Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company experienced a revenue decline of 4.2% year-on-year in 2024, with total revenue reaching 3.07 billion yuan. The net profit attributable to shareholders was 510 million yuan, down 3.1% year-on-year [1][4]. - The company is undergoing internal adjustments, which have led to short-term revenue pressure. The soy sauce segment saw a revenue of 1.96 billion yuan in 2024, down 3.8% year-on-year, while vinegar revenue dropped 12.5% to 370 million yuan [2][4]. - Cost optimization has improved profitability, with gross margins increasing to 37.2% in 2024 and 38.9% in Q1 2025, attributed to lower raw material prices [3][4]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 3.07 billion yuan, a decrease of 4.2% year-on-year. The net profit attributable to shareholders was 514 million yuan, down 3.1% year-on-year. For Q1 2025, revenue was 830 million yuan, a decline of 7.2% year-on-year [1][5]. - The company’s gross margin improved to 37.2% in 2024 and 38.9% in Q1 2025, reflecting cost reductions in raw materials [3][4]. Revenue Breakdown - The soy sauce segment generated 1.96 billion yuan in 2024, with a volume increase of 1.3% but a price decrease of 5.0%. The vinegar segment's revenue fell to 370 million yuan, with both volume and price declines [2][4]. Future Outlook - The company expects revenue growth from 2025 to 2027, with projected revenues of 3.18 billion yuan, 3.39 billion yuan, and 3.66 billion yuan, representing year-on-year growth rates of 3.6%, 6.6%, and 7.8% respectively [4][5]. - Net profit is projected to increase to 553 million yuan, 592 million yuan, and 638 million yuan over the same period, with growth rates of 7.6%, 7.1%, and 7.7% respectively [4][5].

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company experienced a revenue decline of 4.2% year-on-year in 2024, with total revenue reaching 3.07 billion yuan. The net profit attributable to shareholders was 510 million yuan, down 3.1% year-on-year [1][5]. - The company is undergoing internal adjustments, which have led to short-term revenue pressure. The adjustments are expected to yield positive results in the future [2][4]. - Cost optimization has improved profitability, with gross margins increasing to 37.2% in 2024 and 38.9% in Q1 2025, driven by lower raw material prices [3][4]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 3.07 billion yuan, a decrease of 4.2% year-on-year. The net profit attributable to shareholders was 514 million yuan, down 3.1% year-on-year. For Q1 2025, revenue was 830 million yuan, a decline of 7.2% year-on-year [1][5]. - The company’s gross margin improved to 37.2% in 2024 and 38.9% in Q1 2025, attributed to the decline in raw material prices [3][4]. Product and Regional Performance - In 2024, soy sauce revenue was 1.96 billion yuan, down 3.8% year-on-year, while vinegar revenue was 370 million yuan, down 12.5% year-on-year. The company faced challenges due to intensified industry competition and high base effects from 2023 [2][4]. - Revenue from different regions showed varied performance, with the southern region growing by 14% while other regions experienced declines [2][4]. Future Outlook - The company is expected to see revenue growth in the coming years, with projected revenues of 3.18 billion yuan in 2025, 3.39 billion yuan in 2026, and 3.66 billion yuan in 2027, representing year-on-year growth rates of 3.6%, 6.6%, and 7.8% respectively [4][5]. - The net profit attributable to shareholders is projected to reach 553 million yuan in 2025, 592 million yuan in 2026, and 638 million yuan in 2027, with growth rates of 7.6%, 7.1%, and 7.7% respectively [4][5].

Group 1: Company Performance - Qianhe Flavor Industry reported a revenue of 3.073 billion yuan in 2024, a year-on-year decline of 4.2% [1] - The net profit attributable to the parent company was 514 million yuan, down 3.1% year-on-year [1] - In Q4 2024, revenue further declined to 785 million yuan, a 10.3% decrease year-on-year, while net profit increased by 13.4% to 163 million yuan [1] - In Q1 2025, revenue was 831 million yuan, down 7.1% year-on-year, with net profit at 161 million yuan, a 3.7% increase [1] Group 2: Market Dynamics - The decline in revenue is attributed to increased competition in the condiment market, leading to price wars [2] - In 2024, Qianhe's soy sauce and vinegar revenue was 1.96 billion yuan and 370 million yuan, down 3.8% and 2.5% year-on-year, respectively [2] - The company reduced the number of low-profit or low-priced zero-additive product SKUs, which led to short-term price pressure [2] Group 3: Competitive Landscape - In contrast, Haitian Flavor Industry saw an increase in soy sauce sales and a revenue of 26.901 billion yuan in 2024, up 9.53% year-on-year [4] - Haitian's net profit was 6.344 billion yuan, a 12.75% increase, attributed to its focus on the catering and lower-tier markets [4] - Qianhe's strategy to target the high-end market comes with its own set of challenges and costs [5] Group 4: Industry Trends - The overall performance pressure on Qianhe is primarily due to market changes rather than isolated events [3] - The reduction in the number of Qianhe's distributors by 74 to 3,282 indicates a contraction in its market presence [3] - The brand's image and core competitiveness are affected by public perception issues, which further complicate its market position [3]

Investment Rating - The report maintains a "Recommended" rating for Qianhe Flavor Industry (603027) [1][6] Core Views - Revenue for 2024 is expected to be 3.073 billion, a decrease of 4.2% year-on-year, with net profit at 514 million, down 3.1% year-on-year [6][7] - The company is facing short-term pressures but is actively adjusting its operations, with expectations for gradual improvement in revenue in the second half of 2025 [6][7] - The target price is set at 14.7 yuan, with the current price at 11.77 yuan, indicating a potential upside [2][6] Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 3,073 million, 3,032 million, 3,289 million, and 3,529 million respectively [2] - Year-on-year growth rates for revenue are projected at -4.2% for 2024, -1.3% for 2025, 8.5% for 2026, and 7.3% for 2027 [2] - Net profit estimates are 514 million for 2024, 543 million for 2025, 596 million for 2026, and 655 million for 2027, with growth rates of -3.1%, 5.6%, 9.8%, and 9.9% respectively [2] - Earnings per share (EPS) are forecasted at 0.50 yuan for 2024, 0.53 yuan for 2025, 0.58 yuan for 2026, and 0.64 yuan for 2027 [2] Operational Insights - The company has experienced a decline in revenue due to increased competition and a high base from the previous year, with specific product categories like soy sauce and vinegar seeing significant drops [6][7] - The company plans to distribute a dividend of 5.0 yuan per 10 shares, yielding a dividend rate of 4.13% [6] - The company’s gross margin for 2024 is projected at 37.2%, with improvements expected in the latter half of the year due to cost reductions and product adjustments [6][7]

盈利预测与投资评级：公司短期受舆论事件冲击，下调公司25-26 年收入预期为32/35 亿元（此前25-26 年预期36/39 亿元），新增27 年收入预期38 亿元，同比+5%/+7%/+9%；考虑到公司成本红利显著，调 整25-26 年归母净利润预期为5.9/6.3 亿元（此前25-26 年预期为5.8/6.5 亿元），并新增27 年预期为6.8 亿 元，同比+14%/+7%/+9%，对应25-27 年PE 分别为21/19/18x，维持"增持"评级。 风险提示：原材料价格大幅上涨、行业竞争加剧、消费复苏不及预期，食品安全问题 24Q4/25Q1 公司管理费用率分别同比-3.2pct/持平，24Q4 管理费用率下降主因公司冲回股权激励费用。 综合来看24Q4/25Q1 公司归母净利率分别同比+4.3/+2pct，盈利能力强化。 注重股东回报，积极应对舆情。2024 年公司分红率达到99%，2025 年4 月15 日股价对应股息率4.4%， 股东回报优异。2025 年3 月公司针对零添加产品被媒体送检事件发布澄清公告，明确公司零添加产品符 合企业标示的酿造酱油国家标准，且绝不添加食品添加剂。未来随着公司积极 ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company's revenue is under pressure due to strategic adjustments, but cost advantages are enhancing profitability [1][8] - The company reported a revenue of 3.07 billion yuan in 2024, a year-on-year decrease of 4.2%, and a net profit of 514.15 million yuan, down 3.1% year-on-year [8] - The company is experiencing a decline in major product categories due to proactive adjustments and public opinion events, with soy sauce and vinegar revenues declining significantly [8] - The company is focusing on shareholder returns, achieving a dividend payout ratio of 99% in 2024, and addressing public concerns regarding product safety [8] Financial Summary - The company forecasts total revenue of 3.24 billion yuan for 2025, with a projected growth of 5.38% [1][9] - The net profit for 2025 is expected to be 586.22 million yuan, reflecting a year-on-year increase of 14.02% [1][9] - The company's gross margin is projected to improve, with a gross margin of 38.68% in 2025 [9] - The company has a total market capitalization of approximately 12.1 billion yuan and a price-to-earnings ratio of 23.53 for 2024 [5][9]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has faced revenue pressure due to strategic adjustments, but cost advantages are enhancing profitability [1][8] - The company reported a revenue of 3.07 billion yuan in 2024, a year-on-year decrease of 4.2%, and a net profit of 514.15 million yuan, down 3.1% year-on-year [8] - The company is expected to see marginal improvements in performance as it actively addresses public relations issues and expands its distribution network [8] Financial Summary - For 2024, the total revenue is projected at 3.07 billion yuan, with a year-on-year growth rate of -4.16% [1][9] - The net profit for 2024 is estimated at 514.15 million yuan, reflecting a year-on-year decrease of 3.07% [1][9] - The earnings per share (EPS) for 2024 is projected to be 0.50 yuan [1][9] - The company’s gross margin is expected to improve, with a gross margin of 37.19% in 2024 [9] - The company’s return on equity (ROE) is projected to be 14.09% in 2024 [9] Revenue and Profit Forecast - Revenue forecasts for 2025 and 2026 are adjusted to 3.2 billion yuan and 3.5 billion yuan respectively, with expected growth rates of 5.38% and 6.98% [8] - The net profit for 2025 is projected at 586.22 million yuan, with a year-on-year growth of 14.02% [1][9] - The company anticipates a net profit of 628.14 million yuan in 2026, reflecting a growth of 7.15% year-on-year [1][9] Market Data - The closing price of the stock is 11.77 yuan, with a market capitalization of approximately 12.1 billion yuan [5] - The price-to-earnings (P/E) ratio is projected to be 23.53 for 2024, decreasing to 17.70 by 2027 [1][9]

Investment Rating - The investment rating for the company is "Buy" with a target price of 13.20 RMB [7][8]. Core Views - The company is undergoing strategic adjustments in 2024, which has led to revenue pressure but is expected to enhance profitability in the long term. The net profit margin has significantly improved due to cost benefits and product structure optimization [4][3]. - The company has focused on high-quality growth, with expectations for continued recovery in operations following strategic adjustments made in 2024 [4][3]. Summary by Sections Revenue and Profitability - For 2024, the company's revenue, net profit attributable to the parent, and net profit excluding non-recurring items are projected to be 3.07 billion, 514.15 million, and 500 million RMB, respectively, reflecting year-on-year declines of 4.2%, 3.1%, and 5.1% [1]. - In Q4 2024, revenue is expected to be 790 million RMB, with a net profit of 160 million RMB, showing a year-on-year decline in revenue of 10.3% but an increase in net profit of 13.4% [1]. Cost Structure and Margin Improvement - The gross margin for 2024 is projected to be 37.2%, with a significant improvement in Q4 due to lower raw material costs and product structure optimization [3]. - The net profit margin for Q4 2024 is expected to reach 20.7%, an increase of 4.3 percentage points year-on-year, while the net profit margin for Q1 2025 is projected to be 19.3%, up 2.0 percentage points year-on-year [3][1]. Strategic Adjustments and Market Performance - The company has strategically reduced the number of low-margin products and focused on optimizing its product offerings, which has led to short-term revenue pressure but is expected to enhance long-term profitability [2][4]. - In 2024, revenue from soy sauce and vinegar is projected to be 1.96 billion and 370 million RMB, respectively, with year-on-year declines of 3.8% and 12.5% [2]. Earnings Forecast - The earnings per share (EPS) for 2025 and 2026 are forecasted to be 0.60 and 0.67 RMB, respectively, with an upward revision of 5% and 6% from previous estimates [4]. - The company is expected to maintain a high dividend payout ratio of 99.9% in 2024, providing substantial returns to shareholders [2].

业绩简评 4 月 15 日公司发布年报和一季报，24 年实现营收 30.73 亿元，同 比-4.16%；实现归母净利润 5.14 亿元，同比-3.07%；扣非归母净 利润 5.03 亿元，同比-5.12%。25Q1 实现营收 8.31 亿元，同比- 7.15%；实现归母净利润 1.61 亿元，同比+3.67%；扣非净利润 1.59 亿元，同比+4.65%。 经营分析 竞争加剧+内部调整，24 年集中承压。1）24 年酱油实现营收 19.6 亿元，同比-3.8%；其中量/价分别同比+1.3%/-5.0%。食醋/其他分 别实现收入 3.7/7.0 亿元，同比-12.5%/-0.4%。2）渠道端，24 年 公司重视渠道发展质量，针对经销商动销和库存等指标考核，24 年 底经销商数量 3316 家，报告期内净增加 66 家。25Q1 经销商净减 少 34 家。3）高基数压力+舆论扰动，25Q1 持续承压。25Q1 酱油/ 食醋/其他分别实现收入 5.4/1.0/1.9 亿元，同比-4.7%/-10.6%/- 11.8%，其中酱油产品表现相对稳健。4）分区域来看，西部/东部 /北部/中部/南部收入 24 年分别同比-8 ...

千禾味业食品股份有限公司董事会审计委员会实施细则 （2025 年 4 月修订） 第一章 总则 第一条 为强化董事会决策功能，做到事前审计、专业审计，确保董事 会对经理层的有效监督，完善千禾味业食品股份有限公司（以下简称"公司" 或"本公司"）治理结构，根据《中华人民共和国公司法》《上市公司治理准则》 《千禾味业食品股份有限公司章程》（以下简称"《公司章程》"）及其他有关规 定，公司特设立董事会审计委员会，并制订本实施细则。 第二条 董事会审计委员会是董事会按照股东会决议设立的专门工作机 构，主要负责公司内、外部审计的沟通、监督和核查工作。 第二章 人员组成 第三条 审计委员会成员由三名董事组成，独立董事两名，且为不在上 市公司担任高级管理人员的董事，委员中至少有一名独立董事为专业会计人士。 第四条 审计委员会委员由董事长、二分之一以上独立董事或者全体董 事的三分之一提名，并由董事会选举产生。 第五条 审计委员会设主任委员（召集人）一名，由独立董事中会计专 业人士担任，负责主持委员会工作。主任委员在委员内选举，并报请董事会批 准产生。 第六条 审计委员会任期与董事会一致，委员任期届满，连选可以连任。 期间如有委 ...