Investment Rating - The report assigns a "Buy-B" rating to the company, indicating a positive outlook for the next 6 months with expected investment returns leading the CSI 300 Index by more than 15% [22][53] Core Views - The company is expected to benefit from brand renewal and marketing activities, including the appointment of a new global brand ambassador and Olympic-related promotions, which are likely to boost sales in the short term [9][47] - The company's strategy for 2024 focuses on optimizing store operations and improving single-store performance, shifting from rapid expansion to a more refined approach [21] - Long-term growth is supported by the company's efforts to build a "food ecosystem" through new projects and investments in the food and beverage sector [21] Financial Data and Valuation - The company's revenue is projected to grow from 7.236 billion yuan in 2024 to 8.902 billion yuan in 2026, with a CAGR of 10.4% and 11.4% for 2025 and 2026, respectively [22][52] - Net profit attributable to the parent company is expected to increase from 649 million yuan in 2024 to 910 million yuan in 2026, with growth rates of 19% and 18% for 2025 and 2026, respectively [22][52] - The company's PE ratio is forecasted to decline from 14x in 2024 to 10x in 2026, indicating a relatively low valuation compared to historical levels [14][22] Business Breakdown - The company's main business, leisure braised food sales, is expected to grow at a CAGR of 9.1% and 10% in 2025 and 2026, respectively, driven by store optimization and improved single-store performance [48] - Franchise management revenue is projected to grow at a CAGR of 4.9% and 5.8% in 2025 and 2026, respectively, with a slight decline in 2024 due to store adjustments [11] - Other main businesses, including modern agriculture and supply chain services, are expected to grow at a CAGR of 20% in both 2025 and 2026 [36] Comparable Company Valuation - The company's valuation is relatively low compared to peers, with a 2024 PE ratio of 14x, lower than the average of 18x for comparable companies [14][28] - The company's PE ratio is at the 5th percentile of its historical range since 2017, indicating a historically low valuation [14] Profitability and Growth - The company's gross margin is expected to improve from 24.8% in 2023 to 29% in 2026, driven by cost control and scale effects [48][52] - Net profit margin is projected to increase from 4.7% in 2023 to 10.2% in 2026, reflecting improved operational efficiency [52] - ROE is expected to rise from 4.6% in 2023 to 10.9% in 2026, indicating stronger profitability and capital utilization [52]

Investment Rating - The report maintains a "Buy" rating for Juewei Food (603517 SH) despite short-term consumption pressures [4][105] Core Views - The optional food industry has entered a deceleration phase with most categories growing at single-digit rates except for nuts, meat, and aquatic products [2] - Juewei Food's long-term development logic remains positive, with adjustments made to net profit forecasts for 2024-2026 to 647/841/933 million yuan (down 23%/14%/19% respectively) [105] - The leisure braised food industry still has strong vitality, with the key being adaptation to channel changes [105] Industry Analysis Optional Food Market Trends - From 2012 to 2022, most optional food categories experienced a slowdown in growth, with only a few like chips and puffed snacks maintaining growth [2] - Instant noodles have shown resilience, with demand recovering to 98% of historical highs by 2022 due to product innovation and diversified marketing [188] - The jelly market faced a significant downturn after the "toxic gelatin" incident in 2014, but new brands like ZUO and Meidong have revitalized the category by targeting younger consumers [30][191] Japanese Market Insights - Japan's "chushoku" (mid-meal) market has grown steadily for 30 years, driven by aging populations and convenience-seeking behaviors [199] - Hotland, a leading Japanese takoyaki brand, has maintained sustainable same-store sales growth through data-driven strategies and IP collaborations [62][105] - Hotland's success is attributed to strong upstream control, exclusive cooking equipment, and multi-format expansion [220][222][225] Company Analysis Juewei Food's Positioning - Juewei Food's core products, such as duck necks and chicken feet, have strong market positions due to their unique attributes like bone-removal and addictive spiciness [169] - The company is actively adapting to channel changes, including online platforms like Douyin and snack retail chains [105][177] Hotland's Strategies and Implications - Hotland emphasizes data analysis for product development, marketing, and store expansion, leading to consistent same-store sales growth [62][220] - The company has diversified its product offerings and expanded into new formats like highball bars and frozen takoyaki for home consumption [225][93] - Hotland's IP collaborations, such as with "Demon Slayer," have significantly boosted brand visibility and sales [96] Financial Projections - Juewei Food's revenue is projected to grow from 6 623 million yuan in 2022 to 8 362 million yuan in 2026, with net profit increasing from 233 million yuan to 933 million yuan [142][105] - The company's PE ratio is expected to decrease from 40x in 2022 to 10x in 2026, reflecting improved profitability and market confidence [142][105]

Investment Rating - The report gives a "Buy" rating for the company, considering its strong brand influence, high market recognition, and advantages in store count and production capacity [4] Core Views - The company is expected to achieve EPS of 1.23, 1.42, and 1.60 yuan for 2024-2026, with corresponding P/E ratios of 12X, 10X, and 9X, which are lower than the industry average [4] - The company's revenue is projected to grow steadily, with 2024-2026 revenue estimated at 7.904, 8.514, and 9.097 billion yuan, respectively, with a CAGR of 8.85%, 7.71%, and 6.86% [5] - Net profit attributable to the parent company is expected to be 765.12, 877.83, and 993.93 million yuan for 2024-2026, with a CAGR of 14.73% and 13.23% [5] Industry Overview - The Chinese braised food market is expanding, with the market size expected to grow from 233 billion yuan in 2018 to 405.1 billion yuan in 2023, maintaining a steady growth rate of 9%-15% [3] - The industry is highly fragmented, with the top player, Juewei Food, holding a market share of only 5.39% in 2020, indicating significant room for growth for leading companies [3] Company Overview - The company has a stable and concentrated equity structure, with major shareholders including Shanghai Jucheng, Shanghai Huigong, Shanghai Chengguang, and Shanghai Fubo, holding 32.94%, 7.80%, 2.67%, and 2.44% of the shares, respectively [23] - The company has implemented equity incentive plans to motivate employees, with 847,800 stock options granted in 2022, covering 178 key employees, including 2 executives and 176 core staff [24] Business Strategy - The company follows a "land grab" strategy, rapidly expanding its store network, with the number of stores increasing from 1,000 in 2008 to 5,000 in 2013 [28] - The company is focusing on improving single-store revenue while maintaining steady store expansion, with the total number of stores reaching 15,950 in 2023, a net increase of 874 stores [80] Financial Performance - In 2023, the company achieved revenue of 7.261 billion yuan, a year-on-year increase of 9.64%, and net profit attributable to the parent company of 344.31 million yuan, a year-on-year increase of 46.63% [5] - The company's gross margin was 24.77% in 2023, down 0.80 percentage points year-on-year, mainly due to rising raw material costs, but is expected to improve in 2024 [67] Market Expansion - The company is actively expanding into lower-tier cities, with about 60% of its stores located in first- and second-tier cities, leaving significant room for growth in third- and fourth-tier cities [31] - The company has established 22 production bases (including 3 under construction), each covering a radius of 300-500 kilometers, ensuring efficient supply chain management [118] Product and Brand Strategy - The company's main revenue comes from fresh food products, with poultry products accounting for 72.71% of fresh food revenue in 2023 [84] - The company is targeting the "Z generation" as its main customer base, launching various flavored products and collaborating with popular IPs to attract younger consumers [122] Competitive Landscape - The braised food industry is highly fragmented, with the top three companies holding only 3.66% of the market share in 2020, indicating significant room for consolidation [172] - The company's main competitors include Zhou Hei Ya and Huang Shang Huang in the leisure braised food segment, and Zi Yan Food in the meal braised food segment [162]

证券代码：603517 证券简称：绝味食品 公告编号：2024-056 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。 重要内容提示： 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》。 委托理财受托方：中 ...

2024 年 7 月 18 日 要点 从可选属性出发，如何理解绝味？ 可选食品基本上在 10 年前已进入减速期：2012-2022 年期间，除了坚果、肉类 食品、水产可选食品销售额出现过加速成长外，大部分可选食品品类的规模年化 增速跌到双位数以下，但诸如薯片、膨化食品这类与消费升级、健康化关系不大 的品类仍能维持增长。 从需求看，可选食品各品类都有较好的立足点：果冻可被平替的品类较少，过往 消费者痛点主要集中在产品健康、小孩噎住等和市场教育有关的问题上；方便面 解决了"面食+速食"的需求；休闲卤味中，凤爪与鸭脖若剔除辣的成瘾性，我 们认为其核心立足点可能是在剔骨这一动作上，即让消费者能够花费一定精力处 理食物，以便更好地打发时间并延续饱腹感，该属性可替代的品类也存在，但作 为第二、第三大消费肉类，鸡副和鸭副在供应链上占有优势。 当前价：15.10 元 作者 分析师：叶倩瑜 执业证书编号：S0930517100003 021-52523657 yeqianyu@ebscn.com 分析师：杨哲 执业证书编号：S0930522080001 021-52523795 yangz@ebscn.com 分析师：李嘉祺 ...

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比例达到 1% 的进展公告 证券代码：603517 证券简称：绝味食品 公告编号：2024-055 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，公司在回购股份期间，回购股份占上市公司总股本的比例每增加 1%的，应 当在事实发生之日起 3 个交易日内予以公告。现将公司回购股份进展情况公告如 下： 公司于 2024 年 3 月 1 日以集中竞价交易方式实施了首次回购公司股份。截至 2024 年 7 月 12 日，公司以集中竞价交易方式累计回购股份 6,370,812 股，占公司 总股本的比例为 1.0277%，回购最高成交价格为 22.51 元/股，回购最低成交价格为 14.16 元/股，已支付资金总额为 105,941,021.25 元（不含交易费用）。 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 ...

证券代码：603517 证券简称：绝味食品 公告编号：2024-054 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。 重要内容提示： 为提高募集资金的使用效率和收益，合理利用闲置募集资金，在保证不影响 募集资金项目建设和募集资金正常使用的情况下，为公司和股东谋取较好的投资 回报。 (二)资金来源 委托理财受托方：中国光大银行股份有限公司 本次委托理财金额：5,000.00万元 名称：2024年挂钩汇率对公结构性存款定制第七期产品124 经中国证券监督管理委员会于2022年4月11日出具的《关于核准绝味食品股 份有限公司非公开发行股票的批复》（证监许可[2022]736号），公司获准非公 开发行人民币普通股22,608,006股，每股面值人民币1.00元，发行价格每股人民 币52.21元，募集资金总额为人民币1,180,363,993.26元，扣除保荐承销费及其他 发行相关费用，募集资金净额为人民币1,161,258,932.96元。上述募集资金业经天 职国 ...

证券代码：603517 证券简称：绝味食品 公告编号：2024-053 金额：万元 序 号 理财产品类型 实际投入 金额 实际收回 本金 到期日 实际收益 尚未收回 本金金额 1 保本浮动收益 型结构性存款 20,000.00 20,000.00 2023-8-9 140.00 - 2 保本浮动收益 型结构性存款 20,000.00 20,000.00 2023-8-18 141.15 - 3 保本浮动收益 型结构性存款 10,000.00 10,000.00 2023-8-29 67.81 - 4 保本浮动收益 型结构性存款 10,000.00 10,000.00 2023-10-18 19.73 - 5 保本浮动收益 型结构性存款 20,000.00 20,000.00 2023-11-15 130.00 - 6 保本浮动收益 型结构性存款 10,000.00 10,000.00 2023-11-29 25.89 - 7 保本浮动收益 型结构性存款 20,000.00 20,000.00 2023-11-30 124.66 - 8 保本浮动收益 型结构性存款 20,000.00 20,000.00 202 ...

证券代码：603517 证券简称：绝味食品 公告编号：2024-052 绝味食品股份有限公司 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 ...

证券代码：603517 证券简称：绝味食品 公告编号：2024-051 二、 回购股份的进展情况 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 6 月，公司以集中竞价交易方式累计回购股份 3,261,800 股，占公司总 股本的比例为 0.5262%，回购最高成交价格为 16.08 元/股，回购最低成交价格为 15.24 元/股，已支付资金总额为 50,392,091.00 元（不含交易费用）。 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。 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 ...