Investment Rating - The report maintains a "Buy" investment rating for the company [1][15]. Core Views - The company has shown robust revenue growth, with total revenues for 2023 and Q1 2024 being 2.369 billion and 0.624 billion yuan respectively, reflecting year-on-year increases of 16% and 16% [1]. - The company's B-end business is a major growth driver, with significant contributions from large clients and ongoing operational advancements [1][15]. - The report highlights the company's strong R&D capabilities and its strategic focus on both B and C-end markets, indicating ample room for scale expansion [15]. Summary by Sections Financial Performance - The company reported a net profit of 301 million yuan for 2023, with a projected increase to 329 million yuan in 2024, representing a growth rate of 9.4% [4]. - The gross profit margin for 2023 was 33.1%, with expectations to improve to 34.5% in 2024 [6]. - The operating cash flow for Q1 2024 was 77 million yuan, marking a 29% increase year-on-year [1]. Revenue Breakdown - The company's revenue from the B-end channel for 2023 was 19.03 billion yuan, with a growth of 13% [14]. - The C-end segment is under development, with a clear strategy for product diversification and innovation to drive growth [14]. - The report notes that the company has expanded its distributor network, with 387 distributors as of Q1 2024, a net increase of 5 [14]. Future Projections - The report forecasts EPS of 0.82, 1.01, and 1.19 yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 18, 15, and 12 [15]. - The company is expected to maintain a steady growth trajectory, with projected revenue growth rates of 15.1% in 2024 and 13.8% in 2025 [4][6].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative price increase of 15% or more over the next six months [11][41]. Core Insights - In 2023, the company achieved a net profit margin of 12.71%, an increase of 2.13 percentage points year-on-year, primarily due to the recognition of non-operating income from land compensation of 86 million yuan [21]. - The company's revenue for 2023 was 2.369 billion yuan, reflecting a year-on-year growth of 16.31%, while the net profit reached 301 million yuan, up 39.78% year-on-year [21]. - The first quarter of 2024 saw a revenue of 624 million yuan, a year-on-year increase of 15.72%, but the net profit decreased by 20.36% to 61 million yuan [10][22]. Financial Performance Summary - The gross profit margin for 2023 was 33.14%, down 1.43 percentage points year-on-year, attributed to a decrease in the proportion of high-margin products and lower margins in new product categories [21]. - The company’s sales expense ratio was 14.64%, an increase of 0.61 percentage points year-on-year, while the management, financial, and R&D expense ratios were 2.81%, -0.13%, and 1.97%, respectively [21]. - For 2024-2026, the company is projected to achieve revenues of 2.73 billion yuan, 3.15 billion yuan, and 3.63 billion yuan, with year-on-year growth rates of 15.1%, 15.5%, and 15.4% respectively [11]. Segment Performance - The company’s B-end revenue for 2023 was 866 million yuan, a slight decline of 0.6% year-on-year, while the C-end revenue grew by 29% to 1.5 billion yuan [20]. - The first quarter of 2024 showed continued strong performance in the B-end, with a growth rate close to 30%, while the C-end is expected to see a slight decline [20].

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：2024-01 特定对象调研 分析师会议 媒体采访 业绩说明会 投资者关系 新闻发布会 路演活动 活动类别 现场参观 电话会议 其他 财通证券、长江证券、东吴证券、广发证券、国海证券、国联证 券、国泰君安证券、国投证券、海通国际、华安证券、华创证券、 参与单位名称 华福证券、华金证券、华泰证券、开源证券、民生证券、南方基 （按首字母排序） 金、南京证券、诺德基金、瑞银证券、申万证券、太平洋证券、天 风证券、西部证券、信达证券、兴业证券、招商基金、招商证券、 中金公司、中泰证券、中信建投证券、中信证券等89位机构投资者 时间 2024年4月26日15:00-16:00 地点 线上会议 ...

Investment Rating - The investment rating for the company is "Cautious Recommendation" (maintained) [6]. Core Views - The company reported a revenue of 2.37 billion yuan in 2023, representing a year-on-year increase of 16.3%, and a net profit attributable to shareholders of 300 million yuan, up 39.8% [6]. - In Q1 2024, the revenue was 620 million yuan, a 15.7% increase year-on-year, while the net profit attributable to shareholders decreased by 20.4% to 60 million yuan [6]. - The growth in the B-end business is driven by deepening cooperation with major clients, despite a weaker performance in the C-end due to structural changes in online channels and high base pressure [6]. Summary by Sections Financial Performance - For the full year 2023, the company achieved a gross margin of 33.1%, down 1.4 percentage points year-on-year, primarily due to an increase in the B-end business proportion and the ramp-up of baking capacity [6]. - The net profit margin for 2023 was 12.7%, an increase of 2.1 percentage points year-on-year, while the non-recurring net profit margin decreased by 0.3 percentage points [6]. - The company expects net profits for 2024 to be 279 million yuan, a decrease of 7.2% year-on-year, with projected earnings per share (EPS) of 0.70 yuan [11]. Business Segments - The B-end business has shown strong growth, with revenue from the recovery business increasing by 29.3% in 2023 and 27.7% in Q1 2024, driven by increased demand from dining services and downstream clients [6]. - The C-end business is anticipated to recover as new products are continuously introduced, and the company's strategy is adjusted accordingly [6]. Market Outlook - The company is expected to maintain a stable growth trajectory in the B-end business, with further expansion into small B channels anticipated to contribute to revenue once established [6]. - Long-term growth is supported by category expansion through partnerships and investments, enhancing product offerings and R&D services for clients [6].

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].