安井食品集团股份有限公司 股东会议事规则 安井食品集团股份有限公司 股东会议事规则 （草案） （H 股发行并上市后适用） 1 第一条 为促进安井食品集团股份有限公司（以下简称"公司"）规范运作，提高 股东会议事效率，保障股东合法权益，保证大会依法行使职权以及股东会 程序及决议内容的合法有效性，根据《中华人民共和国公司法》（"《公 司法》"）《中华人民共和国证券法》（"《证券法》"）《境内企业境 外发行证券和上市管理试行办法》（"《管理试行办法》"）《上市公司 章程指引》《上市公司股东大会规则》《上海证券交易所股票上市规则》 （"《上交所上市规则》"）《香港联合交易所有限公司证券上市规则》 （"《香港上市规则》"）和《安井食品集团股份有限公司章程》（以下 称"《公司章程》"）等有关规定，结合公司实际情况，制定本规则。 第二条 股东会分为年度股东会和临时股东会。年度股东会每年召开一次，应当于 上一会计年度结束后的6个月内举行。 第三条 有下列情形之一的，公司在事实发生之日起2个月以内召开临时股东会： (一) 董事人数不足《公司法》规定的法定最低人数或者《公司章程》 所定人数的 2/3 时； (二) 公司未弥补的亏 ...

大家好欢迎参加中金公司安景食品线上交流会目前所有参会者均处于静音状态下面开始播报免责声明声明播报完毕后主持人可直接开始发言本次会议为中国国际金融股份有限公司中金公司闭门会议停线受邀嘉宾参会 未经中金公司和演讲嘉宾书面许可任何机构和个人不得以任何形式将会议内容和相关信息对外公布转发转载传播复制编辑修改等如有上述违法行为中金公司保留追究相关方法律责任的权利This meeting is a closed-door meeting of China International Capital Corporation Limited CICCand only invited guests allowed to attend Without the written permission of CICC and the speaker, no organization or individual is allowed to punish, forward, reprint, disseminate, copy, edit or modify the meeting contents and relevant inform ...

好的尊敬的各位投资者大家下午好欢迎大家参加华创证券年度策略会本场是安静食品的线上交流我们也是非常荣幸邀请了安静食品的证券事务代表郑如南总来给大家做一个线上的一个交流分享郑总郑老师您好郑总您好 嗯嗯好的好的呃呃 那先有请会议秘书就是先播报一下提问方式吧然后看有想提问的投资者可以先上我们先准备一下或点击旁边的举手按钮顺行语音提问谢谢网络端的参会者您可以在直播间互动区域内文字提问 郑总 我们在等待会议的间隙我也跟您先请教几个共青的问题了第一个就是因为现在也进入到四季度正处在咱们整体销售的一个偏旺的一个季节然后就是想请教一下在四季度整体的销售包括一些生产销售情况一个大概的表现以及因为去年大家都知道天气转冷也是比较 10月份的情况呢整体还是会比较平淡因为我觉得可能跟整体市场的竞争包括整个大环境的情况我觉得多多少少是有一些影响 然后十月开始陆陆续续有开了一些区域的销售会然后启动会的这种其实也是有去拉动了一些动销包括有给了一些政策给了经销商大家进货的都会更积极一些所以从十一月份到现在差不多是半个多月这样子的数据来看整体情况还是会较十月份有所改善 那今年整体的情况就属于火锅料就是可能就是小幅的增长吧就是从我们从销售额的情况来 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [7]. Core Insights - The company reported a total revenue of 11.077 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 7.84%. However, the net profit attributable to shareholders decreased by 6.65% to 1.047 billion yuan [4][5]. - In Q3 2024, the company achieved a revenue of 3.533 billion yuan, a year-on-year increase of 4.63%, but the net profit attributable to shareholders fell by 36.76% to 244 million yuan [4][5]. - The company is experiencing stable growth in distribution channels, with emerging channels showing strong performance, particularly in new retail, which grew by 95.9% year-on-year in Q3 [4][5]. Summary by Sections Revenue and Profitability - For the first three quarters of 2024, total revenue was 11.077 billion yuan, up 7.84% year-on-year, while net profit attributable to shareholders was 1.047 billion yuan, down 6.65% [4]. - In Q3 2024, total revenue reached 3.533 billion yuan, a 4.63% increase year-on-year, but net profit attributable to shareholders dropped 36.76% to 244 million yuan [4][5]. Channel Performance - The company’s revenue from various product categories in Q3 showed mixed results, with frozen prepared foods and leisure foods experiencing declines, while agricultural products saw a 24.12% increase [4]. - Distribution channels such as distributors and supermarkets grew by 3.2% and 15.1% respectively, while new retail channels surged by 95.9% year-on-year [4][5]. Cost and Margin Analysis - The net profit margin for the first three quarters of 2024 decreased by 1.47 percentage points to 9.45%, despite a slight increase in gross margin by 0.58 percentage points to 22.64% [5]. - In Q3, the net profit margin fell by 4.53 percentage points to 6.92%, with gross margin declining by 2.04 percentage points to 19.93% [5]. Future Outlook - The company is expected to maintain its growth targets for the main business in Q4, with high-margin traditional products projected to perform well [6]. - The overall cost structure is anticipated to stabilize, and the company is enhancing its supply chain management to mitigate cost fluctuations [6]. - Forecasts for net profit attributable to shareholders are 1.48 billion yuan for 2024 and 1.75 billion yuan for 2025, with corresponding EPS of 5.03 yuan and 5.98 yuan [6].

食品饮料 | 证券研究报告 — 调整盈利预测 2024 年 11 月 6 日 603345.SH 买入 原评级：买入 市场价格:人民币 90.06 板块评级:强于大市 本报告要点 安井食品 2024 年 3 季报业绩点评 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 (45%) (33%) (21%) (9%) 2% 14% Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Oct-24Nov-24 安井食品 上证综指 绝对 (12.9) (9.3) 13.7 (29.0) 相对上证综指 (27.1) (10.8) (4.4) (39.7) | --- | --- | |----------------------------------------|-----------| | | | | | | | 发行股数 ( 百万 ) | 293.29 | | 流通股 ( 百万 ) | 293.29 | | 总市值 ( 人民币 百万 ) | 26,414.08 | | 3 个月日均交易额 ( 人民币 百万 ) | 411.16 | ...

[Table_StockInfo] 2024 年 11 月 05 日 证券研究报告•2024 年三季报点评 买入（维持） 当前价：89.21 元 安井食品（603345）食品饮料 目标价：109.63 元（6 个月） Q3 短期业绩承压，期待旺季经营改善 [Table_Summary 事件：公司发布] 2024年三季报，前三季度实现营收 110.8亿元，同比+7.8%； 实现归母净利润 10.5亿元，同比-6.7%。其中 24Q3实现营收 35.3亿元，同比 +4.6%；实现归母净利润 2.4 亿元，同比-36.8%。 Q3 菜肴实现高增，火锅料主业基本持平。分业务看，24Q3 单季度速冻调制食 品/速冻菜肴制品/速冻面米制品分别实现收入 17.9/11.3/5.3 亿元，同比分别 -0.1%/+24.1%/-9.5%；受益于安井小厨和冻品先生增长良好，公司菜肴业务实 现高增；米面类下滑则主要系行业竞争加剧；锁鲜装预计 Q3维持较快增速，但 传统火锅料收入承压致使速冻调制食品同比基本持平。分渠道看，经销商/商超/ 特 通 直 营 / 新 零 售 / 电 商 渠 道 Q3 收 入 增 速 分 别 为 +3.2% ...

Investment Rating - The investment rating for the company is "Buy" with a target price indicating an expected return of over 20% within the next six months [4][12]. Core Insights - The prepared food business has become the company's largest segment, showing significant revenue growth. For the first three quarters of 2024, the company achieved revenue of 11.077 billion yuan, a year-on-year increase of 7.84%. In Q3 alone, revenue reached 3.533 billion yuan, up 4.63% year-on-year [1][2]. - The decline in net profit for Q3 is attributed to reduced government subsidies and increased advertising and promotional expenses, alongside rising share-based payment costs. The net profit for the first three quarters was 1.047 billion yuan, down 6.65% year-on-year, with Q3 net profit at 244 million yuan, a decrease of 36.76% [3][4]. Revenue Summary - The company reported a revenue growth rate of 7.34% for its dish products in the first three quarters of 2024. The number of distributors increased by 5.35% compared to the beginning of the year, with growth observed across most regions except for South China and Southwest [2]. Profit Summary - The net profit for the first three quarters of 2024 was 1.047 billion yuan, reflecting a decrease of 6.65% year-on-year. The Q3 net profit was 244 million yuan, down 36.76% year-on-year. The increase in cash flow from operating activities by 32.06% year-on-year was mainly due to higher cash receipts from sales and reduced cash payments for goods [3]. Financial Forecast - The company is expected to see net profits of 1.715 billion yuan, 1.928 billion yuan, and 2.144 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 16.00%, 12.43%, and 11.24% [4][6].

证券研究报告 非金融公司|公司点评|安井食品（603345） 竞争抢份额，盈利暂承压 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月02日 证券研究报告 |报告要点 公司发布三季报，2024Q1-3 收入/归母净利润分别为 110.77/10.47 亿元，同比+7.84%/-6.65%。 其中，2024Q3 收入/净利润分别为 35.33/2.44 亿元，同比+4.63%/-36.76%。收入有所增长， 利润下滑明显。考虑到公司作为食品加工龙头企业，虽然在竞争高压下盈利承压，但在当前需 求环境下仍保持收入增长，维持"买入"评级。 |分析师及联系人 刘景瑜 陆冀为 SAC：S0590524030005 SAC：S0590524080005 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年11月02日 安井食品(603345) 竞争抢份额，盈利暂承压 | --- | --- | |----------------------------|-------------------| | | | | 行 业： | 食品饮料/食品加工 | ...

Investment Rating - The report maintains a "Recommend" rating for the company, citing its strategic adjustments and new business expansion as drivers for long-term performance improvement [4][6] Core Views - The company reported revenue of RMB 11.08 billion in the first three quarters of 2024, a YoY increase of 7.8%, but net profit attributable to shareholders declined by 6.7% YoY to RMB 1.05 billion [2] - In Q3 2024, revenue grew by 4.6% YoY to RMB 3.53 billion, while net profit attributable to shareholders dropped by 36.8% YoY to RMB 240 million [2] - The company's main business, frozen food, showed weak performance, but new businesses, particularly frozen vegetable products, maintained strong growth with a 24.1% YoY increase in Q3 2024 [3] - The company's gross margin in Q3 2024 was 19.9%, down 2.0 percentage points YoY, due to intensified industry competition and a shift to a "high-quality, mid-price" strategy [3] Business Performance Breakdown By Product Category - Frozen prepared foods: -0.1% YoY in Q3 2024 [3] - Frozen vegetable products: +24.1% YoY in Q3 2024 [3] - Frozen rice and flour products: -9.5% YoY in Q3 2024 [3] - Frozen agricultural products: -0.4% YoY in Q3 2024 [3] - Snack foods: -50.6% YoY in Q3 2024 [3] - Other products: -83.2% YoY in Q3 2024 [3] By Sales Channel - Distributors: +3.2% YoY in Q3 2024 [3] - Supermarkets: +15.1% YoY in Q3 2024 [3] - Specialized direct sales: -12.4% YoY in Q3 2024 [3] - E-commerce: +0.4% YoY in Q3 2024 [3] - New retail: +95.9% YoY in Q3 2024, driven by Hema [3] By Region - Northeast: -1.9% YoY in Q3 2024 [3] - North China: -5.4% YoY in Q3 2024 [3] - East China: +0.9% YoY in Q3 2024 [3] - South China: +11.8% YoY in Q3 2024 [3] - Central China: +40.0% YoY in Q3 2024 [3] - Northwest: +10.0% YoY in Q3 2024 [3] - Southwest: +33.8% YoY in Q3 2024 [3] Financial Forecasts - Revenue is expected to grow to RMB 15.20 billion in 2024, RMB 16.76 billion in 2025, and RMB 18.46 billion in 2026, with growth rates of 8.2%, 10.3%, and 10.1% respectively [5] - Net profit attributable to shareholders is projected to be RMB 1.43 billion in 2024, RMB 1.58 billion in 2025, and RMB 1.75 billion in 2026, with growth rates of -3.0%, 10.0%, and 10.7% respectively [4][5] - EPS is forecasted to be RMB 4.89 in 2024, RMB 5.38 in 2025, and RMB 5.95 in 2026 [5] Strategic Adjustments - The company is shifting from a "high-quality, mid-to-high price" strategy to a "high-quality, mid-price" strategy to boost sales and market share [4] - The company is focusing on "BC兼顾、全渠发力" (balancing B2B and B2C, full-channel development) to drive growth through new products and channels [4] - Localized R&D transformation is expected to enhance regional product development and contribute to revenue growth [4] - The company has launched a new round of equity incentives to strengthen core team cohesion and support long-term development [4] Valuation Metrics - The company's PE ratio is projected to be 18X in 2024, 16X in 2025, and 14X in 2026, indicating a clear valuation margin of safety [4][5]

2024 年 10 月 30 日 公司点评 买入/维持 安井食品(603345) 目标价: 99 昨收盘:88.88 安井食品：Q3 重点单品延续稳增，业绩阶段性承压 | --- | --- | --- | --- | --- | |-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------|----------------------------------------------|--- ...