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

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

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

重要内容提示： 投资者可于 2024 年 09 月 09 日(星期一)至 09 月 13 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）进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 香飘飘食品股份有限公司（以下简称"公司"）于 2024 年 8 月 28 日在上海 证券交易所网站（www.sse.com.cn）及相关指定媒体披露公司《2024 年半年度报 告》。为便于广大投资者更深入、全面地了解公司经营成果、财务状况，公司现 定于 2024 年 09 月 18 日通过自行视频录制与网络文字问答相结合的形式召开 "2024 年半年度业绩说明会"，就投资者普遍关注的问题进行沟通。 证券代码：603711 证券简称：香飘飘 公告编号：2024-026 香飘飘食品股份有限公司 关于召开 2024 年半年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。 一、说明会类型 本次业绩说明会以自行视频录制与网络文字问答相结合的形式召开 ...

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

公司报告 | 半年报点评 产品渠道调整过渡，静待改革成效 公司公告：24H1 营业收入 11.79 亿元（同比+0.75%），归母净利-0.30 亿元 （减亏 0.15 亿元），扣非净利-0.43 亿元（减亏 0.37 亿元）。24Q2 收入 4.54 亿元（同比-7.54%），归母净利-0.55 亿元（同比+9.67%），扣非净利-0.63 亿元（同比-14.11%）。 即饮收入稳中有增，H1 华东核心市场表现稳健，电商渠道下滑明显。 ① 分 业 务 看 ， 24H1 冲 泡 / 即 饮 收 入 6.14/5.47 亿 元 ， 同 比 -2.13%/+3.83%，即饮收入占比同比+1.5pct 至 47.1%。24Q2 冲泡/ 即饮同比-23%/-0.4%，即饮占比同比+5.6pct。 ② 分区域看，24H1 华东/西南/华中/西北 4.37/1.67/1.7/0.95 亿元，同 比+4.7%/-2.7%/+5.6%/-1.5%，Q2 同比+2.4%/-6.8%/-6.1%/-8.1%。核 心市场相对稳固，H1 净增经销商 244 家（华东+97 家、西南+30 家、华中+44 家）。 ③ 分渠道看，24Q ...

公 司 研 究 2024 年 08 月 29 日 公司点评 买入/维持 香飘飘(603711) 目标价: 18.75 昨收盘:10.74 香飘飘：Q2 业绩承压，积极调整再出发 | --- | --- | --- | --- | |-------|--------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------ ...

华 发 集 团 旗 下 企 | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------|--------------------|-----------------------------------------------|------------------------------------------| | 2024 年 09 月 01 日 \n香飘飘（ 603711.SH ） \n经营调整蓄势，期待战略见效 \n 事件：公司发布 2024 年半年度报告。根据公告， 2024H1 公司实现营业收入 11.79 | 投资评级 \n股价 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [1]. Core Views - The company is facing pressure on its performance in the first half of 2024, with a revenue of 1.18 billion yuan, a year-on-year increase of 0.8%, and a net profit attributable to shareholders of -30 million yuan, a reduction in losses of 14.54 million yuan compared to the previous year [1]. - The company is adjusting its strategic focus, prioritizing its brewing business over ready-to-drink products, aiming to regain its position in the milk tea market [2]. - The company plans to launch new products in the second half of 2024, upgrading its tea powder to fresh leaf brewing, targeting first and second-tier cities [2]. Summary by Sections Financial Performance - In the first half of 2024, the brewing segment generated revenue of 614 million yuan, down 2.1% year-on-year, while the ready-to-drink segment achieved revenue of 547 million yuan, up 3.8% year-on-year [1]. - The company's revenue from the distribution channel reached 1.02 billion yuan, a year-on-year increase of 2.9%, driven by an increase in the number of distributors [1]. - The company's gross margin improved to 30.6% in the first half of 2024, up 2.7 percentage points year-on-year, mainly due to a decrease in raw material costs [1][4]. Revenue Forecasts - The company's revenue is projected to grow from 3.801 billion yuan in 2024 to 4.648 billion yuan in 2026, with corresponding growth rates of 4.85% and 10.07% [3][4]. - The net profit attributable to shareholders is expected to increase from 316 million yuan in 2024 to 434 million yuan in 2026, with growth rates of 12.57% and 18.65% respectively [3][4]. Strategic Adjustments - The company is restructuring its sales teams to focus on cities with higher growth potential for ready-to-drink products and is transitioning its brewing team to a "full-category team" [2]. - The Meco fruit tea brand will be positioned as a convenient and fashionable alternative outside tea shops, with increased brand investment planned for 2024 [2].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The report highlights that the company achieved a revenue of 1.179 billion yuan in the first half of 2024, representing a year-over-year increase of 0.75%. However, the net profit attributable to the parent company was a loss of 29.5 million yuan [4][5] - The report indicates that the company's gross margin improved by 2.69 percentage points to 30.58% due to a decrease in raw material procurement costs and transportation expenses, leading to a gross profit increase of 10.47% year-over-year [4][5] - The company is focusing on product repositioning and exploring new channels and scenarios to drive growth, particularly in the instant tea market [5][7] Summary by Sections Financial Performance - In the first half of 2024, the company reported a revenue of 1.179 billion yuan, with a gross margin of 30.58%, and a net loss of 29.5 million yuan, which is an improvement from a loss of 44.04 million yuan in the same period last year [4][5] - For Q2 2024, the company recorded a revenue of 454 million yuan, a year-over-year decline of 7.54%, with a gross margin increase of 2.13 percentage points [4][5] Product Segmentation - The company’s revenue from instant products grew by 3.83% year-over-year, while the revenue from brewed products declined by 2.13% [5] - The company has implemented a "Four Modernizations" strategy focusing on health, youth branding, product scenarioization, and daily consumption to revitalize its tea products [5] Market Channels - In the first half of 2024, the company generated 1.017 billion yuan from distribution channels, 40 million yuan from direct sales, 94 million yuan from e-commerce, and 10 million yuan from exports [7] - The company has expanded its presence in snack retail channels and restaurant channels, achieving significant growth in these areas [7] Financial Forecast - The company is projected to achieve revenues of 3.906 billion yuan, 4.439 billion yuan, and 5.013 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 337 million yuan, 403 million yuan, and 496 million yuan [6][9] - The report suggests a reasonable valuation range of 13.12 to 16.40 yuan per share based on a PE ratio of 16-20 times for 2024E [7][9]