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]

Core Viewpoint - Qianhe Flavor Industry reported its first negative growth in performance since its listing in 2016, with revenue and net profit both declining in the last fiscal year [2][3]. Financial Performance - In 2024, Qianhe achieved revenue of 3.073 billion yuan, a decrease of 4.16% year-on-year, and a net profit attributable to shareholders of 514 million yuan, down 3.07% [3]. - The core products, soy sauce and vinegar, saw revenue drop to 1.964 billion yuan and 370 million yuan, representing declines of 3.75% and 12.52% respectively, although gross margins slightly improved [3]. - Despite the revenue decline, soy sauce sales volume increased by 1.27%, indicating a drop in price per ton [3]. Dividend Policy - Qianhe announced a significant dividend payout of 99.94% of its net profit, distributing 514 million yuan, which is nearly equivalent to its net profit for the year [6][7]. Market and Competitive Landscape - The company faces intensified competition as major players like Haitian Flavor Industry and Lee Kum Kee are launching "zero-additive" products, undermining Qianhe's competitive edge [3][10]. - The southern region showed the best performance for Qianhe, with revenue growth of 13.99% to 237 million yuan, while other regions experienced declines [3]. Regulatory Changes - New national standards prohibit the use of terms like "zero additives" on packaging, which poses a challenge for Qianhe, as its branding heavily relies on this concept [9][10]. - The transition period for compliance with the new regulations is two years, during which Qianhe must remove "zero additive" labels from its products, potentially incurring significant rebranding costs [10][11]. Cost Management - Qianhe managed to reduce its operating costs to 1.930 billion yuan, a decrease of 4.22% year-on-year, indicating effective cost control [5]. - The direct material costs for soy sauce and vinegar decreased by 6.25% and 16.14% respectively, benefiting from lower soybean prices [6].

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]

4月15日晚间，千禾味业（ 603027.SH）发布去了2024年财报和2025年一季报。2024年，千禾味业实现 营业收入30.73 亿元，同比下降 4.16%，实现归属于上市公司股东的净利润 5.14 亿元，同比下降 3.07%。 其中，酱油和食醋两大核心产品分别实现收入19.64亿元和3.70亿元，同比分别下降3.75%和12.52%，但 是毛利率得到小幅提升。酱油毛利率为38%，较去年提升0.41%，食醋毛利率为40.27%，提升1.2%。 分地区来看，千和味业去年在南方地区的业务表现最佳，营收增长13.99%至2.37亿元，毛利率增长 3.33%至32.24%，其余的东部、中部、北部、西部区域营收和毛利率均下滑。 从渠道来看，千禾味业的收入来源主要依靠线下销售，线下收入24.33亿元，线上收入6亿元，但是线上 毛利率为44.48%,明显高于线下的35.22%。 千禾味业在年报中表示，当前KA渠道客流量逐渐下滑，向线上和社区门店转移，消费者减少到店频 次，就近采购、网上采购、集中采购渐成常态。因此，未来，千禾味业将继续强化电商渠道，通过内容 电商、直播带货等方式，提升品牌影响力和销售业绩，同时深化与K ...

千禾味业 (603027 CH) 变革致收入承压、利润率显著恢复 | 4 月 | | 16 日│中国内地 | | | --- | --- | --- | --- | | 华泰研究 | 2025 年 | | | | | | | 年报点评 食品 | 2024 年营收/归母净利/扣非净利 30.7/5.1/5.0 亿，同比-4.2%/-3.1%/-5.1%； 对应 24Q4 营收/归母净利/扣非净利 7.9/1.6/1.6 亿，同比-10.3%/+13.4% /+8.6%。为应对行业价格"内卷"及零添加产品复购问题，公司 24Q2 起对 性价比零添加产品进行优化，推动结构向上，Q2-Q4 对老品控货消化库存 致经营承压，但得益于改革后产品结构/费用投放优化，以及成本红利，Q4 净利率显著提升（同比+4.3pct）；25Q1 营收/归母净利/扣非归母净利 8.3/1.6/1.6 亿元，同比-7.1%/+3.7%/+4.6%，开年在低库存基础上下游积极 补库，但外部环境影响致收入继续承压，盈利能力受益成本红利/结构优化 则继续提升（Q1 净利率同比+2.0pct），期待后续公司经营持续恢复，"买入"。 24 年聚焦调整 ...

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 ...