Investment Rating - The report adjusts the investment rating to "Accumulate" due to short-term performance pressures and changes in customer demand, while maintaining a long-term focus on expanding customer base and improving coffee business structure [17]. Core Insights - The company reported a total revenue of 2.841 billion yuan and a net profit of 257.75 million yuan for 2023, reflecting a year-on-year increase of 17% and 123% respectively [1]. - In Q1 2024, revenue and net profit were 540 million yuan and 46 million yuan, showing a year-on-year decline of 16% and 28% [1]. - The company aims to deepen its presence in the tea beverage industry and expand into the self-made beverage market in restaurants, while also increasing production capacity in the coffee sector [3]. Financial Performance - The company's gross profit margin for 2023 was 17.97%, an increase of 5.68 percentage points year-on-year, attributed to lower raw material prices and effective cost management [2]. - The sales expense ratio was 3.13% in Q4, up 0.36 percentage points year-on-year, contributing to a net profit margin of 9.03%, which is an increase of 4.28 percentage points year-on-year [2]. - The company expects stable gross margins throughout the year due to ongoing cost reduction and efficiency improvements [3]. Revenue Breakdown - In 2023, the revenue from various product lines was as follows: plant-based creamers at 1.926 billion yuan, coffee at 261 million yuan, plant-based products at 106 million yuan, and other businesses (such as syrups) at 361 million yuan, with year-on-year growth rates of 10%, 22%, 21%, and 41% respectively [8]. - For Q1 2024, revenues from plant-based creamers, coffee, plant-based products, and other businesses were 300 million yuan, 45 million yuan, 20 million yuan, and 100 million yuan, reflecting year-on-year changes of -35%, -19%, -10%, and +51% respectively [9]. Profitability Forecast - The report forecasts net profits of 246.79 million yuan for 2024, 290.32 million yuan for 2025, and 355.77 million yuan for 2026, with corresponding P/E ratios of 21.80, 18.53, and 15.12 [1][17]. - The expected revenue growth rates for the upcoming years are 9.71% for 2024, 13.82% for 2025, and 17.39% for 2026 [1].

| --- | --- | --- | |---------------------------------------------------------------------|------------|-----------------------------------------------------------| | 1. 投资评级的比较和评级标准： | 类 别 | 说 明 | | 以报告发布后的 6 个月内的市场表现 | | 预期个股相对基准指数涨幅在 10% 以上； | | 为比较标准，报告发布日后 6 个月内 | 股票投资评 | 预期个股相对基准指数涨幅介于 -10% 与 10% 之间； | | 的公司股价（或行业指数）的涨跌幅 | 级 | 预期个股相对基准指数涨幅低于 -10% 及以下； | | 相对同期市场基准指数的涨跌幅； | | 对于个股未来 6 个月市场表现与基准指数相比无明确观点。 | | 2. 市场基准指数的比较标准： | | 预期行业整体回报高于基准指数整体水平 10% 以上； | | A 股市场以海通综指为基准；香港市 场以恒生指数为基准；美国市场以标 | 行业投资评 | ...

Investment Rating - The report maintains a "Recommend" rating for Jiahe Food (605300 SH) [15] Core Views - Jiahe Food achieved revenue of 2 841 billion yuan in 2023, a year-on-year increase of 17 04% Net profit attributable to the parent company was 258 million yuan, up 123 39% year-on-year [1] - In Q1 2024, revenue was 541 million yuan, down 15 61% year-on-year, and net profit attributable to the parent company was 46 million yuan, down 27 71% year-on-year [1] - The company's non-dairy creamer and coffee businesses faced short-term pressure due to off-season effects and downstream price competition [1] - The company is expected to expand its market share in the medium to long term through increased penetration of coffee and oat milk products [1] Financial Performance Revenue and Profit - 2023 revenue: 2 841 billion yuan (+17 04% YoY) [1] - 2023 net profit: 258 million yuan (+123 39% YoY) [1] - 2024 Q1 revenue: 541 million yuan (-15 61% YoY) [1] - 2024 Q1 net profit: 46 million yuan (-27 71% YoY) [1] Product Breakdown - Q4 2023 non-dairy creamer revenue: 481 million yuan (-22 78% YoY) [1] - Q4 2023 coffee revenue: 81 million yuan (+7 65% YoY) [1] - Q1 2024 non-dairy creamer revenue: 313 million yuan (-35 18% YoY) [1] - Q1 2024 coffee revenue: 45 million yuan (-18 61% YoY) [1] Profitability - 2023 gross margin: +5 69 pcts YoY [1] - Q4 2023 gross margin: 16 59% (+1 11 pcts YoY) [1] - Q1 2024 gross margin: +0 98 pcts YoY [1] Future Outlook - Expected 2024-2026 revenue: 2 93 3 25 3 64 billion yuan, with year-on-year growth rates of 3 2% 10 7% 12 0% respectively [1] - Expected 2024-2026 net profit: 230 270 300 million yuan, with year-on-year growth rates of -9 9% +14 6% +13 1% respectively [1] - Current P/E ratios for 2024-2026: 23X 20X 18X [1] Industry Analysis - The domestic non-dairy creamer supply is relatively sufficient, and the company is actively expanding foreign trade business to find new growth points [1] - The coffee business leverages the company's supply chain advantages to achieve large-scale procurement of high-quality raw materials [1] - The company's layout in ready-to-drink (RTD) coffee and oat milk products is expected to drive medium to long-term development [1]

Investment Rating - Investment Rating: Buy (Maintain) [2][17] Core Views - The company is currently undergoing product/channel adjustments, with expectations for performance improvement in the future [4][17] - The coffee product structure continues to optimize, with innovative categories maintaining strong growth momentum [5][17] - Increased expenditure on market penetration has kept profitability relatively stable [6][17] Financial Summary - Revenue for 2023 is projected at 2,841 million yuan, a year-on-year increase of 17.0% [7][17] - Net profit attributable to shareholders for 2023 is expected to be 258 million yuan, reflecting a significant year-on-year growth of 123.4% [7][17] - The company anticipates a revenue decline of 6.0% in 2024, with net profit projected at 214 million yuan, a decrease of 16.8% [7][17] - Gross margin is expected to be 17.9% in 2024, while net margin is projected at 8.0% [7][19] Product and Channel Performance - In Q4 2023, revenue from various product categories showed mixed results, with plant-based products growing by 43.2% and coffee products declining by 18.6% [18][17] - The company is focusing on new product launches to meet changing consumer preferences, particularly in the liquid milk segment [18][17] - The coffee business is expected to stabilize and return to growth due to product mix optimization and new customer acquisition efforts [18][17] Expense Management - The company has increased its sales and marketing expenses to support new customer acquisition, with sales expense ratio at 3.13% in 2023 [19][17] - The gross margin for 2024 is projected to be 18%, benefiting from raw material cost advantages [19][17] - The net profit margin for 2024 is expected to be 9.1%, reflecting a year-on-year increase of 4.3% [19][17]

Investment Rating - The report maintains a "Buy" investment rating for the company [6][23]. Core Views - The company's first-quarter performance was below expectations, primarily due to weakened downstream demand and intensified competition [6][23]. - The overall revenue for 2023 met expectations, with a total revenue of 2.841 billion yuan, representing a year-on-year increase of 17.04%, while the net profit attributable to shareholders was 258 million yuan, showing a significant year-on-year increase of 123.39% [6][23]. - The company is expected to see stable growth in its powdered oil business and anticipates increased production in its coffee segment, with a focus on enhancing customer engagement through differentiated product offerings [23][28]. Summary by Relevant Sections Financial Performance - In Q1 2024, total revenue was 541 million yuan, a decrease of 15.61% year-on-year, with a net profit of 46 million yuan, down 27.71% year-on-year [6][23]. - The gross margin for 2023 was 17.97%, an increase of 5.69 percentage points year-on-year, primarily due to lower raw material prices [6][23]. - The company forecasts EPS for 2024-2026 to be 0.72, 0.85, and 1.05 yuan respectively, with corresponding PE ratios of 19, 16, and 13 times [23]. Product Performance - The powdered oil segment faced significant pressure, with revenue declining sharply, while other product lines, such as plant-based products, showed strong growth [23][28]. - The company has become a leader in the powdered oil industry and is increasing R&D investments to develop differentiated products [23][28]. Market Dynamics - The report highlights that the company's performance in the first quarter was impacted by the stability of downstream chain customers, while the overseas market showed promising growth [28]. - The company plans to invest in building a production base focused on coffee beans, with an expected annual capacity of 16,000 tons of roasted coffee beans and other coffee products [28].

中信证券股份有限公司 关于佳禾食品工业股份有限公司使用募集资金进行现金管理 的核查报告 中信证券股份有限公司（以下简称"中信证券"、"保荐机构"）作为承接佳 禾食品工业股份有限公司（以下简称"佳禾食品"、"公司"、"上市公司"）首次 公开发行股票并上市持续督导工作的保荐机构，根据《证券发行上市保荐业务管 理办法》《上海证券交易所股票上市规则》《上市公司监管指引第 2 号——上市公 司募集资金管理和使用的监管要求》和《上海证券交易所上市公司自律监管指引 第 1 号——规范运作》等相关法律、法规和规范性文件的规定，对佳禾食品使用 募集资金进行现金管理情况进行了专项核查，现将核查情况报告如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准佳禾食品工业股份有限公司首次公开 发行股票的批复》（证监许可[2021]547 号）文核准，公司首次公开发行人民币普 通股（A 股）股票 4,001 万股，每股面值 1 元，每股发行价格为人民币 11.25 元， 募集资金总额为人民币 45,011.25 万元，扣除各项发行费用（不含税）后，公司 实际募集资金净额人民币 40,074.33 万元。本次发行募集资金已于 2 ...

履行的审议程序：佳禾食品工业股份有限公司（以下简称"公司"或"佳 禾食品"）于 2024 年 4 月 17 日召开第二届董事会第十五次会议和第二届监事会 第十次会议，分别审议通过了《关于使用募集资金进行现金管理的议案》。保荐 机构中信证券股份有限公司（以下简称"保荐机构"）对本事项出具了同意的核 查意见，本议案无需提交股东大会审议。 证券代码：605300 证券简称：佳禾食品 公告编号：2024-029 佳禾食品工业股份有限公司 特别风险提示：公司及子公司拟使用闲置募集资金购买的理财产品为安 全性高、流动性好的理财产品，属于低风险投资品种，但金融市场受宏观经济的 影响较大，不排除该项投资受市场波动风险、利率风险、流动性风险、政策风险、 信息传递风险、不可抗力风险等风险的影响，收益率将产生波动，理财收益具有 不确定性。敬请广大投资者谨慎决策，注意防范投资风险。 一、 募集资金基本情况 关于使用募集资金进行现金管理的公告 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。 重要内容提示： 经中国证券监督管理委员会《关于核准佳禾食品工业 ...

佳禾食品工业股份有限公司 独立董事工作制度 第一章 总则 第一条 为进一步完善佳禾食品工业股份有限公司（以下简称"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，充分发挥独立董事的作用，根据《中华人民共和国公司法》（以 下简称"《公司法》"）、《中华人民共和国证券法》、《上市公司独立董事管理 办法》、《上市公司治理准则》等有关法律、法规、规范性文件和《佳禾食品工业 股份有限公司章程》（以下简称"《公司章程》"）的有关规定，制定本制度。 第二条 独立董事是指不在公司担任除董事外的其他职务，并与公司及其主要 股东、实际控制人不存在直接或者间接利害关系，或者其他可能影响其进行独立客 观判断关系的董事。 第三条 独立董事对公司及全体股东负有诚信与勤勉义务。独立董事应当按照 有关法律、行政法规、部门规章、规范性文件和《公司章程》的要求，认真履行职 责，维护公司整体利益，尤其要关注中小股东的合法权益不受损害。 第四条 独立董事应当独立公正地履行职责，不受公司主要股东、实际控制人 或其他与公司存在利害关系的单位和个人的影响。若发现所审议事项存在影响其独 立性的情况， ...

证券代码：605300 证券简称：佳禾食品 公告编号：2024-033 佳禾食品工业股份有限公司 关于 2024 年第一季度经营数据公告 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。 根据《上市公司行业信息披露指引第十四号——食品制造》第十四条相关规 定，现将佳禾食品工业股份有限公司（以下简称"公司"）2024 年第一季度经营 数据（未经审计）公告如下： 一、公司 2024 年第一季度主营业务相关经营情况 1、按产品类别分类情况 单位：元 币种：人民币 | 产品分类 | 2024 年 | 1-3 月销售收入 | 2023 年 | 1-3 月销售收入 | 增减变动幅度 | | --- | --- | --- | --- | --- | --- | | 粉末油脂 | | 312,656,927.95 | | 482,335,793.28 | -35.18% | | 咖啡 | | 44,542,891.40 | | 54,726,921.01 | -18.61% | | 植物基 | | 22,456,644.93 | | 24,8 ...

Financial Performance - The company's revenue for Q1 2024 was CNY 540,971,890.96, representing a decrease of 15.61% compared to the same period last year[2]. - Net profit attributable to shareholders was CNY 45,718,480.23, down 27.71% year-on-year[2]. - Basic and diluted earnings per share were both CNY 0.11, reflecting a decline of 31.25% compared to the previous year[2]. - Total operating revenue for Q1 2024 was CNY 540,971,890.96, a decrease of 15.6% compared to CNY 641,056,381.07 in Q1 2023[16]. - Net profit for Q1 2024 was CNY 46,355,826.85, a decline of 26.7% from CNY 63,317,873.91 in Q1 2023[17]. - Earnings per share for Q1 2024 were CNY 0.11, compared to CNY 0.16 in Q1 2023[18]. Cash Flow - The net cash flow from operating activities increased significantly by 480.12% to CNY 143,367,876.61, mainly due to a reduction in raw material purchases[5]. - Cash flow from operating activities in Q1 2024 was CNY 775,734,754.18, slightly up from CNY 775,405,347.77 in Q1 2023[20]. - In Q1 2024, the net cash flow from operating activities was $143,367,876.61, a significant increase from $24,713,548.58 in Q1 2023, representing a growth of approximately 478%[21]. - The total cash inflow from investment activities reached $295,596,292.72, compared to $139,223,481.47 in the same period last year, marking an increase of about 112%[21]. - The net cash flow from investment activities was $272,405,194.99, up from $100,371,847.18 in Q1 2023, indicating a growth of approximately 171%[21]. - The net cash flow from financing activities was -$317,828,785.70, a decrease from $94,910,449.96 in Q1 2023, reflecting a decline of around 436%[21]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 2,816,090,101.59, a decrease of 11.99% from the end of the previous year[2]. - The total liabilities decreased to CNY 540,892,159.83 in Q1 2024 from CNY 954,274,996.65 in Q1 2023, a reduction of 43.3%[16]. - The total cash and cash equivalents at the end of Q1 2024 amounted to $716,121,533.16, compared to $651,893,629.59 at the end of Q1 2023, showing an increase of approximately 10%[22]. - Short-term borrowings were reduced to RMB 255,663,293.19 from RMB 553,839,576.02, a decrease of 53.8%[12]. - The accounts payable decreased to RMB 128,046,466.77 from RMB 218,438,819.55, reflecting a decline of 41.4%[12]. Shareholder Information - Shareholders' equity attributable to the parent company increased by 1.29% to CNY 2,273,159,101.68[2]. - The number of ordinary shareholders at the end of the reporting period was 13,316[6]. - The top three shareholders held a combined 77.41% of the company's shares, with the largest shareholder owning 32.26%[7]. - The company reported a total of 1,264,001 shares held in the repurchase special account, accounting for 0.32% of the total share capital[10]. - The company has not disclosed any significant changes in the participation of major shareholders in margin financing and securities lending activities[9]. Other Financial Metrics - Non-recurring gains and losses totaled CNY 5,241,798.02 after accounting for tax and minority interests[5]. - The weighted average return on equity was 2.02%, a decrease of 1.06 percentage points year-on-year[2]. - The total current assets amounted to RMB 1,773,258,783.98, a decrease of 17.8% from RMB 2,157,750,152.15 on December 31, 2023[11]. - Cash and cash equivalents increased to RMB 761,141,996.78 from RMB 709,730,318.08, reflecting a growth of 7.2%[11]. - The company's trading financial assets decreased significantly to RMB 411,831,967.37 from RMB 703,973,152.20, representing a decline of 41.5%[11]. - Accounts receivable dropped to RMB 228,886,225.55 from RMB 386,785,000.99, indicating a reduction of 40.8%[11]. - The total non-current assets stood at RMB 1,042,831,317.61, slightly up from RMB 1,042,138,119.29, showing a marginal increase of 0.07%[12]. - The total assets of the company decreased to RMB 2,816,090,101.59 from RMB 3,199,888,271.44, a decline of 11.9%[12]. - The company recorded a financial expense of CNY -2,147,511.22 in Q1 2024, compared to CNY 999,914.96 in Q1 2023, indicating a significant improvement[16]. - Other comprehensive income after tax for Q1 2024 was CNY 25,563.82, down from CNY 38,698.05 in Q1 2023[17]. - The company reported a decrease in research and development expenses to CNY 6,660,501.55 in Q1 2024 from CNY 7,132,306.60 in Q1 2023, a reduction of 6.6%[16].