Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 16.69 CNY per share based on a 25x PE valuation for 2024 [8][36]. Core Insights - The company achieved a revenue of 2.369 billion CNY in 2023, representing a year-on-year growth of 16.31%, and a net profit of 301 million CNY, up 39.78% year-on-year [6][12]. - The compound seasoning business is expected to maintain high growth, with projected revenue growth rates of 25%, 20%, and 18% for 2024-2026, although profit margins may slightly decline [3][18]. - The beverage and dessert ingredient segment is anticipated to grow steadily, with revenue growth rates of 5%, 4%, and 3% for the same period [4][18]. Revenue Breakdown - In 2023, the company’s revenue from compound seasoning, light cooking solutions, and beverage/dessert ingredients was 1.145 billion CNY, 1.024 billion CNY, and 143 million CNY, respectively, with year-on-year growth rates of 28.92%, 1.39%, and 8.28% [12][18]. - For Q1 2024, the revenue from these segments was 304 million CNY, 267 million CNY, and 35 million CNY, showing year-on-year growth of 27.70%, 5.76%, and 0.56% [12][18]. Profitability Forecast - The company’s net profit is projected to be 267 million CNY in 2024, with a decline of 11.3% year-on-year, followed by growth in subsequent years [18][21]. - The overall gross margin is expected to decrease from 32.5% in 2023 to 31.0% in 2024, reflecting the impact of high-margin C-end products' declining share [12][18]. Financial Metrics - The company’s revenue is forecasted to reach 2.727 billion CNY in 2024, with a growth rate of 15.1%, and further growth rates of 12.5% and 9.9% in 2025 and 2026, respectively [18][21]. - The projected PE ratios for 2024, 2025, and 2026 are 23, 19, and 17, respectively [7][18].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 19.08 CNY based on a 27x PE for 2024 [3][5][12]. Core Views - The company reported a revenue of 2.369 billion CNY for 2023, a year-on-year increase of 16%, and a net profit of 301 million CNY, up 40% year-on-year. However, Q1 2024 saw a revenue of 624 million CNY, also up 16% year-on-year, but a net profit decline of 20% year-on-year due to high base effects from asset disposals and increased minority shareholder profits [1][3][10]. - The company's B-end business continues to grow rapidly, benefiting from strong demand recovery and new product launches, with revenue growth rates of 27.7% for the mixed seasoning solutions and 5.76% for light cooking solutions in Q1 2024 [2][10]. - The report highlights a strong competitive position in the core business, with significant growth potential driven by B-end demand, despite a downward adjustment in profit forecasts for 2024-2025 [3][10]. Financial Summary - For 2023, the company achieved a revenue of 2,369 million CNY, with a growth rate of 16%. The net profit was 301 million CNY, reflecting a 40% increase. The forecast for 2024 and 2025 net profits is 283 million CNY and 336 million CNY, respectively, indicating a year-on-year decrease of 6% for 2024, followed by growth of 19% in 2025 [4][11]. - The company's sales gross margin for 2023 was 33.14%, a decrease of 1.43 percentage points year-on-year, primarily due to a higher proportion of lower-margin business [11][14]. - The report provides detailed financial projections, including expected revenues of 2,775 million CNY in 2024 and 3,226 million CNY in 2025, with corresponding net profits of 283 million CNY and 336 million CNY [4][14].

请务必阅读正文之后的免责条款部分 2 of 5 2023A 风险提示：经济下行压力加大；空刻渗透率提升不及预期等 请务必阅读正文之后的免责条款部分 2024E 2026E 23% 25% 27% 30% 32% 34% 387 425 463 501 540 578 22A 23A 24E 25E 26E 净资产(现金)/净负债 净负债(现金)(百万) 净负债/净资产(%) [Table_Page] 宝立食品(603170) 业绩符合预期。公司发布 2023 年年报及 2024 年一季报，2023 年公司实 现营业收入 23.69 亿元，同比+16.31%，实现归母净利润 3.01 亿元，同 比+39.78%，实现扣非净利润 2.19 亿元，同比+12.66%，折合 Q4 单季度 实现营业收入 6.10 亿元，同比+8.61%，实现归母净利润 0.60 亿元，同 比-2.98%，实现扣非净利润 0.38 亿元，同比-27.84%；2024Q1 公司实现 营业收入 6.24 亿元，同比+15.72%，实现归母净利润 0.61 亿元，同比 -20.36%，实现扣非净利润 0.52 亿元，同比-7.04%。公司拟向 ...

公 司 报 告 公 司 年 报 点 评 证 券 研 究 报 告 2024年04月26日 食品饮料 宝立食品(603170.SH) 复调主业良性增长，轻烹业务边际好转 推荐 ( 维持) 事项： 股价:15.35元 | --- | --- | |------------------------|-----------------------------------| | 行业 | 食品饮料 | | 公司网址 | www.bolexfoods.com | | 大股东 / 持股 | 杭州臻品致信投资合伙企业 ( 有限合 | | | 伙 )/30.60% | | 实际控制人 | 马驹 , 胡珊 , 周琦 , 沈淋涛 | | 总股本 ( 百万股 ) | 400 | | 流通 A 股 ( 百万股 ) | 159 | | 流通 B/H 股 ( 百万股 ) | | | 总市值 ( 亿元 ) | 61 | | 流通 A 股市值 ( 亿元 ) | 24 | | 每股净资产 ( 元 ) | 3.53 | | 资产负债率 (%) | 20.6 | | | | | 行情走势图 | | 证券分析师 | --- | --- | |----- ...

证 券 研 究 报 告 事项： 公司发布 2023年报及2024年一季报，2023年实现收入23.7亿元，同比+16.3%； 归母净利润 3.0 亿元，同比+39.8%。23Q4 实现收入 6.1 亿元，同比+8.6%；归 母净利润 0.6 亿元，同比-3.0%。24Q1 实现收入 6.2 亿元，同比+15.7%；归母 净利润 0.6 亿元，同比-20.4%。整体符合此前预期。 评论： 23 年营收同比+16.3%，24Q1 渠道分化趋势延续，其中 B 端较快增长，C 端 逐步恢复 。 分 业 务 来 看 ， 23 年 复 合 调 味 料 / 饮 品 配 料 收 入 分 别 同 比 +29.3%/+8.3%，而轻烹解决方案同比+1.4%，其中主要受到 C 端空刻拖累（23 全年营收 8.7 亿，同比-0.6%）。分渠道来看，23 全年直销/非直销营收分别同 比+12.6%/+20.2%，其中百胜贡献收入 3.9 亿左右，同比+38.3%。单 24Q1 公 司复调延续较快增长，Q1 收入同比+27.7%，一是下游需求景气延续，二是今 年春节备货节奏更晚（合并 23Q4+24Q1 复调同比+23.6%），轻烹营收 ...

Financial Performance - The net profit attributable to shareholders for 2023 is RMB 301,035,468.50, with a proposed cash dividend of RMB 3.75 per 10 shares, totaling RMB 150,003,750, which accounts for 49.83% of the net profit[5]. - The company's operating revenue for 2023 reached ¥2,369,000,730.80, representing a year-on-year increase of 16.31% compared to ¥2,036,783,645.71 in 2022[21]. - Net profit attributable to shareholders was ¥301,035,468.50, a significant increase of 39.78% from ¥215,363,353.13 in the previous year[21]. - The net profit for the year was 311 million RMB, with a year-on-year increase of 35.03%[34]. - The company's main business revenue was CNY 231,068,210, reflecting a 14.04% year-on-year increase, with main business costs rising by 15.64% to CNY 152,940,180[68]. - The gross margin for the compound seasoning segment decreased by 3.71 percentage points to 21.17%, while the light cooking solution segment's gross margin increased by 4.90 percentage points to 49.91%[70]. - The company achieved a capital increase of 143 million RMB from a partnership with Yum China, resulting in a 60% ownership stake in its subsidiary Zhejiang Baoli[40]. Cash Flow and Dividends - The net cash flow from operating activities decreased by 34.01% to ¥166,476,870.38, down from ¥252,279,916.54 in 2022[22]. - The company has established a cash dividend policy, ensuring that cash dividends distributed will not be less than 10% of the distributable profits if there are no significant cash expenditure events[152]. - For 2023, the company plans to distribute a cash dividend of RMB 3.75 per 10 shares, amounting to RMB 150,003,750, which is 49.83% of the net profit attributable to shareholders[159]. - The total distributable profit available to shareholders as of December 31, 2023, is RMB 208,257,746.04[159]. Audit and Compliance - The company has received a standard unqualified audit report from Tianjian Certified Public Accountants[4]. - The company has appointed Tianjian Certified Public Accountants as its auditing firm[19]. - The internal control audit report for 2023 received a standard unqualified opinion from Tianjian Accounting Firm[169]. - The audit fees have not decreased by more than 20% compared to the previous year[200]. - The company has not faced any delisting risk or bankruptcy reorganization issues[200]. Market and Product Development - The company plans to continue expanding its market presence and investing in new product development to drive future growth[24]. - The company sold over 2,500 types of products in the B-end market, with nearly 60% of these products developed in the last three years[35]. - The company launched new flavors for its C-end brand, including "Thai Spicy Tom Yum" and "Spicy Lobster" pasta, enhancing its product offerings[35]. - The company is expanding its production capacity with a new facility in Shandong, expected to be operational by 2025, addressing the demand for compound seasonings[41]. - The company is actively pursuing strategic partnerships to strengthen its market position and expand its product offerings in the food industry[40]. Supply Chain and Operations - The company has established a comprehensive supply chain management capability, enhancing procurement, production management, quality control, and digital marketing[65]. - The company is focusing on optimizing procurement costs through centralized purchasing and reducing supply chain risks by engaging in raw material trading[40]. - The company has a strong R&D capability, continuously innovating and adapting to market preferences, which has created a significant technical experience barrier[58]. - The company has established long-term stable partnerships with major restaurant chains and large food industry enterprises, gaining widespread recognition and praise[53]. Governance and Management - The company’s management team includes individuals with varying ages, with the youngest being 29 and the oldest being 61[126][127]. - The company’s board of directors consists of a mix of executive and independent directors, ensuring a balance of power and oversight[126]. - The company has established a remuneration and assessment committee to oversee compensation matters[134]. - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to CNY 1,008.13 million, with the chairman receiving CNY 121.49 million[126][127]. Environmental and Social Responsibility - The company invested 2.6352 million yuan in environmental protection during the reporting period[171]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[172]. - Total donations for social responsibility projects amounted to 130,000 yuan, including cash and material contributions[175]. - The company introduced an "eco-friendly box" for its new product, saving approximately 85.7% in paper usage compared to previous packaging[175]. Risks and Challenges - The company faces risks related to food quality control, including potential lapses in the supply chain that could impact product quality and sales[115]. - The company is exposed to raw material price volatility, which significantly affects its cost structure and profit margins[117]. - The company acknowledges the risk of losing major customers, which could adversely affect its production and operations if not mitigated[118].

证券代码：603170 证券简称：宝立食品 公告编号：2024-019 上海宝立食品科技股份有限公司 关于召开 2023 年年度股东大会的通知 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： 一、 召开会议的基本情况 (一)股东大会类型和届次 2023 年年度股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2024 年 5 月 17 日 14 点 30 分 召开地点：上海市松江区茸悦路 208 弄上海富悦大酒店 3 楼 1 号会议厅 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互联 网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六)融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪 ...

上海宝立食品科技股份有限公司 2023 年度独立董事述职报告（李斌） 2023 年度，作为上海宝立食品科技股份有限公司（以下简称"公司"）的独 立董事，本人李斌以维护全体股东利益为出发点，严格按照《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》"）《上市公司独立董事管理办法》《上海证券交易所上市公司自律监管指 引第 1 号——规范运作》等相关法律法规及《公司章程》等有关规定，切实履行 了独立董事职责，独立、勤勉、负责地行使职权。现就 2023 年度履行职责情况 汇报如下： 一、独立董事的基本情况 （一）基本履历 本人李斌，1972 年 10 月出生，中国国籍，无境外永久居留权，博士学历。 1994 年 9 月至 2019 年 10 月，历任华中农业大学食品科学技术学院助教、讲师、 副教授、教授、副院长、院长等职务；2009 年 1 月至今，担任华中农业大学食品 科学技术学院教授；2019 年 10 月至今，担任华中农业大学研究生院常务副院长； 2020 年 9 月至今，担任公司独立董事。 （二）是否存在影响独立性的情况说明 根据证监会《上市公司独立董事管理 ...

目 录 | 一、审计报告……………………………………………………… 第 1—6 | | | 页 | | | --- | --- | --- | --- | --- | | 二、财务报表……………………………………………………… 第 7—14 | | | 页 | | | （一）合并资产负债表…………………………………………… | 第 | 7 | 页 | | | （二）母公司资产负债表………………………………………… | 第 | 8 | 页 | | | （三）合并利润表………………………………………………… 第 | | 9 | | 页 | | （四）母公司利润表………………………………………………第 | 10 | | 页 | | | （五）合并现金流量表……………………………………………第 | 11 | | 页 | | | （六）母公司现金流量表…………………………………………第 | 12 | | 页 | | | （七）合并所有者权益变动表……………………………………第 | 13 | | 页 | | | （八）母公司所有者权益变动表…………………………………第 | 14 | | 页 | | | | | 审 计 报 ...

证券代码：603170 证券简称：宝立食品 公告编号：2024-018 上海宝立食品科技股份有限公司 关于修订《公司章程》及修订、制定部分公司治理制度的公告 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。 为进一步提高公司的规范运作水平,上海宝立食品科技股份有限公司（以下 简称"公司"）于 2024 年 4 月 25 日召开第二届董事会第六次会议，审议通过了 《关于修订<公司章程>及修订、制定部分公司治理制度的议案》，具体情况如下： 一、关于修订公司章程部分条款的相关情况 根据《上市公司章程指引》《上市公司独立董事管理办法》《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 1 号——规范运作》 《上市公司监管指引第 3 号——上市公司现金分红》等法律、法规、规范性文件 的相关规定，结合公司实际，拟将《公司章程》的部分条款进行相应修订，并形 成《上海宝立食品科技股份有限公司章程（2024 年 4 月修订）》，具体修订内容 如下： | 修改前 | 修改后 | | --- | --- | | 第四十二条 公司下 ...