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].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1][2]. Core Views - The company has experienced a decline in revenue but has managed to improve its net profit margin through cost control and efficiency measures. The expectation is for demand to gradually recover in the second half of the year, with a focus on profit and cash flow growth [2][3]. Summary by Relevant Sections Financial Performance - In Q2 2024, the company's revenue, profit, and net profit excluding non-recurring items decreased by 6.33%, but net profit increased by 14.24% and net profit excluding non-recurring items increased by 12.14% year-on-year [1][2]. - The company reported total revenue of 1.621 billion yuan in Q2 2024, down 6.33% year-on-year, while net profit was 175 million yuan, up 14.24% year-on-year [1][3]. - The gross profit margin improved to 25.06%, an increase of 1.98 percentage points year-on-year, attributed to a decrease in return rates and production efficiency [1][2]. Market Dynamics - Demand recovery is weak, with the main business under pressure. However, new products such as cocoa croissants and egg rolls are showing rapid growth [1][2]. - The company is adjusting its production capacity in response to market dynamics, particularly in regions like South China and Southwest China [1][2]. Earnings Forecast - The EPS forecast for 2024 and 2025 has been adjusted to 0.38 yuan [1][2]. - Long-term, the company is focusing on national capacity layout and improving profitability and cash flow [1][2]. Shareholder Information - The total share capital is 1.6 billion shares, with a market capitalization of 9.2 billion yuan [1][3]. - The major shareholder, Wu Xuequn, holds a 24.34% stake in the company [1][3].

Investment Rating - The investment rating for the company is maintained at "Outperform" [5] Core Views - The company reported a revenue of 3.021 billion, a year-on-year decline of 5.79%, and a net profit of 290 million, a decrease of 0.6% [5] - The second quarter of 2024 is projected to have a revenue of 1.621 billion, down 6.33% year-on-year, but with a net profit of 175 million, an increase of 14.24% [5] - The company plans to distribute a cash dividend of 1.2 yuan per 10 shares, accounting for 66.21% of the half-year net profit [5] - Long-term growth is expected in the baking industry, particularly in the short-shelf-life packaged bread segment, with the company expanding capacity and market reach [5] Financial Data Summary - For 2024, the company expects total revenue of 7.252 billion, a growth rate of 7.3%, and a net profit of 605 million, with a growth rate of 5.4% [6] - The earnings per share (EPS) for 2024 is projected to be 0.38 yuan, with a price-to-earnings (PE) ratio of 15 [6] - The gross profit margin for 2024 is expected to be 23.0%, with a return on equity (ROE) of 11.2% [6] Regional Performance - Revenue performance varied by region, with declines in North China (-6.7%), Northeast (-12.3%), East China (-3.4%), and South China (-14.4%) [6] - The company added 9 new distributors in the second quarter of 2024, bringing the total to 980 [6] Profitability Improvement - The company achieved a gross margin of 24.2% in the first half of 2024, an increase of 0.7 percentage points year-on-year [6] - The net profit margin improved to 9.6%, up 0.5 percentage points year-on-year [6]

Investment Rating - The report maintains a "Recommended" rating for the company, expecting a relative increase of over 10% compared to the benchmark index in the next 12 months [6]. Core Insights - The company has shown a controlled revenue decline of -0.6% year-on-year for the first half of 2024, with a significant improvement in profitability, achieving a net profit attributable to shareholders of 2.9 billion yuan, up 5.79% year-on-year [1]. - In Q2 2024, the company reported a revenue increase of 14.24% quarter-on-quarter, with a net profit of 1.75 billion yuan, reflecting a year-on-year growth of 12.14% [1]. - The company’s product line, particularly bread products, has seen a revenue increase of 47.93% year-on-year, indicating strong growth in new product categories [1]. - The company is expanding its national market layout, with a focus on improving operational efficiency and market share in key regions [1]. Financial Performance Summary - The company is projected to achieve total revenues of 69.12 billion yuan in 2024, with a year-on-year growth of 2.26%, and net profits of 6.08 billion yuan, reflecting a growth of 5.92% [3]. - The earnings per share (EPS) is expected to increase from 0.36 yuan in 2023 to 0.38 yuan in 2024, with a projected price-to-earnings (PE) ratio of 15.2 for 2024 [3]. - The gross profit margin is expected to improve, with a notable increase in profitability driven by cost control measures and favorable raw material prices [1][3].

上 市 公 司 证 券 研 究 报 告 食品饮料 2024 年 08 月 12 日 桃李面包 (603866) ——收入表现承压 盈利能力修复 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 12 日 | | 收盘价（元） | 5.77 | | 一年内最高/最低（元） | 10.50/4.84 | | 市净率 息率（分红/股价） | 1.8 3.12 | | 流通 A 股市值（百万元） | 9,230 | | 上证指数/深证成指 | 2,858.20/8,373.47 | | 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） | 3.18 | | 资产负债率 % | 27.85 | | 总股本 /流通 ...

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 3,020,888,756.29, a decrease of 5.79% compared to CNY 3,206,519,858.68 in the same period last year [14]. - The net profit attributable to shareholders for the first half of 2024 was CNY 289,945,284.78, down 0.60% from CNY 291,685,376.29 in the previous year [14]. - The basic earnings per share for the first half of 2024 were CNY 0.1812, a decrease of 0.60% from CNY 0.1823 in the same period last year [15]. - The weighted average return on net assets was 5.64%, down 0.19 percentage points from 5.83% in the previous year [15]. - The company's total revenue for the first half of 2024 was 302,088.88 million yuan, a decrease of 18,563.11 million yuan or 5.79% compared to the same period last year [32]. - The operating profit and total profit for the company were 36,625.61 million yuan and 37,194.04 million yuan, reflecting a growth of 0.26% and 0.62% year-on-year, respectively [32]. - Revenue from the core product, the Taoli brand bread and pastries, was 298,515.33 million yuan, down 16,932.87 million yuan or 5.37% year-on-year, accounting for 98.82% of total revenue [32]. Cash Flow and Financial Position - The net cash flow from operating activities increased by 20.06% to CNY 437,752,309.18, compared to CNY 364,596,670.21 in the same period last year [14]. - The total assets at the end of the reporting period were CNY 7,058,073,141.52, reflecting a slight increase of 0.15% from CNY 7,047,591,787.54 at the end of the previous year [14]. - The current ratio decreased by 10.39% from the end of the previous year, standing at 0.69 [127]. - The debt-to-asset ratio increased slightly to 27.85%, up by 0.03 percentage points from the end of the previous year [127]. - Total current assets as of June 30, 2024, amounted to RMB 1,006,250,400.48, an increase from RMB 962,278,236.02 at the end of the previous year [130]. - Cash and cash equivalents rose to CNY 63,860,640.02, compared to CNY 15,373,406.49, marking an increase of 315.5% [133]. - Total liabilities amounted to CNY 1,965,761,704.38, slightly up from CNY 1,960,478,829.66 year-over-year [132]. Dividend and Share Capital - The company plans to distribute a cash dividend of 1.20 CNY per 10 shares, totaling approximately 191.97 million CNY, which represents 66.21% of the net profit attributable to shareholders [2]. - As of June 30, 2024, the total share capital of the company is 1,599,719,155 shares [2]. - The total number of ordinary shareholders as of the end of the reporting period is 53,795 [119]. - The largest shareholder, Wu Xuequn, holds 389,402,093 shares, accounting for 24.34% of the total shares, with 292,442,000 shares pledged [119]. Corporate Governance and Compliance - The board of directors and senior management confirm the accuracy and completeness of the financial report [2]. - The report has not been audited, and the company assumes legal responsibility for its content [2]. - The company has not experienced any non-operating fund occupation by controlling shareholders or related parties [4]. - There are no violations of decision-making procedures regarding external guarantees [4]. - The company has complied with all relevant regulations and has no violations reported [110]. Risk Management and Future Outlook - The company has detailed potential risks in the management discussion and analysis section of the report [5]. - The company’s future plans and strategies are subject to investment risks and do not constitute a commitment to investors [3]. - The company is committed to diversifying its product offerings to meet evolving consumer preferences for safety, nutrition, and functionality in baked goods [39]. Environmental and Safety Standards - The company emphasizes strict food safety and quality control standards to mitigate risks associated with food safety incidents [78]. - The company has implemented a comprehensive safety management system to mitigate production safety risks, emphasizing accountability at all levels [81]. - The company operates a regenerative thermal oxidizer (RTO) for waste gas treatment, which has been in normal operation since August 2020 [94]. - The company has established an emergency response plan for environmental pollution incidents, which has been approved by experts and registered with the national emergency response system [96]. Market Position and Strategy - The company is positioned in the baked goods manufacturing industry, which has shown steady growth in market size and consumer recognition in recent years [18]. - The company anticipates continued growth in the baking industry in China, driven by increasing consumer awareness and rising income levels [18]. - The company focuses on short-shelf-life bread, a high-growth segment with significant barriers to entry, outperforming long-shelf-life products and traditional bakeries in terms of cost-effectiveness [20]. - The company is actively expanding its market presence, benefiting from the integration of traditional retail and emerging e-commerce platforms [20]. Subsidiary Performance - The overall performance of the subsidiaries shows a mix of profitability and losses, highlighting the need for strategic adjustments in operations [62][63][64][65][66][67][68]. - As of June 30, 2024, Shenyang Taoli's total assets reached CNY 889.96 million, with net assets of CNY 761.88 million and a net profit of CNY 38.74 million, contributing over 10% to the company's net profit [68]. - The company has been expanding its market presence with multiple subsidiaries established since 2016, focusing on food production and sales [62][63][64][65][66][67][68].

桃李面包股份有限公司 2024 年第一次临时股东大会会议资料 桃李面包股份有限公司 2024 年第一次临时股东大会 会议资料 证券代码：603866 2024 年 8 月 1 桃李面包股份有限公司 2024 年第一次临时股东大会会议资料 | 桃李面包股份有限公司 | | 2024 年第一次临时股东大会参会须知 | 3 | | --- | --- | --- | --- | | 桃李面包股份有限公司 | | 2024 年第一次临时股东大会会议议程 | 4 | | 议案一、公司 | 2024 | 年度中期利润分配方案 5 | | 2 桃李面包股份有限公司 2024 年第一次临时股东大会会议资料 四、股东参加股东大会依法享有发言权、质询权、表决权等权利，同时也应 履行法定义务，自觉维护会场秩序，尊重其他股东的合法权益。进入会场后，请 关闭手机或调至静音状态。 五、会议审议阶段，要求发言的股东应向股东大会秘书处申请，经股东大会 主持人许可后方可发言，每位股东发言时间一般不超过五分钟。 六、现场会议采取记名投票表决方式。股东以其持有的有表决权的股份数额 行使表决权，每一股份享有一票表决权。出席会议的股东在投票表决时，应 ...

证券代码：603866 证券简称：桃李面包 公告编号：2024-051 桃李面包股份有限公司 关于召开 2024 年第一次临时股东大会的通知 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。 (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 (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 网络投票起止时间：自 2024 年 8 月 28 日 至 2024 年 8 月 28 日 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 2024 年第一次临时股东大会 召开的日期时间：2024 年 8 月 28 日 14 点 00 分 召开地点：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 4005-4010 单元 股东大会召开日期：2024年8月28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 ...