StockInfo 月 03 日收盘价（元） ] | 11.86 | | 52 周股价波动（元） | 11.68-18.41 | | 总股本 / 流通 A 股（百万股） | 1028/961 | | 总市值 / 流通市值（百万元） | 12189/11400 | | 相关研究 | | | [Table_ReportInfo] 《分红比例显著提升，全国化布局持续推进》 | | | 2024.05.27 | | | 《业绩表现亮眼，盈利能力上行》 | 2023.11.04 | 市场表现 [Table_QuoteInfo] -30.96% -23.96% -16.96% -9 ...

证券研究报告 非金融公司|公司点评|千禾味业（603027） 经营调整，期待改善 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月02日 证券研究报告 |报告要点 千禾味业发布 2024 半年报，2024H1 公司实现收入 15.89 亿元，同比增长 3.78%；归母净利润 为 2.51 亿元，同比下降 2.38%。其中 2024Q2 公司实现收入 6.94 亿元，同比下降 2.53%；归 母净利润为 0.96 亿元，同比下降 14.16%。 |分析师及联系人 刘景瑜 邓洁 SAC：S0590524030005 SAC：S0590524040002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年09月02日 千禾味业(603027) 经营调整，期待改善 | --- | --- | |--------------------------|----------------------| | | | | 行 业： | 食品饮料/调味发酵品Ⅱ | | 投资评级： | 买入（维持） | | 当前价格： | 13.47 元 | | 基本数据 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported its 2024 mid-year results, showing a revenue of 1.589 billion yuan, a year-on-year increase of 3.78%, and a net profit attributable to shareholders of 251 million yuan, a year-on-year decrease of 2.38% [2] - The soy sauce and vinegar businesses faced pressure, while other products showed steady growth. In Q2 2024, revenue from soy sauce and vinegar decreased 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 continuous increase in the number of distributors. As of the end of H1 2024, the number of distributors reached 3,560, an increase of 204 from the previous quarter [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 competition [2] - The company launched several new products since June 2024, aiming to improve brand positioning and expand consumer demographics [3] - The revenue forecast for 2024-2026 has been adjusted to 34.3 billion, 38.3 billion, and 42.3 billion yuan respectively, with corresponding net profit forecasts of 5.6 billion, 6.4 billion, and 7 billion yuan [3] Summary by Sections Financial Performance - In H1 2024, the company achieved total revenue of 1.589 billion yuan, a 3.78% increase year-on-year, and a net profit of 251 million yuan, down 2.38% year-on-year [2] - Q2 2024 saw revenue of 694 million yuan, a decrease of 2.53% year-on-year, and a net profit of 96 million yuan, down 14.16% year-on-year [2] Product Performance - Soy sauce and vinegar revenues decreased due to high base effects and weak industry demand, while other products like oyster sauce and cooking wine showed strong growth [2] Channel Strategy - The company is expanding its distribution channels, with a net increase of 204 distributors in H1 2024, indicating a strategic shift to optimize product offerings and reduce low-price competition [2] Margin and Cost Analysis - The gross margin decreased by 2.3 percentage points in Q2 2024, primarily due to a higher share of low-margin products and increased promotional expenses [2] Future Outlook - The introduction of new products is expected to enhance performance, with a positive outlook for gradual improvement in sales as inventory levels remain healthy [3]

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]