公司报告 | 季报点评 杏仁降价助力盈利企稳，回购注销提升股东回报 24Q1-3 业绩：收入 21.59 亿元，同比+6.10%；归母净利 4.19 亿元，同 比-5.49%；扣非归母净利润 4.18 亿元，同比-5.13%。 24Q3 业绩：收入 5.25 亿元，同比-2.99%；归母净利 1.26 亿元，同比 -2.30%；扣非归母净利 1.25 亿元，同比-0.44%。 利润端：Q3 净利率同比+0.1pct，我们认为其中原因：1）毛利率同比 +3.2pct，系：受益于良好气候条件，野山杏仁得以丰产，公司采购成本 下降。公司 50 万吨新厂因土建工程延期交付、厂区外围配套用电延迟到 位原因而延期，目前正在进行调试生产、推进生产许可证手续办理，计划 2024 年 11 月份投产，折旧摊销影响推后。2）销售/管理费率同比 +4.4/1.2pct，系股权激励费用确认影响；3）财务费率同比-1.1pct，利息 收入增加。 Q1-3 毛利率同比-1.6pct、销售/管理费率同比+2.0/+0.5pct，带动净利 率同比-2.4pct。 近期公司发布回购公告（回购比例为 2.85-5.70%、用途为注销），体现了 ...

[Table_MainInfo] 公司研究/食品/饮料 证券研究报告 承德露露（000848）公司季报点评 2024 年 11 月 02 日 请务必阅读正文之后的信息披露和法律声明 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | |-------------------------------------------------------------| | 股票数据 | | 11 [ Table_StockInfo 月 01 日收盘价（元） ] | | 52 周股价波动（元） | | 总股本 / 流通 A 股（百万股） | | 总市值 / 流通市值（百万元） | | 相关研究 | | [Table_ReportInfo] 《新老品齐发力较快成长，短期利润承压》 | | 2024.08.31 | | 《四季度营收增长亮眼，渠道持续开拓》 | | 2024.04.21 | | 《发布员工持股计划草案，期待激励下业绩更 | | 上一层楼》 2024.03.17 | [Table_QuoteInfo] -32.63% -23.63% -14.63% -5.63% 3.37% 12.3 ...

食品饮料 | 证券研究报告 — 业绩评论 2024 年 10 月 31 日 000848.SZ 买入 原评级：买入 市场价格:人民币 8.83 板块评级:强于大市 本报告要点 承德露露 2024 年 3 季报业绩点评 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 12.3 9.7 16.5 5.5 相对深圳成指 0.2 (1.1) (7.3) (2.4) (20%) (13%) (6%) 2% 9% 16% Oct-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24 承德露露 深圳成指 | --- | --- | --- | |-------------------------------|------------|----------| | | | | | 发行股数 ( 百万 ) | | 1,052.55 | | 流通股 ( 百万 ) | | 1,039.52 | | 总市值 ( 人民币 百万 ) | | 9,294.05 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 117.45 | | ...

证券研究报告·公司点评报告·饮料乳品 承德露露（000848） 2024 年前三季度业绩点评：营收承压小幅下 降，杏仁成本迎来拐点 2024 年 10 月 29 日 买入（上调） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 2692 | 2955 | 3132 | 3330 | 3554 | | 同比（ % ） | 6.66 | 9.76 | 6.00 | 6.34 | 6.73 | | 归母净利润（百万元） | 601.87 | 638.13 | 617.75 | 709.48 | 772.76 | | 同比（ % ） | 5.68 | 6.02 | (3.19) | 14.85 | 8.92 | | EPS- 最新摊薄（元 / 股） | 0.57 | 0.61 | ...

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 ——2024 年三季报点评 业绩表现平稳，回购注销催化 承德露露(000848) 食品饮料 [Table_Industry] /必需消费 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-----------------------------------|--------------------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | [table_Authors] 訾猛 ( 分析师 ) | 陈力宇 ( 分析师 ) | | | | | | | | | 021-38676442 | 021-38677618 | | | | | | | | | zimeng@gtjas.com | chenl ...

证 报 公 司 研 2024 年 10 月 29 日 | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Financial Performance - Revenue for the third quarter was RMB 524.96 million, a decrease of 2.99% year-over-year[3] - Net profit attributable to shareholders for the third quarter was RMB 125.56 million, down 2.30% year-over-year[3] - Total revenue for the first three quarters reached RMB 2.16 billion, an increase of 6.10% year-over-year[3] - Net profit attributable to shareholders for the first three quarters was RMB 419.08 million, a decrease of 5.49% year-over-year[3] - Total operating income for the period reached 2,159,223,342.98 yuan, up from 2,035,168,826.10 yuan in the same period last year[11] - Net profit decreased to 419,008,243.20 RMB, down 5.5% compared to the previous year[12] - Total comprehensive income was 419,008,243.20 RMB, down 5.5% compared to the previous year[13] Profitability Metrics - Basic earnings per share for the third quarter remained unchanged at RMB 0.12[3] - Weighted average return on equity for the third quarter was 4.06%, a decrease of 0.49 percentage points year-over-year[3] - Basic earnings per share (EPS) stood at 0.40 RMB, down from 0.43 RMB in the previous year[13] Assets and Liabilities - Total assets at the end of the reporting period were RMB 3.81 billion, a decrease of 8.83% compared to the end of the previous year[3] - Equity attributable to shareholders at the end of the reporting period was RMB 3.18 billion, an increase of 3.09% compared to the end of the previous year[3] - As of September 30, 2024, the company's monetary funds decreased to 2,781,453,748.21 yuan from 3,119,613,190.60 yuan at the beginning of the period[9] - Accounts receivable decreased to 2,053,049.40 yuan from 9,665,671.81 yuan at the beginning of the period[10] - Prepayments increased to 12,147,438.95 yuan from 6,691,126.16 yuan at the beginning of the period[10] - Inventory decreased to 154,587,555.78 yuan from 311,208,030.64 yuan at the beginning of the period[10] - Total current assets decreased to 2,950,762,039.57 yuan from 3,447,363,433.15 yuan at the beginning of the period[10] - Total non-current assets increased to 861,374,165.71 yuan from 733,875,592.13 yuan at the beginning of the period[10] Operating Costs and Expenses - Total operating costs increased to 1,616,204,786.38 RMB, up 11.5% compared to the previous year[12] - Sales expenses rose to 325,149,619.18 RMB, a 22.5% increase from the previous year[12] - R&D expenses decreased to 11,971,616.92 RMB, down 35.2% compared to the previous year[12] Cash Flow - Cash flow from operating activities was 100,520,504.69 RMB, slightly down from 100,817,537.68 RMB in the previous year[14] - Revenue from sales of goods and services reached 2,205,851,522.07 RMB, up 9.9% compared to the previous year[14] - Cash paid for goods and services increased to 1,505,040,376.63 RMB, up 19.2% from the previous year[14] - Investment activities cash inflow totaled 889,300.00[15] - Cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets was 140,595,414.71, a decrease from 115,024,993.36 in the previous period[15] - Net cash flow from investment activities was -140,595,414.71, compared to -114,135,693.36 in the previous period[15] - Cash received from investment absorption was 155,999,970.00[15] - Cash paid for dividends, profits, or interest payments was 454,084,502.37, an increase from 305,627,665.23 in the previous period[15] - Net cash flow from financing activities was -298,084,532.37, compared to -305,627,665.23 in the previous period[15] - Net increase in cash and cash equivalents was -338,159,442.39, compared to -318,945,820.91 in the previous period[15] - Opening balance of cash and cash equivalents was 3,119,613,190.60, compared to 2,989,858,579.93 in the previous period[15] - Closing balance of cash and cash equivalents was 2,781,453,748.21, compared to 2,670,912,759.02 in the previous period[15] Non-Recurring Items - Non-recurring gains and losses for the third quarter amounted to RMB 298,024.96[4] Shareholder Information - The company's largest shareholder, Wanxiang Sannong Group Co., Ltd., holds 41.61% of the shares[6] Project Updates - The company's "Annual 500,000 Tons Lulu Series Beverage Project (Phase I)" is currently undergoing trial production and is expected to be operational by November 2024, delayed from the original June 2024 target due to construction delays and delayed power supply[7] - Lulu Plant Beverage (Chunan) Co., Ltd., a wholly-owned subsidiary established in 2023, has commenced partial offline sales operations, with pile foundation construction starting on October 27, 2024[8] Interest Income - Interest income rose to 38,018,494.84 RMB, up 8.3% from the previous year[12] Audit Status - The company's third-quarter report was unaudited[15]

证券代码： 000848 证券简称：承德露露 承德露露股份公司投资者关系活动记录表 | --- | --- | --- | |-----------------------|------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------| | | | | | 投资者关系活动 | □ 特定对象调研 | □ 分析师会议 | | 类别 | □ 媒体采访 √ | 业绩说明会 | | | □ 新闻发布会 □ 现场参观 | □ 路演活动 | | | □ 其他 | （请文字说明其他活动内容） | | 参与单位名称及 | 投资者网上提问 | | | 人员姓名 | | | | 时间 地点 | 2024 年 10 月 15 日 ( | 周二 ) 下午 15:30~17:00 公司通过全景网"投资者关系互动平台"（ https://ir ...

公司报告 | 半年报点评 Q2 收入超预期，静待成本企稳改善 公司公告：2024H1 营业收入 16.34 亿元，同比+9.39%；归母净利 2.94 亿元， 同比-6.80%。24Q2 营业收入 4.07 亿元，同比+15.39%；归母净利 0.47 亿元， 同比-37.81%。 收入端：Q2 双位数增长，北方基地深耕、南方积极开拓。 1） 分产品看：24H1 杏仁露/果仁核桃系列收入分别为 15.84/0.40 亿元， 同比+8.7%/+16.4%，杏仁奶收入同比+399.7%，杏仁露销量同比+1.5%、均 价同比+7%。 2） 分区域看：24H1 北部/中部/其他地区收入 14.87/0.96/0.50 亿元，同比 +9.6%/-4.7%/+39.2%，北部持续深耕下沉、表现稳健，其他地区快速增长。 H1 净增经销商 20 个（北部 28 个）；杭州设立全资子公司，旨在带动华东、 华南市场大区。 3） H1 共开发高铁商店 104 家、学校商店 143 家、餐饮店 4879 个，打造 形象店 5413 个，举办宴会 3754 场（同比+21%）。 利润端：杏仁涨价加重成本压力，淡季广宣促销拖累盈利。 2 ...

食品饮料 | 证券研究报告 — 调整盈利预测 2024 年 9 月 2 日 000848.SZ 买入 原评级：买入 市场价格:人民币 7.27 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 (24%) (17%) (10%) (3%) 4% 11% Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24 承德露露 深圳成指 绝对 (7.5) (4.8) (16.4) (15.3) 相对深圳成指 3.7 (3.4) (5.4) 5.1 | --- | --- | --- | |-------------------------------|------------|----------| | | | | | 发行股数 ( 百万 ) | | 1,052.55 | | 流通股 ( 百万 ) | | 1,039.53 | | 总市值 ( 人民币 百万 ) | | 7,652.07 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 73.74 | | 主要股东 | | | | 万向三农集 ...