香飘飘食品股份有限公司 投资者关系活动记录表 | --- | --- | --- | |-----------------------|----------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

[Table_StockInfo] 2024 年 11 月 01 日 证券研究报告•2024 年三季报点评 买入 （维持） 当前价：12.97 元 香 飘 飘（603711）食品饮料 目标价：——元（6 个月） 基础数据 [Table_BaseData] 总股本(亿股) 4.11 流通 A 股(亿股) 4.11 52 周内股价区间(元) 10.26-19.43 总市值(亿元) 53.27 总资产(亿元) 48.93 每股净资产(元) 7.90 盈利预测与投资建议。预计公司 2024-2026年归母净利润分别为 3.1亿元、3.7 亿元、4.3亿元，EPS 分别为 0.75元、0.89元、1.05元，对应动态 PE 分别为 17 倍、15 倍、12 倍，维持"买入"评级。 风险提示：新品推广或不及预期；原材料价格大幅波动风险；食品安全风险。 相关研究 [Table_Report] 1. 香飘飘（603711）：利润端短期亏损，期 待渠道调整成效 (2024-08-29) 2. 香飘飘（603711）：股权激励目标顺利达 成，持续改善可期 (2024-04-25) 冲泡收入有所承压，果茶增速亮眼 [Table_S ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a revenue of 1.94 billion yuan for the first three quarters of 2024, a decrease of 2% year-on-year, while the net profit attributable to the parent company was 20 million yuan, an increase of 409% year-on-year [1] - The ready-to-drink segment showed a revenue increase of 7.9% year-on-year, primarily driven by growth in the Meco fruit tea brand [1] - The company is focusing on product innovation and channel expansion, with new product launches aimed at attracting younger consumers [1] Revenue and Profitability - For Q3 2024, the company achieved a revenue of 760 million yuan, down 6.1% year-on-year, with a net profit of 50 million yuan, a decrease of 0.6% year-on-year [1] - The gross margin for the first three quarters of 2024 was 34.6%, an increase of 2.4 percentage points year-on-year, attributed to cost reduction and stable raw material prices [1] - The company’s net profit margin for the first three quarters of 2024 was 0.9%, up 0.74 percentage points year-on-year [1] Segment Performance - The brewing segment generated 1.11 billion yuan in revenue for the first three quarters of 2024, down 8.3% year-on-year, mainly due to a cautious inventory approach from distributors [1] - The ready-to-drink segment's revenue for the first three quarters was 801 million yuan, with significant growth in specific channels such as campus and family packaging [1] - The company’s core markets, including East China, Southwest, and Central China, reported revenues of 800 million, 250 million, and 285 million yuan respectively, with East China showing a stable growth of 4.4% year-on-year [1] Future Outlook - The company is expected to enter a peak season for brewing products in Q4 2024, with anticipation of increased distributor stocking ahead of the early Chinese New Year in 2025 [1] - The company has introduced two new products aimed at health-conscious and younger demographics, which are expected to enhance revenue potential [1] - The forecast for the company's net profit for 2024 has been adjusted to 286 million yuan, reflecting a 9.5% downward revision from previous estimates [1][2]

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Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company has experienced a decline in its brewing business, but the upcoming winter brewing season is expected to reverse this trend, leading to a significant profit contribution in Q4 [1] - For the first three quarters of 2024, the company achieved a revenue of 1.94 billion yuan, a year-on-year decrease of 2.0%, while the net profit attributable to the parent company was 18 million yuan, a year-on-year increase of 409.0% [1] - The forecast for net profit attributable to the parent company for 2024-2026 is 330 million, 400 million, and 490 million yuan, representing year-on-year growth of 19.0%, 20.9%, and 22.0% respectively [1] Revenue Analysis - In Q3 2024, the company's revenue decreased by 6.1%, with the brewing segment generating 500 million yuan, down 14.9% year-on-year, due to weak external demand [2] - The ready-to-drink segment saw revenue growth of 17.8%, reaching 250 million yuan, driven by steady growth in products like Meco fruit juice tea and frozen lemon tea [2] - The company added a net of 76 distributors in Q3, with significant increases in the East China and Central China regions [2] Profitability Metrics - The gross margin for Q3 2024 was 40.9%, an increase of 2.4 percentage points year-on-year, attributed to a decrease in raw material and freight costs [3] - The selling expense ratio increased by 0.2 percentage points year-on-year, while the management expense ratio rose by 1.0 percentage points, mainly due to stock incentive costs [3] - The net profit margin for Q3 2024 improved by 0.3 percentage points year-on-year, despite a slight decline in net profit [3] Financial Forecasts - The company is projected to achieve revenues of 4.262 billion, 4.920 billion, and 5.674 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 17.6%, 15.4%, and 15.3% [4] - The net profit attributable to the parent company is expected to grow from 334 million yuan in 2024 to 403 million yuan in 2025 and 492 million yuan in 2026, with corresponding growth rates of 19.0%, 20.9%, and 22.0% [4] - The company's price-to-earnings ratio is projected to decrease from 16.0 in 2024 to 10.8 in 2026, indicating improving valuation metrics [4]

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 13.72 yuan [6]. Core Views - The company reported a revenue of 1.938 billion yuan for the first three quarters of 2024, a year-on-year decrease of 2.05%, while the net profit attributable to the parent company was 18 million yuan, a significant increase of 408.98% year-on-year [3]. - The company is focusing on the upcoming Spring Festival peak season for inventory and sales, expecting distributors to actively stock up in advance [3]. - The company is actively exploring new channels and scenarios, although the e-commerce channel has seen a significant decline [3]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 759 million yuan, down 6.10% year-on-year, with a net profit of 47 million yuan, down 0.62% year-on-year [3]. - The gross profit margin for Q3 2024 was 40.94%, an increase of 2.41 percentage points year-on-year, attributed to a decrease in raw material costs [3]. - The company’s sales, management, R&D, and financial expense ratios for Q3 2024 were 26.13%, 8.06%, 1.58%, and -1.23% respectively, showing a decline in efficiency due to pressure on revenue [3]. Product Performance Summary - Instant drink products have seen accelerated growth, while brewed products have experienced a more pronounced decline. In Q3 2024, brewed products generated 496 million yuan in revenue, down 14.9% year-on-year, while instant drink products generated 254 million yuan, up 17.8% year-on-year [3]. - The company has been innovating and upgrading its milk tea products and expanding its product line to meet consumer demand for diverse flavors [3]. Regional Performance Summary - The company’s revenue in the East China region remained stable, achieving 363 million yuan in Q3 2024, up 4.1% year-on-year, accounting for 48% of total revenue [3]. - The company has a total of 1,851 distributors as of Q3 2024, with a net increase of 320 distributors in the first three quarters [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [6][18]. Core Insights - The company, Xiangpiaopiao (603711.SH), reported a revenue of 1.938 billion yuan for the first three quarters of 2024, a year-on-year decrease of 2.05%, while net profit attributable to shareholders increased significantly by 408.98% to 18 million yuan [3][5]. - The beverage segment is experiencing a shift, with the ready-to-drink products showing growth, while the instant drink segment is under pressure [4][5]. - The gross margin improved to 40.94% in Q3 2024, up 2.41 percentage points year-on-year, contributing to an orderly increase in overall profitability [5]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 759 million yuan, down 6.1% year-on-year, with a net profit of 47 million yuan, a decrease of 0.62% [3]. - The instant drink segment generated 801 million yuan in revenue for the first three quarters, a growth of 7.89% year-on-year, while the instant drink segment saw a decline of 8.27% [4]. - The company’s revenue from various regions showed mixed results, with East China growing by 4.42% while e-commerce and direct sales faced declines [4]. Profitability Metrics - The company’s net profit forecast for 2024-2026 has been adjusted to 281 million, 364 million, and 449 million yuan respectively, with corresponding P/E ratios of 20, 15, and 12 [5][6]. - The report highlights a significant increase in net profit margins, with the net profit margin reaching 6.22%, an increase of 0.34 percentage points year-on-year [5]. Valuation and Forecast - The projected revenue for 2024 is 3.692 billion yuan, with a growth rate of 1.8%, and net profit is expected to remain stable at 281 million yuan [11][14]. - The report anticipates a gradual recovery in the instant drink segment and continued growth in the ready-to-drink category, supporting the investment thesis [5][6].

证券代码：603711 证券简称：香飘飘 公告编号：2024-031 香飘飘食品股份有限公司 2024 年前三季度主要经营数据公告 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法律责任。 根据《上海证券交易所上市公司自律监管指引第 3 号行业信息披露：第十 二号--酒制造》的相关规定，现将香飘飘食品股份有限公司（以下简称"公司"） 2024 年前三季度主要经营数据（未经审计）公告如下： 一、 公司 2024 年前三季度主要经营情况 1、按产品档次分类情况： 单位：元 币种：人民币 | 产品分类 | 2024 | 年 | 1-9 | 月 | 2023 年 月 | 1-9 | 增减变动幅度 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 销售收入 | | | | 销售收入 | | | （%） | | 冲泡类 | 1,109,787,098.93 | | | | 1,209,855,876.72 | | | -8.27 | | 即饮类 | 801,328,153 ...

Financial Performance - The company's revenue for Q3 2024 was ¥758,800,874.52, representing a decrease of 6.10% compared to the same period last year[2] - The net profit attributable to shareholders for Q3 2024 was ¥47,233,642.00, a slight decrease of 0.62% year-over-year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥37,397,935.33, down 6.52% from the previous year[2] - The basic earnings per share for Q3 2024 was ¥0.11, reflecting a decrease of 8.33% compared to the same period last year[4] - The diluted earnings per share for Q3 2024 was also ¥0.11, with a similar decrease of 8.33% year-over-year[4] - Total operating revenue for the first three quarters of 2024 was CNY 1,938,145,993.32, a decrease of 2.03% compared to CNY 1,978,629,254.68 in the same period of 2023[17] - Net profit for the first three quarters of 2024 was CNY 17,538,141.35, compared to a net profit of CNY 3,197,728.98 in the same period of 2023, indicating a significant improvement[17] - The company's gross profit margin for the first three quarters of 2024 was approximately 3.9%, compared to a negative margin in the same period of 2023[17] - The total comprehensive income for the first three quarters of 2024 was CNY 17,538,141.35, compared to CNY 3,197,728.98 in 2023, reflecting overall improved performance[18] Assets and Liabilities - Total assets at the end of Q3 2024 were ¥4,892,531,449.52, down 6.55% from the end of the previous year[4] - The equity attributable to shareholders was ¥3,245,673,471.21, a decrease of 3.10% compared to the end of the previous year[4] - As of September 30, 2024, the total current assets amounted to approximately CNY 2.94 billion, a decrease of 10.1% from CNY 3.28 billion at the end of 2023[13] - Total liabilities decreased to approximately CNY 1.56 billion, down 12.7% from CNY 1.79 billion[14] - The company's total assets decreased to approximately CNY 4.89 billion, down 6.6% from CNY 5.24 billion[14] - The total liabilities decreased to CNY 1,647,185,685.58 in 2024 from CNY 1,884,041,669.72 in 2023, showing improved financial health[17] Cash Flow - The net cash flow from operating activities for the first nine months of 2024 was CNY 31,696,340.90, a significant improvement compared to a net outflow of CNY 14,884,427.84 in the same period of 2023[20] - Total cash inflow from operating activities decreased to CNY 2,319,390,404.51 from CNY 2,407,226,865.95 year-on-year, reflecting a decline of approximately 3.66%[20] - Cash outflow from operating activities also decreased to CNY 2,287,694,063.61 from CNY 2,422,111,293.79, marking a reduction of about 5.56%[20] - The net cash flow from investing activities improved to CNY 4,531,304.47 from a net outflow of CNY 121,932,368.69 in the previous year, indicating a positive turnaround[21] - Cash inflow from investing activities increased to CNY 320,654,473.99 compared to CNY 288,499,775.22 in the same period last year, showing a growth of approximately 11.4%[21] - Cash outflow from investing activities decreased to CNY 316,123,169.52 from CNY 410,432,143.91, a reduction of about 22.9%[21] - The net cash flow from financing activities showed a decline to -CNY 220,973,473.12 from a positive CNY 11,535,741.91 in the previous year[21] - The total cash and cash equivalents at the end of the period stood at CNY 2,434,390,377.03, up from CNY 2,265,914,688.69 at the end of the same period last year[21] - The company reported a cash inflow of CNY 1,018,442,447.50 from financing activities, which was an increase from CNY 684,502,368.07 in the previous year[21] Shareholder Information - The company’s total shareholders as of the reporting period were 14,190, with the largest shareholder holding 50.44% of the shares[10] - The equity attributable to shareholders of the parent company was CNY 3,245,673,471.21, down from CNY 3,349,392,231.51 in 2023[17] Research and Development - Research and development expenses increased to CNY 30,702,209.51 in 2024, up from CNY 23,949,887.57 in 2023, reflecting a focus on innovation[17] Taxation - The company reported a tax expense of CNY -11,360,570.74 for the first three quarters of 2024, compared to CNY -25,243,525.51 in 2023, indicating a reduction in tax liabilities[17] Accounting Standards - The company has not adopted new accounting standards or interpretations that would affect the financial statements for the year[22]

证券代码：603711 证券简称：香飘飘 公告编号：2024-032 香飘飘食品股份有限公司 本次业绩说明会以网络互动形式召开，公司将针对 2024 年第三季度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 会议召开时间：2024 年 12 月 02 日(星期一)下午 14:00-15:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 二、说明会召开的时间、地点 （一）会议召开时间：2024 年 12 月 02 日(星期一)下午 14:00-15:00 关于召开 2024 年第三季度业绩说明会的公告 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法律责任。 重要内容提示： 投资者可于 2024 年 11 月 25 日(星期一)至 11 月 29 日(星期五)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 （ir@chinaxpp.com ...