Investment Rating - The investment rating for the company is "Accumulate - A" with a target price of 25.73 CNY for the next six months [30]. Core Views - The company reported a revenue of 359.5 million CNY in 2023, representing a year-on-year increase of 16.49%, and a net profit of 56.4 million CNY, up 10.52% year-on-year [1][21]. - The company is expected to achieve revenues of 430 million CNY, 530 million CNY, and 634.8 million CNY for the years 2024, 2025, and 2026 respectively, with net profits projected at 70 million CNY, 90 million CNY, and 116.4 million CNY [21][23]. - The company has seen significant recovery in the restaurant channel, with a year-on-year growth of 40%, and continues to expand its market presence [20][21]. Financial Performance - In Q4 2023, the company achieved a revenue of 94 million CNY, a year-on-year increase of 24.11%, and a net profit of 15 million CNY, up 54.90% year-on-year [1]. - The gross profit margin for 2023 was 38.8%, a decrease of 0.6 percentage points compared to the previous year, primarily due to changes in product mix and new product impacts [29]. - The company has maintained a stable profitability with a net profit margin of 15.7% for 2023, down 0.8 percentage points year-on-year [29]. Product and Channel Analysis - Revenue from sauce seasonings, powder seasonings, and food additives in 2023 was 270 million CNY, 90 million CNY, and 3 million CNY respectively, with year-on-year growth rates of 16.3%, 18.3%, and a decline of 26.9% [8]. - The company has expanded its distribution network, adding 9 new distributors, bringing the total to 109 [8]. - The company is focusing on developing ready-to-eat products suitable for the restaurant sector, aiming to establish a second growth curve [21].

我们认为复合调味品行业景气度较高，随着消费逐渐复苏，公司收入有望重回较高增长，同时随着成本逐渐下降，叠加规 模效应，毛利率有望逐渐提升。结合公司各项业务的历史数据，我们作出如下假设： 本报告所载的资料、意见及推测仅反映本公司于发布本报告当日的判断，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 会波动。在不同时期，本公司可发出与本报告所载资料、意见及推测不一致的报告。 市场有风险，投资需谨慎。本报告所载的信息、材料及结论只提供特定客户作参考，不构成投资建议，也没有考虑到个别客户特殊的 投资目标、财务状况或需要。客户应考虑本报告中的任何意见或建议是否符合其特定状况。在法律许可的情况下，海通证券及其所属 关联机构可能会持有报告中提到的公司所发行的证券并进行交易，还可能为这些公司提供投资银行服务或其他服务。 本报告仅向特定客户传送，未经海通证券研究所书面授权，本研究报告的任何部分均不得以任何方式制作任何形式的拷贝、复印件或 复制品，或再次分发给任何其他人，或以任何侵犯本公司版权的其他方式使用。所有本报告中使用的商标、服务标记及标记均为本公 司的商标、服务标记及标记。如欲引用或转载本文内容，务必联络海通证券研究 ...

证券代码：603755 证券简称：日辰股份 公告编号：2024-023 青岛日辰食品股份有限公司 关于部分募集资金专户销户的公告 2021 年 4 月 2 日，公司召开第二届董事会第十二次会议和第二届监事会第 一、募集资金基本情况 经中国证券监督管理委员会《关于核准青岛日辰食品股份有限公司首次公开 发行股票的批复》（证监许可[2019]1434 号）的核准，青岛日辰食品股份有限公 司（以下简称"日辰股份"或"公司"）在上海证券交易所向社会公众发行人民 币普通股（A 股）2,466 万股，发行价格为每股 15.70 元。募集资金总额 387,162,000.00 元，扣除发行费用后，募集资金净额为 342,660,630.87 元，已由 主承销商广发证券股份有限公司于 2019 年 8 月 21 日汇入公司募集资金监管账户。 上述资金到位情况经中兴华会计师事务所（特殊普通合伙）验证，并由其出具中 兴华验字（2019）第 030017 号《验资报告》。 二、募集资金管理情况 为了规范募集资金的管理和使用，保护投资者权益，公司按照《中华人民共 和国公司法》《中华人民共和国证券法》《上海证券交易所股票上市规则》及《上 ...

证券代码：603755 证券简称：日辰股份 公告编号：2024-024 青岛日辰食品股份有限公司 关于股份回购进展情况的公告 公司于 2024 年 2 月 7 日召开了第三届董事会第十四次会议，审议通过了《关 于以集中竞价方式回购公司股份的议案》，同意公司使用不低于人民币 3,000 万元 （含）、不超过人民币 6,000 万元（含）的自有资金以集中竞价交易方式、不超过 人民币 28.00 元/股（含）的价格回购公司股份，回购股份将按照有关规定用于出 售，回购期限为自公司董事会审议通过本次回购方案之日起 3 个月内。具体内容 详见公司于 2024 年 2 月 8 日在上海证券交易所网站（www.sse.com.cn）披露的《青 岛日辰食品股份有限公司关于以集中竞价交易方式回购股份暨落实"提质增效重 回报"行动方案的公告》（公告编号：2024-006）。 二、 回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，现将公司回购股份的进展情况公告如下： 截至 2024 年 3 月 31 日止，公司通过上海证券交易所交易系统以集中竞价交 易方式累计回 ...

| --- | --- | --- | --- | --- | --- | |-----------------------------|---------|--------|--------|--------|--------| | 财务数据和估值 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | 308.58 | 359.47 | 448.74 | 556.17 | 685.10 | | 增长率 (%) | (8.84) | 16.49 | 24.83 | 23.94 | 23.18 | | EBITDA( 百万元 ) | 79.16 | 89.46 | 111.04 | 142.67 | 176.94 | | 归属母公司净利润 ( 百万元 ) | 51.06 | 56.43 | 73.84 | 93.99 | 118.31 | | 增长率 (%) | (37.19) | 10.52 | 30.85 | 27.30 | 25.87 | | EPS( 元 / 股 ) | 0.52 | 0.57 | 0.75 | 0.95 | 1.20 | | ...

华福证券 t the last to the state of the state of the seems of the seems of the seems of the seems of the seems of the seems of the seems of the seems of the seems of the seems and t 日辰股份（603755.SH） Q4 公司业绩高增，拓新品、新客构筑增长弹性 事件：23 年公司实现营收 3.59 亿元，同比增长 16.49%；实现归母净利润 5643 万元，同比增长 10.52%；实现扣非归母净利润 5244 万元，同比增长 22.99%。 其中，23Q4 公司实现营收 9356 万元，同比增长 24.11%；实现归母净利润 1484 万元，同比增长 54.9%；扣非归母净利润 1369 万元，同比增长 63.85%。 主业在低基数下展现增长弹性，其中餐渠延续快增，食品加工继续改善。 分产品看，23Q4 公司酱汁类调味料/粉体类调味料/食品添加剂收入同比分别 +17.97%/+44.01%/+55.27%；新品方面，全年公司酱汁类复调新增 ...

Investment Rating - The report maintains a "Buy" investment rating for the company, with projected EPS for 2024-2026 being 0.75, 0.98, and 1.23 CNY respectively, corresponding to PE ratios of 28, 21, and 17 times [36]. Core Views - The company has shown a strong performance with total revenue of 359 million CNY in 2023, reflecting a 16% increase, and a net profit of 56 million CNY, which is an 11% increase. The fourth quarter saw a significant revenue increase of 24% year-on-year [36]. - The company is focusing on expanding its production capacity to meet market demand, particularly in the condiment sector, where revenue from sauce products reached 267 million CNY, up 16% [36]. - The report highlights the company's strategy of optimizing product structure and expanding customer base, particularly in the restaurant sector, which is expected to support profit margin growth in the medium to long term [36]. Financial Summary - The company's main revenue is projected to grow from 359 million CNY in 2023 to 711 million CNY by 2026, with growth rates of 16.5%, 30.3%, 25.4%, and 21.0% for the respective years [27]. - The net profit is expected to increase from 56 million CNY in 2023 to 122 million CNY in 2026, with growth rates of 10.5%, 31.2%, 30.6%, and 26.0% [27]. - The report indicates a stable gross margin of approximately 38.76% for 2023, with expectations for stability in the future as the company prioritizes scale expansion [36].

Financial Performance - The company's operating revenue for 2023 was CNY 359,466,577.42, representing a year-on-year increase of 16.49% compared to CNY 308,575,935.83 in 2022[24]. - The net profit attributable to shareholders for 2023 was CNY 56,430,642.18, reflecting a 10.52% increase from CNY 51,060,481.04 in 2022[24]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 52,441,951.46, which is a 22.99% increase from CNY 42,640,597.14 in 2022[24]. - The cash flow from operating activities for 2023 was CNY 69,944,020.35, up 28.76% from CNY 54,319,740.03 in 2022[24]. - The basic earnings per share for 2023 was CNY 0.57, a 9.62% increase from CNY 0.52 in 2022[25]. - The diluted earnings per share for 2023 was also CNY 0.57, maintaining the same growth rate of 9.62% compared to 2022[25]. - The weighted average return on equity for 2023 was 8.07%, an increase of 0.46 percentage points from 7.61% in 2022[25]. - The total assets at the end of 2023 were CNY 962,300,554.68, which is a 4.39% increase from CNY 921,840,766.28 at the end of 2022[24]. - The company achieved a revenue of CNY 359.47 million in 2023, representing a year-on-year growth of 16.49%[66]. - The net profit attributable to shareholders was CNY 56.43 million, reflecting a year-on-year increase of 10.52%[66]. Profit Distribution - The company distributed a cash dividend of RMB 0.25 per share, totaling RMB 24,653,420.25, which represents 43.69% of the net profit attributable to shareholders for the year 2023[5]. - The company plans not to distribute profits or increase capital reserves at the end of 2023[5]. - The company has a cash dividend policy that mandates a minimum distribution of 10% of the annual distributable profit and at least 30% over any three consecutive years[163]. - The cash dividend distribution is subject to conditions such as positive distributable profits and sufficient cash flow[163]. - The company’s cash dividend policy allows for a minimum of 80% cash distribution during mature stages without major capital expenditures[163]. - The company distributed a cash dividend of CNY 0.20 per share for the 2022 fiscal year, totaling CNY 19,722,736.20, which represents 38.63% of the net profit attributable to shareholders[164]. - For the first three quarters of 2023, the company approved a cash dividend of CNY 0.25 per share, amounting to CNY 24,653,420.25, accounting for 43.69% of the net profit attributable to shareholders[164]. Risk Management - There are no significant risks that could materially affect the company's operations during the reporting period[7]. - The company has not experienced any non-operational fund occupation by controlling shareholders or related parties[7]. - The company has not violated decision-making procedures for external guarantees[7]. - The company has detailed various risks and countermeasures in the management discussion and analysis section of the report[7]. - The company faces risks from raw material price fluctuations, which could impact gross and net profit margins if prices cannot be adjusted timely[120]. - Food safety risks are a concern, as any quality control failures could severely damage the company's reputation and sales[121]. Corporate Governance - The company received a standard unqualified audit report from Zhongxinghua Accounting Firm[8]. - The company has ensured the authenticity, accuracy, and completeness of the annual report content[8]. - The board of directors has clear responsibilities and actively participates in meetings, ensuring the protection of shareholders' rights[129]. - The supervisory board also fulfills its duties diligently, overseeing the legality and compliance of the company's financial practices[130]. - The company has established a comprehensive information disclosure management system, ensuring timely and accurate communication with shareholders[131]. - The company emphasizes the importance of investor relations management through various channels, including online communication and investor meetings[131]. - The company is committed to enhancing governance and compliance training for directors and senior management to ensure sustainable development[131]. - The supervisory board strictly follows legal procedures for the election of supervisors, maintaining oversight of the company's operations[130]. - The company respects the rights of stakeholders, aiming for a balance of interests among shareholders, employees, and society[131]. Market and Product Development - The company reported a significant recovery in social dining demand, with restaurant revenue growing by 20.4% year-on-year in 2023[33]. - The company faced challenges from rising costs in the food manufacturing industry, although some pressures have eased in 2023[33]. - The company sold over 2,100 products during the reporting period, with more than 50% of sales coming from products developed in the last three years[35]. - The company launched over 400 new sauce products, 190 new powder products, and 27 new retail products during the reporting period[35]. - The company is actively exploring new customer channels and strengthening partnerships with well-known restaurant chains to increase market share[38]. - The company is committed to enhancing its brand differentiation and innovation capabilities to meet growing consumer demands[37]. - The compound seasoning market in China is in a rapid growth phase, with significant potential for future expansion as market penetration remains low compared to developed countries[45]. - The company focuses on the R&D, production, and sales of compound seasonings, primarily serving the food processing and catering industries with over 1,000 product varieties[49]. - The company has established a strong market position as one of the earliest specialized producers of compound seasonings in China, benefiting from first-mover advantages and a solid reputation among major clients[48]. - The company has developed a flexible production management system, allowing for personalized seasoning solutions tailored to customer needs[52]. - The company has a diverse product range, including sauce seasonings, powder seasonings, and food additives, catering to both food processing enterprises and home cooking[55][57][58]. - The company has successfully expanded its brand "Wei Zhi Wu Yu" into retail markets, enhancing consumer access to safe, healthy, and delicious food options[48]. - The company has established long-term partnerships with major clients, including well-known chain restaurants and food processing companies, which has contributed to its increasing market share[60]. - The company utilizes a direct sales model, leveraging its supply chain advantages to provide comprehensive solutions, including product development and technical support[53]. - The company has identified the growing demand for pre-prepared dishes in the catering and food processing sectors, driving innovation in product development[47]. - The company has a strong focus on food safety and innovation, responding to consumer preferences for safe and tasty compound seasonings[47]. - The company is actively enhancing its market presence through new customer acquisition and channel expansion, leading to increased brand awareness and market penetration[48]. Research and Development - The company invested CNY 12.51 million in R&D expenses, which is an increase of 8.77% year-on-year[68]. - The number of R&D personnel is 57, accounting for 14.07% of the total workforce, with a focus on maintaining technological and product innovation[81]. - There are ongoing research and development efforts aimed at introducing innovative technologies in the upcoming fiscal year[140]. - The company plans to continue investing in R&D for compound seasonings, prepared dishes, and baking premixes, ensuring technological advancement and competitiveness[115]. Environmental and Social Responsibility - The company invested 724.2 million yuan in environmental protection during the reporting period[174]. - The company produced approximately 30-80 tons of wastewater daily, with a treatment capacity of 300 tons per day[174]. - The company reduced carbon emissions by 435 tons through various energy-saving measures[176]. - The company achieved a wastewater CODcr concentration of 70 mg/L, meeting municipal discharge standards[176]. - The company actively participates in public welfare activities, including donations and support for local construction[180]. - The company donated 50,000 yuan to support the "2023 Yangtze School Cup" summer talent competition for middle and primary school students in Jimo District, Qingdao[186]. - The company participated in ecological initiatives, including a tree-planting activity in the eastern mountainous area of Jimo, promoting ecological civilization[186]. Internal Control and Compliance - The internal control system has been effective, with no significant deficiencies reported during the period[171]. - The company received a standard unqualified opinion on its internal control audit from the accounting firm Zhongxinghua[171]. - The company has established a complete governance structure and internal control system in compliance with regulations[171]. - The company has not faced any penalties from securities regulatory authorities in the past three years[145]. - The company has not encountered any non-operating fund occupation by controlling shareholders or related parties during the reporting period[191]. - There were no significant accounting errors or changes in accounting policies that affected the financial statements[195]. Future Outlook - The company aims to leverage its expertise in flavor development and industrial production to meet the growing needs of the restaurant industry as it continues to standardize and expand[104]. - The company is focusing on developing differentiated seasoning products tailored for the pre-prepared dish market to enhance flavor and meet consumer demands[111]. - The company aims to become a leading player in the compound seasoning industry driven by digitalization, focusing on cost reduction and efficiency enhancement[112]. - In 2024, the company plans to strengthen its marketing network by enhancing the domestic marketing headquarters and regional marketing centers, aiming to expand sales scale and market share[114]. - The management team highlighted plans for market expansion and new product development to drive future growth[140]. - The company has set ambitious performance guidance for the next year, aiming for a revenue increase of at least 10%[140]. - Strategic acquisitions are being considered to bolster market presence and diversify product offerings[140]. - The management emphasized the importance of operational efficiency improvements to sustain profit margins[140]. - The company is committed to enhancing its digital transformation initiatives to better serve its customers[140]. - Future outlook remains positive, with expectations of continued growth in key markets and segments[140].

青岛日辰食品股份有限公司 2024 年 3 月 29 日 董事会关于独立董事独立性自查情况的专项意见 青岛日辰食品股份有限公司董事会 根据中国证券监督管理委员会《上市公司独立董事管理办法》《上海证券交易 所上市公司自律监管指引第 1 号——规范运作》等要求，青岛日辰食品股份有限公 司（以下简称"公司"）董事会结合独立董事出具的《青岛日辰食品股份有限公司 独立董事关于独立性自查情况的报告》，就公司在任独立董事的独立性情况进行评 估，出具如下专项意见： 公司独立董事符合《上市公司独立董事管理办法》《上海证券交易所上市公司 自律监管指引第 1 号——规范运作》等法律法规及《青岛日辰食品股份有限公司章 程》中关于独立董事的任职资格及独立性的要求，不存在任何妨碍其进行独立客观 判断的关系，不存在影响独立董事独立性的情况。 ...

证券代码：603755 证券简称：日辰股份 公告编号：2024-022 青岛日辰食品股份有限公司 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 2023 年年度股东大会 (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 召开的日期时间：2024 年 4 月 19 日 14 点 00 分 召开地点：青岛市即墨区即发龙山路 20 号公司二楼会议室 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 股东大会召开日期：2024年4月19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 本次股东大会审议议案及投票股东类型 1、各议案已披露的时间和披露媒体 网络投票起止时间：自 2024 年 4 月 19 日 至 2024 年 4 月 19 日 采用上海证券交易所网 ...