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

Investment Rating - The report maintains an "Accumulate" rating for the company [5][12]. Core Views - The company reported a total revenue of 1.938 billion yuan and a net profit attributable to shareholders of 18 million yuan for the first three quarters of 2024, showing a year-on-year revenue decline of 2.05% but a significant net profit increase of 408.98% [2][7]. - The third quarter saw a total revenue of 759 million yuan, down 6.10% year-on-year, while the net profit attributable to shareholders decreased by 0.62% [2][7]. - The company's instant beverage segment is experiencing accelerated growth, with a revenue increase of 17.8% in Q3, while the brewing segment is under pressure with a revenue decline of 15% in Q3 [3][8]. Financial Performance Summary - For the first three quarters, the brewing business generated 1.11 billion yuan in revenue, down 8.27% year-on-year, while the instant beverage segment generated 801 million yuan, up 7.89% year-on-year [3][8]. - The gross margin for the first three quarters improved to 34.64%, up 2.40 percentage points year-on-year, with Q3 gross margin at 40.94%, also up 2.41 percentage points [4][9]. - The net profit margin for the first three quarters was 0.91%, up 0.74 percentage points year-on-year, with Q3 net profit margin at 6.22%, up 0.34 percentage points [4][9]. Earnings Forecast and Investment Suggestions - The report adjusts the earnings forecast for 2024-2026, expecting revenues of 3.605 billion, 4.047 billion, and 4.475 billion yuan, with corresponding net profits of 284 million, 341 million, and 389 million yuan [5][12]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 0.69, 0.83, and 0.95 yuan, respectively, with price-to-earnings (PE) ratios of 18.75, 15.61, and 13.69 [5][12].

简单就是套专领域然后跟公司领导提交一下咱们关于三级道的这个简单的这个小问题然后第二个就是咱们其实从这个单三级度去看的话我们经营的业务还是实现了一个接近20%的增长然后这个我不知道从这个具体的这次拆分来看咱们这个供应产和果茶大概的这个表现能不能请领导跟我们简单介绍一下好的 谢谢宫正先生 谢谢余总还有各位投资者对我们项目目标的关注跟支持 我们三季度的话饮料收入实现是2.54亿同比去年是增长将近18个百分点其中的话大家比较关心的果茶我们大概实现了1.96亿的销售收入同比去年增长了43%冻饮茶呢实现了4.4百万同比去年下降了33%当然这样一个情况那么果茶呢一到九月份累计实现是6.4个亿的销售收入同比去年增长20% 1到9月份的销售收入跟去年前年的这个收入基本上是接近这样的情况那么动云台呢1到9月份实现了1.2个亿的销售收入从比去年是下降10.64其他还有一些就是说我们的一些电力缆船呀一些其他的这种经营产品大概有个几千万的样子明白明白然后 就是我就这个果茶和冻饮茶这个情况可能你得来问一下首先消息一下咱们冻饮茶这块可能就是您刚刚也提到了不管是从这个基础的单位数据去看可能现在表现确实好像比我们之前预期要稍微弱一点我不知道这 ...

证券研究报告 | 公司点评 | 饮料乳品 香飘飘(603711) 报告日期:2024年11月05日 24Q3 业绩略有承压,期待后续改善 香飘飘 2024Q3 业绩点评报告 投资要点 0 2024Q3 公司业绩有所承压,收入和利润均有所下滑,由于公司业务调整期以及 需求较弱等影响,冲泡业务 24Q3 略有下滑,即饮业务保持增长,期待公司后续 改善以及旺季到来带来的冲泡业务的恢复。 0 24Q3 收入略有下滑,业绩符合预期 2024 年前三季度实现收入 19.38 亿元,同比下滑 2.05%;实现归母净利润 0.18 亿 元，同比增长 408.98%。 2024Q3 实现收入 7.59 亿元，同比下滑 6.10%；实现归母净利润 0.47 亿元，同比 下滑 0.62%;实现扣非净利润 0.37亿元,同比下滑 6.52%。 拆分来看,公司冲泡业务前三季度实现收入 11.10亿元,同比下滑 8.27%;即饮 类产品实现 8.01 亿元,同比增长 7.89%;24Q3 冲泡业务实现收入 4.96 亿元,同 比下滑 14.88%，即饮业务实现 2.54 亿元，同比增长 17.82%。 □ 毛利率略有增长,净利率有所提升 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's performance in the first three quarters of 2024 met expectations, with a total revenue of 1.938 billion yuan, a year-on-year decrease of 2.05%, and a net profit attributable to shareholders of 18 million yuan, a year-on-year increase of 408.98% [2] - The core business of instant products is under pressure, while ready-to-drink products are steadily growing. The revenue from the instant business in Q3 2024 was 496 million yuan, down 14.9% year-on-year, while ready-to-drink products achieved revenue of 254 million yuan, up 17.8% year-on-year [2][3] - The company is focusing on product innovation and channel expansion, particularly in the ready-to-drink segment, with expectations for improved performance in the peak season of Q4 [3] Summary by Sections Financial Performance - For Q3 2024, the company reported a net profit margin of 6.22%, an increase of 0.34 percentage points year-on-year, primarily due to an increase in gross margin [3] - The gross margin for Q3 2024 was 40.94%, up 2.41 percentage points year-on-year, attributed to a decrease in raw material costs [3] Revenue Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 has been adjusted to 293 million, 337 million, and 385 million yuan respectively, with year-on-year growth rates of 5%, 15%, and 14% [4] - The corresponding price-to-earnings (P/E) ratios are projected to be 18, 16, and 14 times for the years 2024, 2025, and 2026 respectively [4] Market Data - The closing price of the company's stock is 12.97 yuan, with a market capitalization of approximately 5.33 billion yuan [5][6] - The company has a price-to-book (P/B) ratio of 1.64 and a debt-to-asset ratio of 33.67% [6]

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

Investment Rating - The report maintains a "Buy" rating for the company, with a current price of 12.97 CNY and a target price not specified for the next six months [1]. Core Insights - The company reported a revenue of 1.94 billion CNY for the first three quarters of 2024, a decrease of 2% year-on-year, with a net profit attributable to shareholders of 20 million CNY [2]. - In Q3 2024, the revenue was 760 million CNY, down 6.1% year-on-year, while the net profit was 50 million CNY, a slight decline of 0.6% [2]. - The company is focusing on health-oriented new products and has seen significant growth in fruit tea, with Q3 revenue increasing by over 40% [2]. - The gross margin for the first three quarters of 2024 was 34.6%, an increase of 2.4 percentage points year-on-year, attributed to lower raw material costs and ongoing cost reduction efforts [3]. - The net profit margin in Q3 2024 was 6.2%, up 0.3 percentage points year-on-year [3]. - The company has expanded its stock option incentive program, granting 2.66 million stock options to 16 core employees, reflecting management's confidence in future growth [3]. Financial Summary - The company forecasts net profits of 310 million CNY, 370 million CNY, and 430 million CNY for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.75 CNY, 0.89 CNY, and 1.05 CNY [1][4]. - The projected dynamic PE ratios for 2024, 2025, and 2026 are 17x, 15x, and 12x respectively [1]. - The total market capitalization is 5.327 billion CNY, with total assets amounting to 4.893 billion CNY and a net asset value per share of 7.90 CNY [1].

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a revenue of 1.94 billion yuan for the first three quarters of 2024, a decrease of 2% year-on-year, while the net profit attributable to the parent company was 20 million yuan, an increase of 409% year-on-year [1] - The ready-to-drink segment showed a revenue increase of 7.9% year-on-year, primarily driven by growth in the Meco fruit tea brand [1] - The company is focusing on product innovation and channel expansion, with new product launches aimed at attracting younger consumers [1] Revenue and Profitability - For Q3 2024, the company achieved a revenue of 760 million yuan, down 6.1% year-on-year, with a net profit of 50 million yuan, a decrease of 0.6% year-on-year [1] - The gross margin for the first three quarters of 2024 was 34.6%, an increase of 2.4 percentage points year-on-year, attributed to cost reduction and stable raw material prices [1] - The company’s net profit margin for the first three quarters of 2024 was 0.9%, up 0.74 percentage points year-on-year [1] Segment Performance - The brewing segment generated 1.11 billion yuan in revenue for the first three quarters of 2024, down 8.3% year-on-year, mainly due to a cautious inventory approach from distributors [1] - The ready-to-drink segment's revenue for the first three quarters was 801 million yuan, with significant growth in specific channels such as campus and family packaging [1] - The company’s core markets, including East China, Southwest, and Central China, reported revenues of 800 million, 250 million, and 285 million yuan respectively, with East China showing a stable growth of 4.4% year-on-year [1] Future Outlook - The company is expected to enter a peak season for brewing products in Q4 2024, with anticipation of increased distributor stocking ahead of the early Chinese New Year in 2025 [1] - The company has introduced two new products aimed at health-conscious and younger demographics, which are expected to enhance revenue potential [1] - The forecast for the company's net profit for 2024 has been adjusted to 286 million yuan, reflecting a 9.5% downward revision from previous estimates [1][2]

证 2024 年 11 月 02 日 公 司 研 究 报 | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company has experienced a decline in its brewing business, but the upcoming winter brewing season is expected to reverse this trend, leading to a significant profit contribution in Q4 [1] - For the first three quarters of 2024, the company achieved a revenue of 1.94 billion yuan, a year-on-year decrease of 2.0%, while the net profit attributable to the parent company was 18 million yuan, a year-on-year increase of 409.0% [1] - The forecast for net profit attributable to the parent company for 2024-2026 is 330 million, 400 million, and 490 million yuan, representing year-on-year growth of 19.0%, 20.9%, and 22.0% respectively [1] Revenue Analysis - In Q3 2024, the company's revenue decreased by 6.1%, with the brewing segment generating 500 million yuan, down 14.9% year-on-year, due to weak external demand [2] - The ready-to-drink segment saw revenue growth of 17.8%, reaching 250 million yuan, driven by steady growth in products like Meco fruit juice tea and frozen lemon tea [2] - The company added a net of 76 distributors in Q3, with significant increases in the East China and Central China regions [2] Profitability Metrics - The gross margin for Q3 2024 was 40.9%, an increase of 2.4 percentage points year-on-year, attributed to a decrease in raw material and freight costs [3] - The selling expense ratio increased by 0.2 percentage points year-on-year, while the management expense ratio rose by 1.0 percentage points, mainly due to stock incentive costs [3] - The net profit margin for Q3 2024 improved by 0.3 percentage points year-on-year, despite a slight decline in net profit [3] Financial Forecasts - The company is projected to achieve revenues of 4.262 billion, 4.920 billion, and 5.674 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 17.6%, 15.4%, and 15.3% [4] - The net profit attributable to the parent company is expected to grow from 334 million yuan in 2024 to 403 million yuan in 2025 and 492 million yuan in 2026, with corresponding growth rates of 19.0%, 20.9%, and 22.0% [4] - The company's price-to-earnings ratio is projected to decrease from 16.0 in 2024 to 10.8 in 2026, indicating improving valuation metrics [4]