Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 8.68 CNY based on a 14x price-to-earnings ratio for 2024 [2][4][6]. Core Insights - The company is actively developing diverse new products, with almond milk and walnut milk showing significant growth potential, particularly in southern markets [1][2]. - Almond prices are expected to decline, which may enhance the gross margin for almond products in the upcoming quarters [1][2]. - The company has strong cash flow and a high dividend yield, providing a solid safety margin for investments [1]. Summary by Sections Product Development and Market Expansion - The company is focusing on new product launches to meet diverse consumer demands, with almond milk and walnut milk showing promising sales growth [1]. - The revenue from "other markets" reached 100 million CNY in 2023, marking an 88% year-on-year increase, indicating strong potential in southern regions [1]. Financial Performance and Forecast - The company’s revenue for 2023 was 2,955 million CNY, with a projected growth of 9.5% for 2024 [5]. - The gross margin for 2023 was 41.46%, down 3.39 percentage points from the previous year, but is expected to recover in 2024 due to lower almond prices [1][2]. - Earnings per share are forecasted to be 0.62 CNY in 2024, 0.75 CNY in 2025, and 0.86 CNY in 2026 [2][5]. Cash Flow and Dividend Policy - The company reported operating cash inflow of 3.3 billion CNY in 2023, with cash reserves of 3.15 billion CNY at the end of Q1 2024, supporting a high dividend payout ratio of 66% [1][2]. - The dividend yield for 2023 was 4.9%, ranking among the top in the industry [1].

证券研究报告：食品饮料 | 公司点评报告 2024 年 8 月 7 日 公司基本情况 总股本/流通股本（亿股）10.53 / 10.40 总市值/流通市值（亿元）84 / 83 52 周内最高/最低价 9.59 / 7.38 资产负债率(%) 25.3% 市盈率 13.07 第一大股东 万向三农集团有限公司 股票投资评级 买入|首次覆盖 个股表现 -31% -27% -23% -19% -15% -11% -7% -3% 1% 5% 2023-08 2023-10 2023-12 2024-03 2024-05 2024-08 承德露露 食品饮料 资料来源：聚源，中邮证券研究所 最新收盘价（元） 7.97 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:华夏霖 SAC 登记编号:S1340522090003 Email:huaxialin@cnpsec.com 承德露露(000848) 需求基本盘稳定，原料即将大幅改善 ⚫ 事件 2024 年 7 月起，伴随新一年野杏成熟，苦杏仁原料价格同比有较 大幅度回落，承德露露受此影响， ...

Investment Rating - The investment rating for the company is "Accumulate" [7][11]. Core Views - The company has shown effective incentives and stable revenue growth, achieving a revenue increase of 9.76% in 2023, with Q4 revenue reaching 919 million (up 27.54% year-on-year), marking the highest single Q4 revenue in history [8][9]. - The company has significant potential in its existing products and is actively developing new products, with a notable increase in the number of distributors in the northern market from 431 at the end of 2019 to 548 at the end of 2023, a growth of 26.3% [9]. - The company is expected to face short-term cost pressures but anticipates relief starting in the second half of the year as raw material prices decline [10]. - The company maintains a high and sustainable dividend payout ratio, with an average dividend rate of 56.13% since its listing and a dividend rate of 65.98% for 2023 [10]. Summary by Sections Financial Performance - Total revenue for 2022 was 2,692 million, increasing to 2,955 million in 2023, with projections of 3,161 million for 2024, reflecting a year-on-year growth of 6.97% [7][11]. - The net profit attributable to the parent company for 2023 was 638.13 million, with expectations of 633.39 million for 2024, indicating a slight decline of 0.74% [7][11]. - The earnings per share (EPS) for 2023 was 0.61, projected to be 0.60 in 2024 [7][11]. Market Data - The closing price of the company's stock is 7.58 yuan, with a market capitalization of 7,978.36 million [3]. - The price-to-earnings (P/E) ratio based on the current price and latest diluted EPS is 12.55 for 2023 and projected to decrease to 10.02 by 2026 [7][11]. Operational Insights - The company has made significant investments in channel management and terminal development, with the number of high-speed rail stores increasing from 131 in 2022 to 212 in 2023 [9]. - The company has also increased its new product development efforts, with multiple categories in the pipeline [9].

证券代码：000848 证券简称：承德露露 公告编号：2024-035 鉴于承德露露股份公司（以下简称"公司"）第八届监事会职工 监事董晓鹏先生已退休，并申请辞去公司职工监事职务，公司于 2024 年 7 月 8 日召开职工代表大会，会议选举张秦先生（简历详见附件） 为第八届监事会职工代表监事，任期自 2024 年 7 月 8 日起至新一届 监事会换届完成之日止。 特此公告。 承德露露股份公司 二〇二四年七月九日 承德露露股份公司 关于选举职工监事的公告 1 本公司及监事会全体成员保证信息披露内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 监 事 会 张秦，男，河北承德人，白族，1986 年 5 月生，中共党员， 本科学历。历任承德露露股份公司生产车间杀菌机手、配制机 手、品管员、车间领班、品管领班，郑州露露饮料有限公司品 管部主管、承德露露股份公司品质管理部研发（体系)主管，现 任承德露露股份公司技术研发部副总经理。 截至目前，张秦先生通过员工持股计划间接持有公司股份 10,000 股；与公司控股股东、实际控制人、持有公司 5%以上股 份的股东、公司其他董事、监事和高级管理人员无关联关系； ...

证券代码：000848 证券简称：承德露露 公告编号：2024-034 承德露露股份公司 重大诉讼进展公告 2021年9月，承德中院出具（2020）冀08民初25号之二民事裁定，驳回公司的起 诉。公司针对该裁定向河北高院提起上诉。河北高院受理后于2021年12月16日开庭 进行了审理。2021年12月30日，河北高院出具（2021）冀民终899号民事裁定书，撤 销承德中院（2020）冀08民初25号之二民事裁定，本案由承德中院审理。 2022年3月，承德中院针对本案出具了中止诉讼的裁定。 2022年10月19日，承德中院进行了开庭审理。2022年11月11日，承德中院出具 （2022）冀08民初5号民事判决书，驳回公司的诉讼请求。公司不服该判决，向河北 高院提起上诉。 2023年12月，公司收到河北高院出具的(2023)冀民终226号民事判决书，河北高 院驳回公司的诉讼请求。公司不服该判决，于2024年4月向最高人民法院申请再审。 1 本公司及董事会全体成员保证信息披露的内容真实、准确、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"或"承德露露"） 近日收到中华人民共 和国最 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [4] Core Views - The company is recognized as a leader in almond milk, with significant market expansion potential. The implementation of employee stock ownership plans is expected to enhance internal confidence and operational vitality [4] - The company is actively developing new products, including collaborations with matcha and coffee, and is exploring new plant-based categories such as almond milk. New products will be trialed online before being promoted offline based on performance [2][28] - The company is focusing on expanding its market presence in underrepresented regions and targeting younger consumers through increased media investment [36] Financial Projections - The company’s projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.66, 0.74, and 0.84 yuan respectively, with corresponding price-to-earnings (PE) ratios of 14, 13, and 11 times [4] - Revenue and net profit forecasts show a steady growth trajectory, with revenue expected to increase from 2,955 million yuan in 2023 to 4,221 million yuan in 2026, representing a compound annual growth rate (CAGR) of 14.2% [8] - The return on equity (ROE) is projected to remain stable around 20% over the forecast period [8] Market Performance - The company’s stock price is currently at 9.42 yuan, with a total market capitalization of 99 billion yuan [29] - The stock has shown a price range of 7.38 to 9.59 yuan over the past 52 weeks, indicating a relatively stable performance [29]

北京金诚同达律师事务所 关于 承德露露股份公司 二○二三年度股东大会的 法律意见书 金证法意[2024]字 0515 第 0231 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 二○二三年度股东大会的 法律意见书 金证法意[2024]字 0515 第 0231 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二○二三年 度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》（以下简称"《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》（以下简称"《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 ...

股票简称：承德露露 股票代码：000848 公告编号：2024- 032 承德露露股份公司 2023年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会未出现否决议案的情形； 2、本次股东大会未变更前次股东大会决议。 一、会议召开和出席情况 （一）会议的召开情况 1、召开时间： （1）现场会议时间：2024 年 5 月 15 日（周三） 14:30 （2）网络投票时间： 通过深圳证券交易所交易系统进行网络投票的时间为：2024 年 5 月 15 日上午 9:15-9:25、9:30—11:30 及下午 13:00-15:00； 通过深圳证券交易所互联网投票系统（wltp.cninfo.com.cn）投票 的时间为：2024 年 5 月 15 日上午 09:15 至当日下午 15:00 期间的任意 时间。 1 2、现场会议召开地点：承德露露股份公司会议室。 3、召开方式：现场投票与网络投票相结合 （二）会议的出席情况 4、召集人：公司董事会 5、主持人：副董事长梁启朝先生 6、公司本次股东大会的召集、召开程序符合《公 ...

证券代码：000848 证券简称：承德露露 公告编号：2024－031 承德露露股份公司 关于 2024 年限制性股票激励计划 授予登记完成的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1、本次限制性股票授予日：2024 年 4 月 17 日 2、本次授予的限制性股票上市日：2024 年 4 月 26 日 3、本次限制性股票授予数量：1,300.00 万股，约占授予日公司 总股本的 1.24% 4、本次限制性股票授予价格：6.00 元/股 5、本次限制性股票授予登记人数：5 人 6、本次限制性股票来源：公司从二级市场回购的 A 股普通股股 票 根据《上市公司股权激励管理办法》（以下简称"《管理办法》"） 及深圳证券交易所、中国证券登记结算有限责任公司深圳分公司的有 关规定，承德露露股份公司（以下简称"公司"）完成了 2024 年限 制性股票激励计划（以下简称"本次激励计划"、"本激励计划"） 1 2 案》，并于 2024 年 4 月 3 日披露了《关于 2024 年限制性股票激励计 划内幕信息知情人及激励对象买卖公司股票情况的自查报告 ...

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [11]. Core Views - The company achieved a revenue of 2.955 billion yuan in 2023, representing a year-on-year growth of 9.76%, and a net profit of 638 million yuan, up 6.02% year-on-year [7]. - The dividend payout ratio increased by 14 percentage points to 65%, with a dividend yield of 4-5% [4]. - The company is focusing on expanding its market presence in the southwestern and eastern regions of China, with plans to invest in new production capacity for its beverage series [4]. - The company is exploring a second growth curve by developing diversified plant-based beverages, particularly the LOLO water series [4]. Financial Performance - In Q4 2023, the company reported a revenue of 919 million yuan, a year-on-year increase of 27.54%, and a net profit of 195 million yuan, up 7.41% year-on-year [7]. - For Q1 2024, the revenue was 1.227 billion yuan, reflecting a year-on-year growth of 7.53%, with a net profit of 246 million yuan, up 3.04% year-on-year [7]. - The company’s revenue growth rates for 2024-2026 are projected at 10%, 11%, and 11%, respectively [19]. Business Segmentation - The revenue from the almond and walnut series in 2023 was 286.2 million yuan and 8.7 million yuan, showing year-on-year growth of 8.32% and 81.50%, respectively [8]. - The number of distributors increased by 25.87% to 866, with significant growth in the number of distributors in various regions [8]. - The company is enhancing brand recognition through online channels and traditional media, including cinema advertising and public transport [8]. Profitability Metrics - The net profit margin decreased by 0.75 percentage points year-on-year in 2023, and the gross margin fell by 3.39 percentage points due to a decrease in average prices [9]. - The company’s return on equity (ROE) was 21.76% in 2023, indicating stable profitability [5]. Valuation Metrics - The projected earnings per share (EPS) for 2024 is 0.66 yuan, with a price-to-earnings (P/E) ratio of 14.93 [10]. - The company’s market-to-book (P/B) ratio is expected to decline from 3.08 in 2023 to 2.51 by 2026 [10]. - The EV/EBITDA ratio is projected to be 6.06 in 2023 and 5.76 in 2026, indicating a favorable valuation trend [10].