安井食品(603345) 公司研究/公司点评 证 利润表现亮眼，主业增长稳健 券 ——安井食品 2023年报及 24Q1业绩点评 研 究 报 ◼ 事件概述 告 买入( 维持) 公司发布2023年报及24年一季报，2023年实现营收140.5亿元，同 比增长15.3%，实现归母净利润14.8亿元，同比增长34.2%；24Q1实 公 现营收37.5亿元，同比增长17.7%，实现归母净利润4.4 亿元，同比 行业： 食品饮料 司 增长21.2%。 日期： y 20x2z4q年da0te4m月a2r9k日 研 ◼ 核心观点 究 收入端，主业增长稳健，并表贡献菜肴增量。2023年分产品来看，面 分析师： 汪玲 米制品/肉制品/鱼糜制品/菜肴制品分别实现营收25.4/26.3/44.1/39.3亿 E-mail： wangling@yongxingse c.com 元，分别同比+5.4%/10.2%/11.8%/29.8%；分渠道来看，2023年经销商 SAC编号： S1760524030002 /直营/商超/新零售/电商分别实现营收113.7/10.7/8.5/4.4/3.2亿，分别同 比+16.0%/+28.9%/- ...

证券代码：603345 证券简称：安井食品 公告编号：临 2024-040 安井食品集团股份有限公司 关于回购公司股份的进展公告 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： | 回购方案首次披露日 | 2023/10/27 | | | --- | --- | --- | | 回购方案实施期限 | 2023/10/25~2024/10/24 | | | 预计回购金额 | 10,000 万元 | 万元~20,000 | | 回购用途 | √用于员工持股计划或股权激励 | □减少注册资本 | | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | | 累计已回购股数 | 109.85 | 万股 | | 累计已回购股数占总股本比例 | 0.37% | | | 累计已回购金额 | 10,409.05 | 万元 | | 实际回购价格区间 | 68.66 元/股 | 元/股~126.28 | 特此公告。 安井食品集团股份有限公司董事会 2024 年 5 月 7 日 一、 回购股份的基本情况 公司 ...

[Table_StockInfo] 持有 2024年 05月 03日 （下调） 证券研究报告•2023年报及2024年一季报点评 当前价： 92.28元 安井食品（603345） 食品饮料 目标价： ——元（6个月） Q1 主业增速亮眼，盈利能力持续提升 投资要点 西南证券研究发展中心 [T ab事le件_S：u公m司ma发ry布] 2023年报及 2024年一季报，2023年实现营收140.5亿元，同 比增长15.3%，实现归母净利润14.8亿元，同比增长34.2%；其中23Q4实现 [分Ta析bl师e_：Au朱th会or振] 收入 37.7亿元，同比-6.3%，实现归母净利润 3.6亿元，同比-13.4%；同时， 执业证号：S1250513110001 公司拟向全体股东每股派发1.775元（含税）现金股利，分红率为53.2%。24Q1 电话：023-63786049 公司实现收入37.5亿元，同比+17.7%；实现归母净利润4.4亿元，同比+21.2%； 邮箱：zhz@swsc.com.cn 公司业绩符合市场预期。 分析师：舒尚立  Q1火锅料主业增速亮眼，渠道开拓稳步推进。分品类看，2023年公司鱼 ...

[Table_StockInfo] 持有 2024年 05月 03日 （下调） 证券研究报告•2023年报及2024年一季报点评 当前价： 92.28元 安井食品（603345） 食品饮料 目标价： ——元（6个月） Q1 主业增速亮眼，盈利能力持续提升 投资要点 西南证券研究发展中心 [T ab事le件_S：u公m司ma发ry布] 2023年报及 2024年一季报，2023年实现营收140.5亿元，同 比增长15.3%，实现归母净利润14.8亿元，同比增长34.2%；其中23Q4实现 [分Ta析bl师e_：Au朱th会or振] 收入 37.7亿元，同比-6.3%，实现归母净利润 3.6亿元，同比-13.4%；同时， 执业证号：S1250513110001 公司拟向全体股东每股派发1.775元（含税）现金股利，分红率为53.2%。24Q1 电话：023-63786049 公司实现收入37.5亿元，同比+17.7%；实现归母净利润4.4亿元，同比+21.2%； 邮箱：zhz@swsc.com.cn 公司业绩符合市场预期。 分析师：舒尚立  Q1火锅料主业增速亮眼，渠道开拓稳步推进。分品类看，2023年公司鱼 ...

安井食品(603345) /食品加工饮料 /公司点评 / 2024.05.01 2024Q1 开门红，龙头业绩稳定性强 证券研究报告 投资评级:买入(维持) 核心观点 ❖ 事件： 2023年实现营收140.45亿元，同比+15.29%；归母净利润14.78亿元， 基本数据 2024-04-30 同比+34.24%；2023Q4实现营收37.74亿元，同比-6.27%；归母净利润3.56亿 收盘价(元) 92.28 流通股本(亿股) 2.93 元，同比-13.41%；2024Q1实现营收37.55亿，同比+17.67%；归母净利润4.38 每股净资产(元) 44.46 亿，同比+21.25%。2023年分红率提升到53.17%。 总股本(亿股) 2.93 最近12月市场表现 ❖ 2024Q1速冻火锅料销售情况边际好转。2023年速冻面米制品/肉制品/鱼糜制 品 / 菜 肴 制 品 分 别 实 现 营 收 25.45/26.27/44.09/39.27 亿 元 ， 同 比 安井食品 沪深300 +5.40%/+10.22%/+11.76%/+29.84%。2024Q1 速冻面米制品/肉制品/鱼糜制品/ 上证指数 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 14.045 billion yuan in 2023, a year-on-year increase of 15.29%, and a net profit attributable to shareholders of 1.478 billion yuan, up 34.24% year-on-year. In Q1 2024, the company achieved a revenue of 3.755 billion yuan, a year-on-year increase of 17.67%, and a net profit of 438 million yuan, up 21.24% year-on-year [3][4] - The demand for hot pot ingredients showed significant improvement in Q1 2024, with revenue growth rebounding from a decline in Q4 2023. The company maintained a leading position in the hot pot ingredient market, which contributed to its revenue growth [3][4] - The company's net profit margin reached a new high of 10.52% in 2023, with a gross margin of 23.21%. In Q1 2024, the net profit margin further increased to 11.68% [4] Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 14.045 billion yuan and a net profit of 1.478 billion yuan. The revenue growth for 2024 is projected at 16 billion yuan, with net profit expected to reach 1.741 billion yuan [2][4] - The company’s gross margin improved to 23.21% in 2023, with a further increase to 26.55% in Q1 2024 [4][12] Revenue Breakdown - Revenue from various product categories in 2023 showed mixed results, with frozen noodle products growing by 5.4% and hot pot ingredients growing significantly faster than the industry average [3][4] - In Q1 2024, frozen noodle products and hot pot ingredients continued to show positive growth, indicating a recovery in demand [3] Profitability Metrics - The company’s net profit margin improved to 10.52% in 2023 and reached 11.68% in Q1 2024, reflecting strong operational efficiency [4][12] - The company’s operating expenses as a percentage of revenue showed slight increases, primarily due to stock incentive costs [4][12] Future Outlook - The company has adjusted its revenue forecasts for 2024-2026, now expecting revenues of 16 billion yuan in 2024, 18.1 billion yuan in 2025, and 20.2 billion yuan in 2026, with corresponding net profits of 1.74 billion yuan, 2.06 billion yuan, and 2.38 billion yuan respectively [4][12]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 14.045 billion yuan in 2023, a year-on-year increase of 15.29%, and a net profit attributable to shareholders of 1.478 billion yuan, up 34.24% year-on-year. In Q1 2024, the company achieved a revenue of 3.755 billion yuan, a year-on-year increase of 17.67%, and a net profit of 438 million yuan, up 21.24% year-on-year [3][4] - The demand for hot pot ingredients has significantly improved in Q1 2024, with a notable recovery from a 6.3% decline in revenue in Q4 2023 to a 17.7% increase in Q1 2024. The company has established a leading position in the hot pot ingredient market, which has contributed to its growth [3][4] - The company's net profit margin reached a new high of 10.52% in 2023, with a further increase to 11.68% in Q1 2024. The gross profit margin also improved to 26.55% in Q1 2024 [4] Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 14.045 billion yuan, with a net profit of 1.478 billion yuan. The net profit margin was 10.52%, and the gross profit margin was 23.21% [3][4] - For Q1 2024, the company reported revenue of 3.755 billion yuan and a net profit of 438 million yuan, with a net profit margin of 11.68% and a gross profit margin of 26.55% [4] Revenue and Profit Forecast - The company expects revenues of 16 billion yuan in 2024, 18.1 billion yuan in 2025, and 20.2 billion yuan in 2026, with year-on-year growth rates of 14%, 13%, and 12% respectively. The net profit is projected to be 1.74 billion yuan in 2024, 2.06 billion yuan in 2025, and 2.38 billion yuan in 2026, with growth rates of 17.8%, 18.6%, and 15.2% respectively [4][11] Market Position and Strategy - The company has a clear strategy focusing on three main product lines: rice and noodle products, hot pot ingredients, and grilled sausages. The hot pot ingredient segment is expected to continue outperforming the market due to the company's established leadership and product innovation [4][3]

安井食品集团股份有限公司 2023年年度股东大会会议资料 2024年5月 1 | | 2023年年度股东大会会议须知 3 | | --- | --- | | | 2023年年度股东大会会议议程 4 | | 议案一 | 2023年年度报告及其摘要 6 | | 议案二 | 2023年度董事会工作报告 7 | | 议案三 | 2023年度监事会工作报告 14 | | 议案四 | 2023年度独立董事述职报告 18 | | 议案五 | 2023年度财务决算报告 19 | | 议案六 | 2023年度利润分配预案的议案 24 | | 议案七 | 关于预计2024年度担保额度的议案 26 | | 议案八 | 关于预计2024年度日常关联交易的议案 27 | | 议案九 | 关于续聘2024年度会计师事务所的议案 28 | | 议案十 | 关于公司董事、监事、高级管理人员及其他领导班子成员2024年度薪酬方案的议案 29 | | 议案十一 | 关于修订《公司章程》部分条款的议案 30 | | 议案十二 | 关于制定公司未来三年(2024年-2026年)股东回报规划的议案 31 | | 议案十三 | 关于变更非公开发行股票部 ...

基于公司整体发展规划和战略布局，为进一步优化资源配置，由公司总经理 办公会决定，向全资子公司山东安井食品有限公司（以下简称"山东安井"）增 资25,500万元，增资后注册资本为 65,500万元；同时，变更山东安井法定代表 人为郁晓君。山东安井已于近日办理相关工商变更手续并获得由乐陵市行政审批 服务局换发的《营业执照》，相关信息如下： 一、山东安井食品有限公司 1、统一社会信用代码：91371481MA3WJDWB4X 证券代码：603345 证券简称：安井食品 公告编号：临2024-039 安井食品集团股份有限公司 关于全资子公司完成工商变更并换发营业执照的公告 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。 特此公告。 安井食品集团股份有限公司 董 事 会 2024年5月1日 2、名称：山东安井食品有限公司 3、类型：有限责任公司（非自然人投资或控股的法人独资） 4、住所：山东省德州市乐陵市星光大道519号 5、法定代表人：郁晓君 6、注册资本：陆亿伍仟伍佰万元整 7、成立日期：2021年04月02日 8、经营范围：许可项 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][9]. Core Views - The company has shown steady growth in operations, with total revenue reaching 14.045 billion yuan in 2023, a year-on-year increase of 15.29%. The net profit attributable to shareholders was 1.478 billion yuan, up 34.24% year-on-year [2]. - The company plans to distribute a cash dividend of 1.775 yuan per share (including tax), with a cumulative dividend payout ratio of 53.17% for 2023 [2]. - The frozen prepared food segment has demonstrated robust growth, particularly in the e-commerce channel, which saw a significant increase of 145.92% in revenue [2]. - The company’s gross margin and net margin have steadily improved, with a gross margin of 23.21% in 2023, up 1.25 percentage points year-on-year [2]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 14.045 billion yuan, with a net profit of 1.478 billion yuan, reflecting a year-on-year growth of 15.29% and 34.24%, respectively [2][3]. - The company’s revenue for Q1 2024 was 3.755 billion yuan, representing a 17.67% increase year-on-year, while net profit grew by 21.24% to 438 million yuan [2]. Product Segments - Revenue from traditional frozen prepared foods showed steady growth, with specific product categories such as frozen meat products and frozen dishes increasing by 10.22% and 29.84%, respectively [2]. - The company’s e-commerce channel has performed exceptionally well, contributing significantly to revenue growth [2]. Regional Performance - The East China region accounted for 43% of total revenue in 2023, with all regions showing steady growth. The North and Northwest regions exhibited the highest growth rates [2]. Profitability Metrics - The company’s gross margin improved to 23.21% in 2023, and the net margin reached 10.52%, both reflecting positive trends in profitability [2][3]. - For Q1 2024, the gross margin further increased to 26.55%, indicating continued improvement in operational efficiency [2]. Future Projections - The company is expected to achieve net profits of 1.688 billion yuan, 1.928 billion yuan, and 2.176 billion yuan for 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of 14.22%, 14.19%, and 12.86% [2][3].