证券代码：000848 证券简称：承德露露 公告编号：2024-041 承德露露股份公司 第八届董事会 2024 年第三次临时会议决议公告 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、误导性陈述或者重大遗漏。 一、董事会会议召开情况 承德露露股份公司（以下简称"公司"）第八届董事会 2024 年第三 次临时会议通知于 2024 年 9 月 5 日以书面及电子邮件方式发出。会议 于 2024 年 9 月 9 日（星期一）上午 10:00 以通讯表决的方式召开。会 议应出席董事 9 名，实际出席董事 9 名，出席会议的人数超过董事总数 的二分之一。会议由董事长沈志军先生召集和主持，公司监事、高级管 理人员列席了本次会议。会议的召集、召开符合《公司法》《公司章程》 的有关规定，会议合法有效。 二、董事会会议审议情况 本次会议审议通过如下议案： （一）审议通过《关于解聘公司副总经理的议案》 因工作调整，孙威先生不再担任公司副总经理职务。 表决结果：9 票赞成，0 票反对，0 票弃权，表决通过。 具体内容见同日公司在巨潮资讯网（http://www.cninfo.com.cn） 上披露的《 ...

证券代码：000848 证券简称：承德露露 公告编号：2024-042 截至本公告披露之日，孙威先生直接持有公司股票 100 万股，均为 公司 2024 限制性股票激励计划授予但尚未解除限售的限制性股票，同 时，通过公司 2024 年员工持股计划间接持有公司 20 万股股份对应的份 额。上述股份后续将按照公司《2024 年限制性股票激励计划》《2024 年员工持股计划》等的相关规定进行处理。 孙威先生将在规定期限内继续遵守《上市公司董事、监事和高级管 理人员所持本公司股份及其变动管理规则》《深圳证券交易所上市公司 自律监管指引第 18 号——股东及董事、监事、高级管理人员减持股份》 等法律法规和业务规则的相关规定。 特此公告。 承德露露股份公司 董 事 会 二〇二四年九月十日 承德露露股份公司 关于解聘公司副总经理的公告 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、误导性陈述或者重大遗漏。 承德露露股份公司（以下简称"公司"）于 2024 年 9 月 9 日召开 第八届董事会 2024 年第三次临时会议，审议通过了《关于解聘公司副 总经理的议案》。因工作调整，孙威先生不再担任公司 ...

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 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1][6]. Core Views - The company reported a revenue of 1.634 billion yuan for the first half of 2024, representing a year-over-year increase of 9.39%, while the net profit attributable to shareholders was 294 million yuan, a decrease of 6.80% year-over-year [3][4]. - The second quarter of 2024 saw a revenue of 407 million yuan, with a year-over-year growth of 15.39%, and a net profit of 47.19 million yuan, reflecting an increase of 11.59% year-over-year [4][6]. - The company is focusing on product innovation and expanding its product matrix, particularly in the plant-based beverage sector, to enhance brand competitiveness and meet diverse consumer needs [4][6]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved a revenue of 1.634 billion yuan, with a gross margin decrease of 3.41 percentage points due to a significant rise in raw material costs [3][4]. - The company’s expenses increased, with the expense ratio rising by 1.34 percentage points, leading to a decline in net profit margin by 3.12 percentage points [3][4]. Product Development - The company launched new products under its almond beverage line and is actively developing a series of LOLO sparkling water products to diversify its offerings [4][6]. - The almond beverage series generated 1.584 billion yuan in revenue, with a year-over-year growth of 8.68% [4]. Sales Channels - Direct sales channels grew significantly, with revenue reaching 113 million yuan, a year-over-year increase of 134.08%, while the distribution model generated 1.521 billion yuan, up 5.23% year-over-year [6]. - The company has expanded its retail presence by developing various store formats and hosting numerous promotional events [6]. Future Projections - Revenue projections for 2024-2026 are estimated at 3.259 billion yuan, 3.583 billion yuan, and 3.929 billion yuan, respectively, with net profits expected to be 638 million yuan, 763 million yuan, and 849 million yuan [5][8]. - The company is valued at a price-to-earnings ratio of 15-18 times for 2024, with a reasonable price range of 9.15 to 10.98 yuan per share [6][8].

证券研究报告 ＃industryId＃ 软饮料 ＃investSuggestion＃ 公 司 研 究 增持 ( ＃ investSug gestionCh ange＃ 维持 ） ＃dyCompany＃ 承德露露 （ 000848 ） 000009 ＃title＃ 电商渠道增长靓丽，短期费投力度加大 ＃createTime1＃ 2024 年 08 月 28 日 | --- | --- | |----------------------------|------------| | | | | ＃市场数据 marketData ＃ | | | 日期 | 2024-08-27 | | 收盘价（元） | 7.49 | | 总股本（百万股） | 1,052.55 | | 流通股本（百万股） | 1,039.53 | | 净资产（百万元） | 3,052.36 | | 总资产（百万元） | 3,603.67 | | 每股净资产（元） | 2.90 | ＃相关报告 relatedReport＃ | --- | --- | |--------------|-------------------------------| | | ...

证 券 研 报 公 司 研 2024 年 08 月 29 日 究 | --- | --- | --- | |------------------------------------------------------------------------------------|----------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券研究报告·公司点评报告·饮料乳品 承德露露（000848） 2024 年半年报点评：激励效果显现，成本利 好在途 2024 年 08 月 27 日 增持（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 2692 | 2955 | 3161 | 3361 | 3587 | | 同比（ % ） | 6.66 | 9.76 | 6.99 | 6.32 | 6.71 | | 归母净利润（百万元） | 601.87 | 638.13 | 612.81 | 701.06 | 763.99 | | 同比（ % ） | 5.68 | 6.02 | (3.97) | 14.40 | 8.98 | | EPS- 最新摊薄（元 / 股） | 0.57 | 0.61 | 0.58 | ...

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 1,634,263,332.97, representing a 9.39% increase compared to CNY 1,494,020,252.85 in the same period last year[11]. - The net profit attributable to shareholders of the listed company decreased by 6.80% to CNY 293,518,266.38 from CNY 314,925,006.81 year-on-year[11]. - Basic earnings per share decreased by 9.68% to CNY 0.28 from CNY 0.31 in the same period last year[11]. - The total revenue for the reporting period was ¥1,634,263,332.97, with a gross margin of 41.80%, showing a 9.39% increase compared to the previous year[19]. - The company reported a total of CNY 902,477.26 in non-recurring gains and losses for the period[14]. - The company reported a significant increase in the sales volume of the walnut series by 389.17% to 660.97 tons from 135.12 tons year-on-year[23]. - The company reported a total operating cash outflow of 1,907,214,204.83 CNY in the first half of 2024, compared to 1,502,965,853.43 CNY in the same period of 2023, reflecting increased operational costs[102]. Cash Flow and Liquidity - The net cash flow from operating activities turned negative at CNY -46,352,910.48, a decline of 215.12% compared to CNY 40,266,328.07 in the previous year[11]. - Cash flow from operating activities showed a net outflow of ¥46,352,910.48 in the first half of 2024, contrasting with a net inflow of ¥40,266,328.07 in the same period of 2023[100]. - The cash and cash equivalents at the end of the reporting period were ¥2,692,789,562.62, accounting for 74.72% of total assets[33]. - The total cash and cash equivalents at the end of the first half of 2024 were 2,479,545,866.21 CNY, down from 2,595,262,088.78 CNY at the end of the first half of 2023[102]. - The company’s cash flow management strategies will be crucial in addressing the negative cash flow trends observed in the first half of 2024[102]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 3,603,673,765.97, down 13.81% from CNY 4,181,239,025.28 at the end of the previous year[11]. - The company's total assets decreased to CNY 3,461,567,749.15 from CNY 4,107,758,609.29, representing a decline of 15.8%[93]. - Total liabilities decreased to CNY 551,245,654.97 from CNY 1,057,327,667.22, a reduction of approximately 47.9%[90]. - The company reported a significant decrease in accounts payable, which fell to CNY 292,436,148.97 from CNY 549,641,985.63, a reduction of approximately 46.8%[90]. - The total equity attributable to the parent company at the end of the reporting period is CNY 2,891,575,769.68, a decrease from the previous period's CNY 2,793,705,645.60[106]. Product and Market Development - The company's main product, "Lulu" almond milk, generated revenue of ¥1,583,701,455.58, with a gross margin of 42.15%, reflecting an 8.68% year-on-year increase in revenue[20]. - The company launched two new products, "Lulu Almond Coffee" and "Almond Grain," as part of its strategy to diversify its product offerings[18]. - The almond milk series saw a significant revenue increase of 399.74% compared to the previous year, indicating strong market demand[20]. - The company expanded its sales channels, developing 104 high-speed rail stores and 143 school stores during the reporting period[18]. - The online sales platforms include major e-commerce sites such as JD.com, Tmall, and Pinduoduo, with a focus on enhancing user acquisition and brand exposure[22]. Shareholder and Corporate Governance - The company plans not to distribute cash dividends or issue bonus shares for this reporting period[2]. - The first temporary shareholders' meeting in 2024 had a participation rate of 49.04%[46]. - The company approved a restricted stock incentive plan on March 14, 2024, granting 13 million shares at a price of 6.00 CNY per share, representing 1.24% of the total share capital[49]. - The employee stock ownership plan includes 139 participants holding a total of 12,999,995 shares, which is 1.24% of the company's total share capital[51]. - The company has not reported any major quality issues with its products, but it remains vigilant about food safety and quality control measures[44]. Environmental and Social Responsibility - The company has a valid pollution discharge permit effective from November 17, 2022, to November 16, 2027[54]. - The company reported a total wastewater discharge of 0.297 tons for COD, which is below the permitted limit of 48.5 tons[55]. - The company has cumulatively donated 950,938.74 RMB for social welfare initiatives since 2009, including support for disabled children and local charities[58]. - Approximately 300,000 farmers are involved in the almond industry chain, contributing to local economic development and agricultural optimization[59]. - The company has implemented a self-monitoring plan for pollutants and has no recorded administrative penalties for environmental issues during the reporting period[58]. Risk Management - The company has outlined potential risks and countermeasures in its management discussion and analysis section[2]. - The company faced challenges with raw material supply, particularly wild almonds, due to climate factors affecting production[22]. - The company faces supply risks for core raw materials like wild almonds and sugar, which may impact performance due to price fluctuations[43]. - The plant protein beverage industry is highly competitive, prompting the company to focus on product innovation and market expansion to maintain its market share[43]. Accounting and Financial Reporting - The financial report for the first half of 2024 has not been audited[87]. - The company adheres to the latest accounting standards issued by the Ministry of Finance, ensuring that its financial reports accurately reflect its financial position and operating results[119]. - The company’s accounting year runs from January 1 to December 31 each year[120]. - The company recognizes research and development expenses incurred during the research phase as current period losses, while development phase expenses can be capitalized as intangible assets if certain criteria are met[161]. - The company assesses impairment for investments in subsidiaries, joint ventures, and associates when there is objective evidence of impairment, recognizing impairment losses based on the difference between carrying amount and recoverable amount[153].

证券代码：000848 证券简称：承德露露 公告编号：2024-040 承德露露股份公司 关于万向财务有限公司的风险评估报告 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。 按照《深圳证券交易所上市公司自律监管指引第 7 号——交易与关 联交易》的要求，公司通过查验万向财务有限公司（以下简称"财务公 司"）《金融许可证》《企业法人营业执照》等证件资料，取得并审阅 资产负债表、利润表等财务报表（未经审计），对财务公司与财务报表 相关的资金、信贷、投资、稽核、信息管理等风险管理体系的制定及实 施情况进行了评估，具体情况报告如下： 一、财务公司基本情况 财务公司系经中国人民银行银复(2002)205 号文批准，于 2002 年 8 月 22 日 在 浙 江 省 市 场 监 督 管 理 局 登 记 注 册 。 现 持 有 编 码 为 L0045H233010001 的 金 融 许 可 证 和 统 一 社 会 信 用 代 码 为 91330000742903006P 的营业执照。现有注册资本 185,000 万元，其中： 万向集团公司出资 122,254.17 万元，占 ...