千味央厨控股股东为共青城城之集企业管理咨询有限公司，实际控制人为李伟。董事长孙剑，1972年1月 出生，毕业于河南师范大学，本科学历。曾任职于河南省天隆实业、郑州思念等公司，2018年7月至今任 公司董事长等职，2024年薪酬69.74万，较2023年的61.02万增加8.72万。总经理白瑞，1975年4月出生，毕 业于中南财经政法大学，硕士学历，中级会计师。曾任职于河南冠联装饰、海信科龙电器等公司，2012年 4月至今在公司任职，2024年薪酬56.12万，较2023年的46.32万增加9.8万。 2025年三季度，千味央厨营业收入13.78亿元，行业排名6/11，行业第一名安井食品达113.71亿元，第二名 三全食品为50亿元，行业平均数是26.56亿元，中位数为13.78亿元；净利润5348.96万元，行业排名同样为 6/11，行业第一名安井食品9.5亿元，第二名三全食品3.96亿元，行业平均数1.77亿元，中位数为5348.96万 元。 资产负债率低于同业平均，毛利率高于同业平均 偿债能力方面，2025年三季度千味央厨资产负债率为23.22%，去年同期为22.30%，低于行业平均36.07%， 显示出 ...

证券研究报告·公司点评报告 2025 年 10 月 30 日 江海证券研究发展部 消费行业研究组 | 市场数据 | | | --- | --- | | 总股本(百万股) | 97.16 | | A 股股本(百万股) | 97.16 | | B/H 股股本(百万股) | -/- | | A 股流通比例(%) | 100.00 | | 12 个月最高/最低(元) | 43.20/25.30 | | 第一大股东 | | | 第一大股东持股比例(%) | 41.05 | | 上证综指/沪深 300 | 4016.33/4747.84 | 1. 江海证券-公司点评报告-千味央厨 -001215：2024 年三季度业绩点评：行业 竞争加剧，业绩短期承压 – 2024.11.14 2. 公司点评报告-千味央厨-001215：2024 年中报点评：业绩短期承压，盈利能力保 持稳定 – 2024.09.05 执业证书编号：S1410525010001 联系人：黄燕芝 执业证书编号：S1410123120005 数据来源：聚源 注：2025 年 10 月 29 日数据 % 1 个月 3 个月 12 个月 相对收益 -3.89 2 ...

食品加工 执业证书编号：S0740519080002 Email：xiongxw@zts.com.cn 执业证书编号：S0740525090001 Email：laisq@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 97.16 | | 流通股本(百万股) | 96.78 | | 市价(元) | 39.68 | | 市值(百万元) | 3,855.33 | | 流通市值(百万元) | 3,840.35 | 2025-08-28 2、《盈利承压，静待改善》2024-11-01 千味央厨（001215.SZ） 证券研究报告/公司点评报告 2025 年 10 月 30 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：熊欣慰 | | 营业收入（百万元） | | 1,901 | 1,868 | 1,917 ...

千味央厨 20251029 摘要 千味央厨前三季度营收承压，但第三季度单季收入增速转正，营收 4.92 亿元，同比增长 4%，归母净利润 0.18 亿元，同比减少 19%，显示经 营改善趋势。 前三季度毛利率同比下降 1.52 个百分点至 22.73%，因产品结构调整。 销售费用率上升 0.79 个百分点，但第三季度主动调整费用策略，销售 费用率环比收缩至 4.72%。 速冻食品行业受益于冷链运输和消费升级，预计 2026 年市场规模达 2,700 亿元，其中速冻面米制品占比 52%，仍具增长潜力。 速冻面米行业零售端由三全、思念、湾仔码头主导，餐饮端竞争激烈， 各企业积极调整战略，处于高速发展阶段。 餐饮市场连锁化程度提升推动中央厨房模式发展，OEM 中央厨房通过规 模效应降低成本，提高标准化水平和效率。 外卖市场发展对外卖备餐时间提出更高要求，速冻面米食品因其便捷性， 不仅吸引个人消费者，也符合餐饮企业需求，团餐与乡厨市场也扩容了 需求。 千味央厨通过直营服务大型连锁餐饮客户，通过经销商向中小餐饮门店 销售标准化产品，大 B 端先发优势显著，小 B 端渠道建设增速快。 Q&A 千味央厨在 2025 年前三 ...

评论： 风险提示：下游需求低迷；市场竞争加剧；费用投放加大；食品安全问题等 [ReportFinancialIndex] 主要财务指标 证 券 研 究 报 告 千味央厨（001215）2025 年三季报点评 推荐（维持） 大 B 逐步企稳，小 B 环比修复 目标价：41.2 元 事项： 公司发布 2025 年三季报，2025 年前三季度实现总营收 13.78 亿元，同比+1.0%； 归母净利润 0.54 亿元,同比-34.1％。25 年 Q3 实现总营收 4.92 亿元，同比+4.3%； 归母净利润 0.18 亿元，同比-19.1%。 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 1,868 | 1,912 | 2,109 | 2,333 | | 同比增速(%) | -1.7% | 2.3% | 10.4% | 10.6% | | 归母净利润(百万) | 84 | 75 | 101 | 127 | | 同比增速(%) | -37.7% | -10.3% | 33.9% | 26.4% | | ...

Market Overview - The food processing sector increased by 0.66% on October 29, with Xianle Health leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Top Gainers in Food Processing Sector - Xianle Health (300791) closed at 24.00, up 5.12% with a trading volume of 66,000 shares and a turnover of 158 million yuan [1] - Anjijia Food (603345) closed at 73.00, up 4.54% with a trading volume of 171,400 shares and a turnover of 1.243 billion yuan [1] - Kangbiter (920429) closed at 17.78, up 4.34% with a trading volume of 42,200 shares and a turnover of 71.648 million yuan [1] Top Losers in Food Processing Sector - ST Chuntian (600381) closed at 4.62, down 3.95% with a trading volume of 160,900 shares and a turnover of 74.493 million yuan [2] - Guanghong Holdings (000529) closed at 5.93, down 3.42% with a trading volume of 152,200 shares and a turnover of 90.343 million yuan [2] - Huifa Food (603536) closed at 10.86, down 2.78% with a trading volume of 104,600 shares and a turnover of 114 million yuan [2] Capital Flow Analysis - The food processing sector experienced a net outflow of 51.2618 million yuan from institutional investors, while retail investors saw a net inflow of 66.9266 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are increasing their positions [2] Individual Stock Capital Flow - Tongchen Beijian (300146) had a net inflow of 25.4486 million yuan from institutional investors, but a net outflow of 26.3022 million yuan from retail investors [3] - Shuanghui Development (000895) saw a net inflow of 6.5057 million yuan from institutional investors, while retail investors contributed a net inflow of 11.0663 million yuan [3] - Jinziham (002515) had a net inflow of 4.5988 million yuan from institutional investors, with retail investors also contributing a net inflow of 14.3141 million yuan [3]

核心观点 25Q1-3 及25Q3 收入增速分别为1.00%、+14.27%，得益于新品类、新渠道发力，渠道结构调整和费用 优化，环比表现明显改善，烘焙、冷冻菜肴类产品持续贡献增量，积极拥抱新零售客户，以终端服务为 导向优化经销渠道结构，公司市场策略在三季度逐渐见效。年初以来，公司成本核算口径调整以及产品 搭赠增加，毛利率同比下滑，且维持较高市场费用投入水平，利润端有所承压，三季度公司优化费用投 放策略，减少价格竞争性费用，利润降幅收窄。展望未来，随着公司产品、渠道、费用调整策略逐渐见 效，我们看好四季度低基数下公司经营业绩有望进一步改善。 事件 公司公布2025 年三季报： 2025 年前三季度，公司实现营收13.78 亿元，同比+1.00%；归母净利润0.54 亿元，同比-34.06%；扣非 归母净利润0.54 亿元，同比-34.15%。 25Q3 单季，公司实现营收4.92 亿元，同比+4.27%；归母净利润0.18 亿元，同比-19.08%；扣非归母净 利润0.20 亿元，同比-14.00%。 盈利预测：随着公司产品、渠道、费用策略调整，新品类、新零售渠道规模效应逐渐显现，经销渠道终 端服务能力提升， ...

Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Insights - The company reported Q3 revenue and net profit attributable to shareholders of +4.3% and -19.1% year-on-year, respectively, indicating a recovery in sales momentum compared to previous quarters [1][6] - The performance of the large B channel and new retail channels was better than that of the small B channel, with expectations for improvement in sales for both large and small B channels in Q4 and next year [1][6] - The gross margin slightly decreased due to product structure and competitive pressures, leading to a short-term pressure on profitability [1][6] - The company anticipates further improvement in profitability through precise expenditure management and targeted investments [1][6] Financial Data Summary - Total revenue for 2023 is projected at 1901 million, with a year-on-year growth of 28%, followed by a slight decline of 2% in 2024 [2][13] - Operating profit is expected to decrease from 161 million in 2023 to 98 million in 2025, reflecting a -19% growth rate [2][14] - Net profit attributable to shareholders is forecasted to decline from 134 million in 2023 to 77 million in 2025, with an expected -8% growth rate [2][14] - Earnings per share (EPS) are projected to be 0.80, 0.95, and 1.12 yuan for 2025, 2026, and 2027, respectively [2][14] Market Performance - The current stock price is 39.1 yuan, with a market capitalization of 3.8 billion [3][6] - The company has a price-to-earnings (PE) ratio of 41x for 2026 [1][3] Channel Performance - The large B channel's growth is primarily driven by hot pot and baking customers, with ongoing discussions for new products in the baking and dish categories [1][6] - The new retail channel is expected to achieve double-digit growth for the year, supported by active customer acquisition and product launches [1][6]

Investment Rating - The report maintains a "Buy" investment rating for Qianwei Yangchun [4] Core Views - The company reported a total operating revenue of 1.378 billion yuan for Q1-Q3 2025, a year-on-year increase of 1%, while the net profit attributable to shareholders decreased by 34% to 54 million yuan [1] - The gross margin for Q3 2025 decreased by 1 percentage point to 21.18%, primarily due to the implementation of CIF pricing for small B customers and promotional policies based on customer size [2] - The new retail sector continues to show strong growth, with ongoing optimization of the channel structure, particularly in the small B segment, which is expected to improve profitability [3] Summary by Sections Financial Performance - For Q3 2025, total operating revenue was 492 million yuan, a year-on-year increase of 4%, while the net profit attributable to shareholders decreased by 19% to 18 million yuan [1] - The company expects EPS for 2025-2027 to be 0.82, 0.92, and 1.05 yuan respectively, with corresponding PE ratios of 48, 43, and 37 times [4] Channel and Product Strategy - The company is focusing on product iteration in staple foods and plans to enhance its offerings in baked goods and frozen prepared dishes, leveraging existing channels for customer acquisition [3] - The small B channel is undergoing structural adjustments, with plans to increase direct-to-end customer distributors, which is expected to improve channel profitability [3] Market Position and Growth Potential - The company has a stable contribution from major clients in the hot pot and bakery sectors, and it continues to accelerate the speed of new product proposals, maintaining a double-digit growth plan for new retail channels [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3]. Core Views - The company achieved a total revenue of 1.378 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 1.00%. However, the net profit attributable to shareholders decreased by 34.06% to 54 million yuan [1][7]. - In Q3 2025, the company reported a revenue of 492 million yuan, a year-on-year increase of 4.27%, while the net profit attributable to shareholders decreased by 19.06% to 18 million yuan [1][7]. - The direct sales channel showed stability, with improvements in the distribution channel structure, particularly with key clients like Haidilao and Hema [1][10]. Summary by Sections Financial Performance - The gross margin for Q3 2025 was 21.1%, a decrease of 1.4 percentage points year-on-year, attributed to changes in product and channel structure [2][10]. - The sales and management expense ratios were 4.7% and 9.6%, respectively, with the sales expense ratio declining year-on-year due to improved cost control [2][10]. - The net profit margin for Q3 2025 was 4.0%, showing a year-on-year decrease of 0.8 percentage points but a recovery from the low point in Q2 [2][10]. Strategic Initiatives - The company is deepening strategic cooperation with core clients like Yum and actively developing new products, focusing on the new retail channel [2][12]. - The company is leveraging its customization and R&D capabilities to expand into membership stores and upgraded supermarket formats, with a focus on baked goods and frozen prepared dishes [2][13]. Earnings Forecast - The revenue forecasts for 2025-2027 are adjusted to 1.907 billion, 2.059 billion, and 2.217 billion yuan, respectively, with year-on-year growth rates of 2.1%, 7.9%, and 7.7% [3][14]. - The net profit forecasts for the same period are 80 million, 90 million, and 100 million yuan, with year-on-year changes of -5.2%, 14.5%, and 7.9% [3][14]. - The current stock price corresponds to a price-to-earnings ratio (PE) of 48.9, 42.7, and 39.6 for the years 2025, 2026, and 2027, respectively [3][15].