Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at 18.80 CNY, down from a previous forecast of 27.70 CNY [7][9]. Core Views - The company is experiencing short-term pressure on revenue and profitability, prompting adjustments in store expansion speed and optimization of product pricing structures and channel models, with expectations for stabilization and recovery [7][9]. - The company reported a revenue of 8.046 billion CNY in 2023, a year-on-year decrease of 14.76%, with a net profit attributable to shareholders of 1.80 billion CNY, down 46.26% year-on-year [7][9]. - The competitive landscape is intensifying, and pricing adjustments are impacting short-term profitability, with expectations for gradual recovery as the company enhances supply chain efficiency and consumer communication [7][9]. Financial Summary - The company’s revenue is projected to increase to 8.589 billion CNY in 2024, with a further rise to 9.707 billion CNY in 2025 [13]. - The net profit is expected to recover to 197 million CNY in 2024 and 247 million CNY in 2025, reflecting a growth trajectory [13]. - Key financial metrics include a projected net profit margin of 2.2% in 2024 and 2.5% in 2025, with a return on equity (ROE) of 7.7% in 2024 and 9.2% in 2025 [13][9]. Market Performance - The company’s stock has shown a significant decline, with a 52-week price range of 13.46 to 33.31 CNY, indicating volatility in market performance [7][9]. - The report highlights a need for the company to adapt to changing consumer demands and competitive pressures, with a focus on enhancing product quality and value perception [7][9].

Investment Rating - The investment rating for the company is "Buy" and is maintained [25]. Core Insights - The company reported a revenue of 8.05 billion yuan in 2023, a year-on-year decline of 14.76%, and a net profit attributable to shareholders of 180 million yuan, down 46.26% year-on-year. In Q4 2023, the revenue was 2.046 billion yuan, a decrease of 16.02% year-on-year, with a net profit of -11.019 million yuan. For Q1 2024, the revenue increased to 2.451 billion yuan, up 2.79% year-on-year, but the net profit decreased by 57.98% to 62.483 million yuan [2][24]. Financial Performance - In 2023, the company's net profit margin decreased by 1.31 percentage points to 2.24%, while the gross profit margin increased by 0.18 percentage points to 27.75%. In Q4 2023, the net profit margin fell by 2.51 percentage points to -0.54%, with a gross profit margin decline of 0.43 percentage points to 25.43%. The expense ratio increased by 2.63 percentage points to 26.87% [24]. - For Q1 2024, the net profit margin decreased by 3.69 percentage points to 2.55%, and the gross profit margin fell by 2.74 percentage points to 26.43%. The expense ratio decreased by 0.11 percentage points to 22.35% [24]. Sales Performance - In 2023, the company's revenue from different sales models showed a decline in e-commerce and franchise sales, while direct retail and group purchase revenues increased. The e-commerce revenue decreased by 32.58%, while direct retail revenue grew by 21.69% [31]. - In Q1 2024, the e-commerce revenue returned to positive growth with an increase of 6.65%, while franchise sales declined by 16%. Direct retail revenue grew by 10.16%, and group purchase revenue surged by 57.32% [31]. Market Dynamics - The snack industry is experiencing intensified competition due to channel transformations and the entry of more small brands as consumer demand gradually recovers. This could impact product demand and sales concentration across channels [27]. - The company is expected to improve its profitability as it continues to expand its offline presence and diversify its online channels, despite facing short-term pressures from price adjustments [32].

2024 年 05 月 05 日 良品铺子(603719.SH) 转型调整在途，静待成效释放 | --- | --- | --- | --- | |------------|-------------|-------|--------| | | | | | | 资料来源： | Wind 资讯 | | | | 升幅 % | 1M | 3M | 12M | | 相对收益 | -11.4 | -17.8 | -44.6 | | 绝对收益 | -9.5 | -6.7 | -55.1 | | | 赵国防 | | 分析师 | SAC 执业证书编号：S1450521120008 级势能向上 公司快报/良品铺子 投资建议： 本报告版权属于国投证券股份有限公司，各项声明请参见报告尾页。 3 公司评级体系 事件： 23Q4 公司营收同比-16.02%，24Q1 营收同比+2.79%，预计与春节备货 周期波动相关。2023 年公司营收同比-14.76%，主因电商受行业及平 台变化的影响，营收同比-32.58%。线下业务方面，公司实施精细化 开发管理，优化门店结构，科学把握门店规模，全年门店净增 67 家 至 3293 家，其中加大 ...

请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 程丽丽，金融学硕士，毕业于厦门大学王亚南经济研究院，3 年食品饮料研究经验。覆盖休闲食品和连锁 业态（深度研究绝味食品、周黑鸭、煌上煌、洽洽食品、盐津铺子、甘源食品、劲仔食品等），深度研究 零食量贩业态。 王雪骄，康奈尔大学管理学硕士，华盛顿大学经济学+国际关系双学士，覆盖啤酒（深度研究华润啤酒、 青岛啤酒、重庆啤酒）、水、饮料行业。 分析师声明 本报告是基于信达证券认为可靠的已公开信息编制，但信达证券不保证所载信息的准确性和完整性。本报告所载的意见、评估及预 测仅为本报告最初出具日的观点和判断，本报告所指的证券或投资标的的价格、价值及投资收入可能会出现不同程度的波动，涉及 证券或投资标的的历史表现不应作为日后表现的保证。在不同时期，或因使用不同假设和标准，采用不同观点和分析方法，致使信 达证券发出与本报告所载意见、评估及预测不一致的研究报告，对此信达证券可不发出特别通知。 | --- | --- | --- | |-------------------------------------------------------- ...

证券简称：良品铺子 证券代码：603719 良品铺子股份有限公司 投资者关系活动记录表 编号：2024-002 特定对象调研 □分析师会议 投资者 □媒体采访 □业绩说明会 关系 □新闻发布会 □路演活动 活动类别 □现场参观 □一对一沟通 ☑电话会议 参与单位 60家机构77名参与人员（详见附件《与会人员清单》） 及人员 时间 2024年4月30日 董事长兼总经理杨银芬；副总经理、董事会秘书兼财务负责人徐 接待人员 然等 投资者关系活动主要内容 公司就经营情况、主要经营举措等内容做了介绍。 主要互动问答部分 1、公司在线下门店的经营举措 ...

业绩承压，静待改善 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|--------------------------------------------------------------------------|---------------------------|----- ...

Investment Rating - The report maintains a "Buy" rating for the company [7][13]. Core Views - The company reported a decline in revenue and net profit for 2023, with total revenue of 8.046 billion yuan, down 14.76% year-on-year, and a net profit of 180 million yuan, down 46.26% year-on-year [4]. - The first quarter of 2024 showed signs of recovery with a revenue increase of 2.79% year-on-year, reaching 2.451 billion yuan, although net profit decreased by 57.98% year-on-year [4][12]. - The company is undergoing product structure adjustments which have impacted gross margins, but there are expectations for improved profitability in 2024 due to online channel reforms and enhanced management [5][13]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 8.046 billion yuan, with a net profit of 180 million yuan and a significant drop in net profit margin to 2.24% [4][5]. - For Q4 2023, revenue was 2.046 billion yuan, with a net loss of 11 million yuan [4]. - Q1 2024 saw revenue of 2.451 billion yuan, with a net profit of 62 million yuan, indicating a recovery from the previous quarter [4][12]. Profitability Metrics - The gross margin for 2023 was 27.75%, with a decline in Q4 to 25.43% and a slight recovery to 26.43% in Q1 2024 [5]. - The net profit margin for Q1 2024 was 2.55%, showing a recovery from a negative margin in Q4 2023 [5]. Revenue Breakdown - In Q1 2024, online revenue was 1.286 billion yuan, up 6.65% year-on-year, while offline revenue was 1.459 billion yuan, up 0.28% year-on-year [12]. - The company faced challenges in its offline business, with a net decrease of 140 stores in Q1 2024 [12]. Future Outlook - The company has adjusted its profit forecasts for 2024 and 2025, now expecting net profits of 287 million yuan and 317 million yuan respectively, reflecting a downward revision of 25.58% and 26.53% [13]. - The report emphasizes that ongoing adjustments in the business model are expected to benefit long-term growth, maintaining a "Buy" rating [13].

证券研究报告 ＃industryId＃ 休闲零食 ＃investSuggestion＃ | --- | --- | |----------------------------|-----------| | | | | ＃市场数据 marketData ＃ | | | 日期 | 2024-4-26 | | 收盘价（元） | 14.71 | | 总股本（百万股） | 401.00 | | 流通股本（百万股） | 401.00 | | 净资产（百万元） | 2,553.77 | | 总资产（百万元） | 4,833.03 | | 每股净资产（元） | 6.37 | ＃relatedReport＃ ＃分析师： emailAuthor＃ 林佳雯 linjiawen95@xyzq.com.cn S0190522070009 公 司 研 究 ＃ investSug gestionCh ange＃ 维持 ） 汪润 投资要点 ＃⚫summary 事件：＃公司公告 2023 年年报及 2024 年一季报，2023 年公司实现收入/归母净利润/扣非归母净利润 80.46/1.80/0.65 亿元，同比-14.76%/-46.26% ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [21] Core Views - The company reported a revenue of 8.05 billion yuan in 2023, a year-on-year decrease of 14.8%, and a net profit attributable to shareholders of 180 million yuan, down 46.3% year-on-year. In Q1 2024, revenue rebounded to 2.45 billion yuan, up 2.8% year-on-year, while net profit attributable to shareholders was 60 million yuan, down 58.0% year-on-year. The decline in 2023 was primarily due to a significant drop in e-commerce revenue as traffic shifted to content e-commerce platforms. However, Q1 2024 saw rapid growth in group buying business due to channel expansion and marketing efforts during the New Year festival, leading to a recovery in revenue growth. Despite this, profit margins were pressured due to price reductions [23][24]. Financial Summary - The company's revenue is projected to recover to 8.575 billion yuan in 2024, with a year-on-year growth of 6.6%. The net profit attributable to shareholders is expected to be 186 million yuan, reflecting a slight increase of 3.4% [25]. - The company's gross margin is forecasted to be 26.5% in 2024, with a net margin of 2.2% [25]. - Earnings per share (EPS) are projected to be 0.46 yuan in 2024, with corresponding price-to-earnings (P/E) ratios of 31.6, 26.7, and 22.8 for 2024, 2025, and 2026 respectively [23][25]. Business Performance - The company has optimized its multi-channel layout, enhancing e-commerce, direct retail, and group buying operations. E-commerce revenue grew by 6.7% to 1.29 billion yuan in Q1 2024, while direct retail revenue increased by 10.2% to 640 million yuan. The group buying business saw a significant increase of 57.3% to 180 million yuan during the same period [24].

Investment Rating - The report maintains a "Buy" rating for the company [9][12]. Core Insights - The company is experiencing short-term pressure on profits due to brand repositioning and pricing adjustments, but the new brand strategy "Natural Healthy New Snacks" is expected to revitalize growth in the long term [9][12]. - Revenue for 2023 and Q1 2024 showed a decline, primarily due to changes in the market and a decrease in online channel revenue, with total revenues of 8.046 billion, 0.8046 billion, and 0.2451 billion respectively, reflecting year-on-year changes of -15%, -16%, and +3% [9][12]. - The company is focusing on product stratification and expanding group purchasing channels, which are anticipated to drive stable growth in performance [11][12]. Financial Summary - The company's total revenue for 2023 is projected at 8,046 million, with a growth rate of -14.8%, and is expected to recover to 9,107 million in 2024 with a growth rate of 13.2% [21]. - The net profit for 2023 is estimated at 180 million, with a significant decline of -46.3%, but is projected to increase to 199 million in 2024, reflecting a growth rate of 10.5% [21]. - The diluted earnings per share (EPS) are forecasted to be 0.45 yuan for 2023, increasing to 0.50 yuan in 2024, and further to 0.59 yuan and 0.69 yuan in 2025 and 2026 respectively [21].