证券代码：603866 证券简称：桃李面包 公告编号：2024-060 桃李面包股份有限公司 关于使用闲置自有资金进行委托理财的进展公告 （一）委托理财目的 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： 履行的审议程序：桃李面包股份有限公司分别于 2024 年 3 月 20 日、2024 年 4 月 10 日召开了第六届董事会第十七次会议和 2023 年年度股东大会，审议通 过了《关于使用闲置自有资金进行委托理财的议案》，同意公司使用不超过人民 币 10 亿元的闲置自有资金购买安全性高、流动性好、购买机构不限于银行、证 券等金融机构的理财产品进行委托理财。详情请阅公司于 2024 年 3 月 21 日发布 的《桃李面包关于使用闲置自有资金进行委托理财的公告》（公告编号：2024-017） 特别风险提示：尽管公司本次购买的是安全性高、流动性好、低风险的 理财产品，但金融市场受宏观经济影响较大，不排除该项投资受到市场风险、信 用风险、政策风险、流动性风险、不可抗力风险等风险影响。 一、本次委托理财概述 通过适度现 ...

市场数据(2024-12-18) 收盘价(元) 7.02 一年内最高/最低(元) 7.95/4.91 沪深 300 指数 3,941.89 市净率(倍) 2.23 流通市值(亿元) 112.30 基础数据(2024-09-30) 每股净资产(元) 3.15 每股经营现金流(元) 0.43 毛利率(%) 23.81 净资产收益率_摊薄(%) 8.62 资产负债率(%) 29.60 总股本/流通股(万股) 159,971.92/159,971.92 B 股/H 股(万股) 0.00/0.00 个股相对沪深 300 指数表现 分析师：刘冉 登记编码：S0730516010001 liuran@ccnew.com 021-50586281 收入减少，但盈利上升 食品饮料 ——桃李面包(603866)2024 年三季报点评 证券研究报告-季报点评 谨慎增持(下调) 发布日期：2024 年 12 月 19 日 投资要点： ⚫ 收入减少，降幅扩大。2024 年第三季度，公司实现收入 16.27 亿元， 同比降 12.53%，降幅同比、环比扩大 14.61 和 6.2 个百分点。2024 年前三季度，公司实现收入 46.47 ...

《关于桃李面包股份有限公司股票交易异常波动的 询证函》的回复函 特此回复。 （本页以下无正文） （本页无正文，为《〈关于桃李面包股份有限公司股票交易异常波动的 询证函〉的回函》之签署页。） 控股股东及实际控制人： 吴学亮 吴学群 吴志刚 __________ __________ __________ 盛雅莉 吴学东 __________ __________ 2024年1 2月1 2日 桃李面包股份有限公司： 本人于2 02 4年1 2月1 2日收到公司发来的《关于桃李面包股份有限 公司股票交易异常波动的询证函》。经本人自查确认，现回复如下： 一、截至目前，本人不存在涉及贵公司的应披露而未披露的重大信 息，包括但不限于重大资产重组、发行股份、重大交易类事项、业务重 组、股份回购、股权激励、破产重整、重大业务合作、引进战略投资者 等重大事项。 二、在本次股票交易异常波动期间，本人不存在买卖贵公司股票的 情形。 ...

证券代码：603866 证券简称：桃李面包 公告编号：2024-059 桃李面包股份有限公司股票交易异常波动公告 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： 一、股票交易异常波动的具体情况 公司股票交易自 2024 年 12 月 10 日、12 月 11 日、12 月 12 日连续三个交易 日内日收盘价格涨幅偏离值累计达到 20%，根据《上海证券交易所交易规则》的 有关规定，属于股票交易异常波动情形。 二、公司关注并核实的相关情况 针对公司股票交易异常波动，公司通过自查、书面征询等方式对有关事项进 行了核查，现将核实情况说明如下： （一）生产经营情况 公司目前生产经营活动正常，不存在影响公司股票交易价格异常波动的重大 事宜，不存在应披露而未披露的重大信息。 （二）重大事项情况 经公司自查并向公司控股股东及实际控制人核实：截至目前，除已披露的事 项外，公司、公司控股股东及实际控制人不存在应披露而未披露的重大信息，包 桃李面包股票价格于 2024 年 12 月 10 日、12 月 11 日、12 月 12 日连 ...

证券代码：603866 证券简称：桃李面包 公告编号：2024-058 重要内容提示： 桃李面包股份有限公司 https://roadshow.sseinfo.com/） 关于召开 2024 年第三季度业绩说明会的公告 会议召开方式：上证路演中心网络互动 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。 投资者可于 2024 年 11 月 27 日(星期三)至 12 月 03 日(星期二)16:00 前登录 上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 tlir@tolybread.com 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 桃李面包股份有限公司（以下简称"公司"）已于 2024 年 10 月 29 日发布公 司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三 季度经营成果、财务状况，公司计划于 2024 年 12 月 04 日下午 14:00-15:00 举 行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 三、 参加人员 董事长：吴学亮 ...

Investment Rating - The investment rating for the company is "Hold" [1] Core Views - The company reported a decline in revenue and net profit for the first three quarters of 2024, with revenue at 4.65 billion yuan, down 8.3% year-on-year, and net profit at 440 million yuan, down 5.3% year-on-year [1][2] - Despite the revenue decline, the company's profitability has improved, with a gross margin of 23.8%, up 0.5 percentage points year-on-year, and a net profit margin of 9.4%, up 0.3 percentage points year-on-year [2][3] Revenue Analysis - Revenue from bread and mooncakes for the first three quarters was 4.48 billion yuan (down 7.3%) and 130 million yuan (down 18.1%), respectively, indicating a continued impact from reduced demand and foot traffic in supermarkets [2] - Revenue by region showed declines across all areas, with North China at 1.05 billion yuan (down 9.3%), Northeast at 1.9 billion yuan (down 13%), East China at 1.5 billion yuan (down 4.9%), and South China at 340 million yuan (down 20.5%) [2] Profitability and Cost Management - The company maintained stable expense ratios, with a selling expense ratio of 7.9% (down 0.1 percentage points), a management expense ratio of 2.1% (stable), and a research expense ratio of 0.4% (down 0.1 percentage points) [2] - Financial expenses increased slightly due to higher interest expenses, with a financial expense ratio of 0.5% (up 0.2 percentage points) [2] Capacity and Expansion - The company has established production bases in 22 regions nationwide, with a total capacity of 237,000 tons as of the end of the first half of 2024, and is expanding capacity with new bases under construction [3] - The new capacity is expected to match market demand and expand market share, with an anticipated release of 224,000 tons of new capacity [3] Earnings Forecast - The forecast for net profit for 2024-2026 is 560 million yuan, 620 million yuan, and 660 million yuan, respectively, with corresponding EPS of 0.35 yuan, 0.39 yuan, and 0.41 yuan [3] - The dynamic PE ratios for the same period are projected to be 17 times, 16 times, and 15 times [3]

[Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-------------------------------------------------|------------------| | | | | 股票数据 | | | 10 [ Table_StockInfo 月 29 日收盘价（元） ] | 6.12 | | 52 周股价波动（元） | 4.83-8.87 | | 总股本 / 流通 A 股（百万股） | 1600/1600 | | 总市值 / 流通市值（百万元） | 9790/9790 | | 相关研究 | | | [Table_ReportInfo] 《 23Q4 收入同增 2% | ，业绩仍然承压》 | | 2024.03.24 | | 市场表现 [Table_QuoteInfo] -41.86% -32.86% -23.86% -14.86% -5.86% 3.14% 2023/10 2024/1 2024/4 2024/7 桃李面包 海通综指 | --- | --- | --- | --- | |-------------------------- ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [5] Core Views - The company reported a revenue of 4.647 billion, a year-on-year decline of 8.27%, and a net profit of 435 million, down 5.28% year-on-year. The revenue and profit performance were below expectations [5] - The baking industry is experiencing weak demand, leading to a downward revision of profit forecasts. Expected net profits for 2024-2026 are 574 million, 636 million, and 702 million respectively, with corresponding EPS of 0.36, 0.40, and 0.44 yuan [5][6] - The company is focusing on expanding production capacity and enhancing supply chain and channel network advantages to increase market share in the baking sector, which is considered a high-growth area [5] Summary by Sections Market Data - Closing price: 6.47 yuan - One-year high/low: 8.87/4.83 yuan - Market capitalization: 10,350 million yuan - Price-to-book ratio: 2.0 - Dividend yield: 4.64% [2] Financial Data - As of September 30, 2024, the company had a net asset per share of 3.15 yuan and a debt-to-asset ratio of 29.60% [3] - Revenue for 2024 is projected to be 6.356 billion, with a year-on-year growth rate of -6.0% [7] Profitability - The gross margin for the first three quarters of 2024 was 23.8%, an increase of 0.5 percentage points year-on-year. The net profit margin for the same period was 9.4%, up 0.3 percentage points year-on-year [7][6] - The company’s expense ratios remained stable, with sales, management, R&D, and financial expense ratios reported at 7.9%, 2.1%, 0.4%, and 0.5% respectively [7] Regional Performance - Revenue growth rates by region for the first three quarters of 2024 showed significant declines, particularly in Northeast and North China, with year-on-year decreases of -13.0% and -9.3% respectively [6]

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 7 CNY, while the current price is 6.47 CNY [1]. Core Views - The company reported a revenue of 4.647 billion CNY for the first three quarters of 2024, a year-on-year decrease of 8.27%. The net profit attributable to the parent company was 435 million CNY, down 5.28% year-on-year [1]. - In Q3 alone, the revenue was 1.627 billion CNY, reflecting a 12.53% decline year-on-year, with a net profit of 145 million CNY, down 13.43% year-on-year [1]. - The company faces external pressures, with a significant drop in demand and increased competition affecting its core bread business, alongside a decline in foot traffic in supermarkets [1]. - Despite the revenue decline, the gross profit margin improved to 23.17% in Q3, up 0.17 percentage points year-on-year, attributed to stable raw material costs and strict control over return rates [1]. - The company is shifting its focus from expansion to operational quality, actively managing return rates and seeking partnerships in emerging markets [1]. - The report adjusts the EPS forecast for 2024-2026 to 0.37, 0.39, and 0.43 CNY respectively, with corresponding PE valuations of 17, 16, and 15 times [1]. Financial Summary - Total revenue for 2023 is projected at 6.759 billion CNY, with a year-on-year growth rate of 1.1%. For 2024, revenue is expected to decline by 7.5% to 6.25 billion CNY [2]. - The net profit for 2023 is estimated at 574 million CNY, with a slight increase of 3.4% expected in 2024, reaching 594 million CNY [2]. - The company’s PE ratio is projected to decrease from 18 times in 2023 to 15 times by 2026 [2]. - The gross profit margin is expected to improve gradually from 22.8% in 2023 to 24.4% in 2026 [8].

桃李面包股份有限公司 2024 年第三季度报告 单位：元 币种：人民币 证券代码：603866 证券简称：桃李面包 桃李面包股份有限公司 2024 年第三季度报告 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： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | |------------------------------------------------|------------------|---------------------------------------|------------------|--------------------- ...