食品饮料 2025 年 05 月 18 日 zhangsimin@kysec.cn 证书编号：S0790123070080 投资评级：看好（维持） 行业走势图 数据来源：聚源 -36% -24% -12% 0% 12% 24% 2024-05 2024-09 2025-01 食品饮料 沪深300 相关研究报告 《暖意渐起，焕启新程—行业投资策 略》-2025.5.14 《白酒底部建议加配，大众品三条思 路选股—行业周报》-2025.5.11 《内需提振预期强化，关注政策改善 可期—行业投资策略》-2025.5.8 白酒配置价值更强，大众品拥抱新消费 ——行业周报 张宇光（分析师） 张思敏（联系人） zhangyuguang@kysec.cn 证书编号：S0790520030003 核心观点：白酒配置价值更强，大众品拥抱新消费 5 月 12 日-5 月 16 日，食品饮料指数涨幅为 0.5%，一级子行业排名第 15，跑输 沪深 300 约 0.6pct，子行业中保健品（+8.5%）、烘焙食品（+2.4%）、乳品（+1.5%） 表现相对领先。年内白酒企业营收普遍低速增长已在市场预期内，一方面源于需 求仍在底部徘徊 ...

证券研究报告 食品饮料 报告日期：2025 年 05 月 15 日 白酒处于调整期，零食景气度较高 ——食品饮料行业 2024 年报和 2025 一季报综述 华龙证券研究所 投资评级：推荐（维持） 最近一年走势 执业证书编号：S0230520050001 邮箱：wangf@hlzq.com 复—食品饮料行业周报》2025.03.18 《政策积极，静待复苏—食品饮料行业 周报》2025.03.05 《促消费政策积极，关注需求修复边际 改善—食品饮料行业周报》2025.02.17 摘要： 请认真阅读文后免责条款 请认真阅读文后免责条款 1 公司研究报告 2025Q1 食品饮料行业营收和归母净利润增速较 2024 年趋缓。食 品饮料行业业绩分化加剧，子行业来看，白酒业绩实现稳健增长， 软饮料、零食行业上市公司营收和归母净利润同比增幅居前。 分析师：王芳 相关阅读 《育儿补贴政策催化，关注乳品估值修 白酒处于筑底阶段，零食行业延续较高景气度。2025Q1 白酒上 市公司整体营收和归母净利润实现小个位数增长，增速低于 2024 年。高端白酒盈利能力稳健，具备韧性；次高端价格带内部延续 分化趋势，山西汾酒表现较好；地产酒 ...

并继续购买理财产品的公告 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。 ●委托理财受托方：华安证券股份有限公司（以下简称"华安证券"）；国元证券股份有 限公司（以下简称"国元证券"） ●本次委托理财金额：5,000 万元 ●委托理财产品名称：华安证券股份有限公司睿享增盈 112 期浮动收益凭证；国元证券元 鼎尊享 167 号浮动收益凭证 证券代码：603697 证券简称：有友食品 公告编号：2025-035 有友食品股份有限公司 关于使用自有资金购买理财产品到期赎回 ●委托理财期限为： 362 天；215 天 二、本次委托理财概况 （一）委托理财目的 ●履行的审议程序： 有友食品股份有限公司（以下简称"公司"）于 2025 年 3 月 19 日召开第四届董事会第十 一次会议及第四届监事会第十一次会议，并于 2025 年 4 月 9 日召开 2024 年年度股东会，审议 通过《关于使用部分自有资金进行现金管理的议案》，同意在不影响日常经营资金需求和保障 资金安全的情况下，公司（含子公司）使用总额不超过人民币 120,00 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [7] Core Views - The company continues to deliver strong performance, with Q1 2025 total revenue reaching 383 million yuan, a year-on-year increase of 39%, and a net profit of 50 million yuan, up 16% year-on-year [4][6] - The company is experiencing a significant contribution from duck feet products and is actively expanding its membership-based channels [6] - The gross profit margin is expected to improve year-on-year despite a slight decline in Q1 2025 due to channel structure impacts [5] Summary by Sections Financial Performance - Q1 2025 total revenue was 383 million yuan, with a year-on-year growth of 39% - Net profit for Q1 2025 was 50 million yuan, reflecting a 16% increase year-on-year - The company’s gross profit margin for Q1 2025 was 27.08%, down 4 percentage points year-on-year, but expected to improve [4][5] Product and Channel Development - Revenue from meat products and vegetable products in Q1 2025 was 354 million yuan and 21 million yuan, respectively, with meat products growing by 45% year-on-year [6] - Online and offline channel revenues were 24 million yuan and 352 million yuan, respectively, with online channels growing by 88% year-on-year [6] - The company is focusing on expanding its product offerings and enhancing its presence in new channels such as Sam's Club and e-commerce platforms [6] Profitability Forecast - The company is expected to maintain strong sales momentum in its key channels, with adjusted EPS forecasts for 2025-2027 at 0.47, 0.56, and 0.65 yuan, respectively [7][10] - The current stock price corresponds to a PE ratio of 25, 21, and 18 times for the years 2025, 2026, and 2027, respectively [7]

Investment Rating - The report maintains a "Buy" investment rating for the company [7] Core Views - The company continues to deliver strong performance, with Q1 2025 total revenue reaching 383 million yuan, a year-on-year increase of 39%, and a net profit of 50 million yuan, up 16% year-on-year [4][6] - The company is experiencing significant growth in its membership channel, with online sales increasing by 88% year-on-year, while offline sales grew by 36% [6] - The company is expected to maintain its investment in channels, leveraging the channel spillover effect to drive growth in e-commerce [6] Summary by Sections Financial Performance - Q1 2025 gross margin decreased by 4 percentage points to 27.08%, primarily due to channel structure impacts, but is expected to improve year-on-year [5] - The company’s selling and administrative expense ratios decreased by 3 percentage points and 1 percentage point, respectively, due to scale effects [5] Product and Channel Development - The company’s meat and vegetable product revenues for Q1 2025 were 354 million yuan and 21 million yuan, respectively, with a notable contribution from deboned duck feet [6] - The company is expanding its product offerings in the Sam's channel, which is expected to drive vegetable product revenue growth [6] Profit Forecast - The company is projected to consolidate its core product base while developing a second growth curve, with adjusted EPS forecasts for 2025-2027 at 0.47, 0.56, and 0.65 yuan, respectively [7][10] - The current stock price corresponds to PE ratios of 25, 21, and 18 times for 2025, 2026, and 2027, respectively [7]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved a total revenue of 383 million yuan in Q1 2025, representing a year-on-year increase of 39.23%. The net profit attributable to shareholders was 50.32 million yuan, up 16.25%, while the net profit excluding non-recurring items was 43.59 million yuan, an increase of 25.80% [2][4]. Revenue Growth - The revenue growth is driven by new channels and product innovations. Offline channels generated 352 million yuan, a year-on-year increase of 35.90%, while online channels saw revenue of 24 million yuan, up 88.00%. By product category, poultry products generated 325 million yuan, up 47.18%, while livestock products reached 29 million yuan, a 20.83% increase. However, vegetable and other products saw a decline of 19.14% [10]. Profitability Analysis - The company's net profit margin decreased by 2.6 percentage points to 13.14%, and the gross margin fell by 4.35 percentage points to 27.08%. The decline in gross margin is attributed to the increased revenue share from low-margin channels such as bulk snacks and membership stores. The R&D expense ratio slightly increased, reflecting higher investment in new products [10]. Future Outlook - The company is expected to continue benefiting from product innovation and channel expansion. A new vegetarian product launched in April is anticipated to contribute significantly to revenue growth. The forecast for net profit attributable to shareholders for 2025-2027 is 203 million, 241 million, and 279 million yuan, respectively, with corresponding EPS of 0.47, 0.56, and 0.65 yuan [10].

关于使用自有资金购买理财产品的公告 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。 有友食品股份有限公司（以下简称"公司"）于 2025 年 3 月 19 日召开第四届董事会第十 一次会议及第四届监事会第十一次会议，并于 2025 年 4 月 9 日召开 2024 年年度股东会，审议 通过《关于使用部分自有资金进行现金管理的议案》，同意在不影响日常经营资金需求和保障 资金安全的情况下，公司（含子公司）使用总额不超过人民币 120,000 万元的自有资金进行现 金管理，使用期限自 2024 年年度股东会审议通过之日起 12 个月。在上述使用期限及额度范围 内，资金可循环滚动使用。股东会授权董事长行使该项投资决策权并签署相关法律文件，具体 由公司财务部负责组织实施。 证券代码：603697 证券简称：有友食品 公告编号：2025-034 有友食品股份有限公司 一、本次委托理财概况 （一）委托理财目的 为合理利用自有资金，在不影响日常经营资金需求和资金安全的前提下，使用部分自有资 金进行现金管理，以增加股东和公司的投资收益。 ...

| https://www.cninfo.com.cn/new/disclosure/detail?stockCode=600370&announcementId=122321 | 600370 | 三房巷 | 1239&orgId=gssh0600370&announcementTime=2025 | -04-23 | | | --- | --- | --- | --- | --- | --- | | https://www.cninfo.com.cn/new/disclosure/detail?stockCode=603697&announcementId=122321 | 603697 | 有友食品 | 2766&orgId=gfbj0831377&announcementTime=2025 | -04-23 | | | https://www.cninfo.com.cn/new/disclosure/detail?stockCode=605358&announcementId=122321 | 605358 | 立昂微 | 3378&orgId=9900038308&announcementTime= ...

Core Viewpoint - Youyou Food, known as the "first stock of spicy chicken feet," is experiencing management instability with its fourth secretary resigning since its IPO in 2019, reflecting growth anxiety despite its leading position in the niche market [1][2][7]. Management Changes - The company has seen four secretaries resign since its listing in May 2019, with the most recent, Liang Yu, leaving after just over three months in office [2][3][6]. - The current chairman, Lu Youzhong, is temporarily acting as the secretary due to the prolonged vacancy [1][5]. Financial Performance - Youyou Food's net profit attributable to shareholders has declined for three consecutive years from 2021 to 2023, raising concerns about its growth trajectory [1][7]. - However, there is a recent turnaround, with both revenue and net profit showing growth in 2024 and the first quarter of 2025, with a net profit increase of 35.44% year-on-year [2][7]. Strategic Partnerships - The collaboration with Sam's Club is seen as a potential new growth driver for Youyou Food, enhancing its sales channels and brand image [7][8]. - The company is optimistic about achieving a revenue growth of no less than 20% in 2025, supported by its strong financial position and strategic partnerships [8][9]. Financial Management - As of April 30, the company had invested a total of 12 billion yuan in financial management, with 8.3 billion yuan still unredeemed, raising questions about its investment confidence [9][10].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][9] Core Insights - The company demonstrated strong performance in 2024, with revenue reaching 1.182 billion yuan, a year-on-year increase of 22.37%, and net profit attributable to shareholders of 157 million yuan, up 35.44% [5][8] - The growth was driven by significant increases in membership store channels and online e-commerce, with online revenue growing by 204.33% year-on-year [6] - The company is expected to continue its growth trajectory, with projected revenues of 1.501 billion yuan in 2025, representing a 26.97% increase [8] Financial Performance Summary - In Q4 2024, the company achieved revenue of 296 million yuan, a 42.92% increase year-on-year, and net profit of 36 million yuan, up 257.97% [5] - For Q1 2025, revenue was 383 million yuan, a 39.23% increase year-on-year, with net profit of 50 million yuan, up 16.25% [5] - The company’s gross margin for 2024 was 28.97%, with a net profit margin of 13.31% [7] Revenue Breakdown - In 2024, revenue from various product categories included 785 million yuan from chicken feet, 93 million yuan from skin products, and 48 million yuan from chicken wings, with notable growth in chicken wings at 23.76% [6] - Online and offline channels generated revenues of 680 million yuan and 1.104 billion yuan respectively, with online sales growing significantly [6] Profitability Forecast - The company is projected to achieve net profits of 197 million yuan in 2025, 231 million yuan in 2026, and 261 million yuan in 2027, with corresponding growth rates of 25.49%, 17.16%, and 13.01% [8][11]