Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the market benchmark index within the next six months [7]. Core Views - The company has implemented multiple measures for profit recovery and is awaiting improvements in revenue [1]. - The revenue for Q3 2024 was 1.675 billion yuan, a year-on-year decrease of 13.29%, while the net profit attributable to the parent company was 143 million yuan, down 3.33% year-on-year [1]. - The company is expected to optimize its profit margins through refined management and cost advantages, despite a generally weak demand environment [1]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved a total revenue of 5.015 billion yuan, a decrease of 10.95% year-on-year, with a net profit of 438 million yuan, an increase of 12.53% year-on-year [1]. - The gross profit margin for Q1-Q3 2024 was 30.56%, an increase of 6.41 percentage points compared to the same period last year [1]. - The net profit margin for Q1-Q3 2024 was 8.74%, up 1.82 percentage points year-on-year [1]. Product Revenue Breakdown - Fresh products and packaged products generated revenues of 3.868 billion yuan and 355 million yuan respectively for Q1-Q3 2024, with year-on-year changes of -13.31% and +79.66% [1]. - In Q3 2024, fresh products and packaged products generated revenues of 1.256 billion yuan and 158 million yuan respectively, with year-on-year changes of -15.99% and +152.62% [1]. Regional Performance - Revenue from various regions for Q1-Q3 2024 showed a significant decline in the Northwest region (-51.20%), while the North China region experienced growth (+6.06%) [1]. - In Q3 2024, the Northwest region's revenue decreased by 36.75%, indicating a notable decline compared to other regions [1]. Profitability and Cash Flow - The company reported a significant increase in cash flow from operating activities, with a net cash flow of 925 million yuan for Q1-Q3 2024, a year-on-year increase of 277.46% [1]. - The report highlights that the company is expected to continue improving its profitability through management iterations and cost advantages [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is undergoing a store optimization phase aimed at enhancing franchisee returns and improving store efficiency, with continuous cost benefits being released, leading to sustained profitability [1][2] - The Q3 revenue was 1.675 billion yuan, down 13% year-on-year, while the net profit attributable to the parent company was 143 million yuan, down 3% year-on-year, indicating that performance met market expectations [1] - The company expects to achieve revenue of 6.49 billion yuan in 2024, a decrease of 10.6% year-on-year, followed by growth of 15.0% and 12.4% in 2025 and 2026 respectively [2][3] Revenue Analysis - Q3 revenue breakdown by product: Fresh goods 1.26 billion yuan (down 16%), packaged products 160 million yuan (up 152.6%), and franchise management income 20 million yuan (up 4.2%) [1] - Revenue by region in Q3 showed significant declines in Central China (-24.3%) and South China (-8.7%), while North China experienced a growth of 9.7% [1] Profit Analysis - Q3 gross margin increased by 5.4 percentage points to 31.1%, driven by a decline in raw material prices [1] - The net profit margin for Q3 improved by 0.9 percentage points to 8.5% due to effective cost management [1] Earnings Forecast - The company forecasts net profits of 530 million yuan in 2024, 628 million yuan in 2025, and 732 million yuan in 2026, representing year-on-year growth rates of 54.0%, 18.4%, and 16.6% respectively [2][3] - The current stock price corresponds to a price-to-earnings (P/E) ratio of 21 for 2024, 18 for 2025, and 15 for 2026 [1][2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing continuous revenue pressure, but cost advantages are being sustained. The report anticipates a gradual recovery in gross margins due to declining raw material prices and increased promotional activities [1][6] - The company has adjusted its profit forecasts downward due to ongoing same-store sales pressure and increased marketing expenditures, with expected EPS for 2024-2026 being 0.91, 1.02, and 1.14 respectively [1][6] Financial Performance Summary - **Revenue (in million CNY)**: - 2022A: 6,623 - 2023A: 7,261 - 2024E: 6,530 (down 10% YoY) - 2025E: 6,749 (up 3% YoY) - 2026E: 7,037 (up 4% YoY) [1] - **Net Profit (in million CNY)**: - 2022A: 233 - 2023A: 344 - 2024E: 572 (up 66% YoY) - 2025E: 642 (up 12% YoY) - 2026E: 716 (up 12% YoY) [1] - **Earnings Per Share (in CNY)**: - 2022A: 0.37 - 2023A: 0.55 - 2024E: 0.91 - 2025E: 1.02 - 2026E: 1.14 [1] - **Gross Margin**: The gross margin is expected to improve due to cost reductions, with a projected increase in gross margin percentage to 30.56% in Q3 2024 [1][6] Market and Product Performance - The company’s fresh product revenue has seen a significant decline, while packaged products are experiencing rapid growth. In Q3 2024, fresh products generated revenue of 12.56 billion CNY, a year-on-year decrease of 15.99% [1] - The report highlights that the company’s promotional efforts have led to an increase in sales expense ratio, which rose by 5.35 percentage points to 31.12% in Q3 2024 [1][6] Cash Flow and Financial Ratios - **Operating Cash Flow (in million CNY)**: - 2023A: 420 - 2024E: 918 - 2025E: 887 - 2026E: 957 [4] - **Debt Ratios**: The report indicates a debt-to-equity ratio and other solvency metrics that suggest a stable financial position, with total liabilities projected to be 3,125 million CNY in 2024 [5][6] Conclusion - The report suggests that despite the challenges faced in revenue growth and same-store sales, the company is positioned to benefit from cost reductions and improved gross margins, maintaining a "Buy" rating for potential investors [1][6]

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The report highlights that the company's revenue remains under pressure, but profit margins are showing significant improvement [5] - The company achieved a net profit of 4.38 billion yuan in the first three quarters of 2024, a year-on-year increase of 12.53% [5] - The report anticipates a gradual recovery in consumption, which may accelerate the company's growth [5] Summary by Sections Financial Performance - In Q3 2024, the company's revenue was 16.75 billion yuan, a year-on-year decrease of 13.29%, while the net profit was 1.43 billion yuan, down 3.33% year-on-year [5] - The operating cash flow for the company was 2.06 billion yuan, a significant increase of 1622.2% year-on-year, attributed to reduced procurement volume and lower costs [5] - The gross profit margin for Q3 2024 was 31.12%, an increase of 5.35 percentage points year-on-year [5] Revenue Breakdown - In Q3 2024, revenue from packaged products increased by 152.62% year-on-year, while revenue from fresh goods decreased by 15.99% [5] - Revenue from different regions showed that North China experienced a year-on-year increase of 9.73%, while other regions like Southwest and Northwest saw declines [5] Profit Forecast and Valuation - The company is expected to achieve net profits of 5.79 billion yuan, 6.34 billion yuan, and 7.42 billion yuan for the years 2024 to 2026, respectively [5] - The report assigns a reasonable value range for the stock at 18.69 to 23.37 yuan per share, based on a PE ratio of 20-25 times for 2024 [5]

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 19.6 CNY, compared to the current price of 17.94 CNY [1]. Core Views - The company reported a revenue of 5.02 billion CNY for the first three quarters of 2024, a year-on-year decrease of 10.9%, while the net profit attributable to shareholders was 440 million CNY, an increase of 12.5% year-on-year [1]. - In Q3 alone, the company achieved a revenue of 1.67 billion CNY, down 13.3% year-on-year, and a net profit of 140 million CNY, down 3.3% year-on-year, slightly below previous expectations [1]. - The company is focusing on optimizing its store structure and actively seeking changes to improve operational quality, which is expected to catalyze same-store performance improvements in the future [1]. Financial Summary - Total revenue for 2023 is projected at 7.261 billion CNY, with a year-on-year growth rate of 9.6%. However, for 2024, revenue is expected to decline by 10% to 6.538 billion CNY [2]. - The net profit attributable to shareholders is forecasted to be 344 million CNY for 2023, with a significant increase of 48.1% year-on-year, and is expected to rise to 539 million CNY in 2024, reflecting a growth rate of 56.5% [2]. - Earnings per share (EPS) is projected to be 0.56 CNY for 2023, increasing to 0.87 CNY in 2024, and further to 1.09 CNY in 2025 [2]. Operational Insights - The company has been closing stores, with a net closure of 981 stores expected by Q3 2024, which is seen as a necessary step to optimize operations and improve store quality [1]. - The gross profit margin for Q3 was reported at 31.1%, an increase of 5.3 percentage points year-on-year, indicating some cost improvements despite the revenue decline [1]. - The company is investing more in marketing and operational expenses to stimulate demand, which has led to an increase in the sales expense ratio to 9.7% [1]. Market Performance - The company's stock has experienced a significant decline of 62% over the past 12 months, compared to the performance of the CSI 300 index [4]. Valuation Metrics - The report adjusts the EPS forecast for 2024-2026 to 0.87 CNY, 1.09 CNY, and 1.19 CNY respectively, corresponding to price-to-earnings (PE) ratios of 21, 16, and 15 times [1][2]. - The target price of 19.6 CNY is based on an 18 times valuation for 2025, reflecting the historical average valuation center [1].

证券研究报告·公司点评报告·休闲食品 绝味食品（603517） 2024Q3 业绩点评：收入符合市场预期，成本 下行期利润率改善 2024 年 10 月 25 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|---------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 6623 | 7261 | 6752 | 7037 | 7310 | | 同比（ % ） | 1.13 | 9.64 | (7.02) | 4.22 | 3.89 | | 归母净利润（百万元） | 234.81 | 344.31 | 608.63 | 672.23 | 737.37 | | 同比（ % ） | (76.06) | 46.63 | 76.77 | 10.45 | 9.69 | | EPS- 最新摊薄（元 / 股） | 0.38 | 0. ...

证券研究报告·公司点评报告·休闲食品 绝味食品（603517） 2024Q3 业绩点评：收入符合市场预期，成本 下行期利润率改善 2024 年 10 月 25 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|---------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 6623 | 7261 | 6752 | 7037 | 7310 | | 同比（ % ） | 1.13 | 9.64 | (7.02) | 4.22 | 3.89 | | 归母净利润（百万元） | 234.81 | 344.31 | 608.63 | 672.23 | 737.37 | | 同比（ % ） | (76.06) | 46.63 | 76.77 | 10.45 | 9.69 | | EPS- 最新摊薄（元 / 股） | 0.38 | 0. ...

证券代码：603517 证券简称：绝味食品 公告编号：2024-081 绝味食品股份有限公司 2024 年前三季度经营数据公告 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"）根据上海证券交易所《上市公 司行业信息披露指引第十四号—食品制造》第十五条规定，现将公司 2024 年前 三季度经营数据（未经审计）公告如下： 一、 报告期经营情况 2024 年 1-9 月营业收入为 5,014,679,550.00 元，其中主营业务收入为 4,907,731,573.73 元，占营业收入 97.87%；其他业务收入为 106,947,976.27 元， 占营业收入 2.13%。 二、报告期经销商变动情况: 公司无经销商 三、其他对公司生产经营具有重大影响的事项: 无 绝味食品股份有限公司 董事会 （一）主营业务收入分产品： 单位：元 币种：人民币 分产品 金额 占比 鲜货类产品 3,868,217,202.63 78.82% 其中：禽类制品 2,968,691,612.64 60.49% ...

绝味食品股份有限公司 2024 年第三季度报告 1 / 12 证券代码：603517 证券简称：绝味食品 绝味食品股份有限公司 2024 年第三季度报告 绝味食品股份有限公司 2024 年第三季度报告 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： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告 中财务信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、主要财务数据 （一）主要会计数据和财务指标 2 / 12 单位：元 币种：人民币 项目 本报告期 本报告期比上 年同期增减变 动幅度(%) 年初至报告期末 年初至报告期 末比上年同期 增减变动幅度 (%) 营业收入 1,674,879,203.09 -13.29 5,014,679,550.00 -10.95 归属于上市公司股 东的净利润 142,637,547.74 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥1,674,879,203.09, a decrease of 13.29% compared to the same period last year[3]. - The net profit attributable to shareholders for Q3 2024 was ¥142,637,547.74, reflecting a decline of 3.33% year-over-year[3]. - The net profit after deducting non-recurring gains and losses was ¥142,801,910.15, an increase of 2.11% compared to the previous year[3]. - Total operating revenue for the first three quarters of 2024 was CNY 5,014,679,550, a decrease of 10.9% compared to CNY 5,631,402,528.85 in the same period of 2023[13]. - The total profit for the third quarter of 2024 was approximately ¥641.37 million, an increase from ¥544.79 million in the same period last year, representing a growth of about 17.7%[14]. - The net profit attributable to shareholders of the parent company was approximately ¥438.49 million, compared to ¥389.65 million in the previous year, reflecting a year-over-year increase of about 12.5%[14]. - The company’s net profit margin improved, with net profit for the first three quarters of 2024 showing resilience despite revenue decline[13]. Assets and Liabilities - The total assets at the end of the reporting period were ¥8,836,251,804.33, down 5.12% from the end of the previous year[4]. - Total assets decreased to CNY 8,836,251,804.33 as of September 30, 2024, from CNY 9,312,754,546.03 at the end of 2023[12]. - Total liabilities decreased to CNY 2,210,378,502.13 as of September 30, 2024, compared to CNY 2,461,493,094.41 at the end of 2023[11]. - The equity attributable to shareholders decreased to ¥6,679,641,758.39, a decline of 3.01% year-over-year[4]. Cash Flow - The net cash flow from operating activities for the year-to-date was ¥925,092,998.62, an increase of 277.46% year-over-year[6]. - The net cash flow from operating activities for the first three quarters of 2024 was approximately ¥925.09 million, significantly up from ¥245.08 million in the same period of 2023, marking an increase of about 276.5%[16]. - The company experienced a decrease in cash flow from operating activities, with cash outflows totaling approximately ¥4.73 billion, down from ¥6.12 billion in the previous year[16]. - The cash and cash equivalents at the end of the period were approximately ¥991.80 million, a decrease from ¥1.86 billion at the beginning of the year[17]. Operating Efficiency - Total operating costs for the first three quarters of 2024 were CNY 4,368,321,636.39, down from CNY 5,122,357,531.86 in 2023, reflecting a cost reduction strategy[13]. - Operating profit for the first three quarters of 2024 increased to CNY 638,914,672.60, compared to CNY 541,555,493.74 in the same period of 2023, indicating improved operational efficiency[13]. - The company reported a significant increase in government subsidies, contributing to a rise in other operating income by 71.73%[6]. - The company experienced a 100% decrease in trading financial assets due to the maturity of structured deposits[6]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 45,710, with the largest shareholder holding 33.54% of the shares[8]. - The basic earnings per share for Q3 2024 was ¥0.23, a decrease of 4.17% compared to the same period last year[4]. - The company reported a basic earnings per share of ¥0.69, up from ¥0.64 in the previous year, which is an increase of about 7.8%[14]. - The total comprehensive income attributable to shareholders of the parent company was approximately ¥376.59 million, compared to ¥366.95 million in the previous year, reflecting a growth of about 2.3%[14]. Research and Development - Research and development expenses for the first three quarters of 2024 were CNY 33,457,040.40, an increase from CNY 30,715,445.47 in the same period of 2023, reflecting ongoing investment in innovation[13]. Future Outlook - The company plans to focus on market expansion and new product development in the upcoming quarters to drive growth[13].