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 ...

香飘飘食品股份有限公司 非经营性资金占用及其他关联资金 往来情况的专项报告 您可使用手机"扫一扫"或进入"之 香飘飘食品股份有限公司全体股东: 我们审计了香飘飘食品股份有限公司(以下简称"香飘飘公 司")2023年度的财务报表,包括 2023年12月 31日的合并及母公司 资产负债表、2023 年度合并及母公司利润表、合并及母公司现金流 量表、合并及母公司所有者权益变动表和相关财务报表附注,并于 2024 年 4 月 17 日出具了报告号为信会师报字[2024]第 ZF10315 号的 无保留意见审计报告。 香飘飘公司管理层根据中国证券监督管理委员会《上市公司监管 指引第 8 号 -- 上市公司资金往来、对外担保的监管要求》(证监会 公告(2022)26号)和《上海证券交易所上市公司自律监管指南第 2 号 -- 业务办理》的相关规定编制了后附的 2023 年度非经营性资金 占用及其他关联资金往来情况汇总表(以下简称"汇总表")。 编制汇总表并确保其真实、准确、完整是香飘飘公司管理层的责 任。我们将汇总表所载信息与我们审计香飘飘公司 2023 年度财务报 表时所审核的会计资料及已审计财务报表中披露的相关内容进行 ...

Financial Performance - The company's operating revenue for 2023 reached ¥3,625,135,804.42, representing a 15.90% increase compared to ¥3,127,819,635.30 in 2022 [23]. - The net profit attributable to shareholders for 2023 was ¥280,294,649.73, a 31.04% increase from ¥213,894,643.89 in 2022 [23]. - The basic earnings per share for 2023 was ¥0.68, reflecting a 30.77% increase from ¥0.52 in 2022 [24]. - The total assets at the end of 2023 amounted to ¥5,235,443,834.76, a 3.80% increase from ¥5,043,950,727.28 at the end of 2022 [23]. - The net cash flow from operating activities for 2023 was ¥383,440,424.12, a decrease of 51.20% compared to ¥785,685,163.59 in 2022 [23]. - The weighted average return on equity for 2023 was 8.67%, an increase of 1.66 percentage points from 7.01% in 2022 [24]. - The net profit after deducting non-recurring gains and losses for 2023 was ¥231,060,952.31, up 32.76% from ¥174,043,809.80 in 2022 [23]. - The company's net assets attributable to shareholders at the end of 2023 were ¥3,349,392,231.51, a 7.29% increase from ¥3,121,800,722.70 at the end of 2022 [23]. - The company received government subsidies amounting to ¥52,031,978.76 in 2023, compared to ¥43,048,866.42 in 2022 [27]. Business Operations - The company has confirmed that there are no non-operating fund occupations by controlling shareholders or related parties [9]. - The company has not violated decision-making procedures for external guarantees [9]. - The company has outlined its future development strategies and potential risks in the report [8]. - The company has established a national sales network covering major cities and counties, with a total of 1,531 distributors as of the end of the reporting period [65]. - The company has four production bases located in Zhejiang, Sichuan, Tianjin, and Guangdong, ensuring stable supply and quick market response [60]. - The company implemented a "sales-driven production" model to minimize inventory levels, resulting in a significant reduction in stock for brewing products [76]. - The company has adopted advanced UHT sterilization technology to enhance product quality and safety, achieving a shelf life of 9-12 months without preservatives [68]. - The company has established a management system for information disclosure, ensuring fair and timely communication with all shareholders [152]. Product Development and Innovation - The company emphasizes the importance of food safety and quality management, adhering to international standards such as HACCP and ISO9001 [14]. - The company launched innovative products such as "Ru Xian" handmade oat milk tea and "Xian Ka Yi Shi" handmade oat latte coffee, which received positive consumer feedback [35]. - The company expanded its Meco fruit tea product line by adding two new flavors to meet consumer demand for variety [56]. - The company launched several new products, including "CC Lemon Liquid" and "Power Express Electrolyte Concentrate," to explore opportunities in the "pan-brewing" sector [60]. - The company is focusing on health-oriented products, with increasing consumer demand for "sugar-free" and "low-sugar" options [102]. - The company has strengthened its new product development management, focusing on market trend research and product concept design to enhance R&D efficiency [87]. Marketing and Sales Strategy - The company actively engaged in brand marketing through new media platforms, achieving top rankings for its products on platforms like Douyin [43]. - The company emphasized the "warm" branding of its products through targeted media campaigns, enhancing brand recognition and consumer engagement [38]. - The company collaborated with Hunan TV's popular shows to enhance brand exposure and reach young consumers effectively [47]. - The company plans to enhance its digital marketing efforts, aiming for a 40% increase in online sales channels [162]. - The company plans to continue expanding its online sales strategy to enhance consumer interaction and product testing [118]. Governance and Compliance - The company received a standard unqualified audit report from Lixin Certified Public Accountants [6]. - The board of directors and supervisory board members have all attended the board meeting, ensuring accountability for the report's accuracy [5]. - The company has established a strict quality control system and has obtained multiple certifications to ensure product safety and quality [144]. - The company revised its governance documents in accordance with the latest regulations, enhancing its governance structure [153]. - The company has maintained a high attendance rate at board meetings, with all directors present at the required meetings [170]. Human Resources and Management - The company has a total of 3,930 employees, with 2,081 in the parent company and 1,849 in major subsidiaries [181]. - The company has implemented a comprehensive training program for employees, including internal and external training sessions [184]. - The company emphasizes a mixed compensation strategy based on position, ability, performance, and market level to enhance competitiveness [182]. - The total remuneration for the board members and senior management during the reporting period amounted to 580.60 million yuan [157]. - The company has conducted two meetings of the Compensation and Assessment Committee to review and approve the compensation plans for directors and senior management [178]. Future Outlook - Future outlook indicates a projected revenue growth of 15% for the next fiscal year, driven by new product launches and market expansion strategies [162]. - The company plans to continue expanding its market presence and product offerings in response to growing consumer demand [75]. - The company will focus on cost control and budget management to improve operational efficiency and reduce resource waste [143]. - The company will continue to explore new growth opportunities in the instant beverage market, including expanding its distribution network and enhancing sales channels [141].

香飘飘食品股份有限公司 章 程 1 目 录 第一章 总则 第二章 经营宗旨和范围 第三章 股份 第四章 股东和股东大会 第五章 董事会 第六章 总经理及其他高级管理人员 第七章 监事会 第八章 财务会计制度、利润分配和审计 2 第一节 股份发行 第二节 股份增减和回购 第三节 股份转让 第一节 股东 第二节 股东大会的一般规定 第三节 股东大会的召集 第四节 股东大会的提案与通知 第五节 股东大会的召开 第六节 股东大会的表决和决议 第一节 董事 第二节 董事会 第一节 监事 第二节 监事会 第九章 通知与公告 第十章 合并、分立、增资、减资、解散和清算 3 第一节 财务会计制度 第二节 内部审计 第三节 会计师事务所的聘任 第一节 通知 第二节 公告 第一节 合并、分立、增资和减资 第二节 解散和清算 第十一章 修改章程 第十二章 附则 香飘飘食品股份有限公司章程 第一章 总则 第一条 为维护公司、股东和债权人的合法权益，规范公司的组织和行为，根 据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证 券法》（以下简称"《证券法》"）和其他有关规定，制订本章程。 第二条 香飘飘食品股份有限 ...

证券代码：603711 证券简称：香飘飘 公告编号：2024-016 香飘飘食品股份有限公司 关于召开 2023 年年度股东大会的通知 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： 一、 召开会议的基本情况 (一) 股东大会类型和届次 网络投票起止时间：自 2024 年 5 月 22 日 至 2024 年 5 月 22 日 2023 年年度股东大会 召开的日期时间：2024 年 5 月 22 日 15 点 30 分 召开地点：浙江省杭州市拱墅区杭州新天地商务中心 4 幢西楼 13 楼 (五) 网络投票的系统、起止日期和投票时间。 股东大会召开日期：2024年5月22日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东大会网络投票系统 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大 ...