Investment Rating - The report has downgraded the investment rating to "Accumulate" [12][11]. Core Views - The company's core business growth is under pressure, with a focus on new product development and capacity expansion to improve performance in the short and long term [1]. - The company reported a revenue of 6.759 billion yuan in 2023, a year-on-year increase of 1.1%, while the net profit attributable to shareholders was 574 million yuan, down 10.3% year-on-year [9]. - The company is actively developing new markets and expanding multi-channel sales, particularly in the eastern and central regions of China [10]. Summary by Sections Business Performance - In 2023, the company's revenue from bread and pastries was 6.532 billion yuan, with a year-on-year growth of 0.6% [1]. - The company launched various new products, including mooncakes and sticky rice dumplings, to meet consumer demand [1]. Profitability - The gross profit margin for 2023 was 22.79%, a decrease of 1.20 percentage points year-on-year, primarily due to rising raw material costs and high initial expenses from new projects [2]. - The net profit margin for 2023 was 8.49%, down 1.08 percentage points year-on-year [2]. Financial Forecast - Revenue is projected to grow to 7.085 billion yuan in 2024, with a growth rate of 4.84% [3]. - The net profit is expected to recover slightly to 598 million yuan in 2024, with a growth rate of 4.19% [3]. Market Strategy - The company is focusing on expanding its presence in the eastern and central regions, with a notable increase in the number of distributors in these areas [10]. - The company is enhancing its online sales channels and integrating digital marketing platforms to boost sales [10].

[Table_StockInfo] 2024 年 03 月 21 日 证券研究报告•2023 年报点评 持有 （维持） 当前价：6.95 元 桃李面包（603866）食品饮料 目标价：——元（6 个月） [Table_Summary 事件：公司发布] 2023年报，全年实现营业收入 67.6亿元，同比增长 1.1%，实 现归母净利润 5.7亿元，同比下滑 10.3%。其中 2023Q4实现营业收入 16.9亿 元，同比增长 2%，实现归母净利润 1.1亿元，同比下滑 23.6%。此外，公司拟 向全体股东每 10 股派发现金红利1.80 元（含税）。 毛利率承压，费用率企稳。1、全年整体毛利率 22.8%，同比下降 1.2pp，主要 由于：1）部分原材料价格同比上涨导致生产成本增加；2）部分新建项目投产 后产能未完全释放且前期费用较高。2、费用率方面，全年销售费用率、管理费 用率、研发费用率分别为 8.1%、2%、0.5%，基本持平；财务费用率 0.4%，同 比增加 0.2pp，主要由于利息支出增加。3、全年整体净利率 8.5%，同比下滑 1.1pp。 盈利预测与投资建议。预计 2024-2026年归母净利润分 ...

Investment Rating - The report assigns a "Recommendation" rating to the company, with a target price of approximately 8 yuan based on a 21x PE for 2024 [1][31]. Core Views - The company maintained stable demand with a Q4 revenue increase of 2.03% year-on-year. For the full year, revenue from bread, mooncakes, and rice dumplings reached 6.532 billion, 149 million, and 17 million yuan, respectively, with year-on-year growth of 0.64%, 6.92%, and 27.82% [1]. - The company faces increased pressure on profitability due to high return rates and depreciation impacts, leading to a decrease in gross margin to 22.79% for the year [1]. - Despite external pressures, the company is focused on long-term development, exploring new product development, increasing the proportion of shelf-stable products, and expanding production capacity to lay a foundation for future growth [1]. Financial Summary - The company reported total revenue of 6.759 billion yuan for 2023, a year-on-year increase of 1.08%, while the net profit attributable to the parent company was 574 million yuan, a decrease of 10.29% year-on-year [1][51]. - For Q4, the company achieved revenue of 1.692 billion yuan, with a net profit of 115 million yuan, reflecting a year-on-year decline of 23.50% [1][51]. - The company’s EPS for 2023 was 0.36 yuan, with forecasts adjusted to 0.38, 0.42, and 0.51 yuan for 2024, 2025, and 2026, respectively [1][42].

信息披露 证券分析师承诺 本报告署名分析师具有中国证券业协会授予的证券投资咨询执业资格并注册为证券分析师，以勤勉的职业态度、专业审慎的研究方 法，使用合法合规的信息，独立、客观地出具本报告,并对本报告的内容和观点负责。本人不曾因，不因，也将不会因本报告中的 具体推荐意见或观点而直接或间接收到任何形式的补偿。 与公司有关的信息披露 本公司隶属于申万宏源证券有限公司。本公司经中国证券监督管理委员会核准，取得证券投资咨询业务许可。本公司关联机构在法 律许可情况下可能持有或交易本报告提到的投资标的，还可能为或争取为这些标的提供投资银行服务。本公司在知晓范围内依法合 规地履行披露义务。客户可通过 compliance@swsresearch.com 索取有关披露资料或登录 www.swsresearch.com 信息披露栏 目查询从业人员资质情况、静默期安排及其他有关的信息披露。 报告原因：有业绩公布需要点评 增持（维持）投资要点： 事件：公司发布 2023 年年报，报告期内公司实现营业收入 67.59 亿元，同比增长 1.08%； 实现归母净利润 5.74 亿元，同比下降 10.29%。测算 23Q4 公司实现营业收 ...

➢ 事件：公司发布 2023 年年报，2023 年实现营业收入 67.59 亿元，同比 +1.08%；归母净利润 5.74 亿元，同比-10.31%；扣非净利润 5.52 亿元，同比12.33%。单季度看，23Q4 实现营业收入 16.92 亿元，同比+2.03%；归母净利 润 1.15 亿元，同比-23.59%；扣非净利润 1.08 亿元，同比-23.72%。 ➢ 需求弱复苏下 Q4 主业平稳恢复。整体看，面包及糕点主业平稳恢复，其他 业务低基数下高增。23Q4 公司面包及糕点实现营收 17.02 亿元，同比+3.75%， 环比+1.59%，主业在需求弱复苏及基数压力逐季减轻下实现小幅增长。23 年月 饼/粽子收入 1.49/0.17 亿元，同比+6.92%/+27.82%；玉米、卤蛋新品带动下 其他产品实现营收 0.6 亿元，同比+49.87%。 ➢ 基地市场承压，外埠拓展在途。分地区看，受人口流出等因素影响，基地市 场东北仍面临一定压力，Q4 东北地区实现收入 6.44 亿元，同比-3.13%；相对 成熟市场华北/西南/西北地区分别实现收入 3.61/2.03/1.14 亿元，同比9.49%/+2.93 ...

Financial Performance - The total revenue for the company reached ¥6,758,279,176.14, representing a year-on-year increase of 1.12%[3] - The gross profit margin decreased by 1.20 percentage points to 22.79% compared to the previous year[3] - The company reported a net cash flow from operating activities of ¥810,608,998.82, a decrease of 23.99% compared to the previous year[16] - Financial expenses increased by 122.96% year-on-year, primarily due to higher borrowing interest expenses[174] - The overall financial performance indicates a mix of profitability and losses across different subsidiaries, highlighting areas for potential improvement and strategic focus[126][127][131][136][137] Revenue Breakdown - The revenue from bread and pastries was ¥6,532,326,471.94, with a gross margin of 22.82%, showing a slight increase in revenue of 0.64% year-on-year[3] - The revenue from mooncakes increased by 6.92% year-on-year, but the gross margin decreased by 0.33 percentage points to 15.08%[3] - Revenue from bread and pastries reached approximately 6.53 billion RMB, with a year-over-year increase of 0.64%[30] - The company's main products include "Taoli" brand bread, mooncakes, and rice dumplings, with the mooncake and rice dumpling revenue reaching CNY 148.69 million and CNY 17.01 million, respectively, representing year-on-year growth of 6.92% and 27.82%[170] Investment and Assets - The company’s fixed assets increased by 32.36% to ¥3,655,785,642.63, primarily due to the commissioning of ongoing projects[19] - The cash and cash equivalents decreased by 37.61% to ¥174,115,558.75, attributed to increased capital expenditures[19] - The company has increased its investment in subsidiaries, including a capital increase of 250 million RMB for Shanghai Taoli Food Co., Ltd.[52] - As of December 31, 2023, the total assets of Harbin Taoli amounted to 224.45 million yuan, with a net profit of 42.63 million yuan[70] - As of December 31, 2023, total assets of Beijing Taoli Food Co., Ltd. amounted to CNY 154.57 million, with a net profit of CNY 25.50 million[88] Research and Development - Research and development expenses increased by 6.71% to ¥33,697,670.40, indicating a focus on innovation[13] - The company aims to increase R&D investment to develop high-value-added products and diversify its product line, including traditional festival products like mooncakes[83] - The company has established a product R&D and innovation plan to adapt to the personalized and diversified consumption trends in the domestic market[84] - The company is committed to continuous product innovation to meet changing consumer demands, leveraging its technological research and development capabilities[168] Market Strategy - The company aims to improve market penetration of baked goods in breakfast consumption, leveraging convenience and accessibility[46] - The company plans to expand production capacity with new projects in Shenyang, Qingdao, and Quanzhou, among others, to enhance its market presence[80] - The company aims to strengthen strategic partnerships with major retail chains such as Yonghui and Walmart to expand its market share[85] - The company is focusing on multi-channel diversification, including opportunities in related industries such as beverages and cold chain foods[84] Operational Efficiency - The company is implementing a digital transformation strategy to enhance efficiency and optimize user experience across various operational segments[59] - The company has established a digital marketing platform to improve consumer interaction and loyalty, focusing on building a private traffic pool[62] - The company is committed to strict food safety and quality control standards to mitigate risks associated with food safety incidents[63] - The company is enhancing its internal control and supervision systems to prevent operational risks across subsidiaries[58] Industry Trends - The baking industry in China has seen its market size grow from 229 billion RMB in 2019 to 253 billion RMB in 2023, reflecting a continuous growth trend[29] - The baking industry in China has significant growth potential, with current per capita consumption levels still lagging behind developed countries, indicating room for improvement[140] - The rise of value-for-money consumption is impacting snack categories, while staple food products remain less affected due to their necessity[141] - The concentration of the supermarket industry in China is relatively low compared to developed countries, suggesting potential for increased market share for efficient and cost-effective baking suppliers[162] Product Quality and Safety - The company emphasizes safety and health in its production processes, adhering to food safety standards and implementing comprehensive safety management systems[177] - The company is actively monitoring environmental impacts and complying with national and local environmental regulations to mitigate potential risks[176]

RSM 容诚 审计报告 桃李面包股份有限公司 容诚审字[2024]110Z0009 号 容诚会计师事务所(特殊普通合伙) 中国 · 北京 您可使用手机"扫一扫"或进入"比吸用于证明该审计报告是否由具有执业许可的会计师事务所出身 的 cc.mot.gov.cn) 报告编码:京2409CBE 目 录 | 序号 | 内 容 | 页码 | | --- | --- | --- | | 1 | 审计报告 | l-ર | | 2 | 合并资产负债表 | 6 | | 3 | 合并利润表 | 7 | | 4 | 合并现金流量表 | 8 | | 5 | 合并所有者权益变动表 | 9 - 10 | | 6 | 母公司资产负债表 | 11 | | in fə 7 | 母公司利润表 | 12 | | 8 | 母公司现金流量表 | 13 | | 9 | 母公司所有者权益变动表 | 14 - 15 | | 10 | 财务报表附注 | 16 - 119 | 审计 报告 容诚审字[2024]110Z0009 ₽ 桃李面包股份有限公司全体股东: 一、审计意见 我们审计了桃李面包股份有限公司(以下简称桃李公司)财务报表,包括 2023 年 12月 ...

RSM 容诚 募集资金存放与实际使用情况鉴证报告 桃李面包股份有限公司 容诚专字|2024|110Z0004 号 容诚会计师事务所(特殊普通合伙) 中国 · 北京 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://www.from.cn）" 进行榜 " 目 录 | 序号 | 内 容 | 页码 | | --- | --- | --- | | | 募集资金存放与实际使用情况鉴证报告 | 1-2 | | 2 | 募集资金存放与实际使用情况的专项报告 | 3-8 | 募集资金存放与实际使用情况鉴证报告 容诚专字[2024]110Z0004 号 我们的责任是对桃李公司董事会编制的上述报告独立地提出鉴证结论。 四、工作概述 我们按照《中国注册会计师其他鉴证业务准则第 3101 号一历史财务信息审计 或审阅以外的鉴证业务》的规定执行了鉴证业务。该准则要求我们计划和实施鉴证 桃李面包股份有限公司全体股东: 我们审核了后附的桃李面包股份有限公司(以下简称桃李公司)董事会编制的 2023 年度《募集资金存放与实际使用情况的专项报告》。 一、对报告使用者和使用目的的限定 本鉴证报告仅供桃李公司年度报告披露之目 ...

桃李面包股份有限公司 独立董事制度 独立董事应当独立履行职责，不受公司及其主要股东、实际控制人等单位 或者个人的影响。 第三条 独立董事对公司及全体股东负有诚信与勤勉义务，应当按照法律、 行政法规、中国证券监督管理委员会（以下简称"中国证监会"）规定、证券交 易所业务规则和公司章程的规定，认真履行职责，在董事会中发挥参与决策、监 督制衡、专业咨询作用，维护上市公司整体利益，保护中小股东合法权益。 第四条 独立董事原则上最多在三家境内上市公司兼任独立董事，并确保有 足够的时间和精力有效地履行独立董事的职责。 桃李面包股份有限公司独立董事制度 第一章 总则 第一条 为了进一步完善桃李面包股份有限公司（以下简称 "公司"或"本 公司"）治理结构，促进公司的规范运作，维护公司整体利益，保障全体股东特 别是中小股东的合法权益不受损害，根据《中华人民共和国公司法》、《上市公司 独立董事管理办法》、《上市公司治理准则》《上海证券交易所上市公司自律监管 指引第 1 号——规范运作》（2023 年 12 月修订）等法律、法规、规范性文件以 及《桃李面包股份有限公司章程》（以下简称"《公司章程》"）的有关规定，结合 公司的实际情 ...

桃李面包股份有限公司 关联交易制度 第三条 公司相关部门及关联人违反本制度的，公司将视情节轻重按规定对相关 责任人给予相应的惩戒，直至上报监管机构处理。 第二章 关联人及关联交易认定 第四条 公司的关联人包括关联法人和关联自然人。 第五条 具有以下情形之一的法人或其他组织，为公司的关联法人： （一） 直接或者间接控制公司的法人或其他组织； （二） 由前项所列主体直接或者间接控制的除公司及控股子公司以外的法人或 其他组织； 桃李面包股份有限公司 关联交易制度 第一章 总 则 第一条 为规范桃李面包股份有限公司（以下简称"公司"）关联交易行为，提高 公司规范运作，保护公司和全体股东的合法权益，根据相关法律、法规、规范性 文件、《上海证券交易所股票上市规则》、《上海证券交易所上市公司自律监管指 引第 5 号——交易与关联交易》和《桃李面包股份有限公司章程》（以下简称"《公 司章程》"）的规定，制定本制度。公司临时报告和定期报告中非财务报告部分的 关联人及关联交易的披露应当同时遵守《上海证券交易所股票上市规则》和《公 开发行证券的公司信息披露内容与格式准则第 2 号——年度报告的内容与格式》 的规定。定期报告中财务报 ...