Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company achieved a revenue of 7.26 billion yuan in 2023, representing a year-on-year growth of 9.6%, and a net profit attributable to shareholders of 340 million yuan, which is a 46.6% increase year-on-year. For Q1 2024, the revenue was 1.7 billion yuan, down 7.0%, with a net profit of 165 million yuan, up 20.0% year-on-year. Despite pressure on same-store sales, the company is expected to gradually improve store operations and benefit from industry consolidation and cost pressure relief, maintaining the "Outperform" rating [1][2][25]. Financial Performance Summary - In 2023, the company focused on its core duck neck business, overcoming challenges such as raw material price fluctuations and weak external demand. The cost pressure has significantly eased, and as a leading player in the marinated food industry, the company is expected to contribute more profit elasticity through its ecosystem and channel expansion [16][25]. - The company's gross margin for Q4 2023 was 26.9%, an increase of 4.4 percentage points year-on-year, primarily due to improved prices of duck by-products. For Q1 2024, the gross margin rose to 30.0%, up 5.7 percentage points year-on-year [2][15]. - The company reported a net profit of 344 million yuan in 2023, with projections for 2024, 2025, and 2026 to reach 675 million yuan, 792 million yuan, and 896 million yuan respectively, indicating year-on-year growth rates of 96.1%, 17.2%, and 13.1% [26]. Revenue and Store Expansion - The company experienced an 8.5% revenue growth in Q4 2023, mainly driven by store expansion, with a total of 15,950 stores by the end of 2023, netting an increase of 874 stores. The company plans to maintain steady and orderly store expansion in 2024 [25][26]. - In Q1 2024, the revenue decline of 7.0% was attributed to significant drops in same-store sales. Revenue by product category showed mixed results, with poultry and other main businesses experiencing varied growth rates [25][26].

每股净资产 11.11 11.56 11.79 每股经营现金流 0.68 2.30 2.05 每股股利 0.50 1.07 1.17 PE 37 17 16 PB 1.8 1.8 1.7 EV/EBITDA 11.73 8.30 7.44 股息收益率（%） 2.46 5.27 5.75 | --- | --- | --- | --- | --- | |----------------------|--------|-------|-------|-------| | 现金流量表（百万元） | 2023A | 2024E | 2025E | 2026E | | 净利润 | 317 | 738 | 806 | 878 | | 折旧和摊销 | 399 | 425 | 502 | 537 | | 营运资金变动 | -501 | 283 | -24 | -24 | | 经营活动现金流 | 420 | 1,427 | 1,269 | 1,353 | | 资本开支 | -629 | -446 | -487 | -538 | | 投资 | -418 | -250 | -250 | -200 | | 投资活动现金流 | -1, ...

上 市 公 司 2024 年 04 月 30 日 绝味食品 (603517) | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 04 月 29 日 | | 收盘价（元） | 19.7 | | 一年内最高 / 最低（元） | 42/17.72 | | 市净率 | 1.8 | | 息率（分红 / 股价） | - | | 流 通 A 股市值（百万 元） | 12213 | | 上证指数/深证成指 | 3113.04/9673.76 | | 注："息率"以最近一年已公布分红计算 | | | 基础数据 : | 2024 年 03 月 31 日 | | 每股净资产（元） 资产负债率 % | 11.19 26.98 | | 总股 本/ 流 通 A 股 （ | 620/620 | | 万） 流通 B 股/H 股（百万） | -/- | 相关研究 证券分析师 报告原因：有业绩公布需要点评 增持（维持）投资要点： 事件：公司发布 2023 年年报和 2024 年一季报，2023 ...

证 券 研 究 报 告 1. 公司发布 2023 年年报及 2024 年一季报，2023 全年公司实现营业收入 72.61 亿元，同比+9.64%，归母净利润 3.44 亿，同比+46.63%。24Q1 实 现收入 16.95 亿元，同比-7.04%；归母净利润 1.65 亿元，同比+20.02%。 2. 公司每股派发现金红利 0.50 元（含税），计算股息率约为 2.5%。 评论： 单店缺口延续，净开店降速，23 全年及 24Q1 营收均承压。23 全年公司营收 同比+9.6%，分业务来看，23 全年鲜货类/包装产品/加盟商管理/其他业务收入 分别同比+6.1%/+32.8%/+11.4%/+33.8%，单就门店业务来看，单店销量/产品 均价分别同比-9.9%/+12.4%，综合带动平均单店收入基本持平，而开店端受到 23H2 集中优化低质量门店影响，全年净增 874 家至 15950 家（23H2 净减 212 家）。分地区看，23 年全年西南/西北/华中/华南/华东/华北/境外地区收入分别 同比-3.8%/+106.5%/+10.8%/+12.1%/+8.7%/+19.0%/-13.2%，西北西南异常主 ...

平安证券股份有限公司2024版权所有。保留一切权利。 证券分析师 绝味食品 == 沪深300指数 事项： | --- | --- | --- | --- | --- | --- | |---------------------|-------|-------|-------|-------|--------| | | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | 6,623 | 7,261 | 8,352 | 9,667 | 11,243 | | YOY(%) | 1.1 | 9.6 | 15.0 | 15.8 | 16.3 | | 净利润 ( 百万元 ) | 233 | 344 | 780 | 936 | 1,104 | | YOY(%) | -76.3 | 48.1 | 126.6 | 20.0 | 17.9 | | 毛利率 (%) | 25.6 | 24.8 | 28.0 | 28.4 | 28.9 | | 净利率 (%) | 3.5 | 4.7 | 9.3 | 9.7 | 9.8 | | ROE(%) | 3.4 | 5.0 | 10 ...

Financial Performance - Total liabilities increased to 2,461,493,094.41 yuan in 2023 from 2,027,200,688.01 yuan in 2022[8] - Total assets increased to 9,312,754,546.03 yuan in 2023 from 8,905,717,856.30 yuan in 2022[8] - Owner's equity decreased to 6,851,261,451.62 yuan in 2023 from 6,878,517,168.29 yuan in 2022[8] - Undistributed profits increased to 3,256,581,770.01 yuan in 2023 from 3,017,352,044.34 yuan in 2022[8] - Minority interests decreased to -35,622,224.14 yuan in 2023 from -24,486,177.73 yuan in 2022[8] - Total equity and liabilities increased to 9,312,754,546.03 yuan in 2023 from 8,905,717,856.30 yuan in 2022[8] - Operating cash flow increased significantly to RMB 191.2 million in 2023, compared to a negative RMB 1.6 billion in 2022[15] - Sales revenue from goods and services reached RMB 155.6 million in 2023, up from RMB 123.1 million in 2022[15] - Investment cash outflow surged to RMB 805.7 million in 2023, a substantial increase from RMB 104.2 million in 2022[15] - Net cash flow from financing activities was RMB 232.7 million in 2023, down from RMB 598.7 million in 2022[15] - Total equity attributable to parent company owners increased to RMB 6.9 billion in 2023, up from RMB 5.7 billion in 2022[17] - Capital reserve grew to RMB 2.9 billion in 2023, compared to RMB 1.9 billion in 2022[17] - Retained earnings decreased to RMB 3.0 billion in 2023 from RMB 3.1 billion in 2022[17] - Minority interest turned negative at RMB -24.5 million in 2023, down from RMB 14.2 million in 2022[17] - Cash and cash equivalents at the end of the period stood at RMB 114.8 million in 2023, down from RMB 258.2 million in 2022[15] - Total comprehensive income for the period was RMB 259.2 million in 2023[17] - Total revenue for 2023 was 7,261,326,800 yuan, with wholesale revenue to franchise stores accounting for 74.61% of total revenue[29] - Company's revenue for 2023 reached 7,261.33 million yuan, a year-on-year increase of 9.64%, with net profit attributable to shareholders of 344.31 million yuan, up 46.63% year-on-year[62] - Revenue for 2023 reached RMB 7,261,326,839.39, a 9.64% increase compared to 2022[196] - Net profit attributable to shareholders in 2023 was RMB 344,306,058.17, up 46.63% year-over-year[196] - Net cash flow from operating activities in 2023 was RMB 419,770,219.59, a 65.18% decrease from 2022[196] - Total assets at the end of 2023 were RMB 9,312,754,546.03, a 4.57% increase compared to 2022[196] - Basic earnings per share in 2023 were RMB 0.56, a 47.37% increase from 2022[196] - Weighted average return on equity (ROE) in 2023 was 4.91%, an increase of 0.86 percentage points from 2022[196] - Non-recurring net loss attributable to shareholders in 2022 was RMB -24,679,764.80[200] - Other equity instrument investments decreased by RMB 38,206,697.43 in 2023[200] - Trading financial assets increased by RMB 230,000,000.00 in 2023, contributing RMB 11,231,498.61 to profit[200] Investments and Equity - Long-term equity investments increased to 3,397,809,069.22 yuan in 2023 from 2,631,851,079.01 yuan in 2022[8] - Deferred income increased to 32,254,308.00 yuan in 2023 from 28,869,643.38 yuan in 2022[8] - Deferred tax liabilities decreased to 96,197,442.51 yuan in 2023 from 100,548,489.48 yuan in 2022[8] - Non-current liabilities decreased to 311,615,990.29 yuan in 2023 from 330,017,947.63 yuan in 2022[8] - 987,344,000 yuan of convertible bonds were converted into 34,630,695 shares, increasing the registered capital to 608,630,695 yuan[20] - 5,594,000 restricted shares were granted to 120 incentive recipients at a price of 41.46 yuan per share, increasing the registered capital to 614,224,695 yuan[20] - 96,000 restricted shares were repurchased in 2021, adjusting the registered capital to 614,128,695 yuan[20] - 488,300 restricted shares were granted to 19 core employees at 32.77 yuan per share, increasing the registered capital to 614,616,995 yuan[20] - 5,986,300 restricted shares were repurchased in 2022, adjusting the registered capital to 608,630,695 yuan[20] - 22,608,006 A shares were issued through a private placement, increasing the registered capital to 631,238,701 yuan[20] - As of December 31, 2023, the company's registered capital and share capital stood at 631,238,701 yuan[20] - The company's investment portfolio adjustments focused on the core卤味赛道, with no significant impact on the consolidated scope[156] - The company's other equity tool investments in 郑州千味央厨食品股份有限公司 decreased by RMB 40,497,072.75, resulting in a year-end balance of RMB 169,395,098.74[158] - The company's trading financial assets had a year-end balance of RMB 230,000,000.00, with a purchase amount of RMB 2,160,000,000.00 during the period[158] Operational Efficiency and Strategy - The company focused on leveraging technology to enhance operational efficiency and accurately identify consumer needs[48] - Digital teams studied emerging consumer preferences and used cross-industry collaborations, live streaming, and member interactions to boost brand influence and sales conversion[48] - Efforts were made to improve inventory management efficiency and adapt to market changes through lean production[49] - The company promoted safety production and intensive management reforms[49] - The company added 874 new stores in 2023, achieving growth and maintaining market position despite challenging market conditions[54] - The company implemented a share repurchase plan using 300 million yuan of its own funds to stabilize the market and protect shareholder interests[56] - The company's supply chain team optimized factory layouts and improved production efficiency to mitigate raw material price fluctuations[54] - The company's marketing team transitioned from a broad store expansion strategy to a more scientific and refined channel development approach[54] - The company's digital team explored new consumer trends and leveraged new media and membership systems to expand revenue sources[54] - The company's "Six Shared" strategy (shared procurement, warehousing, production capacity, logistics, sales systems, and intellectual resources) enhanced its core capabilities and supported ecosystem growth[61] - The company has established 22 production bases nationwide, with a supply chain system that ensures same-day production and delivery[84] - The company's franchisee committee system includes 116 regional working groups and over 3,500 franchisees, covering 31 provincial-level administrative regions in China[85] - The company's operating cash flow decreased by 65.18% year-on-year, mainly due to increased raw material procurement[86] - The company's revenue in the Northwest region increased by 106.52% year-on-year, with a gross profit margin increase of 9.36 percentage points[92] - The company's R&D expenses increased by 10.27% year-on-year, reaching 41,771,869.51 yuan[96] - The company's sales volume of fresh products decreased by 4.36% year-on-year, while inventory increased by 13.96%[94] - The company's sales expenses decreased by 16.30% year-on-year, mainly due to reduced marketing expenditures[96] - Financial expenses increased due to higher interest income from increased deposits from the previous year's private placement[99] - R&D expenses increased due to higher digitalization investments[99] - Cash flow from investment activities remained stable compared to the previous year[101] - Cash flow from financing activities increased due to the receipt of private placement funds in the previous year[101] - Main business costs increased by 11.28% year-on-year, reaching 5,341,632,628.54 yuan[111] - Fresh product costs accounted for 76.69% of total costs, with poultry products making up 60.76%[111] - Packaging product costs increased by 33.99% due to higher sales[111] - Cash and cash equivalents decreased by 197.26% year-on-year, primarily due to reduced cash flow from operating and financing activities[117] - Inventory increased by 62.07% due to higher raw material purchases[119] - Short-term borrowings increased by 117.45% due to higher credit loans[119] - Fresh food products revenue reached 5.77 billion RMB, with a year-on-year increase of 6.09%[129] - Poultry products revenue was 4.48 billion RMB, with a year-on-year increase of 6.50%, but the gross margin decreased by 0.73 percentage points[129] - Vegetable products revenue was 679.92 million RMB, with a year-on-year increase of 5.57%, and the gross margin increased by 4.12 percentage points[129] - Packaging products revenue was 282.28 million RMB, with a year-on-year increase of 32.75%, but the gross margin decreased by 0.88 percentage points[129] - Online sales revenue was 107.18 million RMB, accounting for 1.48% of total revenue, with a gross margin of 20.68%[135] - R&D expenses increased to 41.77 million RMB, accounting for 0.58% of total revenue, with no capitalised R&D expenses[134] - The company has 357 R&D personnel, accounting for 7.15% of the total workforce, with 162 holding bachelor's degrees[136] - Sales expenses decreased by 105.30 million RMB, mainly due to reduced marketing expenditures[133] - The company plans to distribute a cash dividend of 0.50 RMB per share, totaling 309.50 million RMB[142] - The company aims to build a leading platform for special gourmet food[141] - The company's total revenue for 2023 was RMB 7,107,774,449.11, with a year-on-year increase of 10.16%[154] - The gross profit margin for the Singapore, Canada, and Hong Kong markets was 54.88%, an increase of 1.55 percentage points year-on-year[154] - The company's strategy includes diversification and extreme cost-effectiveness, emphasizing product R&D and regional innovation[162] - The company is focusing on brand rejuvenation and operational digitalization to maintain its industry position[163] - The company's subsidiary 绝味营销 reported a net loss of RMB 41,960,647.95 for the year[148] - The company's subsidiary 上海阿妙 achieved a net profit of RMB 145,521,139.43, with total assets of RMB 397,842,314.60[148] - The company's subsidiary 网聚资本 reported a net loss of RMB 90,663,134.87, with total assets of RMB 3,048,641,497.24[171] - Net increase of 874 stores in 2023, with sales revenue reaching 7.261 billion yuan and net profit attributable to shareholders of 344 million yuan[177] - In 2024, the company will shift from expanding market share to refining operations, focusing on optimizing the single-store model and adjusting the structure of stores and franchisees[177] - The supply chain team will implement lean management, optimize capacity allocation, and improve production efficiency through scientific procurement strategies[177] - The company plans to further invest in its core braised food business and cautiously explore overseas markets under controllable risks[177] - The company aims to improve profitability and operational efficiency in 2024, with a focus on long-term development and creating value for shareholders[172] Revenue and Cost Analysis - Revenue from fresh products reached 5,768.17 million yuan, with a gross margin of 28.98%, an increase of 0.32 percentage points year-on-year[80] - Revenue from poultry products accounted for 4,477.82 million yuan, with a gross margin of 27.52%, a decrease of 0.73 percentage points year-on-year[80] - Revenue from vegetable products reached 679.92 million yuan, with a gross margin of 33.46%, an increase of 4.12 percentage points year-on-year[80] - Halogenated food sales accounted for 81.71% of the total cost, with a year-on-year increase of 7.01%[81] - The top five raw material suppliers accounted for 36.15% of the total annual procurement, with no related party procurement[82] - The company's main business revenue increased by 10.16% year-on-year, while the main business cost increased by 11.28%, resulting in a decrease in gross profit margin by 0.76 percentage points[89] - Comprehensive income for the period showed a loss of 212,533,733.44[36] - Distribution to owners (or shareholders) amounted to 113,118,655.38[36] - Short-term borrowings increased significantly to 750,489,958.33 in 2023, up from 200,000,000.00 in 2022[34] - Total liabilities rose to 1,316,772,296.53 in 2023, compared to 566,724,253.41 in 2022[34] - Owner's equity decreased to 5,425,987,329.32 in 2023 from 5,931,904,123.23 in 2022[34]

Financial Performance - The net profit attributable to the parent company for Q1 2024 was CNY 2,671,642.04, reflecting a change of CNY 1,156,101.01 compared to the previous year[5]. - Total operating revenue for Q1 2024 was RMB 1,695,359,649.90, a decrease of 7.03% from RMB 1,823,777,231.00 in Q1 2023[15]. - Net profit for Q1 2024 increased to RMB 159,421,676.16, up 20.11% from RMB 131,675,074.43 in Q1 2023[15]. - Total profit for Q1 2024 was RMB 234,648,512.69, an increase of 29.83% from RMB 180,753,316.09 in Q1 2023[15]. - Net profit attributable to shareholders of the listed company was CNY 165,014,634.16, an increase of 20.02% year-on-year[42]. - Basic and diluted earnings per share for Q1 2024 were both RMB 0.26, compared to RMB 0.23 in Q1 2023[16]. - The company reported a basic earnings per share of CNY 0.26, which is a 13.04% increase compared to the same period last year[42]. Assets and Liabilities - The total assets as of March 31, 2024, amounted to CNY 5,440,000,000, with current assets totaling CNY 2,947,154,314.64, an increase from CNY 2,850,535,902.82 at the end of 2023[11]. - The company's trading financial assets increased by 152.57% due to new structured deposits not yet redeemed[6]. - The investment property increased by 163.17%, attributed to the addition of properties for external leasing[6]. - The lease liabilities increased by 34.45% due to new leasing contracts[6]. - The company's inventory decreased from CNY 1,137,103,258.34 to CNY 916,651,163.44, indicating a reduction in stock levels[11]. - Cash and cash equivalents at the end of the period were CNY 927,304,697.61, down from CNY 1,107,806,292.29 at the end of the previous year[34]. - Short-term borrowings increased to CNY 863,489,958.33 from CNY 783,489,958.33 in the previous quarter[30]. Cash Flow - The net cash flow generated from operating activities was CNY 388,069,195.50, reflecting a significant increase of 58.07% compared to the previous year[42]. - The company experienced a net cash outflow from investing activities of CNY 500,507,501.86, an improvement from the previous year's outflow of CNY 995,361,751.78[34]. - Net cash flow from operating activities increased by 58.07% mainly due to a decrease in cash paid for purchasing goods and receiving services[43]. - Net cash flow from investing activities increased by 49.72% primarily due to cash received from redeeming part of the structured deposits and a decrease in cash paid for investments[43]. - Net cash flow from financing activities decreased by 3,507.25% mainly due to an increase in cash paid for stock repurchases[43]. Expenses and Income - Total operating costs for Q1 2024 were RMB 1,456,558,722.97, down 11.19% from RMB 1,640,867,387.98 in Q1 2023[15]. - Research and development expenses for Q1 2024 were RMB 10,176,404.37, up 21.56% from RMB 8,369,577.94 in Q1 2023[15]. - The company reported an investment loss of RMB 14,288,344.37 in Q1 2024, compared to a loss of RMB 3,834,528.90 in Q1 2023[15]. - Other comprehensive income after tax for Q1 2024 was RMB -11,301,414.00, compared to RMB 18,294,299.93 in Q1 2023[15]. - The total comprehensive income for Q1 2024 was RMB 148,120,262.16, slightly down from RMB 149,969,374.36 in Q1 2023[16]. - The company experienced a significant increase in financial expenses, with interest expenses rising to RMB 6,367,531.99 in Q1 2024 from RMB 2,007,395.48 in Q1 2023[15]. - Income tax expenses increased by 53.28% as a result of higher operating profits[43]. Other Income and Changes - The company recorded a government subsidy of CNY 5,171,854.96, which is closely related to its normal business operations[5]. - Other income rose by 42.94% mainly due to an increase in government subsidies related to daily activities[43]. - Investment income decreased by 272.62% due to fluctuations in the profits of invested enterprises[43]. - Non-operating expenses decreased by 91.59% primarily due to reduced non-operating items and asset write-off expenses[43]. - Treasury stock decreased by 90.29% due to the completion of stock repurchases and cancellations[43]. - Financial expenses increased by 2,155.46% primarily due to increased interest income from funds received in 2022 compared to the same period last year[43].

证券代码：603517 证券简称：绝味食品 公告编号：2024-043 绝味食品股份有限公司 2024 年一季度经营数据公告 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二十四号—食品制造》第二十四条规定，现将公司 2024 年一季度经营数据（未经审计）公告如下： 2024 年 1-3 月营业收入为 1,695,359,649.90 元，其中主营业务收入为 1,660,031,729.77 元,占营业收入 97.92%；其他业务收入为 35,327,920.13 元，占营 业收入 2.08%。 （1） 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 | 1,350,281,703.22 | 81.34% | | 其中：禽类制品 | 1,061,598,411.74 | 63.95% | | 其中：畜类产品 | 11,737,400.75 | ...

证券代码：603517 证券简称：绝味食品 公告编号：2024-023 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 | 序 | 受托人名称 | 产品名称 | 产品金额 | 起息日 | 到期日 | 年化收益 | 赎回金额 | 实际收益 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | | | （万元） | | | 率（%） | （万元） | （万元） | | 1 | 招商银 行股份 | 点金系列看 涨两层区间 | 5,000.00 | 2024/1/19 | 2024/4/19 | 2.45 | 5,000.00 | 30.54 | | | 有限公 | 结构性存款 | | | | | | | | | 司 | 产品 91D | | | | | | | 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。 二、截至本公告日，公司最近十二个月使用自有资金或募集资金委托理财的情况 绝味食品股份有限公司（以下简称"公司"）于2023年4月 ...

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 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：2024-022 2024年1月16日，广西阿秀食品有限责任公司与中国光大银行股份有限公司 长沙华丰支行签署了《对公结构性存款合同》，于2024年4月16日赎回，收回本金 15,000.00万元，获得收益93.75万元。具体情况如下： | 序 | 受托人名称 | 产品名称 | 产品金额 | 起息日 | 到期日 | 年化收益 | 赎回金额 | 实际收 益（万 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | | | （万元） | | | 率（%） | （万元） | 元） | | | 中国光 | 2024 年挂钩 | | | | | | | | | 大银行 | | | | | | | | | | 股份有 | 汇率对公结 | | | | | | | | 1 | 限公司 | 构性存款定 | 15,000.00 | 2024/1/16 | 2024/4/16 | 2.50 | ...