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8月22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 ...

证券代码：603517 证券简称：绝味食品 公告编号：2024-071 绝味食品股份有限公司 2024 年第二次临时股东大会决议公告 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： 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东大会召开的时间 ： 2024 年 9 月 18 日 2、公司在任监事 3 人，出席 3 人； 3、董事会秘书高远出席；其他高管列席。 二、议案审议情况 (一)非累积投票议案 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 498 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 310,100,109 | | 3、出席会议的股东所持有表决权股份数占公司有表决权 股份总数的比例（%） | 50.0221 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由董事会召集，会议采用现场投票和网络投票相结合的表决方式。 现场会议由董事长戴文军先生主 ...

湖南启元律师事务所 关于绝味食品股份有限公司 2024年第二次临时股东大会的 法律意见书 湖南省长沙市芙蓉区建湘路 393 号世茂环球金融中心 63 层 410000 电话：（0731）82953-778 传真：（0731）82953-779 网站：www.qiyuan.com 致：绝味食品股份有限公司 湖南启元律师事务所（以下简称"本所"）受绝味食品股份有限公司（以下 简称"公司"）委托，指派本所律师出席公司 2024 年第二次临时股东大会（以下 简称"本次股东大会"）进行现场律师见证，并根据《中华人民共和国公司法》 （以下简称"《公司法》"）、《上市公司股东大会规则》（以下简称"《股东 大会规则》"）等中国现行法律、法规、规章和规范性文件以及《绝味食品股份 有限公司章程》（以下简称"《公司章程》"）的相关规定，出具本法律意见书。 为发表本法律意见，本所律师按照律师行业公认的业务标准、道德规范和勤 勉尽责精神，对本次股东大会进行了现场见证，并核查和验证了公司提供的与本 次股东大会有关的文件、资料和事实。 本所出具本法律意见书是基于公司向本所保证：公司已向本所提供了为出具 本法律意见书所必需的资料和信息，一切 ...

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 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。 证券代码：603517 证券简称：绝味食品 公告编号：2024-070 2024 年 8 月，公司以集中竞价交易方式累计回购股份 7,479,300 股，占公司总 股本的比例为 1.2065%，回购最高成交价格为 12.90 元/股，回购最低成交价格为 12.12 元/股，已支付资金总额为 93,230,169.43 元（不含交易费用）。 截至 2024 年 8 月 31 日，公司以集中竞价交易方式累计回购股份 13,923,312 股，占公司总股本的比例为 2.2460%，回购最高成交价格为 22.51 元/股，回购最低 成交价格为 12.12 元/股，已支付资金总额为 200,221,732.68 元（不含交易费用）。 本次回购股份符合法律法规的有关规定和公司回购股份方案的要求。 三、 其他事项 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公司自律监 管指引第 7 号——回购股份》等相关规定， ...

Investment Rating - Buy (Maintained) [1] Core Views - The company is undergoing store adjustments and benefiting from cost reductions, leading to improved profitability [1] - Despite weak consumer demand, the company is optimizing its store network and enhancing the quality of existing stores [1] - Cost reductions are accelerating, driving a recovery in profitability, with gross margin improving by 2.38 percentage points year-over-year in Q2 2024 [1] - The company's net profit margin increased by 0.33 percentage points year-over-year in Q2 2024, supported by lower raw material costs and reduced low-margin business revenue [1] Financial Performance Summary Revenue and Profit - 2024H1 revenue: RMB 3.34 billion, down 9.73% year-over-year [1] - 2024H1 net profit: RMB 296 million, up 22.20% year-over-year [1] - 2024Q2 revenue: RMB 1.644 billion, down 12.35% year-over-year [1] - 2024Q2 net profit: RMB 131 million, up 25.08% year-over-year [1] Store Performance - Net store reduction in H1 2024: 981 stores, bringing the total to 14,969 stores [1] - Average store count decreased by 1.02% year-over-year, with average store fresh goods revenue down 11.04% [1] Cost and Margin Improvements - Gross margin improved to 30.55% in Q2 2024, up 2.61 percentage points year-over-year [1] - Sales, management, R&D, and financial expense ratios increased slightly, with sales expense ratio rising due to higher advertising costs [1] Financial Forecasts - 2024-2026 revenue forecasts: RMB 6.734 billion, RMB 7.094 billion, and RMB 7.411 billion, respectively [1] - 2024-2026 net profit forecasts: RMB 631 million, RMB 764 million, and RMB 855 million, respectively [1] - EPS forecasts for 2024-2026: RMB 1.02, RMB 1.23, and RMB 1.38, respectively [1] Key Financial Ratios - 2024E P/E: 12.3x, 2025E P/E: 10.2x, 2026E P/E: 9.1x [1] - 2024E ROE: 8.8%, 2025E ROE: 10.1%, 2026E ROE: 10.6% [2] - 2024E net profit margin: 9.0%, 2025E: 10.5%, 2026E: 11.3% [2] Cash Flow and Dividends - 2024H1 cash dividend: RMB 0.3 per share, with a payout ratio of 64% [1] - 2024E operating cash flow: RMB 963 million, 2025E: RMB 992 million, 2026E: RMB 1.073 billion [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a total revenue of 3.34 billion yuan for H1 2024, a decrease of 9.73% year-on-year, while the net profit attributable to shareholders was 296 million yuan, an increase of 22.2% year-on-year [2][3]. - The overall industry is facing significant operational pressure despite a decline in raw material prices, with the prepared food industry experiencing a slowdown in growth [2][3]. - The company is shifting from an aggressive store expansion strategy to focusing on improving store quality and enhancing single-store revenue [3]. Financial Performance Summary - For H1 2024, the company's revenue from fresh products was 2.612 billion yuan, down 11.95% year-on-year, while the revenue from packaged products increased by 45.72% [2][3]. - The average revenue per store for H1 2024 was approximately 169,000 yuan, a decrease of 11.04% year-on-year [3]. - The company's gross profit margin improved by 6.98 percentage points to 30.29% in H1 2024, while the net profit margin increased by 2.32 percentage points to 8.86% [3]. Future Outlook - The company plans to distribute a mid-term dividend amounting to 61.45% of the net profit for H1 2024, with expectations for the dividend payout ratio to continue increasing in the future [3]. - Profit forecasts for the company indicate net profits of 529 million yuan, 572 million yuan, and 656 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.85, 0.92, and 1.06 yuan [3].

Investment Rating - The investment rating for the company is "Outperform" and is maintained [2] Core Views - The company's 24Q2 non-GAAP net profit attributable to the parent company increased by 36.63% YoY [4] - The company achieved revenue of 3.34 billion yuan in 24H1, a YoY decrease of 9.73%, and net profit attributable to the parent company of 296 million yuan, a YoY increase of 22.2% [4] - The company plans to distribute an interim dividend of 0.30 yuan per share (tax included) [4] - The company's gross margin in 24H1 was 30.29%, a YoY increase of 6.98 percentage points, mainly due to a decrease in raw material costs [5] - The company's focus is on improving single-store revenue and ensuring the survival of franchisees, with the number of mainland stores decreasing by 7.38% YoY to 14,969 by the end of 24H1 [5] Financial Performance - 24Q2 revenue was 1.644 billion yuan, a YoY decrease of 12.35%, with net profit attributable to the parent company of 131 million yuan, a YoY increase of 25.08% [4] - 24Q2 non-GAAP net profit attributable to the parent company was 125 million yuan, a YoY increase of 36.63% [4] - 24Q2 operating cash flow was 331 million yuan, turning positive YoY [4] - 24Q2 gross margin was 30.55%, a YoY increase of 8.21 percentage points [5] - 24Q2 sales expense ratio/management expense ratio/financial expense ratio were 10%/7.7%/0.33%, with YoY changes of +2.62/+0.26/+0.24 percentage points respectively [5] - 24Q2 non-GAAP net profit margin was 7.62%, a YoY increase of 2.73 percentage points [5] Revenue Breakdown - 24Q2 revenue from fresh products, packaged products, franchisee management, and other businesses were 1.262 billion yuan (-15.16% YoY), 139 million yuan (+111.12% YoY), 18 million yuan (-27.06% YoY), and 192 million yuan (-26.21% YoY) respectively [5] - 24Q2 revenue by region: Southwest 201 million yuan (-1.6% YoY), Northwest 19 million yuan (-58.9% YoY), Central China 467 million yuan (-20.54% YoY), South China 358 million yuan (-10.12% YoY), East China 301 million yuan (-12.29% YoY), North China 241 million yuan (+7.44% YoY), and Singapore & Canada & Hong Kong & Macau markets 25 million yuan (-29.61% YoY) [5] Forecast and Valuation - The company's net profit attributable to the parent company is expected to be 674 million yuan, 789 million yuan, and 912 million yuan for 2024-2026 respectively [5] - The company is expected to gradually accelerate its development as consumption recovers, with a reasonable value per share range of 21.73-27.16 yuan based on 20-25x PE and 15-20x EV/EBITDA for 2024 [5] Financial Metrics - 24H1 operating cash flow was 719 million yuan, a YoY increase of 208.43% [4] - 24H1 sales expense ratio/management expense ratio/financial expense ratio were 8.93%/7.28%/0.41%, with YoY changes of +1.83/+0.17/+0.35 percentage points respectively [5] - 24H1 non-GAAP net profit margin was 8.42%, a YoY increase of 2.3 percentage points [5]

食品饮料/休闲食品 公 司 研 究 门店经营仍有压力，利润受益成本红利 绝味食品（603517.SH） 2024 年 09 月 02 日 ——公司信息更新报告 投资评级：增持（维持） 张宇光（分析师） 陈钟山（分析师） zhangyuguang@kysec.cn 证书编号：S0790520030003 chenzhongshan@kysec.cn 证书编号：S0790524040001 同店经营仍有压力，利润受益成本下降，维持"增持"评级 公司 2024H1 实现收入 33.4 亿元，同比下滑 9.7%，实现归母净利润 2.96 亿元， 同比增长 22.2%；其中 2024Q2 实现收入 16.4 亿元，同比下滑 12.3%，实现归母 净利润 1.31 亿元，同比增长 25.1%。我们维持公司 2024-2026 年盈利预测，预计 分别实现归母净利润 6.8、7.9、9.0 亿元，同比增长 98.3%、16.2%、13.4%，当 前股价对应 PE 分别为 11.4、9.8、8.6 倍，公司作为行业龙头，未来有望门店经 营逐步改善，美食生态圈企业平稳恢复，维持"增持"评级。 门店数量收缩，收入有所下降 公司 2 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 股票研究 /[Table_Date] 2024.09.02 [table_Authors]訾猛(分析师) 021-38676442 zimeng@gtjas.com 登记编号S0880513120002 | --- | --- | --- | --- | --- | |---------------------|-------|-------|-------|-------| | | | | | | | 姚世佳 ( 分析师 ) | | | | | | 021-38676912 | | | | | | yaoshijia@gtjas.com | | | | | | S0880520070001 | | | | | ——2Q24 中报业绩点评 本报告导读： 业绩符合预期，中期分红超预期，预计 2024 年全年保持高分红，同步进行回购。 1H24 净关店，下调盈利预测，目前股价对应 2024 年 PE 14X，维持"增持"评级。 投资要点： [Table_Summary] ...

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