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]

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 08 月 28 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：10.74 元 香 飘 飘（603711）食品饮料 目标价：——元（6 个月） 利润端短期亏损，期待渠道调整成效 [Table_Summary 事件：公司发布] 2024年半年报，上半年实现营业收入 11.8亿元，同比增长 0.8%； 实现归母净利润-0.3 亿元，同比减亏 0.15 亿元。其中 24Q2 实现营业收入 4.5 亿元，同比下滑 7.5%；实现归母净利润-0.55 亿元。 冲泡淡季控节奏，重新定义即饮产品。1、分品类看，2024H1 冲泡、即饮分别 实现收入 6.1亿元（-2.1%）、5.5亿元（+3.8%）。1）冲泡方面，二季度为销售 淡季，公司主要保证渠道及终端健康库存，销售节奏放缓。公司持续推动对奶 茶产品的创新升级，推出手作燕麦奶茶"0 添加"等健康化产品。2）即饮方面， 重新规划产品发展路径，将 Meco 如鲜果茶产品重新定义为"茶饮店之外的第 二选择"，体现差异化的产品特点；继续培育兰芳园冻柠茶产品，重新定义为"健 康的冰爽饮料"。2、分渠道看，2024 ...

隐证券 食品饮料/饮料乳品 公 司 研 究 香飘飘（603711.SH） 2024 年 08 月 29 日 组织变革双轮渠道，产品渠道布局旺季 ——公司信息更新报告 投资评级：增持（维持） 张宇光（分析师） 陈钟山（分析师） zhangyuguang@kysec.cn 证书编号：S0790520030003 chenzhongshan@kysec.cn 证书编号：S0790524040001 | --- | --- | |-------------------------|-------------| | 日期 | 2024/8/28 | | 当前股价 ( 元 ) | 10.74 | | 一年最高最低 ( 元 ) | 21.13/10.42 | | 总市值 ( 亿元 ) | 44.11 | | 流通市值 ( 亿元 ) | 44.11 | | 总股本 ( 亿股 ) | 4.11 | | 流通股本 ( 亿股 ) | 4.11 | | 近 3 个月换手率 (%) | 30.34 | 收入略低于预期，布局下半年旺季，维持"增持"评级 公司发布 2024 半年报，实现营业收入 11.79 亿元，同比增长 0.75%，归 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's total revenue for the first half of 2024 is 1.179 billion yuan, a year-on-year increase of 0.75%, while the net profit attributable to the parent company is -30 million yuan, a year-on-year increase of 33.02% [2] - The revenue from the brewing business in Q2 2024 is 129 million yuan, a year-on-year decrease of 23%, primarily due to increased inventory digestion and commercial discounts during the off-season [2] - The ready-to-drink business revenue is 313 million yuan, remaining stable year-on-year, with Meco fruit tea achieving over 10% growth [2] - The gross margin has improved due to a decrease in raw material procurement costs and freight, with Q2 2024 gross margin at 25.7%, up 2.1 percentage points year-on-year [2] - The net profit margin for Q2 2024 decreased by 1.9 percentage points to -12%, mainly due to reduced government subsidies [2] Financial Forecasts - The forecast for net profit attributable to the parent company for 2024-2026 has been adjusted to 306 million, 356 million, and 409 million yuan, respectively, with year-on-year growth rates of 9%, 17%, and 15% [3] - The corresponding P/E ratios for 2024-2026 are projected to be 14, 12, and 11 times [3] Revenue and Profitability - Total revenue for 2023 is projected at 3.625 billion yuan, with a year-on-year growth rate of 15.90% [9] - The net profit for 2023 is projected at 280 million yuan, with a year-on-year growth rate of 31.04% [9] - The gross margin is expected to improve from 37.53% in 2023 to 41.52% in 2026 [10] Market Data - The closing price of the stock is 10.74 yuan, with a market capitalization of 4.411 billion yuan [5] - The price-to-book ratio is 1.38 [5]

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 % | ...