北京金诚同达律师事务所 关于 承德露露股份公司 2024 年第三次临时股东大会的 法律意见书 金证法意[2024]字 1111 第 0623 号 中国北京市建国门外大街1号国贸大厦A座十层 100004 电话：010—57068585 传真：010—85150267 金诚同达律师事务所 法律意见书 北京金诚同达律师事务所 关于承德露露股份公司 2024 年第三次临时股东大会的 法律意见书 金证法意[2024]字 1111 第 0623 号 致：承德露露股份公司 受承德露露股份公司（以下简称"承德露露"或"公司"）聘请和北京金诚 同达律师事务所（以下简称"本所"）委派，本所律师出席承德露露2024年第三 次临时股东大会并对会议的相关事项出具法律意见书。 根据《中华人民共和国证券法》、《中华人民共和国公司法》（以下简称"《公 司法》"）、《上市公司股东大会规则》（以下简称"《股东大会规则》"）、 《深圳证券交易所上市公司股东大会网络投票实施细则》、《律师事务所从事证 券法律业务管理办法》、《律师事务所证券法律业务执业规则》等法律、法规和 规范性文件的要求以及《承德露露股份公司章程》（以下简称"《公司章程》"） 的 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating an expected return of over 20% within the next six months [4][12]. Core Views - The company has shown stable profitability due to a decrease in almond prices, which has positively impacted its profit margins. The company also announced a share buyback plan, reflecting its commitment to enhancing shareholder returns [2][4]. - The company is expected to benefit from cost advantages in almond procurement in Q4 and the first half of 2025, leading to potential profit elasticity [2]. - Revenue growth is projected at 7% for 2024 and 2025, with a slight decline in net profit expected in 2024, followed by a recovery in subsequent years [2][3]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenues of 2.159 billion yuan, a year-on-year increase of 6.10%, and a net profit of 419 million yuan, a decrease of 5.49% [1]. - In Q3 2024, revenues were 525 million yuan, down 2.99% year-on-year, while net profit was 126 million yuan, down 2.30% [1]. - The gross margin improved by 3.2 percentage points year-on-year due to favorable weather conditions leading to increased almond production and lower procurement costs [1]. Financial Forecasts - Revenue forecasts for 2024, 2025, and 2026 are 3.149 billion yuan, 3.354 billion yuan, and 3.566 billion yuan, respectively, with growth rates of 6.60%, 6.50%, and 6.30% [3][6]. - The projected net profit for 2024 is 622 million yuan, with a decline of 2% year-on-year, followed by a recovery of 14% in 2025 and 10% in 2026 [2][3]. - The company’s price-to-earnings (P/E) ratios are expected to be 15X for 2024, 13X for 2025, and 12X for 2026 [2][3].

证券代码：000848 证券简称：承德露露 公告编号：2024-052 承德露露股份公司 关于回购股份事项前十大股东及前十大无限售条件股东 持股情况的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没 有虚假记载、误导性陈述或重大遗漏。 承德露露股份公司 （以下简称"公司"）于 2024 年 10 月 24 日召开 第八届董事会 2024 年第四次临时会议审议通过了《关于回购部分社会公 众股份方案的议案》，具体内容详见公司于 2024 年 10 月 25 日刊登在《中 国证券报》《证券时报》《证券日报》及巨潮资讯网（www.cninfo.com.cn） 上的《第八届董事会 2024 年第四次临时会议决议公告》和《关于回购部 分社会公众股份方案的公告》。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管 指引第 9 号——回购股份》等相关规定，公司已于 2024 年 10 月 31 日披 露了公司董事会公告回购股份决议前一个交易日（即 2024 年10 月 24 日） 登记在册的前十大股东和前十大无限售条件股东的名称及持股数量、比例 情况；现将公司 2024 年第三次临时股东大会股权 ...

[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 ...

承德露露股份公司 关于收到《贷款承诺书》暨获得回购公司股份融资 支持的自愿性信息披露公告 证券代码：000848 证券简称：承德露露 公告编号：2024-051 本公司及董事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或者重大遗漏。 特别提示： 近日，承德露露股份公司（以下简称"公司"）收到中国建设银行 股份有限公司（以下简称"建行"）出具的《贷款承诺书》，建行承诺 将为公司提供 49,000 万元的股票回购增持贷款资金专项用于股票回购。 一、《贷款承诺书》签署概况 根据《公司法》《证券法》《上市公司股份回购规则》《深圳证券 交易所上市公司自律监管指引第 9 号—回购股份》《公司章程》等有关 规定，公司于 2024 年 10 月 24 日召开第八届董事会 2024 年第四次临时 会议，审议通过了《关于回购部分社会公众股份方案的议案》，具体内 容见同日公司在巨潮资讯网（http://www.cninfo.com.cn）上披露的《关 于回购部分社会公众股份方案的公告》（公告编号 2024-045）。本议案 尚需以特别议案形式提交公司股东大会审议通过。 为积极响应国家支持、提振资本市场健 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 8.83 and a sector rating of "Outperform" [1]. Core Views - The company reported a revenue of RMB 2.16 billion for the first three quarters of 2024, reflecting a year-on-year increase of 6.1%, while the net profit attributable to shareholders was RMB 420 million, down 5.5% year-on-year. The third quarter saw revenues and net profits of RMB 520 million and RMB 130 million, respectively, representing declines of 3.0% and 2.3% year-on-year. The weak performance is attributed to a sluggish consumption environment, but sales are expected to accelerate with the upcoming holiday season [3][5]. - The company is experiencing a cost inflection point, with a significant decrease in raw material costs, particularly bitter almonds, which fell by 26.1% quarter-on-quarter and 36.6% year-on-year in Q3 2024. This is expected to enhance profit margins in subsequent quarters [3][5]. - The company has announced a share buyback plan, intending to repurchase 30-60 million shares, which represents 2.9%-5.7% of the total share capital, at a price not exceeding RMB 11.75 per share. This move underscores the company's commitment to shareholder returns [3][5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of RMB 2.16 billion, up 6.1% year-on-year. In Q3 2024, revenue was RMB 520 million, down 3.0% year-on-year. The net profit for the same period was RMB 130 million, down 2.3% year-on-year [3][5]. - The gross profit margin improved to 40.7% in Q3 2024, an increase of 3.2 percentage points year-on-year, despite a slight decline in overall net profit margin to 23.9% [5][6]. Cost and Profitability - The company is witnessing a reduction in raw material costs, which is expected to positively impact profit margins. The cost of bitter almonds decreased significantly, leading to an anticipated increase in profitability in the coming quarters [3][5]. - The report projects revenue growth for 2024 and 2025 at RMB 3.18 billion and RMB 3.38 billion, respectively, with net profits expected to be RMB 641 million and RMB 743 million [4][6]. Shareholder Returns - The company plans to repurchase shares, indicating a strong focus on returning value to shareholders. The buyback amount is set to be significantly higher than previous repurchase amounts, reflecting the company's commitment to enhancing shareholder value [3][5].

序号 持有人名称 持有数量（股） 持有比例（%） 1 万向三农集团有限公司 437,931,866 41.61 2 香港中央结算有限公司 19,247,266 1.83 3 瑞银资产管理（新加坡）有限公司－瑞银卢 森堡投资 SICAV 19,097,254 1.81 4 全国社保基金四一三组合 18,000,053 1.71 5 平安银行股份有限公司－招商核心竞争力混 合型证券投资基金 14,591,446 1.39 6 全国社保基金六零四组合 13,896,100 1.32 7 承德露露股份公司－2024 年员工持股计划 12,999,995 1.24 8 中国农业银行股份有限公司－工银瑞信创新 11,610,000 1.10 一、董事会公告回购股份决议的前一交易日前十名股东持股情况 | | 动力股票型证券投资基金 | | | | --- | --- | --- | --- | | 9 | 杨伟 | 10,183,600 | 0.97 | | 10 | 沈志军 | 8,500,000 | 0.81 | 证券代码：000848 证券简称：承德露露 公告编号：2024-050 承德露露股份公司 关于回购股份事项 ...

Investment Rating - The report upgrades the investment rating to "Buy" based on the company's valuation and expected performance [3]. Core Views - The company reported a slight decline in revenue for the first three quarters of 2024, with total revenue of 2.159 billion yuan, a year-on-year increase of 6.10%, and a net profit attributable to shareholders of 419 million yuan, a year-on-year decrease of 5.49% [1]. - Despite overall consumer pressure, the company demonstrated resilience, with Q3 revenue and net profit showing only slight declines of 2.99% and 2.30% respectively [1]. - The cost of almonds is expected to reach a turning point, with Q3 gross margin improving to 40.68%, up 3.22 percentage points year-on-year, aided by lower almond prices in the new procurement season [1][2]. - Increased market investment led to a rise in the sales expense ratio to 9.95%, reflecting management's proactive approach to boost sales amid weak market demand [2]. - The company has initiated a significant share buyback plan, indicating a strong commitment to enhancing shareholder returns [2]. Summary by Sections Revenue and Profitability - For the first nine months of 2024, the company achieved total revenue of 2.159 billion yuan, with a year-on-year growth of 6.10%. The net profit attributable to shareholders was 419 million yuan, down 5.49% year-on-year [1]. - Q3 results showed revenue of 525 million yuan and net profit of 126 million yuan, reflecting slight declines of 2.99% and 2.30% respectively [1]. Cost and Margin Analysis - The gross margin for Q3 was 40.68%, an increase of 3.22 percentage points year-on-year, while the first half of the year saw a gross margin of 41.80%, down 3.41 percentage points [1]. - The cost of almonds has decreased significantly, with prices dropping over 20% in the July-September period compared to the previous year, contributing to margin recovery [1]. Market Strategy and Management Actions - The sales expense ratio increased to 9.95%, up 4.39 percentage points year-on-year, as the company increased marketing expenditures to stimulate sales [2]. - A large share buyback plan has been announced, aiming to repurchase 30 to 60 million shares, reflecting management's commitment to shareholder value [2]. Financial Forecast - Revenue forecasts for 2024-2026 are set at 3.132 billion, 3.330 billion, and 3.554 billion yuan respectively, with EPS estimates of 0.59, 0.67, and 0.73 yuan [3]. - The current market valuation corresponds to P/E ratios of 14.7x, 12.8x, and 11.8x for the respective years, indicating an attractive valuation [3].

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 ...