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 | ...

承德露露股份公司 2024年半年度非经营性资金占用及其他关联资金往来情况汇总表 单位：万元 | 非经营性资金占用 | 资金往来方名称 | 占用方与上 市公司的关 | 上市公司 核算的会 | 2024年期初 往来资金余 | 2024年半 年度往来 累计发生 | 2024年半 年度往来 | 2024年半年 度偿还累计 | 2024年半年 度期末往来 | 占用 形成 | 占用性 质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 联关系 | 计科目 | 额 | 金额(不含 | 资金的利 | 发生金额 | 资金余额 | 原因 | | | | | | | | 利息) | 息(如有) | | | | | | 控股股东、实际控制 | | | | | | | | | | 非经营性 | | 人及其附属企业 | | | | | | | | | | 占用 | | 小计 | | | | | | | | | | - | | 前控股股东、实际控 | | | | | | | | | | 非经营性 | | 制人及其附属企业 | | | | ...

证券代码：000848 证券简称：承德露露 公告编号：2024-037 承德露露股份公司 第八届董事会第十七次会议决议公告 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。 （二）审议通过公司《关于万向财务有限公司的风险评估报告》 本议案已经公司独立董事专门会议审议通过。 表决结果：关联董事沈志军、梁启朝、杨东时、刘志刚、李元龙、 施佩影回避表决，3 票同意，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《关于万向财务有限公司的风险评估报告》（公告编号： 2024-040）。 承德露露股份公司（以下简称"公司"）第八届董事会第十七次会 议通知于 2024 年 8 月 16 日以书面及电子邮件方式发出，会议于 2024 年 8 月 26 日以现场结合通讯表决方式召开，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。会议由副董事 长梁启朝先生主持，公司监事、高管人员列席了本次会议，会议的通知、 召集、召开和表决程序符合《公司法》及本公司章程的有关规定 ...

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 ...

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].

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 ...