[Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 [Table_TargetPrice] 紫燕食品(603057)公司点评报告 2024 年 10 月 25 日 [Table_Invest]增持|维持 [Table_Title] 调整节奏，经销商合作稳健 ——紫燕食品 2024 年三季报点评 [Table_Summary] 报告要点： 事件 公司公告 2024 年三季报。2024 年前三季度，公司实现总营收 26.87 亿元 （-4.60%），归母净利 3.49 亿元（+2.19%），扣非归母净利 3.02 亿元 （+2.93%）。24Q3 单季，公司实现总营收 10.23 亿元（-4.61%），归母净 利 1.51 亿元（-6.78%），扣非归母净利 1.39 亿元（-8.18%）。 拓店较稳健，加盟费、门店管理费、信息系统使用费收入 Q3 同增 10% 1）"加盟费、门店管理费、信息系统使用费"收入 Q3 同增 10%，环比 Q2+6%。 2024 年前三季度，公司鲜货产品、预包装及其他产品、包材、"加盟费、门 店管理费、信息系统使用费"收入分别为 22.59、2.65、0.7 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company reported a revenue decline of 4.61% year-on-year in Q3 2024, with total revenue for the first three quarters of 2024 at 2.687 billion yuan, down 4.6% year-on-year. The net profit attributable to shareholders was 349 million yuan, an increase of 2.19% year-on-year [6][7] - The gross profit margin for the first three quarters of 2024 was 26.22%, up 2.02 percentage points year-on-year, attributed to a decrease in raw material costs [6] - The company expects earnings per share (EPS) for 2024, 2025, and 2026 to be 0.87 yuan, 0.98 yuan, and 1.10 yuan respectively, with a projected price-to-earnings (PE) ratio of 20-25 times for 2024 [7][8] Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 1.023 billion yuan, down 4.61% year-on-year, with a net profit of 151 million yuan, a decrease of 6.78% year-on-year. The cash collection was 1.161 billion yuan, down 24.52% year-on-year [6] - The gross profit margin for Q3 2024 was 28.54%, down 0.64 percentage points year-on-year, while the net profit margin was 13.57%, down 0.53 percentage points year-on-year [6] Product and Regional Performance - Revenue from spicy snack products increased by 20.55% year-on-year in Q3 2024. Revenue from fresh goods, pre-packaged and other products, packaging materials, and franchise fees showed varied performance, with fresh goods revenue at 873 million yuan, down 4.37% year-on-year [6] - Revenue by region in Q3 2024 showed declines across all areas, with the largest drop in South China at 28.66% year-on-year [7] Valuation and Forecast - The company is expected to have a PE ratio of 20-25 times for 2024, with a reasonable value range of 17.4 to 21.75 yuan per share [7][8] - The projected revenue for 2024 is 3.42 billion yuan, a decrease of 3.7% year-on-year, with a net profit forecast of 361 million yuan, an increase of 8.8% year-on-year [8][10]

证 券 研 究 报 告 紫燕食品（603057）2024 年三季报点评 推荐（维持） 单店压力延续，利润略低预期 目标价：19 元 当前价：16.98 元 事项： 公司发布 2024 年三季报，前三季度实现营收 26.9 亿，同比-4.6%；归母净利 润 3.5 亿，同比+2.2%。单 Q3 实现营收 10.2 亿，同比-4.6%；归母净利润 1.5 亿，同比-6.8%。 评论： 单店压力加大，24Q3 营收同比小幅下降。单 24Q3 公司鲜货类产品营收同比 -4.4％，其中预计公司开店保持相对稳健，而单店压力进一步加大，其中细分 产品上，夫妻肺片/整禽类/其他鲜货销售收入分别同比-6.4%/-6.8%/-8.5%，而 香辣休闲产品营收同比+20.6％，预计主要受到新品放量带动。分渠道来看， 单 24Q3 经销/直营分别同比-8.6%/-4.5%。分地区来看，核心区域华东同比 -2.8%，但增速环比有所改善，其他地区则均有一定程度下降，华中/西南/华北 /华南/西北/东北地区分别同比-1.9%/-0.7%/-9.0%/-28.7%/-9.1%/-48.9%。 产品结构拖累毛利，导致盈利改善不及预期。单 24Q ...

上海石门一路 288 号兴业太古汇香港兴业中心一座 26 层 邮编：200041 电话：（86-21）5298 5488 传真：（86-21）5298 5492 junhesh@junhe.com 君合律师事务所上海分所 关于上海紫燕食品股份有限公司 2024 年限制性股票激励计划回购价格调整的 法律意见书 2 一、本次调整事项的批准程序 致：上海紫燕食品股份有限公司 君合律师事务所上海分所（以下简称"本所"）为具有从事法律业务资格的 律师事务所。本所接受上海紫燕食品股份有限公司（以下简称"公司"）的委托， 就公司 2024 年限制性股票激励计划（以下简称"《激励计划》"或"本次激励计 划"）调整回购价格事项(以下简称"本次调整")，出具本法律意见书。 本法律意见书根据《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》"）、中国证券监督管理委 员会（以下简称"中国证监会"）《上市公司股权激励管理办法》（以下简称"《管 理办法》"）、《上海证券交易所科创板股票上市规则》（以下简称"《上市规 则》"）等法律、法规和规范性文件的规定，按照律师行业公认的业务标准、道 ...

证券代码：603057 证券简称：紫燕食品 公告编号：2024-064 1、公司编制的 2024 年第三季度报告和审议程序符合相关法律法规；符合 《公司章程》和公司内部管理制度的各项规定； 2、2024 年第三季度报告的内容和格式符合中国证监会和上海证券交易所的 各项规定，所包含的信息从各方面真实地反映了本报告期的经营管理和财务状况； 3、在出具本意见之前，未发现参与 2024 年第三季度报告编制和审议的人员 有违反保密规定的行为。 上海紫燕食品股份有限公司 第二届监事会第八次会议决议公告 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法律责任。 一、 监事会会议召开情况 上海紫燕食品股份有限公司（以下简称"公司"）第二届监事会第八次会议 于 2024 年 10 月 24 日以现场会议方式在公司会议室召开。会议通知已于 2024 年 10 月 15 日送达各位监事。本次会议应出席监事 3 人，实际出席监事 3 人，由公 司监事会主席叶豪英女士主持。会议召开符合《中华人民共和国公司法》和《上 海紫燕食品股份有限公司章程》的有关规定。 二、 ...

证券代码：603057 证券简称：紫燕食品 公告编号：2024-065 上海紫燕食品股份有限公司 2024 年前三季度经营数据公告 | 分产品 | 2024 年 1-9 月 | | | --- | --- | --- | | | 金额 | 占比 | | 鲜货产品 | 2,259,397,903.75 | 85.40% | | 其中：夫妻肺片 | 804,228,022.26 | 30.40% | | 整禽类 | 645,426,581.60 | 24.40% | | 香辣休闲 | 229,058,532.41 | 8.66% | | 其他鲜货 | 580,684,767.48 | 21.95% | | 预包装及其他产品 | 265,050,832.43 | 10.02% | | 包材 | 70,233,097.98 | 2.65% | | 加盟费、门店管理费、信息系 统使用费 | 50,881,787.97 | 1.92% | | 主营业务收入小计 | 2,645,563,622.13 | 100.00% | 2、按销售模式分类情况： 3、主营业务按区域分类情况： | | | 本公司董事会及全体董事保证本公告 ...

证券代码：603057 证券简称：紫燕食品 公告编号：2024-063 本议案已经公司第二届董事会审计委员会第六次会议审议通过。 表决结果：9 票同意，0 票反对，0 票弃权。 （二）审议通过《关于调整限制性股票回购价格的议案》 上海紫燕食品股份有限公司 第二届董事会第八次会议决议公告 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法律责任。 一、董事会会议召开情况 上海紫燕食品股份有限公司（以下简称"公司"）第二届董事会第八次会议 于 2024 年 10 月 24 日以现场结合通讯的会议方式在公司会议室召开。会议通知 已于 2024 年 10 月 15 日送达各位董事。本次会议应到董事 9 人，实到董事 9 人。 会议由董事长戈吴超先生主持，公司监事及高级管理人员列席本次会议。董事会 的召开符合《中华人民共和国公司法》和《上海紫燕食品股份有限公司章程》的 有关规定。 二、董事会会议审议情况 （一）审议通过《2024 年第三季度报告》 具体内容详见公司披露于上海证券交易所网站（www.sse.com.cn）的《2024 年第三季度报告》 ...

广发证券股份有限公司 关于上海紫燕食品股份有限公司 部分募集资金投资项目重新论证继续实施并延期的核查意见 广发证券股份有限公司（以下简称"广发证券"或"保荐机构"）作为上海 紫燕食品股份有限公司（以下简称"紫燕食品"或"公司"）的保荐机构，根据 《证券发行上市保荐业务管理办法》《上市公司监管指引第 2 号——上市公司募 集资金管理和使用的监管要求（2022 年修订）》《上海证券交易所上市公司自律 监管指引第 1 号——规范运作（2023 年 12 月修订）》《上海证券交易所上市公 司自律监管指引第 11 号——持续督导》及《上海证券交易所股票上市规则（2024 年 4 月修订）》等相关法律法规及规范性文件的规定，对紫燕食品本次部分募集 资金投资项目重新论证继续实施并延期的事项进行了认真核查，核查情况如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到账情况 根据中国证券监督管理委员会《关于核准上海紫燕食品股份有限公司首次公 开发行股票的批复》（证监许可〔2022〕1975 号），并经上海证券交易所同意，首 次公开发行人民币普通股（A 股）4,200 万股，每股发行价为人民币 15.15 元。募 集资金 ...

Financial Performance - Revenue for the third quarter was RMB 1,023,276,033.27, a decrease of 4.61% year-over-year[2] - Net profit attributable to shareholders was RMB 150,890,129.93, down 6.78% compared to the same period last year[2] - Operating revenue for the first three quarters of 2024 was 2,686,508,231.20 RMB, a decrease from 2,815,981,885.57 RMB in the same period of 2023[12] - Net profit for the first three quarters of 2024 reached 351,855,141.87 RMB, up from 339,745,512.13 RMB in the same period of 2023[14] - Operating profit for the first three quarters of 2024 was 441,808,874.38 RMB, slightly up from 441,067,273.44 RMB in the same period of 2023[14] - Comprehensive income for the first three quarters of 2024 totaled 351,855,141.87 RMB, with 348,968,898.55 RMB attributable to the parent company[15] - Basic earnings per share for the first three quarters of 2024 were 0.8454 RMB per share[15] Cash Flow - Operating cash flow for the period was RMB 415,408,873.78, a decrease of 22.55% year-over-year[2] - Cash received from sales of goods and services in the first three quarters of 2024 was 2,806,515,416.46 RMB, a decrease from 3,490,167,096.12 RMB in the same period of 2023[16] - Net cash flow from operating activities for the first three quarters of 2024 was 415,408,873.78 RMB, down from 536,378,390.22 RMB in the same period of 2023[17] - Cash received from investments in the first three quarters of 2024 was 1,997,198,045.80 RMB, an increase from 1,408,598,440.76 RMB in the same period of 2023[17] - Net cash flow from investing activities for the first three quarters of 2024 was -305,114,973.91 RMB, an improvement from -338,101,956.79 RMB in the same period of 2023[17] - Cash received from financing activities in the first three quarters of 2024 was 566,273,915.35 RMB, a significant increase from 23,018,000.00 RMB in the same period of 2023[17] - Net cash flow from financing activities for the first three quarters of 2024 was -52,470,216.10 RMB, an improvement from -296,120,313.01 RMB in the same period of 2023[17] - The net increase in cash and cash equivalents for the first three quarters of 2024 was 57,816,114.30 RMB, compared to a decrease of 97,843,879.58 RMB in the same period of 2023[18] - The ending balance of cash and cash equivalents as of September 2024 was 481,925,085.41 RMB, up from 428,425,481.03 RMB at the end of September 2023[18] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 3,396,928,515.46, an increase of 17.00% compared to the end of the previous year[3] - Total current assets increased to 2,012,579,997.51 RMB, up from 1,590,569,194.99 RMB at the end of 2023[10] - Monetary funds grew to 481,925,085.41 RMB, compared to 425,781,595.84 RMB at the end of 2023[10] - Accounts receivable rose to 150,477,868.70 RMB, up from 73,013,781.42 RMB at the end of 2023[10] - Inventory increased to 194,560,553.56 RMB, compared to 143,314,814.68 RMB at the end of 2023[10] - Fixed assets decreased to 932,843,605.10 RMB, down from 974,060,265.50 RMB at the end of 2023[10] - Construction in progress surged to 110,522,426.54 RMB, up from 41,774,992.34 RMB at the end of 2023[10] - Long-term receivables grew to 53,616,415.98 RMB, compared to 29,177,233.38 RMB at the end of 2023[10] - Long-term equity investments increased to 42,004,631.52 RMB, up from 39,787,114.68 RMB at the end of 2023[10] - Other equity instrument investments rose to 13,891,052.48 RMB, compared to 8,896,134.18 RMB at the end of 2023[10] - Prepayments increased to 167,893,158.29 RMB, up from 103,956,709.16 RMB at the end of 2023[10] - Total assets increased to 3,396,928,515.46 RMB, up from 2,903,392,739.87 RMB in the previous period[11] - Total liabilities rose to 1,388,805,654.42 RMB, compared to 819,343,707.84 RMB previously[12] - Short-term borrowings surged to 449,597,725.67 RMB, up from 59,813,750.00 RMB[11] - Accounts payable rose to 198,582,922.97 RMB, compared to 86,014,948.03 RMB previously[11] - Contract liabilities increased to 170,052,978.18 RMB, up from 138,340,947.50 RMB[11] - Total equity attributable to owners of the parent company decreased to 1,998,443,736.44 RMB, down from 2,076,575,387.00 RMB[12] Shareholder Information - The company's total equity attributable to shareholders was RMB 1,998,443,736.44, a decrease of 3.76% compared to the end of the previous year[3] - The number of ordinary shareholders at the end of the reporting period was 9,955[6] - The largest shareholder, Ningguo Chuanqin Enterprise Management Consulting Services Partnership, held 24.63% of the company's shares[6] Earnings and Profitability - Basic earnings per share (EPS) for the quarter was RMB 0.3646, down 7.20% compared to the same period last year[3] - Weighted average return on equity (ROE) for the quarter was 7.45%, a decrease of 0.67 percentage points year-over-year[3] Non-Recurring Items - Non-recurring gains and losses for the quarter amounted to RMB 12,032,822.27, including government subsidies of RMB 7,516,453.95[4][5] Research and Development - R&D expenses increased to 11,014,980.48 RMB, compared to 6,331,415.62 RMB in the previous year[14]

上海紫燕食品股份有限公司 关于调整限制性股票回购价格的公告 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法律责任。 重要内容提示： 调整限制性股票回购价格：由 10.09 元/股调整为 9.79 元/股 证券代码：603057 证券简称：紫燕食品 公告编号：2024-067 上海紫燕食品股份有限公司（以下简称"公司"）于 2024 年 10 月 24 日 召开第二届董事会第八次会议和第二届监事会第八次会议，审议通过了《关于 调整限制性股票回购价格的议案》。现将相关调整内容公告如下： 一、本次激励计划已履行的相关审批程序 1、2024 年 1 月 8 日，公司召开第二届董事会第四次会议审议通过了《关 于公司<2024 年限制性股票激励计划（草案）>及其摘要的议案》《关于公司 <2024 年限制性股票激励计划实施考核管理办法>的议案》及《关于提请股东大 会授权董事会办理公司 2024 年限制性股票激励计划有关事项的议案》。同日， 公司召开第二届监事会第四次会议审议通过了《关于公司<2024 年限制性股票 激励计划（草案）>及其摘要的议案》 ...