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 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [8]. Core Views - The company reported a total revenue of 1.93 billion yuan for Q1-Q3 2024, representing a year-on-year increase of 9.72%. However, the net profit attributable to shareholders decreased by 28.01% to 173 million yuan [4][5]. - The pressure on B-end operations is increasing, while C-end growth remains stable. The revenue from compound seasoning was 348 million yuan (+0.70%), light cooking solutions 252 million yuan (+9.64%), and beverage dessert ingredients 35 million yuan (-5.69%) in Q3 2024 [4][5]. - The company is facing increased demand pressure, leading to higher expense inputs. The net profit margin for Q1-Q3 2024 decreased by 4.71 percentage points to 8.99%, and the gross margin fell by 2.10 percentage points to 31.8% [5]. Summary by Sections Financial Performance - For Q3 2024, the total revenue was 657 million yuan (+4.06%), with a net profit of approximately 64.99 million yuan (-13.45%) and a non-recurring net profit of 59.39 million yuan (-14.95%) [4]. - The company’s net profit margin for Q3 2024 decreased by 2 percentage points to 9.90%, and the gross margin fell by 1.06 percentage points to 31.28% [5]. Business Segments - The revenue from direct sales was 519 million yuan (+4.16%), while non-direct sales reached 116 million yuan (+1.48%) in Q3 2024 [4]. - The revenue growth of compound seasoning products has been slowing down over the past three quarters, reflecting the current pressure on restaurant consumption [4]. Shareholder Engagement - A minority stake in the company’s brand was transferred to executives, enhancing employee engagement and potentially incentivizing management [6]. Profit Forecast - The company forecasts net profits for 2024-2026 to be 230 million, 255 million, and 282 million yuan respectively, with corresponding EPS of 0.57, 0.64, and 0.71 yuan [6].

公司报告 | 季报点评 业绩略低于预期，C 端有所恢复 事件：24Q1-3 实现收入/归母净利润 19.30/1.73 亿元，同比 9.72%/-28.01%； 24Q3 实现收入/归母净利润 6.57/0.65 亿元，同比 4.06%/-13.45%。 收入稳健增长，轻烹解决方案恢复性增长。24Q3 公司复合调味料/轻烹解 决方案/饮品甜点配料收入 3.48/2.52/0.35 亿元（同+0.70%/+9.64%/-5.69%）。 复调基本持平；轻烹解决方案实现恢复性增长。 经销商数量快速增长，经销商质量有所提升。24Q3 华东/华南/华北/华中/ 东北/西南/西北/境外收入分别为 5.12/0.23/0.33/0.22/0.20/0.10/0.05/0.10 亿元（同比 5.50%/-18.27%/-19.86%/+11.86%/-2.84%/+69.35%/+90.42%/+12. 51%）。24Q3 末经销商同比+137 家至 496 家，经销商数量快速增长，平均 经销商收入同比-26.55%至 23.34 万元/家。 盈利能力有所下滑，销售费用投放加大。24Q3 毛利率/净利率分别同比-1. 06/ ...

宝立食品（603170.SH） 调味发酵品Ⅱ 证券研究报告/公司点评报告 2024 年 11 月 01 日 Q3 复调增长放缓，盈利能力持续承压 | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------- ...

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 | --- | --- | --- | --- | |------------------|-------------------------------|-------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | | | | | ...

这个就是我们禁运类方面体现的一些特点的三级度。我们如果是从客户的角度去大致介绍一下整个收入的情况的话,那么在三级度,公司B站业务虽然真是放缓了,但是如果从客户的角度来看,其实出现了一个发展不均衡的情况。 前面一直跟大家介绍其实我们B端的客户基本上就是相当于是B端整个主营用收入的增速就相当于我们这些大客户的整体增速这个是不假但是如果是就针对性的一些客户来看的话其实刚才说不正常就是说有些客户他确实是他的刚好新品的我们进行专项分析我发现刚好新品的一些推出节点刚好不在周期内这个其实也是对我们收入产生了一定的影响因此来说如果把这种 就新顶特殊周期的特殊时点的这个上新时点的这个特殊偶然性因素去掉的话其实我们的整个B端业务的一个增速其实还是会比目前整个财务报表上反映来说应该是会高一些如果把这个偶然因素去掉的话但是呢不可否认的就是我们其实还是 整个来说的话还是整个大客户来看的话还是下游背后的它整个一个仅剩性仅剩性还是在有所提升就刚才我前面说的整体来看的话还是有这么个特征所以说我们也非常寄希望于国庆后整个消费能够带来一些带动或者以及未来国家政策的一些刺激政策的一些推行能够实际的落地然后能够整整的消费市场把整个需求继续拉动起来 ...

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].

华福证券 宝立食品（603170.SH） Q3 主业增长放缓，盈利端有所承压 事件：公司披露 2024 年三季度业绩：24 年 Q1-3 公司实现营收 19.30 亿元， 同比+9.72%；归母净利润 1.73 亿元，同比-28.01%；扣非归母净利润 1.59 亿元，同比-12.44%。其中，24 年 Q3 公司实现营收 6.57 亿元，同比+4.06%； 归母净利润 0.65 亿元，同比-13.45%；扣非归母净利润 0.59 亿元，同比 -14.95%。 Q3 轻烹饪等业务稳健增长，复调业务有所降速 分产品看，公司 Q3 复合调味料、轻烹解决方案、饮品甜点配料产品营 收分别同比+0.70%/+9.64%/-5.69%；其中，轻烹业务保持较快的增速，预 计主要系空刻意面等 C 端产品动销有所改善，而复调业务受大 B 餐饮需求 疲软影响。分渠道看，Q3 直销、非直销渠道营收分别同比+4.16%/+1.48%， 其中经销类客户环比 Q2 末增加 51 家。分区域看，Q3 期间，华东、华南、 华 北 、 华 中 、 东 北 、 西 南 、 西 北 、 境 外 区 域 营 收 分 别 同 比 +5.5%/-18. ...

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].