Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 18.2 yuan [1]. Core Insights - The C-end is expected to recover with double-digit growth, driven by operational efficiency improvements and strategic adjustments. The company is focusing on specific customer segments such as urban mothers and white-collar workers, enhancing its product offerings and marketing strategies [1]. - The B-end shows stable improvement, with core customers providing growth momentum. The company is strengthening partnerships with major clients and adapting to the new retail landscape [1]. - Profit pressure has been alleviated, and with the acceleration of new product launches and operational efficiency, profitability is expected to improve moderately [1]. Financial Summary - Total revenue for 2023 is projected at 2,369 million yuan, with a year-on-year growth of 16.3%. Revenue is expected to reach 2,594 million yuan in 2024, reflecting a growth rate of 9.5% [1][9]. - The net profit attributable to the parent company for 2023 is estimated at 301 million yuan, with a significant year-on-year increase of 39.8%. However, a decline of 21.1% is anticipated in 2024 [1][9]. - Earnings per share (EPS) for 2023 is projected at 0.75 yuan, with forecasts of 0.59 yuan, 0.73 yuan, and 0.87 yuan for 2024, 2025, and 2026 respectively [1][9]. Market Position - The company is enhancing its market presence through increased coverage in offline channels, with expectations of over 50% growth in contributions from these channels, raising their revenue share from over 10% to 20% [1]. - The company is also diversifying its product range, including high-end and mid-range offerings, to cater to different market segments [1]. Future Outlook - The report suggests that if the restaurant sector recovers, it could provide additional elasticity for the company's growth. The company is well-positioned to benefit from potential improvements in downstream demand due to its strong supply chain and R&D capabilities [1].

证券代码：603170 证券简称：宝立食品 公告编号：2024-052 上海宝立食品科技股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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： 会议召开时间：2024 年 11 月 18 日(星期一) 上午 10:00-11:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 11 日(星期一) 至 11 月 15 日(星期五)16:00 前登录上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 bolex_office@bolexfoods.com 进行提问。公司将在说明会上对投资者普遍关注的 问题进行回答。 上海宝立食品科技股份有限公司（以下简称"公司"）已于 2024 年 10 月 30 日发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解 ...

证券代码：603170 证券简称：宝立食品 上海宝立食品科技股份有限公司 投资者关系活动记录表 编号：2024-05 | --- | --- | --- | --- | |------------------|-------------------------------|-------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | | | | | ...

Investment Rating - The report maintains a "Buy" rating for Baoli Food (603170 SH) [4] Core Views - Baoli Food's Q3 2024 revenue reached 660 million yuan, up 4 1% YoY, but net profit attributable to shareholders declined by 13 4% YoY to 60 million yuan [1] - The company's light cooking business continues to grow, driven by the strong performance of its Kongke pasta product line [2] - Future growth is expected from the company's expansion into central kitchen and bakery businesses [4] Financial Performance Revenue - Total revenue for the first three quarters of 2024 was 1 93 billion yuan, a 9 7% YoY increase [1] - Q3 2024 revenue breakdown by product: compound seasoning (350 million yuan, +0 7% YoY), light cooking (250 million yuan, +9 6% YoY), beverage and dessert ingredients (30 million yuan, +1 9% YoY) [2] Profitability - Q3 2024 gross margin was 31 3%, down 1 1 percentage points YoY [3] - Net profit margin attributable to shareholders was 9 9% in Q3 2024, a 2 0 percentage point decrease YoY [3] Regional Performance - East China region maintained growth with 512 million yuan in Q3 2024 revenue, up 5 5% YoY [2] - North China region saw a 19 9% YoY decline in Q3 2024 revenue to 33 million yuan [2] Business Development - The company added 51 new distributors in Q3 2024, bringing the total to 496 [2] - Baoli Food launched a new product, Kongke Juicy Pure Meat Sausage, in September 2024 to expand its product portfolio [3] Valuation and Forecast - 2024-2026 EPS forecasts: 0 57 yuan, 0 68 yuan, and 0 80 yuan respectively [4] - Current PE ratios: 23x for 2024, 19x for 2025, and 16x for 2026 [4] - 2024-2026 revenue growth forecasts: 8 57%, 13 41%, and 13 02% respectively [5]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 15.8 CNY [1][2]. Core Insights - The company reported a revenue of 1.93 billion CNY for the first three quarters of 2024, reflecting a year-on-year increase of 9.7%, while the net profit attributable to shareholders decreased by 28.0% to 170 million CNY [1][2]. - In Q3 2024, the revenue was 660 million CNY, up 4.1% year-on-year, but the net profit attributable to shareholders fell by 13.4% to 60 million CNY [1][2]. - The company is facing profit pressure but is focused on maintaining customer share, with expectations of better performance compared to peers due to strong enterprise capabilities and new product reserves [2][3]. Financial Performance Summary - Total revenue for 2023 is projected at 2.369 billion CNY, with a growth rate of 16.3%. For 2024, the revenue is expected to be 2.562 billion CNY, reflecting an 8.2% growth rate [3][8]. - The net profit attributable to shareholders is forecasted to decline to 227 million CNY in 2024, a decrease of 24.5% compared to 2023 [3][8]. - Earnings per share (EPS) for 2024 is estimated at 0.57 CNY, with subsequent years projected at 0.63 CNY for 2025 and 0.73 CNY for 2026 [3][8]. Business Segment Analysis - The compound seasoning revenue in Q3 2024 grew by 0.8% year-on-year, impacted by a slowdown in the restaurant sector and reduced new product launches from major clients [2]. - The light cooking solutions segment saw a year-on-year increase of 9.7%, mainly driven by growth in emerging business areas targeting large B-end clients [2]. - The beverage ingredient business experienced a negative growth of 5.7% year-on-year in Q3 2024 [2]. Regional Performance - Revenue growth varied by region, with East China showing a stable growth of 5.5%, while South China and North China experienced declines of 18.2% and 19.9%, respectively [2]. - Emerging markets such as Southwest and Northwest China showed significant growth, with increases of 69.5% and 90.5% year-on-year, respectively [2].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [10]. Core Views - The company's revenue for the first three quarters of 2024 reached 1.93 billion yuan, a year-on-year increase of 9.72%, while the net profit attributable to shareholders decreased by 28.01% to 173 million yuan [1]. - The third quarter saw revenue of 657 million yuan, up 4.06% year-on-year, but net profit fell by 13.45% to 65 million yuan [1]. - The company is focusing on product innovation and expanding its customer base to counteract the pressures from a soft downstream restaurant consumption environment and increased competition [4]. Summary by Sections Financial Performance - The company's gross margin in Q3 was 31.28%, down 1.06 percentage points year-on-year, with total expenses increasing by 1.01 percentage points [3]. - The net profit margin for Q3 was 9.9%, a decrease of 2 percentage points year-on-year, primarily due to increased minority interests [3]. Business Segments - In Q3, revenue growth varied by product: compound seasoning saw a 0.70% increase, light cooking solutions grew by 9.64%, while beverage and dessert ingredients declined by 5.69% [2]. - The light cooking segment showed strong growth, attributed to improved sales of consumer products, while the compound seasoning business faced challenges due to weak demand from large B-end customers [2]. Market Expansion - The company is actively developing new products and customers to find new growth opportunities, particularly in the light cooking segment and baking products [4]. - The report highlights the company's efforts to maintain its market share with existing large clients while also targeting new customer segments [4]. Earnings Forecast - The profit forecasts for 2024-2026 have been adjusted downwards, with expected net profits of 214 million yuan, 251 million yuan, and 288 million yuan respectively, reflecting a significant decrease in 2024 [4].

Investment Rating - The report maintains an "Accumulate" rating for Baoli Food (603170) with a target price of 15.84, up from the previous forecast of 14.36 [4][7]. Core Views - The performance of Baoli Food meets expectations, with significant improvement in sales of its "Kongke" product line. The company is expected to achieve excess returns driven by the recovery in dining demand and expansion in product categories and channels [3][7]. Financial Performance Summary - For Q3 2024, Baoli Food reported revenue of 1.93 billion, a year-on-year increase of 9.72%, and a net profit attributable to shareholders of 173 million, a decrease of 28.01%. The single-quarter revenue for Q3 was 657 million, up 4.06% year-on-year, with a net profit of 65 million, down 13.45% year-on-year [7]. - The revenue breakdown for Q3 shows that the "Kongke" product line and light cooking solutions saw revenue growth of 0.7% and 9.64% respectively, while beverage and dessert ingredients experienced a decline of 5.69% due to weak dining demand [7]. - The gross margin for Q3 was 31.28%, down 1.06 percentage points year-on-year, primarily due to increased promotional efforts for the "Kongke" products. The net profit margin was 9.9%, down 2 percentage points year-on-year [7]. Market Position and Growth Potential - The company is expected to accelerate its market share in the Western-style dining supply chain, supported by the resolution of production capacity constraints and enhanced R&D capabilities. The "Kongke" brand is anticipated to benefit from the trend towards healthier eating [7]. - The report highlights that the company added 51 new distributors in Q3 2024, indicating a successful expansion into new channels such as offline group purchases and convenience stores [7]. Earnings Forecast - The report projects EPS for 2024, 2025, and 2026 to be 0.58, 0.72, and 0.89 respectively, reflecting year-on-year changes of -23%, +26%, and +23% [7]. - The estimated revenue for 2024 is 2.586 billion, with a growth rate of 9.2%, and net profit is projected at 231 million, a decrease of 23.3% [8]. Valuation Metrics - The report assigns a 22X PE ratio for 2025 based on comparisons with similar companies, leading to an upward revision of the target price to 15.84 [7]. - The current market capitalization of Baoli Food is 5.224 billion, with a price-to-book ratio of 4.0 [5][6].

证券代码：603170 证券简称：宝立食品 公告编号：2024-050 上海宝立食品科技股份有限公司 2024 年第三季度主要经营数据公告 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。 根据上海证券交易所《上海证券交易所上市公司自律监管指引第 3 号行业信 息披露：第十四号——食品制造》的要求，上海宝立食品科技股份有限公司（以 下简称"公司"）现将 2024 年第三季度主要经营数据披露如下： 一、公司 2024 年第三季度主要经营情况 （一）主营业务按产品类别分类情况： | 金额单位：人民币万元 | | --- | | 产品类别 | 2024 年第三季度 | | 2023 年第三季度 | | | --- | --- | --- | --- | --- | | | 金额 | 占比 | 金额 | 占比 | | 复合调味料 | 34,839.26 | 54.90% | 34,596.14 | 56.51% | | 轻烹解决方案 | 25,150.04 | 39.63% | 22,939.31 | 37.47% | | 饮品甜点配料 ...

本资产评估报告依据中国资产评估准则编制 上海宝立食品科技股份有限公司拟了解价值所涉及的 杭州空刻网络科技有限公司股东全部权益价值 资产评估报告 金证评报字【2024】第 0182 号 (共一册,第一册) 金证（上海）资产评估有限公司 2024 年 05 月 31 日 中国资产评估协会 资产评估业务报告备案回执 | 报告编码: | 3132020024202400262 | | --- | --- | | 合同编号: | 金证评合约字【2024】第03042号 | | 报告类型: | 非法定评估业务资产评估报告 | | 报告文号: | 金证评报字【2024】第0182号 | | 报告名称: | 上海宝立食品科技股份有限公司拟了解价值所涉及 的杭州空刻网络科技有限公司股东全部权益价值资 | | | 产评估报告 | | 评估结论: | 218.000.000.00元 | | 评估报告日: | 2024年05月31日 | | 评估机构名称: | 金证(上海)资产评估有限公司 | | 签名人员: | 倪灵芝 (资产评估师) 会员编号:33080058 | | | 高诚 (资产评估师) 会员编号:31180007 | | ...

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： 上海宝立食品科技股份有限公司（以下简称"公司"）的全资子公司杭州 厨房阿芬科技有限公司（以下简称"厨房阿芬"）持有杭州空刻品牌管理合伙企 业（有限合伙）（以下简称"空刻品牌"）15%财产份额且为空刻品牌的普通合 伙人。空刻品牌有限合伙人李锦玲拟将其持有的 25%财产份额以 1,094.50 万元价 格转让至何宏武、梁冬允、杨哲、任铭、任英、张绚及江敏（以下简称"受让方"）， 厨房阿芬放弃本次空刻品牌财产份额转让的优先购买权。 证券代码：603170 证券简称：宝立食品 公告编号：2024-049 上海宝立食品科技股份有限公司 关于全资子公司放弃优先购买权暨关联交易的公告 厨房阿芬放弃优先购买权，不涉及公司合并报表范围变更。 因受让方中存在公司董事、监事及高级管理人员，根据《上海证券交易所 股票上市规则》《上海证券交易所上市公司自律监管指引第 5 号——交易与关联 交易》等相关规则，厨房阿芬本次放弃优先认购权构成关联交易。 本次交易已经公司第二届董事会独立董事专门会 ...