绝味食品（603517）2023 年报&2024 年一季报点评 附表：财务预测与估值 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------|-------|----------------------------------|-------|----------------------------------------|--------------------------------------|---------|----------------------------------|---------------------|--------| | [Table_ProfitDetail] 利润表（百万元） | 2023A | 2024E | 2025E | 2026E | 现金流量表（百万元） | 2023A | 2024E | 2025E | 2026E | | 营业收入 | | 7261.33 7932.09 8656.78 9320.00 | | ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 25.39 yuan, based on a 20x PE for 2024 [14][13]. Core Insights - The company reported a revenue of 7.261 billion yuan in 2023, a year-on-year increase of 9.64%, and a net profit of 344 million yuan, reflecting a growth rate of 46.63% compared to 2022 [5][6]. - In Q1 2024, the company achieved a revenue of 1.695 billion yuan, a decline of 7.04% year-on-year, while net profit increased by 20.02% to 165 million yuan [5]. - The company focuses on its core business of duck neck products and aims to build a food ecosystem, with a total of 16,000 stores in mainland China by the end of 2023, marking a net increase of 874 stores [6][13]. Financial Performance Summary - Revenue projections for 2024-2026 are set at 8.036 billion, 8.905 billion, and 9.332 billion yuan, with corresponding growth rates of 10.66%, 10.82%, and 4.79% [13]. - The net profit forecasts for the same period are 787 million, 953 million, and 1.048 billion yuan, with growth rates of 128.68%, 21.01%, and 9.99% respectively [13]. - The company's gross margin for 2023 was 24.77%, a decrease of 0.80 percentage points, while the net margin improved to 4.37%, an increase of 1.44 percentage points year-on-year [13]. Market Position and Strategy - The company has seen strong performance in the northwest region, with a revenue increase of 106.52% in that area [6]. - Cost reduction and efficiency improvements are ongoing, with a focus on lean production to enhance profitability [6][13]. - The company aims to optimize production capacity and reduce costs further, which is expected to gradually release profit potential [13].

本报告仅供海通证券股份有限公司（以下简称"本公司"）的客户使用。本公司不会因接收人收到本报告而视其为客户。在任何情况下， 本报告中的信息或所表述的意见并不构成对任何人的投资建议。在任何情况下，本公司不对任何人因使用本报告中的任何内容所引致 的任何损失负任何责任。 市场有风险，投资需谨慎。本报告所载的信息、材料及结论只提供特定客户作参考，不构成投资建议，也没有考虑到个别客户特殊的 投资目标、财务状况或需要。客户应考虑本报告中的任何意见或建议是否符合其特定状况。在法律许可的情况下，海通证券及其所属 关联机构可能会持有报告中提到的公司所发行的证券并进行交易，还可能为这些公司提供投资银行服务或其他服务。 [Table_InvestInfo] 投资评级 优于大市 维持 24Q1 收入仍然承压。23 年公司收入 72.61 亿元，同比+9.64%，归母净利润 3.44 亿元，同比+48.07%，扣非后归母净利润 4.01 亿元，同比+55.88%。23 年经营性现金流量净额 4.2 亿元，同比-65.18%。23 年拟每股派发现金红利 0.5 元（含税）。24Q1 公司营收 16.95 亿元，同比-7.04%，归母净利润 ...

[Table_RightTitle] 证券研究报告|食品饮料 [Table_StockName] ——绝味食品（603517）2024Q1 业绩点评报告 [Table_ReportDate] 2024 年 04 月 30 日 投资要点: [Table_StockRank] 增持(维持) [Table_Chart] 个股相对沪深 300 指数表现 [Table_ReportList] 相关研究 收入稳健增长，盈利持续修复 休闲卤制品行业领导者，产融结合构建美食 生态 [Table_Pagehead2] 万联证券研究所 www.wlzq.cn 第2 页共4页 数据来源：携宁科技云估值，万联证券研究所 [Table_InudstryRankInfo] 行业投资评级 强于大市：未来6个月内行业指数相对大盘涨幅10％以上； 同步大市：未来6个月内行业指数相对大盘涨幅10％至-10％之间； 弱于大市：未来6个月内行业指数相对大盘跌幅10％以上。 [Table_StockRankInfo] 公司投资评级 买入：未来6个月内公司相对大盘涨幅15％以上； 增持：未来6个月内公司相对大盘涨幅5％至15％； 观望：未来6个月内公司 ...

Investment Rating - The investment rating for the company is "Add" [6][17]. Core Views - The company has turned a profit in 2023, achieving a revenue of 7.261 billion yuan, a year-on-year increase of 9.64%, and a net profit attributable to shareholders of 344 million yuan, up 46.63% year-on-year [2][3]. - The performance in 2023 was below expectations, primarily due to slower demand recovery and profitability not meeting forecasts [2][12]. - The company plans to distribute a cash dividend of 5.00 yuan per 10 shares to all shareholders [2]. Revenue and Profitability - The main business revenue for 2023 was 7.108 billion yuan, a year-on-year increase of 10.16% [2]. - The gross profit margin for 2023 was 24.77%, a slight decrease of 0.80 percentage points year-on-year, attributed to changes in revenue structure [2]. - The net profit margin increased by 1.44 percentage points to 4.37% due to improved overall expense ratios [2]. Product and Regional Performance - Fresh products showed steady growth, with revenue from fresh goods reaching 5.768 billion yuan, a year-on-year increase of 6.09% [2]. - Revenue from various product categories grew, with poultry products generating 4.478 billion yuan, up 6.50% year-on-year [2]. - Revenue by region showed mixed results, with the Southwest region declining by 3.76%, while the Northwest region saw a significant increase of 106.52% [2]. Expense Management - The company effectively managed expenses, with sales, management, and financial expenses decreasing by 16.30%, 9.95%, and 30.57% respectively [2]. - The expense ratios for sales, management, and financial costs decreased to 7.44%, 6.38%, and 0.19% respectively [2]. Earnings Forecast - The earnings forecast for 2024-2026 has been adjusted, with expected net profits of 459 million yuan, 548 million yuan, and 660 million yuan respectively, reflecting year-on-year growth rates of 33.22%, 19.45%, and 20.44% [12][14].

买入 原评级：买入 市场价格:人民币 20.94 板块评级:强于大市 本报告要点 ◼ 绝味食品 2023 年年报及 2024 年 1 季报业 绩点评 股价表现 证券分析师：汤玮亮 绝味食品公告 2023 年年报及 2024 年 1 季报业绩。2023 年公司实现营收 72.6 亿元，同比增长 9.6%，归母净利润 3.4 亿元，同比增长 46.6%，扣非归母净 利 4.0 亿元，同比增 54.5 亿元。1Q24 公司实现营收 17.0 亿元，同比降 7.0%， 归母净利 1.7 亿元，同比增 20.0%。 支撑评级的要点 ◼ 2023 年公司门店整体净增数量同比减少，1Q24 公司营收增速同比降 7.0%，同店销售整体承压。（1）截至 2023 年末，公司全国门店数量合 计 15950 家，全年净增门店数量为 874 家。其中上半年净增门店数量为 1086 家，下半年环比上半年减少 212 家。根据我们测算，公司单店鲜货 平均销售额同比基本持平。1Q24 公司营收增速同比降 7.0%，我们判断同 店销售整体承压。受消费环境变化及新型零食渠道及线上渠道冲击，公司 主动放缓开店节奏，优化门店结构，改善加盟商生存质 ...

公司报告 | 季报点评 事件：①2023 年，公司实现收入 72.6 亿元，yoy+10%；归母净利润 3.4 亿 元，yoy+47%；扣非归母 4.0 亿元，yoy+55%。②24q1，公司实现收入 17.0 亿元，yoy-7%；归母净利润 1.7 亿元，yoy+20%；扣非归母 1.6 亿元，yoy+16%。 收入端：受终端消费低迷，24q1 收入同比下滑。 盈利端：受益原料下行、费用控制，24q1 明显改善。 -24q1：毛利率 30.0%，同比+5.7pct；归母净利率 9.7%，同比+2.2pct。 | --- | --- | |----------------------------|--------------------------------------------| | | 证券研究报告 2024 年 05 月 07 日 | | 投资评级 | | | 行业 | 食品饮料 / 休闲食品 | | 6 | 个月评级 买入（维持评级） | | 当前价格 | 20.94 元 | | | 目标价格 元 | | 基本数据 | | | A 股总股本 ( 百万股 | 619.93 | | 流通 A 股股本 ...

Investment Rating - Buy rating maintained for Juewei Food (603517) [2] Core Views - Juewei Food achieved total revenue of 7.261 billion yuan in 2023, a year-on-year increase of 9.64%, with net profit attributable to the parent company of 344 million yuan, up 46.63% [3] - In 2023Q4, the company's revenue was 1.630 billion yuan, up 8.45%, but net profit attributable to the parent company was -45 million yuan, down 394.98% [3] - In 2024Q1, the company's revenue was 1.695 billion yuan, down 7.04%, but net profit attributable to the parent company was 165 million yuan, up 20.02% [3] - The company plans to distribute a cash dividend of 0.50 yuan per share (tax included), with a dividend payout ratio of 89.89% [3] Business Performance - The company added 874 new stores in 2023, with a single-store shipment increasing by approximately 1.22% year-on-year [3] - In 2023, the company's sales of braised food, franchisee management, and other (logistics and raw material sales) revenues were 6.050 billion yuan, 83 million yuan, and 974 million yuan, up 7.09%, 11.38%, and 33.82% year-on-year, respectively [3] - In 2023, the company's revenue from poultry, livestock, vegetables, other products, and packaged products was 4.478 billion yuan, 27 million yuan, 680 million yuan, 583 million yuan, and 282 million yuan, up 6.50%, 26.78%, 5.57%, 2.80%, and 32.75% year-on-year, respectively [3] - The company's total number of stores in mainland China (excluding Hong Kong, Macao, and overseas) reached 15,950 at the end of 2023, with a net increase of 874 stores, a growth rate of 5.80% [3] Regional Performance - In 2023, the company's revenue in Central China, South China, East China, North China, Southwest China, Northwest China, and other regions was 2.219 billion yuan, 1.605 billion yuan, 1.293 billion yuan, 887 million yuan, 832 million yuan, 141 million yuan, and 130 million yuan, up 10.81%, 12.06%, 8.72%, 19.04%, -3.76%, 106.52%, and -13.22% year-on-year, respectively [3] Financial Performance - In 2023, the company's gross profit margin was 24.77%, down 0.80 percentage points year-on-year, while the net profit margin attributable to the parent company was 4.74%, up 1.23 percentage points year-on-year [3] - In 2024Q1, the company's gross profit margin was 30.03%, up 5.73 percentage points year-on-year and 3.13 percentage points quarter-on-quarter [3] - The company's net profit margin attributable to the parent company in 2024Q1 was 9.73%, up 2.19 percentage points year-on-year [3] Future Projections - The company's net profit attributable to the parent company is expected to be 790 million yuan, 982 million yuan, and 1.129 billion yuan in 2024, 2025, and 2026, with year-on-year growth rates of 129.54%, 24.27%, and 14.90%, respectively [3] - The company's PE ratios as of May 6 are expected to be 16x, 13x, and 12x for 2024, 2025, and 2026, respectively [3]

请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 程丽丽，金融学硕士，毕业于厦门大学王亚南经济研究院，3 年食品饮料研究经验。覆 盖休闲食品和连锁业态（深度研究绝味食品、周黑鸭、煌上煌、洽洽食品、盐津铺子、 甘源食品、劲仔食品等），深度研究零食量贩业态。 张伟敬，武汉理工大学毕业，法学、经济学双学位，金融行业工作两年，随后进入白酒 行业十三年，先后在泸州老窖、杜康、舍得酒业从事一线销售工作，在高端酒、次高端、 中低端价位均有实际操盘经验，产业思维强，酒圈资源丰富，对白酒行业趋势有独到理 解，尤其擅长分析次高端酒企竞争格局。 王雪骄，康奈尔大学管理学硕士，华盛顿大学经济学+国际关系双学士，覆盖啤酒（深 度研究华润啤酒、青岛啤酒、重庆啤酒）、水、饮料行业。 免责声明 本报告是针对与信达证券签署服务协议的签约客户的专属研究产品，为该类客户进行投资决策时提供辅助和参考，双方对权利与 义务均有严格约定。本报告仅提供给上述特定客户，并不面向公众发布。信达证券不会因接收人收到本报告而视其为本公司的当 然客户。客户应当认识到有关本报告的电话、短信、邮件提示仅为研究观点的简要沟通，对本报告的参 ...

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： 证券代码：603517 证券简称：绝味食品 公告编号：2024-044 绝味食品股份有限公司 一、 回购股份的基本情况 公司分别于 2024 年 2 月 4 日、2024 年 2 月 21 日召开第五届董事会第十五次 会议、2024 年第一次临时股东大会审议通过了《关于以集中竞价交易方式回购公 司股份的方案》，同意公司以自有资金通过集中竞价交易方式回购公司股份，用于 减少公司注册资本。本次回购的资金总额不低于人民币 20,000 万元（含）且不超 过人民币 30,000 万元（含），回购价格不超过人民币 35.00 元/股（含），回购期限 为自公司 2024 年第一次临时股东大会审议通过回购股份方案之日起 12 个月内。 具体内容详见公司于 2024 年 2 月 22 日在上海证券交易所网站（www.sse.com.cn） 披露的《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回购报 告书》（公告编号：20 ...