香飘飘（603711）2023 年报&2024 年一季报点评 | --- | --- | --- | --- | --- | --- | |-------|--------|--------------------|-------------|-------------|----------------------| | | 张鑫 | 高级销售经理 | 15981953220 | 15981953220 | zhxin@swsc.com.cn | | | 王一菲 | 销售经理 | 18040060359 | 18040060359 | wyf@swsc.com.cn | | | 王宇飞 | 销售经理 | 18500981866 | 18500981866 | wangyuf@swsc.com | | | 路漫天 | 销售经理 | 18610741553 | 18610741553 | lmtyf@swsc.com.cn | | | 马冰竹 | 销售经理 | 13126590325 | 13126590325 | mbz@swsc.com.cn | | | 郑龑 | 广深销售负责人 | 18825189744 ...

香飘飘食品股份有限公司 投资者关系活动记录表 R特定对象调研 £分析师会议 投资者关系活 £媒体采访 £业绩说明会 动类别 □新闻发布会 £现场参观 □路演活动 □其他 形式 R现场 £网上 R电话会议 参与单位名称 汇安基金 、富国基金、大成基金、华夏基金 、大家资产、财 通证券、兴业证券、中信保诚基金、博道基金、鹏华基金、银华基 金、兴业基金、南方基金、同犇投资、中信建投证券、中国国际金融 、中国银河证券、浙商证券、中信证券、新华基金 、 广 发 基金、光大保德信基金、海富通基金、中邮创业基金、泓德基金、博 时基金 、新疆前海联合基金、招商基金 、嘉实基金、长安基 金、华安基金、工银瑞信基金、富安达基金、中欧基金、天弘基金、 景顺长城基金、建信基金、万家基金、交银施罗德基金、摩根基金、 永赢基金、国投瑞银基金 、天治基金、长盛基金、国寿安保基金 、国新国证基金、鹏扬基金、国联安基金、东方基金、华富基 金、西部利得基金、农银汇理基金、中加基金、 中 信 建 投 基 金 、鑫元基金 、诺安基金、合煦智远基金、华宝基金、建信 养老金、上海复星高科技、敦和资产 、惠通基金、安中投资、青岛 鸿竹资产、原泽私募基金、 ...

2024 年 04 月 22 日 香飘飘(603711) 目标价: 21.53 昨收盘:16.98 | --- | --- | --- | --- | |-------|----------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

2020年度,我们公司坚持双轮驱动的战略,以修复与创新为主基调,以培育第二正常曲线为主要目标,积极优化资源配置。 探索建立相对应的组织管理团队和运营发展模式,在努力实现原有业务修复增长的同时,充分挖掘新频率的发展机会。2023年,公司实现营收36.25亿元,总比增长15.9%,实现归入净利润。 2.8亿元同比增长31.04%其中我们重磅产品营收实现26.86亿元同比增长9.37%我们基因产品直线营收9.011亿元同比增长41.16%2025年第一季度公司直线营业收入7.25亿元同比增长6.76%实现规模净利润2521万元同比增长3.31倍 过去的一年里,在通报业务方面,公司持续推进产品创新,推出茹仙、燕麦奶茶等健康升级产品,获得良好的市场反馈,同时在销售旺季加强网瘾的品牌下的传播,积极推进渠道下层,实现了通报业务的修复增长。 基因业务方面,公司围绕咪咕果茶、南方人豆泥茶两款核心产品,深挖产品的价值,借助品牌营销与多元化的传播手段,提升产品性能,助力产品度销,建立了独立的基因销售团队,持续提升基因绝大领主能力,实现了基因业务的较快速增长。 展望未来,公司将继续坚持双人驱动战略,推动中化产品的健康升级,打造基底业 ...

有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 冲泡业务回归稳健，即饮引领二次成长 核心观点 ⚫ 核心业绩：公司近期发布 2023 年年报和 2024 年一季报。23 年实现营业收入 36.3 亿元（yoy+15.9%）；实现归母净利润 2.8 亿元（yoy+31%）。24Q1 实现营业收入 7.2 亿元（yoy+6.8%）；实现归母净利润 0.3 亿元（yoy+331.3%）。 ⚫ 冲泡稳固根基，即饮引领增长。分产品，2023 年公司冲泡类、即饮类分别实现收入 26.86 亿元（yoy+9.4%）、9.01 亿元（yoy+41.2%）。1）冲泡： 24Q1 公司冲泡 春节旺季表现良好。2012 年至 2023 年，香飘飘连续 12 年杯装冲泡奶茶市场份额 保持第一。公司的冲泡奶茶健康化升级+加速渗透下沉市场，预计 24-26 年仍将回归 稳健增长。2）即饮：兰芳园冻柠茶自 2023 年 2 月起逐步推进上市铺货工作。2023 年在广东、北京、上海、江苏、浙江等地区取得良好的销售反馈，正式上市首年实 现税前销售收入超 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 17.66 yuan [14][15]. Core Insights - The company achieved a revenue of 3.625 billion yuan and a net profit attributable to shareholders of 280 million yuan in 2023, representing a year-on-year growth of 15.90% and 31.04% respectively [14]. - The company’s revenue for Q4 2023 was 1.647 billion yuan, with a net profit of 277 million yuan, showing a year-on-year increase of 3.06% in revenue but a decline of 4.20% in net profit [14]. - In Q1 2024, the company reported a revenue of 725 million yuan, a year-on-year increase of 6.76%, and a net profit of 25.21 million yuan, marking a significant turnaround with a growth of 331.26% [14]. - The company’s dividend payout ratio increased to 51.29% in 2023, up from 30.73% in 2022 [14]. Revenue Breakdown - The company’s instant drink products saw a revenue increase of 41.16% in 2023, with Q4 2023 and Q1 2024 revenues of 1.59 billion yuan and 2.34 billion yuan respectively, reflecting year-on-year growth of 60.09% and 10.12% [14]. - The revenue from the brewing category for 2023 was 2.686 billion yuan, with a year-on-year growth of 9.37% [14]. - The company has established a national sales network covering major cities and counties, with a total of 1,332 distributors by the end of 2023, an increase of 273 distributors [14]. Financial Performance - The gross profit margin for the company in 2023 was 37.53%, an increase of 3.73 percentage points year-on-year [14]. - The sales and management expense ratios were 23.73% and 6.28% respectively, with sales expenses increasing due to higher advertising and market promotion costs [14]. - The net profit margin for 2023 was 7.73%, reflecting an increase of 0.89 percentage points year-on-year [14]. Future Projections - The company is expected to achieve net profit growth of 21.9%, 23.3%, and 17.8% for the years 2024, 2025, and 2026 respectively, with projected net profits of 342 million yuan, 421 million yuan, and 496 million yuan [14]. - The current price-to-earnings (P/E) ratios for the next three years are projected to be 21, 17, and 15 respectively [14].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][17]. Core Views - The company has shown a steady recovery in its core brewing segment and a significant growth in its ready-to-drink segment, indicating a dual-driven strategy for profitability improvement [6][17]. - The company reported a revenue of 3.625 billion yuan in 2023, a year-on-year increase of 15.90%, and a net profit attributable to shareholders of 280 million yuan, up 31.04% year-on-year [2][6]. - The first quarter of 2024 saw revenues of 725 million yuan, a year-on-year increase of 6.76%, with a remarkable net profit growth of 331.26% [2][6]. Financial Performance - In 2023, the brewing and ready-to-drink segments generated revenues of 2.686 billion yuan and 901 million yuan, respectively, with year-on-year growth rates of 9.37% and 41.16% [6][8]. - The gross profit margin for 2023 was 37.53%, an increase of 3.73 percentage points year-on-year, with significant improvements in both brewing and ready-to-drink segments [8][9]. - The company’s net profit margin for 2023 was 7.73%, reflecting a year-on-year increase of 0.89 percentage points [8][9]. Future Projections - Revenue projections for 2024-2026 are estimated at 4.249 billion yuan, 4.722 billion yuan, and 5.216 billion yuan, with growth rates of 17%, 11%, and 10% respectively [9][19]. - The expected earnings per share (EPS) for 2024-2026 are 0.87 yuan, 1.12 yuan, and 1.28 yuan, with corresponding price-to-earnings (P/E) ratios of 20, 16, and 14 [9][19]. Strategic Developments - The company has enhanced its management capabilities by hiring over 600 professionals in the ready-to-drink segment and increasing the number of distributors significantly [17][19]. - The company is focusing on a dual-driven strategy in the tea and beverage markets, aiming for sustainable and stable growth [17][19].

| --- | --- | --- | --- | --- | |---------------------------------------|--------|--------|-------------------------|--------| | ＄ 会计年度 zycwzb\| 主要财务指标＄ | 2023 | 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | | | 3625 4238 4758 5317 | | | 同比增长 | 15.90% | 16.90% | 12.28% | 11.74% | | 归母净利润 ( 百万元 ) | | | 280 341 409 481 | | | 同比增长 | 31.04% | 21.81% | 19.65% | 17.82% | | 毛利率 | 37.53% | 38.37% | 38.87% | 39.11% | | ROE | 8.37% | 9.79% | 10.78% | 11.65% | | 每股收益 ( 元 ) | | | 0.68 0.83 0.99 1.17 | | | 市盈率 | | | 25.88 21 ...

[Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |---------------------------------------------------------------|-------------| | 股票数据 | | | 04 [ Table_StockInfo 月 18 日收盘价（元） ] | 17.66 | | 52 周股价波动（元） | 10.42-23.70 | | 总股本 / 流通 A 股（百万股） | 411/411 | | 总市值 / 流通市值（百万元） | 6942/6942 | | 相关研究 | | | [Table_ReportInfo] 《盈利能力持续修复，即饮产品继续保持靓丽 | | | 增长》 2023.10.25 | | | 《收入快速成长，期待未来冻柠茶成长放量》 | | | 2023.08.23 《 23 年一季度收入表现亮眼，期待即饮产品 | | | 表现》 2023.04.21 市场表现 | | | --- | --- | --- | --- | |--------------------------|-------| ...

公司研究 ——香飘飘（603711.SH）2023 年年报及 2024 年一季报点评 敬请参阅最后一页特别声明 -1- 证券研究报告 即饮业务加速成长，冲泡业务产品与渠道结构改善。2023 年香飘飘通过产品创 新和渠道优化实现了业务的稳健增长。即饮业务方面，23 年公司成立了独立的 销售团队，经过一年的磨合，团队已基本稳定。Meco 进一步丰富产品线，推出 "竹香青梅"、"东魁杨梅"等新口味。兰芳园冻柠茶自 23 年 2 月起在部分重 点城市的线下渠道陆续铺货，在广东、北京、上海、江苏等地取得了较好的反馈， 截至 23 年 9 月底冻柠茶终端网点数达 13 万家左右。冲泡业务方面，23 年公司 持续推进冲泡产品的年轻化和健康化，推出的"如鲜"燕麦奶茶和"鲜咖主义" 燕麦拿铁等产品经过初步试销，收获较佳市场反馈；公司亦推出了"CC 柠檬液" "动力速递电解质浓缩液""红糖参姜茶"等浓缩液系列的泛冲泡产品，线上试 销反馈效果较好。 盈利预测、估值与评级：考虑到即饮新品推广阶段费用投放较大，我们下调公司 24-25 年归母净利润预测分别至 3.43/4.06 亿元（较前期预测分别下调 6.9%/14.6%），新增 ...