证券代码：603866 证券简称：桃李面包 公告编号：2024-053 桃李面包股份有限公司 2024 年第一次临时股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 611 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 991,361,063 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份 | 61.9709 | | 总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，采取现场投票和网络投票相结合的方式召 开，公司董事长因公未能出席本次会议，由半数以上董事共同推举董事盛龙主持。 (一) 股东大会召开的时间：2024 年 8 月 28 日 (二) 股东大会召开的地点：沈阳桃李面包有限公司会议室，沈阳市沈河区青 年大街 1-1 号沈阳市府恒隆广场办公楼 1 座 4005-4 ...

Investment Rating - The report assigns a rating of "Accumulate" for the company, indicating a potential increase in stock price relative to the market index [1]. Core Views - The company reported a revenue of 3.021 billion yuan for the first half of 2024, reflecting a year-on-year decline of 5.79% [1]. - The net profit attributable to the parent company, excluding non-recurring items, was 278 million yuan, a decrease of 1.19% year-on-year [1]. - The report highlights a significant recovery in profitability during the second quarter, with net profit showing an upward trend [1]. - The company is expected to launch new products in the second half of the year, which may help reverse the sales decline [1]. - The report notes that the sales pressure is primarily due to weakened product strength, channel penetration, and macro consumption capacity [1]. Financial Performance Summary - The company achieved a revenue of 6.522 billion yuan in 2024E, with a projected growth rate of -3.50% [3]. - The net profit for 2024E is estimated at 651 million yuan, reflecting a growth rate of 13.38% [3]. - The earnings per share (EPS) for 2024E is projected to be 0.41 yuan, with corresponding price-to-earnings (P/E) ratios of 13.32 times [2][3]. - The gross margin is expected to improve to 24.35% in 2024E, compared to 22.79% in 2023A [7]. Cash Flow and Investment - The operating cash flow for 2024E is projected to be 877 million yuan, showing an increase from 811 million yuan in 2023A [5]. - The company is expected to have capital expenditures of 429 million yuan in 2024E, down from 860 million yuan in 2023A [5]. - The net increase in cash for 2024E is forecasted to be 60 million yuan, a recovery from a decrease of 115 million yuan in 2023A [5]. Balance Sheet Overview - Total assets are projected to reach 7.508 billion yuan in 2024E, up from 7.048 billion yuan in 2023A [4]. - The company's total liabilities are expected to increase to 2.264 billion yuan in 2024E, compared to 1.960 billion yuan in 2023A [4]. - The equity attributable to shareholders is forecasted to be 5.244 billion yuan in 2024E, reflecting a slight increase from 5.087 billion yuan in 2023A [4].

证券代码：603866 证券简称：桃李面包 公告编号：2024-052 桃李面包股份有限公司 关于 2024 年度"提质增效重回报"行动方案的公告 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。 为深入贯彻落实国务院《关于进一步提高上市公司质量的意见》要求，积极 响应上海证券交易所《关于开展沪市公司"提质增效重回报"专项行动的倡议》， 推动公司实现高质量发展，切实保障和维护投资者合法权益，桃李面包股份有限 公司（简称"公司"）制定了 2024 年度"提质增效重回报"行动方案，具体方 案如下： 一、聚焦主营业务，提升公司经营质量 现金分红作为实现投资回报的重要形式，是尊重和保护投资者权益的重要体 现。持续稳定、科学合理的分红机制对于公司价值认可、质量提升以及资本市场 稳定健康发展具有重要意义。2023 年度，公司向全体股东每 10 股派发现金红利 1.80 元（含税），共计派发现金红利 287,949,447.90 元（含税），占合并报表 中归属于母公司股东净利润的 50.16%。 基于对公司长远发展信心、良好的财务状况及股东利 ...

Investment Rating - The report maintains a "Hold" rating for Taoli Bread (603866) with a target price of —— yuan for the next 6 months [1] Core Views - Revenue pressure persists, but profitability improved in Q2 2024 [1] - The company achieved revenue of 3.02 billion yuan in H1 2024, a year-on-year decrease of 5.8%, and net profit attributable to shareholders of 290 million yuan, down 0.6% year-on-year [1] - In Q2 2024, revenue was 1.62 billion yuan, down 6.3% year-on-year, while net profit attributable to shareholders increased by 14.2% year-on-year to 170 million yuan [1] Revenue Breakdown - Bread products contributed 2.99 billion yuan in H1 2024, down 5.4% year-on-year [1] - Regional revenue performance: North China (700 million yuan, -6.7%), Northeast China (1.15 billion yuan, -12.3%), East China (990 million yuan, -3.4%), Central China (100 million yuan, -2.9%), Southwest China (370 million yuan, +0.2%), Northwest China (210 million yuan, -3.5%), South China (220 million yuan, -14.4%) [1] Profitability Analysis - Gross margin improved to 24.2% in H1 2024, up 0.7 percentage points year-on-year [1] - Q2 2024 gross margin reached 25.1%, an increase of 2 percentage points year-on-year [1] - Net profit margin for H1 2024 was 9.6%, up 0.5 percentage points year-on-year, with Q2 2024 net profit margin at 10.8%, an increase of 1.9 percentage points year-on-year [1] Capacity and Expansion - The company has production bases in 22 regions with a total capacity of 237,000 tons as of H1 2024 [1] - New production bases under construction in Guangxi, Changchun, Henan, Shanghai, and Foshan are expected to add 224,000 tons of capacity [1] Financial Forecast - Projected net profit attributable to shareholders for 2024-2026: 600 million yuan, 660 million yuan, and 740 million yuan respectively [2] - Estimated EPS for 2024-2026: 0.37 yuan, 0.42 yuan, and 0.46 yuan respectively [2] - Forecasted PE ratios for 2024-2026: 15x, 14x, and 13x respectively [2] Historical Performance - 2023 revenue growth: 1.08% [3] - 2023 net profit growth: -10.31% [3] - 2023 ROE: 11.28% [3] Future Projections - Expected revenue growth for 2024-2026: 2.36%, 6.56%, and 6.13% respectively [3] - Projected net profit growth for 2024-2026: 4.25%, 11.09%, and 10.78% respectively [3] - Forecasted ROE for 2024-2026: 11.33%, 12.02%, and 12.70% respectively [3]

Investment Rating - The report maintains a "Hold" rating for the company [1][2]. Core Views - The company reported a revenue of 3.02 billion yuan in the first half of 2024, a year-on-year decline of 5.8%, with a net profit attributable to shareholders of 290 million yuan, down 0.6% year-on-year. In Q2 2024, revenue was 1.62 billion yuan, a decline of 6.3%, but net profit increased by 14.2% year-on-year to 170 million yuan [1]. - The revenue from bread products in the first half of 2024 was 2.99 billion yuan, down 5.4% year-on-year, although new products showed strong growth [1]. - The company plans to further explore market potential in North and Northeast China while actively expanding in Southwest and Xinjiang markets [1]. - The gross margin improved to 24.2% in the first half of 2024, up 0.7 percentage points year-on-year, with Q2 gross margin at 25.1%, an increase of 2 percentage points [1]. - The company has established production bases in 22 regions across the country, with a total capacity of 237,000 tons as of the end of H1 2024, and is expanding capacity with new bases under construction [1]. Financial Summary - The projected net profits for 2024-2026 are 600 million yuan, 660 million yuan, and 740 million yuan, respectively, with corresponding EPS of 0.37 yuan, 0.42 yuan, and 0.46 yuan, leading to dynamic PE ratios of 15x, 14x, and 13x [2][3]. - The company’s revenue is expected to grow at rates of 2.36% in 2024, 6.56% in 2025, and 6.13% in 2026 [3]. - The net profit margin is projected to improve gradually, with a net profit margin of 9.6% in the first half of 2024, up 0.5 percentage points year-on-year [1].

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - Despite current sales pressure, the company is actively managing operations and focusing on product innovation, with expectations for market advantage to expand following capacity release [2]. - The company reported a revenue of 3.021 billion yuan in the first half of 2024, a year-on-year decline of 5.79%, while the net profit attributable to shareholders was 290 million yuan, a slight decrease of 0.60% [1]. - The company is expected to optimize return rates and enhance production capacity, aiming for continuous performance improvement in the second half of the year [1]. Summary by Sections Financial Performance - In 1H24, the company's core products generated revenue of 2.985 billion yuan, down 5.37% year-on-year, with Q2 revenue at 1.621 billion yuan, a decline of 6.33% [1]. - The gross profit margin for 1H24 was 24.15%, an increase of 0.67 percentage points year-on-year, attributed to a decrease in return rates and reduced discounts [1]. - The net profit margin improved to 9.60%, up 0.50 percentage points year-on-year, indicating potential for further enhancement as production capacity increases [1]. Regional Performance - Revenue from key regions in 1H24 showed declines: North China at 697 million yuan (-6.7%), Northeast at 1.151 billion yuan (-12.3%), and East China at 989 million yuan (-3.4%) [1]. - The number of distributors in North China increased by 14, while Northeast and East China saw decreases of 3 and 9, respectively, highlighting the need for detailed operational adjustments [1]. Profitability Outlook - The report forecasts net profits for 2024-2026 at 598 million, 668 million, and 702 million yuan, respectively, with corresponding P/E ratios of 15, 14, and 13 times [2]. - The company is expected to continue improving its profitability as operational efficiencies are realized and market conditions stabilize [1][2].

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company's main business is slightly under pressure, but profitability is recovering. In H1 2024, the company achieved revenue of 3.021 billion yuan, a year-on-year decrease of 5.79%, and a net profit attributable to shareholders of 290 million yuan, a decrease of 0.60% year-on-year [1]. - The company is steadily advancing its national layout while focusing on demand recovery. It is enhancing its sales network in mature markets and exploring potential in emerging markets [2]. - The report projects revenue for 2024-2026 to be 6.9 billion, 7.26 billion, and 7.76 billion yuan, respectively, with year-on-year growth rates of 2.1%, 5.2%, and 7.0% [3]. Summary by Sections Financial Performance - In H1 2024, the company reported a gross margin of 24.15%, improving to 25.06% in Q2, with a year-on-year increase of 0.68 and 1.98 percentage points, respectively [2]. - The company recorded a net profit margin of 10.78% in Q2 2024, an increase of 1.94 percentage points year-on-year [2]. - The company’s revenue from bread and pastries in H1 2024 was 2.985 billion yuan, down 5.37% year-on-year, while other business segments saw a significant decline [1]. Market Strategy - The company is focusing on expanding its market presence in regions such as Southwest China and Xinjiang while refining its sales network in mature markets [2]. - The report highlights the potential for growth in the short-shelf-life industry and the need for the company to adapt its product structure to meet changing consumer demands [2]. Future Projections - The forecast for net profit attributable to shareholders for 2024-2026 is 610 million, 660 million, and 720 million yuan, with growth rates of 6.7%, 7.3%, and 9.2%, respectively [3]. - The current stock price corresponds to a price-to-earnings ratio of 15, 14, and 13 for the years 2024, 2025, and 2026 [3].

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company's main business is slightly under pressure, but profitability is recovering. In H1 2024, the company achieved revenue of 3.021 billion yuan, a year-on-year decrease of 5.79%, and a net profit attributable to shareholders of 290 million yuan, a decrease of 0.60% year-on-year [1]. - The company is steadily advancing its national layout while focusing on demand recovery. It is enhancing its sales network in mature markets and exploring potential in emerging markets [2]. - The company is expected to see revenue growth from 6.899 billion yuan in 2024 to 7.764 billion yuan in 2026, with net profit increasing from 613 million yuan to 718 million yuan during the same period [3]. Financial Performance - In H1 2024, the company achieved a gross margin of 24.15%, improving to 25.06% in Q2 2024, with a notable increase in net profit margin to 10.78% [2]. - The company’s revenue from bread and pastries in H1 2024 was 2.985 billion yuan, down 5.37% year-on-year, while new products showed significant growth [1]. - The company’s expenses have been optimized, with sales, management, R&D, and financial expense ratios improving in Q2 2024 compared to the previous year [2].

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 7 yuan, while the current price is 5.77 yuan [1]. Core Views - The company reported a revenue of 3.021 billion yuan for the first half of 2024, a year-on-year decrease of 5.79%, with a net profit attributable to shareholders of 290 million yuan, down 0.6% year-on-year [1][2]. - In Q2 alone, the company achieved a revenue of 1.621 billion yuan, a decline of 6.33% year-on-year, but the net profit attributable to shareholders increased by 14.24% to 175 million yuan [1][2]. - The company has shifted its focus from scale expansion to improving operational quality and shareholder returns, with a cash dividend payout ratio of 66.21% for H1 2024 [2][3]. Revenue and Profitability - The revenue decline is attributed to weak demand, particularly in mature markets, with significant drops in regions such as Northeast and North China [2]. - The gross profit margin improved by 1.98 percentage points to 25.06% in Q2, driven by a reduction in return rates [2]. - The net profit margin increased by 1.94 percentage points to 10.78% in Q2, reflecting better cost management and operational efficiency [2]. Financial Forecasts - The company is projected to achieve a revenue of 6.541 billion yuan in 2024, a decrease of 3.2% year-on-year, with a net profit of 606 million yuan, an increase of 5.6% [3][10]. - Earnings per share (EPS) are expected to be 0.38 yuan in 2024, with a price-to-earnings (P/E) ratio of 15 times [3][10]. Strategic Adjustments - The company has begun to explore new channels and adjust its strategies to focus on quality over quantity, particularly in response to external pressures and changing market dynamics [2][3]. - The management is actively controlling return rates and optimizing personnel structure to enhance profitability [2].

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 7 CNY, while the current price is 5.77 CNY [1]. Core Views - The company reported a revenue of 3.021 billion CNY for the first half of 2024, a year-on-year decrease of 5.79%, while the net profit attributable to shareholders was 290 million CNY, a slight decrease of 0.6% [1]. - In Q2 alone, the revenue was 1.621 billion CNY, down 6.33% year-on-year, but the net profit increased by 14.24% to 175 million CNY, indicating a recovery in profitability despite declining revenues [2]. - The company is focusing on improving operational quality and shareholder returns, shifting from a growth-centric strategy to one that emphasizes profitability and efficiency [2]. Financial Summary - Total revenue for 2023 is projected at 6.541 billion CNY, with a year-on-year decline of 3.2%. The net profit is expected to increase by 5.6% to 606 million CNY in 2024 [3]. - The earnings per share (EPS) forecast for 2024 is adjusted to 0.38 CNY, with corresponding price-to-earnings (PE) ratios of 15, 14, and 13 for the years 2024, 2025, and 2026 respectively [3][10]. - The company plans to distribute a cash dividend of 1.2 CNY per 10 shares, resulting in a dividend payout ratio of 66.21% for the first half of 2024 [1][2].