证券代码：603517 证券简称：绝味食品 公告编号：2024-084 绝味食品股份有限公司 关于使用闲置募集资金进行现金管理的公告 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 和完整性承担个别及连带责任。 履行的审议程序：绝味食品股份有限公司（以下简称"公司"）于2024年4 月29日召开第五届董事会第二十次会议，2024年5月21日召开的公司2023年度股 东大会，审议通过了《关于使用部分暂时闲置募集资金进行现金管理的议案》， 同意公司全资子公司合计使用最高额度不超过人民币30,000.00万元（含30,000.00 万元）的暂时闲置募集资金进行现金管理，用于购买安全性高、流动性好的结构 化存款或保本型短期理财产品，使用期限为自公司2023年度股东大会审议通过之 日起12个月内，在上述额度及期限内，可循环滚动使用。公司独立董事、监事会 和保荐机构对该议案发表了同意意见。具体内容详见公司于2024年4月30日披露 的2024-035号《绝味食品股份有限公司关于使用部分暂时闲置募集资金进行现金 管理的公告》。 重要内容提示： 委托理财受托方：中 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company experienced continued revenue pressure in Q3 2024, with a notable improvement in gross margin, indicating ongoing optimization of profitability [3] - For the first three quarters of 2024, the company achieved revenue of 5.015 billion, a year-on-year decline of 10.95%, while net profit attributable to shareholders was 438 million, a year-on-year increase of 12.53% [3] - The gross margin for Q3 2024 was 31.12%, up 5.35 percentage points year-on-year, primarily due to a decrease in raw material prices [4] - The company adjusted its previous profit forecasts, expecting revenues of 6.680 billion, 6.890 billion, and 7.179 billion for 2024-2026, with corresponding net profits of 510 million, 628 million, and 669 million [5] Financial Summary - In Q3 2024, the company reported revenue of 1.675 billion, a year-on-year decrease of 13.29%, and a net profit of 143 million, a year-on-year decline of 3.33% [3] - The sales of marinated food products generated revenue of 4.22 billion in the first three quarters, down 9.4% year-on-year [3] - The company’s net profit margin for Q1-Q3 2024 was 8.43%, an increase of 1.86 percentage points year-on-year [4] - The projected earnings per share (EPS) for 2024-2026 are 0.82, 1.01, and 1.08, with corresponding price-to-earnings (P/E) ratios of 23.58, 19.17, and 17.97 [5]

Investment Rating - The report does not explicitly provide an investment rating for the company [1]. Core Insights - The company reported a revenue of 5.01 billion yuan for the first three quarters of 2024, a year-on-year decline of 11%, while the net profit attributable to shareholders was 440 million yuan, an increase of 12.5% [1]. - In Q3 2024, the company achieved a revenue of 1.67 billion yuan, down 13.3% year-on-year, and a net profit of 140 million yuan, down 3.3% year-on-year [1]. - The company is adjusting its store count, having reduced 981 stores in the first half of 2024, with expectations of continued adjustments in Q3 [2]. - The gross profit margin for the first three quarters of 2024 was 30.6%, an increase of 6.4 percentage points year-on-year, primarily due to improved raw material costs [3]. - The company plans to repurchase shares worth 200-300 million yuan at a price not exceeding 35 yuan per share, reflecting confidence in its future development [3]. Revenue and Profit Analysis - For the first three quarters of 2024, the revenue from marinated food sales was 4.22 billion yuan, down 9.4%, while franchise management revenue was 50 million yuan, down 13.9% [2]. - The revenue from various product categories showed significant variation, with poultry products at 2.97 billion yuan (down 13.8%), while other products like processed vegetables and packaged products saw different growth rates [2]. - The company expects a net profit of 540 million yuan in 2024, with projections of 650 million yuan and 740 million yuan for 2025 and 2026, respectively [3]. Financial Forecast - The forecast for revenue from marinated food sales is expected to decline by 11% in 2024, followed by modest growth in subsequent years [9]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.87 yuan, 1.06 yuan, and 1.20 yuan, respectively, with corresponding dynamic price-to-earnings (PE) ratios of 21, 17, and 15 [3][4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6][8]. Core Views - The company's total revenue for Q1-Q3 2024 is 5.015 billion yuan, a year-on-year decrease of 10.95%. The net profit attributable to the parent company is 438 million yuan, an increase of 12.53%, while the net profit excluding non-recurring items is 424 million yuan, up 15.73% [3][4]. - In Q3 2024, the total revenue is 1.675 billion yuan, down 13.29%, with a net profit of 143 million yuan, a decrease of 3.33%, and a net profit excluding non-recurring items of 143 million yuan, an increase of 2.11% [3][4]. - The company is experiencing pressure on revenue, particularly in the fresh goods category, which saw a decline of 15.99% year-on-year in Q3 2024. Poultry products specifically faced a significant drop of 17.47% [3][4]. - The company has increased its marketing expenses significantly, with advertising costs rising by 42.22% in the first half of 2024, primarily due to increased online promotional activities [5]. Summary by Sections Revenue Analysis - Revenue from fresh goods in Q3 2024 is 1.256 billion yuan, down 15.99% year-on-year, with poultry contributing 960 million yuan, down 17.47% [3][4]. - Revenue by region shows significant declines in the Northwest (down 36.75%) and Central China (down 24.26%), while North China experienced growth of 9.73% [4]. Cost and Profitability - The net profit margin for Q1-Q3 2024 increased by 1.82 percentage points to 8.74%, with a gross margin increase of 6.41 percentage points to 30.56% [5]. - In Q3 2024, the net profit margin improved by 0.88 percentage points to 8.52%, with a gross margin of 31.12% [5]. Earnings Forecast - The forecast for net profit attributable to the parent company for 2024-2026 is 529 million yuan, 556 million yuan, and 600 million yuan respectively, with EPS projected at 0.85, 0.90, and 0.97 yuan [6].

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 | 2024/2/5 | | --- | --- | | 回购方案实施期限 | 2024年第一次临时股东大会审议通过后12个月内 | | 预计回购金额 | 20,000 万元~30,000 万元 | | 回购用途 | 减少注册资本 | | 累计已回购股数 | 万股 1,392.3312 | | 累计已回购股数占总股本比例 | 2.2460% | | 累计已回购金额 | 20,022.1733 万元 | | 实际回购价格区间 | 12.12 元/股~22.51 元/股 | 证券代码：603517 证券简称：绝味食品 公告编号：2024-083 绝味食品股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 根据《上海证券交易所上市公司自律监管指引第 7 号——回购股份》的相关 规定，公司应在每个月的前 3 个交易日内公告截至上月末的回购进展情况。现将 公司本次回购股份进展情况公告如下： 2024 年 10 月，公司未实施回购。截至 20 ...

关于使用闲置募集资金现金管理到期赎回的公告 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 和完整性承担个别及连带责任。 绝味食品股份有限公司（以下简称"公司"）于2024年4月29日召开第五届董 事会第二十次会议，2024年5月21日召开的公司2023年度股东大会，审议通过了 《关于使用部分暂时闲置募集资金进行现金管理的议案》，同意公司全资子公司 合计使用最高额度不超过人民币30,000.00万元（含30,000.00万元）的暂时闲置募 集资金进行现金管理，用于购买安全性高、流动性好的结构化存款或保本型短期 理财产品，使用期限为自公司2023年度股东大会审议通过之日起12个月内，在上 述额度及期限内，可循环滚动使用。公司独立董事、监事会和保荐机构对该议案 发表了同意意见。具体内容详见公司于2024年4月30日披露的2024-035号《绝味 食品股份有限公司关于使用部分暂时闲置募集资金进行现金管理的公告》。 一、 使用闲置募集资金进行现金管理到期赎回的情况 2024年9月30日，广东阿华食品有限责任公司与中信银行股份有限公司长沙 分行签署了《中信银 ...

Investment Rating - The report maintains a "Buy" rating for Juewei Foods (603517) [2][5]. Core Views - The performance of Juewei Foods meets expectations, with improving profit margins. However, the earnings forecast has been lowered due to a higher-than-expected store closure rate. The target price has been raised to 23.32 CNY from 15.51 CNY, reflecting a valuation premium based on comparable company valuations and expectations of consumer recovery and a potential second growth curve [2][3]. Financial Summary - Revenue for 3Q24 was 1.675 billion CNY, down 13.29% year-on-year. The net profit attributable to shareholders was 143 million CNY, down 3.33% year-on-year, while the net profit excluding non-recurring items was 143 million CNY, up 2.11% year-on-year [3][4]. - The gross margin for 3Q24 was 31.12%, an increase of 5.35 percentage points year-on-year, and the net profit margin was 8.53%, up 1.29 percentage points year-on-year [3][4]. - The earnings per share (EPS) forecast for 2024, 2025, and 2026 has been adjusted to 0.81 CNY, 0.90 CNY, and 1.01 CNY, respectively, down from previous estimates of 0.93 CNY, 1.00 CNY, and 1.11 CNY [3][4]. Market Data - The current stock price is 17.98 CNY, with a target price of 23.32 CNY, indicating significant upside potential [5][6]. - The stock has a market capitalization of 11.146 billion CNY and a price-to-earnings (P/E) ratio of 23.16 for 2024 [4][6]. Investment Outlook - The report highlights that the second growth curve is still expanding, with investments in companies like Liaoji continuing to open new stores, although profitability remains under pressure [3][4]. - The overall investment income has been impacted by macroeconomic pressures, leading to a reported loss in investment income for the first nine months of the year [3].

Investment Rating - The report maintains a "Recommended" rating for the company [2][6] Core Views - The company reported a revenue of 5.015 billion yuan for the first three quarters of 2023, a year-on-year decrease of 10.95%, while the net profit attributable to shareholders increased by 12.53% to 438 million yuan [3] - The gross margin improved significantly to 30.56% for the first three quarters of 2024, up 6.41 percentage points year-on-year, primarily due to a decrease in raw material costs [4] - The company is experiencing pressure on fresh goods sales, while packaged products have seen substantial growth, with packaged product revenue increasing by 79.66% year-on-year [4] Financial Summary - For the first three quarters of 2023, the company achieved a net profit margin of 8.43%, an increase of 1.86 percentage points year-on-year [4] - The company’s revenue forecast for 2024 is adjusted to 6.539 billion yuan, reflecting a 10% decline from 2023, with expected net profits of 543 million yuan, a 57.6% increase [5] - The projected earnings per share (EPS) for 2024 is 0.88 yuan, with a price-to-earnings (P/E) ratio of 20.5 [5][9] Product Performance - Revenue from fresh goods decreased to 3.868 billion yuan, a decline of 13.31%, while packaged products generated 355 million yuan, marking a significant increase [4] - The company is focusing on optimizing store operations to address the challenges faced in the fresh goods segment [4] Regional Performance - Revenue from various regions showed mixed results, with the North China region experiencing growth, while other regions faced declines [4]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company is experiencing revenue pressure, with a reported revenue of 5.01 billion yuan for Q1-Q3 2024, a year-on-year decline of 11.0%. However, the net profit attributable to shareholders increased by 12.5% to 440 million yuan [2][3] - The company is expected to benefit from cost reductions, with a gross margin of 31.1% in Q3 2024, up 5.3 percentage points year-on-year, primarily due to a decrease in raw material prices [4] - The company is projected to see a gradual improvement in store operations and is likely to benefit from increased industry concentration [2][3] Revenue and Profitability - For Q3 2024, the company reported a revenue of 1.67 billion yuan, down 13.3% year-on-year, with a net profit of 140 million yuan, a decrease of 3.3% [2][3] - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 620 million yuan (-0.6%), 720 million yuan (-0.7%), and 810 million yuan (0.9%), representing year-on-year growth rates of 81.3%, 16.1%, and 11.2% respectively [2][3] Cost and Margin Analysis - The gross margin for Q3 2024 was 31.1%, reflecting a year-on-year increase of 5.3 percentage points, attributed to lower prices of duck by-products [4] - The selling expense ratio increased by 2.4 percentage points year-on-year, while the management expense ratio remained stable with a slight decrease of 0.1 percentage points [4] Financial Projections - The company’s projected revenues for 2024, 2025, and 2026 are 6.394 billion yuan, 7.327 billion yuan, and 8.495 billion yuan, respectively, with expected year-on-year growth rates of -11.9%, 14.6%, and 15.9% [5] - The projected net profit for the same years is 624 million yuan, 724 million yuan, and 806 million yuan, with year-on-year growth rates of 81.3%, 16.1%, and 11.2% [5]

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