证券研究报告 2024 年 5 月 7 日 公司研究/公司快报 千禾味业 事件描述 公司同时公布 2024 年一季报，24Q1 公司实现营业收入 8.95 亿元，同比 增长 9.28%，实现归母净利润 1.55 亿元，同比增长 6.66%。 事件点评 23 业绩实现高增，24 年渠道拓展延续。23/23Q4 公司实现营收 32.07/8.75 年内最高/最低（元）： 25.82/12.96 亿元，同比分别+31.6%/-0.8%，分产品来看：23 年公司酱油/食醋营收分别 流通 A 股/总股本（亿 股）： 9.59/10.28 为 20.40/4.22 亿元，同比+34.8%/+11.7%，其中 23Q4 分别-2.9%/-10.9%；分 地区来看：23 年东部/南部/中部/北部/西部分别实现营收 7.12/2.08/4.49/ 流通 A 股市值（亿元）： 156.82 5.67/12.29 亿元，同比+30.9%/+26.0%/+81.0%/+27.1%/+23.8%，中部地区增 总市值（亿元）： 168.14 速表现亮眼。23 年零添加调味品热度犹在，公司持续强化产品品质，积极布 局渠道拓展，市场份额进一 ...

证券代码：603027 证券简称：千禾味业 公告编号：2024-035 千禾味业食品股份有限公司 关于 2022 年限制性股票激励计划第一期 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 2,704,000 股。 本次股票上市流通总数为 2,704,000 股。 本次股票上市流通日期为 2024 年 5 月 10 日。 2024 年 4 月 29 日，千禾味业食品股份有限公司（以下简称"公司"或"本公司"） 召开第四届董事会第二十二次会议、第四届监事会第二十一次会议，审议通过了 《关于 2022 年限制性股票激励计划第一期解除限售条件成就的议案》，认为公司 2022 年限制性股票激励计划（以下简称"本激励计划"）第一个解除限售期的解除 限售条件已经成就，同意公司为 70 名符合解除限售条件的激励对象统一办理解除 限售事宜，共计解除限售 270.4 万股限制性股票。现将有关事项说明如下： 一、限制性股票激励计划批准及实施情况 （一）限制性股票激励计划履行的程序 解除限售暨上市公告 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 ...

北京市金杜（深圳）律师事务所 关于千禾味业食品股份有限公司 2022 年限制性股票激励计划第一期解除限售事宜之 法律意见书 致：千禾味业食品股份有限公司 北京市金杜（深圳）律师事务所（以下简称本所）受千禾味业食品股份有限 公司（以下简称千禾味业或公司）委托，担任公司本次实施 2022 年限制性股票 激励计划（以下简称本计划、本激励计划或本次激励计划）的专项法律顾问。本 所根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国 证券法》（以下简称《证券法》）、《上市公司股权激励管理办法》（以下简称 《管理办法》）等法律、行政法规、部门规章及其他规范性文件（以下简称法律 法规）、《千禾味业食品股份有限公司 2022 年限制性股票激励计划（草案）》 （以下简称《激励计划（草案）》）、《千禾味业食品股份有限公司 2022 年限 制性股票激励计划（草案修订稿）》（以下简称《激励计划（草案修订稿）》）、 《千禾味业食品股份有限公司章程》（以下简称《公司章程》）的有关规定，就 本激励计划第一期解除限售（以下简称"本次解除限售"）所涉相关事宜，出具 本法律意见书。 本所律师依据《证券法》《律师事务所从事证券法律 ...

千禾味业食品股份有限公司 2023 年年度股东大会会议资料 证券代码：603027 2024 年 5 月 23 日 千禾味业食品股份有限公司 2023 年年度股东大会会议资料 目录 | 千禾味业食品股份有限公司 2023 年年度股东大会议程 2 | | --- | | 议案一、《千禾味业食品股份有限公司 2023 年度财务决算报告》 4 | | 议案二、《千禾味业食品股份有限公司 2024 年度财务预算报告》 12 | | 议案三、《千禾味业食品股份有限公司董事会 2023 年年度工作报告》 16 | | 议案四、《千禾味业食品股份有限公司监事会 2023 年年度工作报告》 24 | | 议案五、《关于公司 2023 年年度利润分配方案的议案》 29 | | 议案六、《千禾味业食品股份有限公司 2023 年年度报告》 30 | | 议案七、《关于 2024 年度公司董事、监事薪酬方案的议案》 31 | | 议案八、《千禾味业食品股份有限公司 2023 年度内部控制评价报告》 32 | | 议案九、《关于续聘信永中和会计师事务所为公司 2024 年度审计机构的议案》 | | 33 | | 议案十、《关于变更注册 ...

Investment Rating - The report maintains a "Hold" rating for the company, with a current price of 15.49 CNY and a target price not specified for the next six months [7]. Core Insights - The company achieved a revenue of 32.1 billion CNY in 2023, representing a year-on-year growth of 31.6%, and a net profit attributable to the parent company of 5.3 billion CNY, up 54.2% year-on-year [7][27]. - In Q4 2023, the company reported a revenue of 8.8 billion CNY, a slight decline of 0.8% year-on-year, and a net profit of 1.4 billion CNY, down 8.5% year-on-year [7]. - For Q1 2024, the company achieved a revenue of 8.9 billion CNY, reflecting a growth of 9.3% year-on-year, and a net profit of 1.5 billion CNY, up 6.7% year-on-year [7]. Revenue and Profitability - The soy sauce segment generated 20.4 billion CNY in revenue in 2023, with a year-on-year growth of 34.9%, driven by the trend towards zero-additive products [7][27]. - The vinegar and other segments reported revenues of 4.2 billion CNY and 7.0 billion CNY, respectively, with year-on-year growth rates of 11.7% and 28.9% [7]. - The gross margin for 2023 was 37.2%, an increase of 0.6 percentage points year-on-year, while the gross margin for Q1 2024 was 36%, a decrease of 3.1 percentage points year-on-year [7][27]. Future Outlook - The company is expected to continue expanding its zero-additive product line and enhance its market presence, particularly in vinegar and cooking wine categories, with a focus on increasing the proportion of high-margin products [7][27]. - The report forecasts that the company's earnings per share (EPS) for 2024-2026 will be 0.62 CNY, 0.73 CNY, and 0.86 CNY, respectively, with corresponding dynamic price-to-earnings (PE) ratios of 25, 21, and 18 [7][27].

Investment Rating - The report maintains a "Buy" rating for Qianhe Flavor Industry Co., Ltd. (603027) with a target price of 27.57 CNY, unchanged from the previous forecast [4][15]. Core Insights - The company's performance in Q1 2024 met expectations, with operational momentum gradually being released as channel deficiencies are addressed and operational efficiency continues to improve [3]. - The company achieved a revenue of 3.207 billion CNY and a net profit of 530 million CNY in 2023, representing year-on-year increases of 32% and 54%, respectively [3][30]. - The company is expected to evolve into a platform-type condiment enterprise by continuously addressing shortcomings and expanding its product offerings [3][15]. Financial Summary - The projected EPS for 2024 is 0.64 CNY, up 25% year-on-year, with 2025 EPS revised to 0.76 CNY, an 18% increase, and 2026 EPS set at 0.91 CNY, a 20% increase [3][15]. - The company reported a net profit margin of 16.54% in 2023, an increase of 2.42 percentage points year-on-year, attributed to improved sales efficiency and channel optimization [13]. - The gross profit margin for 2023 was 37.15%, reflecting a year-on-year increase of 0.59 percentage points, with significant contributions from soy sauce and vinegar segments [13][34]. Product and Channel Development - The company has seen significant growth in its product lines, with soy sauce revenue increasing by 34.75% in 2023, driven by the health-conscious trend and the expansion of zero-additive products [34]. - The number of distributors increased significantly, with a net addition of 1,020 distributors in 2023, enhancing the company's national distribution network [3][34]. - In Q1 2024, the company continued to expand its product offerings, with revenue from new products like oyster sauce and cooking wine contributing to overall growth [34].

Investment Rating - The report maintains a "Buy" investment rating for the company [10][19]. Core Insights - The company continues to experience performance growth momentum, with a nationwide expansion strategy in progress [10]. - Revenue growth has shown a marginal slowdown due to a high base effect, but profitability remains robust [10]. - The company reported total revenues of 3.207 billion yuan for 2023, with a year-on-year growth rate of 31.6% [14]. - The net profit attributable to shareholders for 2023 was 530 million yuan, reflecting a year-on-year increase of 54.2% [14]. - The company has successfully expanded its distribution channels, with significant growth in both dealer and direct sales channels [12]. - The company’s gross profit margin for 2023 was 37.15%, benefiting from lower raw material prices [10]. Summary by Sections Financial Performance - Total revenue for 2023 was 3.207 billion yuan, with projections of 3.829 billion yuan for 2024, indicating a growth rate of 19.4% [14]. - The net profit for 2024 is projected to be 627 million yuan, with an expected growth rate of 18.2% [14]. - The diluted earnings per share (EPS) for 2024 is estimated at 0.61 yuan, with a corresponding price-to-earnings (P/E) ratio of 25 [19]. Market Expansion - The company has increased its dealer count significantly, with 1,020 new dealers added by the end of 2023, bringing the total to 3,356 by the end of Q1 2024 [12]. - Revenue from the eastern, southern, central, northern, and western regions for Q1 2024 was 1.90, 0.65, 1.36, 1.66, and 3.22 billion yuan respectively, showing positive growth in most regions [12]. Product Performance - The company’s soy sauce and vinegar revenues for 2023 were 2.040 billion yuan and 422 million yuan, respectively, with year-on-year growth rates of 35% and 12% [10]. - The gross profit margins for soy sauce and vinegar improved to 37.59% and 39.07% in 2023, respectively [10].

Investment Rating - The investment rating for the company is maintained as "Buy" [4] Core Insights - The company reported a revenue of 3.21 billion yuan for 2023, representing a year-on-year growth of 31.6%, and a net profit attributable to shareholders of 530 million yuan, up 54.2% year-on-year [4] - The company plans to distribute a total of 514 million yuan in dividends for 2023, which accounts for 96.9% of the net profit attributable to shareholders [4] - For Q1 2024, the company achieved a revenue of 895 million yuan, a year-on-year increase of 9.3%, and a net profit of 155 million yuan, up 6.7% year-on-year [4] Financial Performance Summary - In 2023, the company's gross profit margin was 37.1%, an increase of 0.6 percentage points year-on-year [20] - The company expects net profits for 2024-2026 to be 681 million, 844 million, and 1.02 billion yuan respectively, with year-on-year growth rates of 28%, 24%, and 21% [4][18] - The company's earnings per share for 2024E is projected to be 0.66 yuan, with a price-to-earnings ratio of 23 [18] Product and Market Performance - In 2023, the soy sauce segment generated 2.04 billion yuan in revenue, a growth of 34.9%, while the vinegar segment achieved 420 million yuan, up 11.8% [4] - The company added 1,020 distributors in 2023, bringing the total to 3,250, indicating an increased effort in expanding market coverage [4] - For Q1 2024, the revenue from soy sauce, vinegar, and other products was 568 million, 113 million, and 214 million yuan respectively, with year-on-year growth rates of 9.1%, -6.2%, and 20.3% [4]

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [1] Core Views - The company reported a revenue of 3.207 billion yuan and a net profit attributable to the parent company of 530 million yuan for the year 2023, representing year-on-year increases of 31.6% and 54.2% respectively [1] - The company is expanding its distribution channels and has seen good growth in its soy sauce business, with revenue from soy sauce reaching 2.040 billion yuan in 2023, up 34.9% year-on-year [1] - The company is expected to continue innovating its product categories and optimizing its pricing strategy to meet diverse consumer demands [1] Summary by Sections Financial Performance - In Q4 2023, the company achieved revenue of 875 million yuan and a net profit of 143 million yuan, showing a year-on-year decline of 0.8% and 8.5% respectively [1] - For Q1 2024, the company reported revenue of 895 million yuan and a net profit of 155 million yuan, with year-on-year growth of 9.3% and 6.7% respectively [1] - The gross margin for 2023 was 37.1%, an increase of 0.59 percentage points year-on-year, while the gross margin for Q1 2024 was 36.0%, a decrease of 3.1 percentage points year-on-year [1] Product and Market Development - The company has expanded its product matrix and strengthened its distribution channels, with a total of 3,356 distributors by the end of Q1 2024, an increase of 106 from the previous quarter [1] - The company plans to continue expanding its market presence and enhancing its product offerings in the seasoning market across the country [1] Profit Forecast and Valuation - The net profit forecasts for 2024 and 2025 have been adjusted downwards to 640 million yuan and 776 million yuan respectively, reflecting a 9.1% reduction from previous estimates [1] - The company is projected to have a price-to-earnings ratio (P/E) of 27x for 2024, 22x for 2025, and 19x for 2026 [1]

Investment Rating - The report maintains a "Buy" rating for Qianhe Condiment (603027 SH) [8] Core Views - Qianhe Condiment achieved significant revenue and profit growth in 2023 with revenues of 3 207 billion yuan (+31 6% YoY) and net profit of 530 million yuan (+54 2% YoY) [8] - The company's soy sauce business grew 34 9% YoY in 2023 driven by zero-additive product trends and market expansion [8] - Regional performance showed strong growth with central China leading at +81 0% YoY in 2023 [8] - Gross margin improved to 37 1% in 2023 due to cost reductions and product mix optimization [8] Financial Performance - 2023 Q4 saw a slight revenue decline of 0 8% YoY to 875 million yuan while Q1 2024 rebounded with 9 3% growth to 895 million yuan [8] - Net profit margin reached 16 5% in 2023 up 2 4 percentage points YoY [8] - The company expanded its distribution network adding 1 020 dealers in 2023 bringing the total to 3 250 [8] Future Outlook - The company plans to continue product innovation and optimize pricing strategies in 2024 [8] - Distribution channel expansion remains a key focus with further penetration into circulation channels [8] - Profit forecasts for 2024-2026 are adjusted to 640 million 776 million and 910 million yuan respectively [8] Valuation - Current PE ratios stand at 27x 22x and 19x for 2024-2026 respectively [8] - The company's EV EBITDA ratio is projected to decline from 22 8x in 2023 to 12 7x in 2026 [18] - ROE is expected to improve from 14 5% in 2023 to 17 4% in 2026 [18]