证券研究报告·公司点评报告·饮料乳品 香飘飘（603711） 2024 年半年报点评：主业阶段承压，即饮蓄 势待发 2024 年 08 月 29 日 增持（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 3128 | 3625 | 3822 | 4189 | 4576 | | 同比（ % ） | (9.76) | 15.90 | 5.42 | 9.62 | 9.22 | | 归母净利润（百万元） | 213.90 | 280.30 | 305.51 | 356.20 | 408.52 | | 同比（ % ） | (3.89) | 31.04 | 9.00 | 16.59 | 14.69 | | EPS- 最新摊薄（元 / 股） | 0.52 | 0.68 | 0.7 ...

香飘飘（603711.SH）2024 年中报点评 短期业绩承压，静待改革成效 2024 年 08 月 28 日 [盈利预测与财务指标 Table_Forcast] ➢ 事件：公司发布 2024 年中报，2024H1 实现营收 11.79 亿元，同比+0.75%； 实现归母净利润-0.30 亿元，同比减亏 0.15 亿元；经测算，公司 24Q2 实现营收 4.54 亿元，同比-7.54%；实现归母净利润-0.55 亿元，同比亏损增加 0.05 亿元。 ➢ 即饮产品稳健增长，冲泡类产品略承压。分产品看，2024 上半年，冲泡类 产品/即饮类产品营收分别为 6.14/5.47 亿元，收入分别同比-2.13%/+3.83%。 冲泡产品方面，2024 年上半年，公司持续推动对奶茶产品的创新升级，推进技 术升级，丰富产品储备。即饮方面，2024 年上半年，公司在原有"桃桃红柚" "泰式青柠""樱桃莓莓""红石榴白葡萄""荔枝百香""芒果芭乐" 等主要 口味的基础上，进一步丰富产品线，增加了"夏杏金萱"季节限定新口味，以满 足消费者对多样化口味的追求。同时，上半年，原冲泡团队优化调整为"全品类 团队"，充分发挥协同作用；即 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Views - The company's performance in H1 2024 showed a total revenue of 1.179 billion yuan, a year-on-year increase of 0.75%, with a net profit of -30 million yuan, an improvement from -44 million yuan in the same period last year [2][3] - The gross margin improved to 30.58% in H1 2024, up by 2.69 percentage points year-on-year, primarily due to a decrease in raw material costs and transportation expenses [2][3] - The company is focusing on new product positioning and has received positive feedback on its "handmade oat milk tea" trial, aiming to expand its consumer base [3][4] Summary by Sections Performance Overview - H1 2024 total revenue was 1.179 billion yuan, with a net profit of -30 million yuan, and a gross margin of 30.58% [2][3] - Q2 2024 revenue was 454 million yuan, a decrease of 7.54% year-on-year, with a net profit of -55 million yuan [2][3] Product Segmentation - Revenue from brewed products and ready-to-drink products in H1 2024 was 614 million yuan and 547 million yuan, respectively, with a year-on-year decrease of 2.13% for brewed products and an increase of 3.83% for ready-to-drink products [3][4] - The company is rebranding its Meco fresh fruit tea products and has launched seasonal limited editions, receiving positive market feedback [3][4] Channel Development - In H1 2024, revenue from various channels included 1.02 billion yuan from distribution, 90 million yuan from e-commerce, and 40 million yuan from direct sales, with a year-on-year increase of 3% for distribution [4] - The company has expanded its reach into snack wholesale channels and high-end restaurants, increasing its distributor count to 1,775 by the end of H1 2024 [4] Profit Forecast - The company has adjusted its EPS forecasts for 2024-2026 to 0.70, 0.80, and 0.92 yuan, respectively, maintaining a "Buy" rating [5][7]

上 市 公 司 证 券 研 究 报 告 食品饮料 2024 年 08 月 27 日 香飘飘 (603711) ——24Q2 表现承压 静待调整成效 | --- | --- | |-------------------------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 27 日 | | 收盘价（元） | 10.95 | | 一年内最高 / 最低（元） | 21.13/10.42 | | 市净率 | 1.3 3.20 | | 息率（分红/股价） | 4,498 | | 流通 A 股市值（百万元） 上证指数/深证成指 | 2,848.73/8,103.76 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |-------------------------------|------------------------| | | | | | | | 基础数据 : 2024 | 年 06 月 30 日 | | 每股净资产（元） | 7.77 | | | | | 资产负债率 % | ...

华福证券 原材料成本上涨风险，新产品推广不顺风险，食品安全问题等 香飘飘（603711.SH） 收入端略微承压，渠道调整完毕亟待启航 事件：香飘飘发布 2024 年上半年报告，公司 24H1 实现营业收入 11.79 亿 元，同比+0.75%，实现归属于母公司股东的净利润-0.30 亿元，同比+33.02%， 实现扣非归母净利润-0.43 亿元，同比+46.23%。根据中报，公司 24Q2 单 季度实现营收 4.54 亿元，同比-7.54%，归母净利润-0.55 亿元，同比-9.67%， 扣非归母净利润-0.63 万元，同比+14.11% 冲泡业务承压，饮料业务维持稳健 1） 24H1，公司实现冲泡业务收入 6.14 亿元，同比-2.13%；实现 即饮业务收入 5.47 亿元，同比+3.83%。公司上半年积极推动冲泡业务 健康化年轻化发展，并且对即饮产品定位重新梳理，Meco 如鲜果茶产 品以"杯装"定位为"茶饮店之外的第二选择"，新品"夏杏金萱" 亦市场反馈良好；兰芳园冻柠茶当前处于"0-1"的发展阶段，主打"健 康化"迎合消费的趋势，公司未来即饮业务成长性仍可期待。 2） 24Q2 单季度来看，公司实现冲 ...

2024 年半年度经营数据公告 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 年半年度主要经营数据（未经审计）公告如下： 一、 公司 2024 年上半年度主要经营情况 证券代码：603711 证券简称：香飘飘 公告编号：2024-025 香飘飘食品股份有限公司 合计 1,160,924,276.14 1,154,075,244.94 0.59 | | | | | | | | | 单位：元 | 币种：人民币 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 区域 | 2024 年 | 1-6 | 月 | 2023 年 1-6 | 月 | 增减变动幅度 | | | | 销售收入 | | | 销售收入 | | （%） | | | 华东 | 437,322,174.66 | | | 417,893,895.49 | | ...

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the first half of 2024, representing a year-on-year increase of 15%[7]. - The company's operating revenue for the first half of 2024 was ¥1,179,345,118.80, representing a 0.75% increase compared to ¥1,170,522,062.30 in the same period last year[10]. - The company reported a net profit attributable to shareholders of -29.5011 million yuan, reducing losses by 14.5414 million yuan compared to the same period last year[18]. - The total comprehensive income for the first half of 2024 was a loss of CNY 29,695,500.78, compared to a loss of CNY 44,356,028.71 in the first half of 2023[67]. - The company's total profit for the first half of 2024 was a loss of CNY 49,749,635.15, compared to a loss of CNY 77,328,116.43 in the same period of 2023[66]. Market Expansion and Product Development - User data indicates a growth in active customers to 5 million, a 20% increase compared to the previous year[7]. - The company plans to launch two new product lines in Q3 2024, focusing on health-oriented beverages[7]. - Market expansion efforts include entering three new provinces, aiming for a 10% increase in market share by the end of 2024[7]. - The company successfully introduced the Meco fruit tea product line, which quickly gained popularity due to its taste and health attributes, expanding its flavor offerings in 2024[13]. - The company is actively exploring the ready-to-drink beverage market, with successful products like "Lan Fang Yuan" frozen lemon tea, which received positive market feedback[13]. Research and Development - The company has allocated RMB 200 million for research and development of new technologies in beverage processing[7]. - R&D expenses increased by approximately 21.40% year-on-year, reflecting the company's commitment to innovation and product development[19]. - The company launched the "T/CIET 405-2024 General Requirements for Healthy Beverages" standard, which was officially implemented on April 22, 2024, enhancing product innovation capabilities and market competitiveness[14]. Financial Health and Cash Flow - The net cash flow from operating activities was -¥244,636,420.40, showing a reduction in cash outflow compared to -¥378,814,958.40 last year[10]. - The company's cash and cash equivalents were reported at CNY 2.05 billion, down from CNY 2.71 billion, reflecting a decline of 24.4%[61]. - The company's total assets decreased by 17.60% to ¥4,314,228,256.21 from ¥5,235,443,834.76 at the end of the previous year[10]. - The company's operating cash inflow for the first half of 2024 was CNY 1,368,359,885.32, an increase of 2.0% compared to CNY 1,331,518,022.38 in the same period of 2023[70]. Risk Management - The company has identified potential risks related to raw material price fluctuations and changing consumer preferences, which are detailed in the risk management section[7]. - The company faces risks related to product quality and safety control in the beverage manufacturing industry[32]. - The company acknowledges the increasing regulatory scrutiny in the food and beverage industry, which may lead to higher operational costs[33]. Environmental Compliance - All production bases comply with national environmental protection laws and standards, with no penalties incurred for environmental issues during the reporting period[39]. - The company’s wastewater discharge meets the secondary standards of the "Comprehensive Discharge Standard for Wastewater" (GB8978-1996) and other relevant local standards[39]. - The company has implemented advanced equipment and technology to reduce noise and improve environmental compliance[40]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 12,513[55]. - The largest shareholder, Jiang Jianqi, holds 50.44% of the shares, totaling 207,196,230 shares, with a decrease of 20,537,290 shares during the reporting period[55]. - The company did not propose any profit distribution or capital reserve increase for the first half of the year[36]. Corporate Governance - The company appointed a new financial director, Zou Yongjian, following the resignation of the previous director, Li Chaonan[35]. - The company has committed to enhancing its market competitiveness by closely monitoring consumer trends and expanding market reach[33]. Financial Reporting and Compliance - The financial statements are prepared in accordance with the accounting standards issued by the Ministry of Finance, ensuring compliance and accuracy[83]. - The company follows a 12-month operating cycle, aligning its accounting year from January 1 to December 31[87][88]. - The company emphasizes the importance principle in disclosing financial information, ensuring materiality is considered[85].

Investment Rating - The report initiates coverage on Xiang Piao Piao with a "Buy" rating [1] Core Views - Xiang Piao Piao is the leader in the instant cup milk tea market, holding over 60% market share for 12 consecutive years [1] - The company has adopted a dual-drive strategy of "instant + ready-to-drink" to mitigate seasonal fluctuations and diversify its product portfolio [1] - The ready-to-drink segment, particularly Meco fruit tea, has shown potential but faces challenges in scaling up [1][2] - The company has introduced new products like frozen lemon tea to enrich its ready-to-drink product matrix and expand its market reach [2] - The appointment of a new professional manager is expected to enhance the company's management capabilities [2] Business Performance and Strategy Instant Milk Tea - Xiang Piao Piao's instant milk tea revenue reached 2.69 billion yuan in 2023, accounting for the majority of its total revenue [1] - The company is focusing on product upgrades and channel penetration to drive growth in the instant milk tea segment [1] - New products like the "Ru Xian" series aim to cater to the health-conscious trend and create a second growth curve for the instant milk tea business [1] Ready-to-Drink Segment - The ready-to-drink segment generated 900 million yuan in revenue in 2023, with Meco fruit tea being the flagship product [1] - The company has established an independent sales team for the ready-to-drink segment to improve operational efficiency [2] - The ready-to-drink segment is expected to break even by 2026, with revenue projected to exceed 1.8 billion yuan [2] Market and Industry Analysis - The Chinese ready-to-drink tea market is valued at approximately 119 billion yuan in 2023, with a growth rate of 4.6% [83] - The market is transitioning towards healthier options, with low-sugar and sugar-free products gaining popularity [87] - The competitive landscape is dominated by established players like Master Kong and Uni-President, but new entrants are making inroads with innovative products [88] Management and Governance - The company has introduced a professional manager system, with Yang Dongyun appointed as the new general manager, bringing extensive experience in the FMCG sector [2][36] - The company's management structure is concentrated, with the founding family holding a significant stake, but the introduction of professional management is expected to improve governance [36] Financial Projections - The company's revenue is expected to grow from 3.63 billion yuan in 2023 to 5.32 billion yuan in 2026, with a compound annual growth rate (CAGR) of 13.56% [1] - Net profit attributable to shareholders is projected to increase from 280.3 million yuan in 2023 to 511.34 million yuan in 2026, with a CAGR of 21.68% [1] - The EPS is forecasted to rise from 0.68 yuan in 2023 to 1.24 yuan in 2026, with a P/E ratio decreasing from 17.42 to 9.55 over the same period [1]

各位投资者大家晚上好 我是开源食品的分析师陈中山今天晚上跟各位分享一下我们最近完成的一个公司首次覆盖报告香飘飘这家公司首先呢简单的跟各位介绍一下香飘飘这家公司的一个框架他们是一个冲泡奶茶品类的龙头企业 其实这个经过很多年的这个营销的这个深入人心的一个营销动作这个品牌在这个人们的心里其实是已经有比较强大的一个品牌的这种认知的那么经过多年的一个这个积累和这个产品的这个创新 其实我们在这个一七一八一九年的时候也看到他们推出了这种寄饮的果汁茶的那些这样子的产品那么在最近两年呢也推出了像这个蓝芳园的这种柠檬茶冻饮茶一些这样子的这种产品构建了一个这种丰富的产品矩阵那么在这个 内部组织架构上面从去年开始也进行了一个发力的组织架构的一个改革制定了新的双轮驱动的一个战略调整了整个公司的组织架构引入了新的职业经理人 那么在冲泡业务稳健增长的基础上经营业务有望给公司带来比较高的增长的潜力拉动公司整体的稳步的往上持续的增长 我们预计公司未来会保持一个15个点到20个点之间的一个稳步的一个收入增长那么首先给公司给各位投资者介绍一下公司一个整体的一个框架公司是以这个冲泡的冲泡奶茶业务为起家的其实已经很早从05年就在浙江胡州成立了那么 从 ...

第三方专家发言内容仅代表其个人观点所有信息或所表述的意见并不构成对任何人的投资建议未经开源证券事先书面许可任何机构或个人严禁录音、转发及相关解读涉嫌违反上述情的我们将保留一切法律权利感谢您的理解和支持谢谢 各位投资者大家晚上好我是开源食品的分析师陈中山今天晚上跟各位分享一下我们最近完成的一个公司首次覆盖报告香飘飘这一家公司 首先简单的跟各位介绍一下香飘飘这家公司的一个框架他们是一个冲泡奶茶品类的龙头企业其实经过很多年的深入人心的营销动作这个品牌在人们的心里其实是已经有比较强大的品牌认知的 那么经过多年的积累和产品的创新其实我们在17、18、19年的时候也看到他们推出了这种剂饮的果汁茶等等一些这样的产品那么在 最近两年也推出了像这个蓝房源的这种柠檬茶冻饮茶一些这样子的产品构建了一个这种丰富的产品矩阵那么在这个内部组织架构上面从去年开始也进行了一个发力的组织架构的一个改革制定了这个新的这个双轮驱动的一个这个战略 调整了整个公司的组织架构引入了新的职业经理人那么在冲泡业务稳健增长的基础上经营业务有望给公司带来比较高的增长的潜力拉动公司整体的稳步的往上持续的增长 我们预计公司未来会保持一个15个点到20点之间的一个稳 ...