千味央厨（001215.SZ） 食品加工 证券研究报告/公司点评报告 2024 年 11 月 01 日 执业证书编号：S0740517030001 Email：fanjs@zts.com.cn 报告摘要 事件：公司发布 2024 年三季报。24 年前 3 季度，公司实现营业总收入 13.64 亿 元，同比+2.70%；归母净利润 0.82 亿元，同比-13.49%；扣非归母净利润 0.81 亿 元，同比-1.25%。3Q24，公司实现营业总收入 4.72 亿元，同比-1.17%；实现归母 净利润 0.22 亿元，同比-42.08%；扣非归母净利润 0.23 亿元，同比-23.54%。 需求偏淡，收入承压。3Q24，公司营收同比下滑 1.17%，环比增加 10%，需求展现 出一定的旺季不旺特征，对公司营收增长形成一定压力，静待下游餐饮景气度企 稳回暖。 费用投放有所加大，盈利能力仍旧承压。3Q24，公司毛利率为 22.44%，同比 +0.04pcts；公司销售/管理/研发/财务费用率为 4.89%/9.26%/1.28%/-0.07%，同 比+0.81/+1.19/+0.15/-0.41pcts，费用投放有所加 ...

证券代码：001215 证券简称： 千味央厨 公告编号：2024-075 郑州千味央厨食品股份有限公司 关于股份回购进展情况的公告 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。 郑州千味央厨食品股份有限公司（以下简称"公司"）于 2024 年 4 月 26 日 召开第三届董事会第十四次会议，于 2024 年 5 月 17 日召开 2023 年年度股东大 会，审议通过了《关于以集中竞价交易方式回购公司股份方案的议案》，同意公 司拟使用自有资金以集中竞价交易方式回购公司已发行的人民币普通股（A 股） 股票，用于注销以减少注册资本。本次回购资金总额不低于人民币 6,000 万元（含） 且不超过人民币 10,000 万元（含），回购价格不超过人民币 61.90 元/股（含）。 回购股份的期限为自公司股东大会审议通过本回购方案之日起 12 个月内。具体 内容详见公司 2024 年 4 月 27 日在巨潮资讯网（http://www.cninfo.com.cn）及《证 券时报》《证券日报》《中国证券报》《上海证券报》上披露的《关于以集中竞价 交易方式回购股份方案的公告》 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company's performance is under short-term pressure but has positive long-term growth prospects. The revenue for the first three quarters of 2024 reached 1.364 billion RMB, a year-on-year increase of 2.70%, while the net profit attributable to shareholders was 82 million RMB, a decrease of 13.49% year-on-year [3][5]. Revenue and Profit Analysis - In Q3 2024, the company achieved a revenue of 472 million RMB, down 1.17% year-on-year, and a net profit of 22 million RMB, down 42.08% year-on-year. The non-recurring net profit was 23 million RMB, down 23.54% year-on-year [3][4]. - The company is facing pressure on revenue from large B customers due to weak external demand and reduced growth momentum. However, it maintains a solid foundation in the small B segment through brand and channel advantages [3][4]. Margin and Expense Analysis - The gross margin for Q1-Q3 2024 was 24.3%, an increase of 1.31 percentage points year-on-year, while Q3 2024 gross margin was 22.4%, an increase of 0.03 percentage points year-on-year. However, expenses have increased, with the sales expense ratio rising to 5.3% and the management expense ratio remaining at 9.3% [4][5]. Forecast and Valuation - The company is expected to achieve revenues of 1.97 billion RMB, 2.14 billion RMB, and 2.35 billion RMB for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 3%, 9%, and 10%. The net profit attributable to shareholders is projected to be 118 million RMB, 135 million RMB, and 162 million RMB for the same years, with corresponding P/E ratios of 24, 21, and 17 [5][7].

Group 1: Financial Performance - The company's operating revenue for Q3 2024 was 47,164.87 million yuan, showing a year-on-year decrease [1] - The net profit attributable to shareholders was 2,222.66 million yuan, also reflecting a year-on-year decline [1] - Basic earnings per share were 0.23 yuan, with diluted earnings per share remaining the same, down 47.73% year-on-year [1] Group 2: Market and Product Strategy - The company experienced slight growth in operating revenue and gross margin in the small B segment compared to the previous year [2] - New products were launched in categories such as glutinous rice products, baked goods, and prepared dishes, with continuous upgrades in core products like oil sticks [2] - The company aims to enhance customer service and product innovation to maintain market share amid intense competition [2] Group 3: Market Environment - The competitive landscape remains fierce, with no significant changes compared to Q2 [2] - There has been a decrease in banquet consumption, while terminal dining services like breakfast and hot pot have seen growth [2] - The company is focusing on controlling raw material and production costs to mitigate competitive pressures [2]

Financial Performance - The company's revenue for Q3 2024 was ¥471,648,722.59, a decrease of 1.17% compared to the same period last year[2]. - Net profit attributable to shareholders was ¥22,226,564.65, down 42.08% year-over-year[2]. - The net profit after deducting non-recurring gains and losses was ¥22,681,159.32, a decrease of 23.54% compared to the previous year[2]. - Basic earnings per share were ¥0.23, down 48.89% year-over-year[2]. - The net profit for Q3 2024 is CNY 80,851,305.30, a decrease of 13.3% compared to CNY 93,196,482.12 in the same period last year[14]. - The total profit for Q3 2024 is CNY 103,927,975.22, down from CNY 122,479,351.91, reflecting a decline of 15.1% year-over-year[14]. - Operating income for Q3 2024 is CNY 103,947,419.93, compared to CNY 107,935,702.41 in the previous year, indicating a decrease of 3.6%[14]. Assets and Liabilities - Total assets increased to ¥2,299,820,713.71, reflecting a growth of 27.14% from the end of the previous year[2]. - The total assets of the company as of Q3 2024 amounted to CNY 2,299,820,713.71, compared to CNY 1,808,845,786.41 in Q3 2023, marking an increase of about 27.1%[12]. - The total liabilities decreased to CNY 512,757,605.68 in Q3 2024 from CNY 593,285,054.77 in Q3 2023, a reduction of approximately 13.6%[12]. - Shareholders' equity attributable to the parent company rose to ¥1,787,347,467.44, an increase of 47.09% year-over-year[2]. - The equity attributable to shareholders of the parent company rose to CNY 1,787,347,467.44 in Q3 2024, up from CNY 1,215,141,748.77 in Q3 2023, representing an increase of about 47%[12]. Cash Flow - The company reported a net cash flow from operating activities of -¥4,472,841.50, a decline of 111.80% compared to the same period last year[2]. - Cash flow from operating activities shows a net outflow of CNY 4,472,841.50, contrasting with a net inflow of CNY 37,897,481.67 in the prior year[16]. - The company reported cash inflow from financing activities of CNY 453,808,470.59, significantly up from CNY 12,890,721.92 in the same period last year[16]. - Cash and cash equivalents at the end of Q3 2024 amount to CNY 525,370,156.16, an increase from CNY 156,406,167.94 at the end of the previous year[16]. - The company's cash and cash equivalents increased to approximately RMB 526.40 million from RMB 282.22 million at the beginning of the period, representing an increase of 86.60%[10]. Investments and Capital - The company raised ¥589,999,978.36 through a private placement, significantly boosting its capital reserves[6]. - The company initiated construction projects funded by raised capital, leading to a 349.72% increase in construction in progress[4]. - The company has made investments in new equity instruments amounting to RMB 9.91 million, which were not present in the previous period[10]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 14,275[7]. - The largest shareholder, Qiongcheng Chengzhi Enterprise Management Consulting Co., Ltd., holds 40.18% of shares, totaling 39,882,000 shares[7]. Operational Highlights - The company received government subsidies amounting to ¥1,012,741.56 during the quarter, contributing to its financial performance[3]. - The company is focusing on expanding its market presence and developing new products, although specific details were not disclosed in the report[10]. - The company plans to continue expanding its market presence and investing in new product development to drive future growth[12]. - The company is focusing on enhancing its supply chain efficiency and cost management strategies to improve overall profitability[12]. - Research and development expenses increased to CNY 16,460,736.52 in Q3 2024 from CNY 13,322,385.54 in Q3 2023, reflecting a growth of approximately 23.9%[13]. Miscellaneous - The company has a repurchase account holding 2,102,700 shares, which accounts for 2.12% of the total share capital[9]. - There are no significant changes in the top 10 shareholders' participation in margin trading or securities lending activities[8]. - The company has not undergone an audit for the Q3 2024 report[17]. - The company has initiated the first-time implementation of new accounting standards starting in 2024[16].

证券代码：001215 证券简称：千味央厨 公告编号：2024-073 郑州千味央厨食品股份有限公司 二、项目实施对公司的影响及风险提示 "总部基地及研发中心建设项目"的试运行，有利于提升公司技术研发水平、 优化总部经营办公条件，增强公司的技术创新能力和市场竞争力。但鉴于本项目 1 不直接产生经济效益，项目实施后公司固定资产规模将有所上升，相应折旧费用 增加会给公司业绩带来一定影响，敬请广大投资者注意投资风险。 特此公告。 关于募投项目"总部基地及研发中心建设项目"试运行的公告 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。 由郑州千味央厨食品股份有限公司（以下简称"公司"）实施的首次公开发 行股票募集资金投资项目"总部基地及研发中心建设项目"已基本完成场地改造 及装修、设备购置及安装、人员引进及培训等建设工作，于近日进入试运行阶段。 一、项目基本情况 经中国证监会《关于核准郑州千味央厨食品股份有限公司首次公开发行股票 的批复》（证监许可[2021]2669 号）核准，公司于 2021 年 9 月 1 日在深圳证券 交易所以每股人民币 15.71 元的发行价格 ...

郑州千味央厨食品股份有限公司 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。 郑州千味央厨食品股份有限公司（以下简称"公司"）近日接到控股股东共 青城城之集企业管理咨询有限公司（以下简称"城之集"）通知，获悉城之集所 持有的本公司部分股份办理股份质押延期购回的业务，具体事项如下： 注：1、上表中数值若出现总数与各分项数值之和尾数不符，均为四舍五入。 2、2024 年 9 月 12 日，公司召开 2024 年第二次临时股东大会审议通过了《关于回购注销部分限制性 股票及调整回购价格的议案》《关于变更公司注册资本、注册地址、经营范围及修订<公司章程>的议案》 等议案，因公司回购注销2021年限制性股票激励计划预留授予部分第一个解除限售期未能解除限售的2,951 股限制性股票尚属于债权人公示期，相关业务未办理完毕。截至本公告披露日，公司总股本为 99,266,097 股。 证券代码：001215 证券简称：千味央厨 公告编号：2024-072 关于控股股东部分股份质押延期购回的公告 | | | | 本次延 | 本次延 | 占其 | 占公 | 已质押股份情况 | | 未 ...

郑州千味央厨食品股份有限公司 关于股份回购进展情况的公告 证券代码：001215 证券简称： 千味央厨 公告编号：2024-071 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。 郑州千味央厨食品股份有限公司（以下简称"公司"）于 2024 年 4 月 26 日 召开第三届董事会第十四次会议，于 2024 年 5 月 17 日召开 2023 年年度股东大 会，审议通过了《关于以集中竞价交易方式回购公司股份方案的议案》，同意公 司拟使用自有资金以集中竞价交易方式回购公司已发行的人民币普通股（A 股） 股票，用于注销以减少注册资本。本次回购资金总额不低于人民币 6,000 万元（含） 且不超过人民币 10,000 万元（含），回购价格不超过人民币 61.90 元/股（含）。 回购股份的期限为自公司股东大会审议通过本回购方案之日起 12 个月内。具体 内容详见公司 2024 年 4 月 27 日在巨潮资讯网（http://www.cninfo.com.cn）及《证 券时报》《证券日报》《中国证券报》《上海证券报》上披露的《关于以集中竞价 交易方式回购股份方案的公告》 ...

Investment Rating - The report assigns a cautious increase rating for the company, indicating a potential increase of 0% to 5% relative to the CSI 300 index over the next six months [1][7]. Core Insights - The company reported a revenue of 892 million yuan for the first half of 2024, representing a year-on-year increase of 4.87%, while the net profit attributable to the parent company was 59 million yuan, up 11.29% year-on-year [1]. - The sales growth of core products has slowed down, particularly in the fried and baked categories, which saw revenue declines of 4.26% and 8.34% respectively [1]. - The company is actively expanding its distribution channels and targeting lower-tier markets to counteract market saturation and increased competition [1][2]. Financial Performance - The company's gross profit margin reached 25.21% in the first half of 2024, an increase of 1.97 percentage points year-on-year [3]. - The projected earnings per share for 2024, 2025, and 2026 are 1.54 yuan, 1.83 yuan, and 2.08 yuan respectively, with corresponding price-to-earnings ratios of 14.97, 12.63, and 11.12 [3][4]. - The company’s revenue is expected to grow from 2,011 million yuan in 2024 to 2,357 million yuan in 2026, with growth rates of 5.80%, 7.60%, and 8.90% respectively [4][5]. Market Strategy - The company is focusing on expanding its B-end customer base and enhancing its marketing strategies to penetrate deeper into the market [1][2]. - The growth in group meals and prepared dishes has been a highlight for the company, with significant revenue contributions from these segments [1][2]. Product Mix - The sales proportion of steamed and prepared dishes has increased, with steamed products accounting for 23.61% of sales, up 4.91 percentage points year-on-year, and prepared dishes at 14.95%, up 1.77 percentage points [2].

郑州千味央厨食品股份有限公司 关于控股子公司完成注销登记的公告 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。 郑州千味央厨食品股份有限公司（以下简称"公司"）于 2024 年 1 月 18 日召开了第三届董事会第十二次会议、第三届监事会第十一次会议，审议通过了 《关于调整孙公司股权结构并注销子公司暨关联交易的议案》。具体内容详见公 司于 2024 年 1 月 19 日在《证券时报》、《中国证券报》、《证券日报》、《上 海证券报》和巨潮资讯网（www.cninfo.com.cn）披露的《关于调整孙公司股权结 构并注销子公司暨关联交易的公告》（公告编号：2024-014）。上述注销事项不 构成《上市公司重大资产重组管理办法》规定的重大资产重组，无需提交公司股 东会审议批准。 证券代码：001215 证券简称：千味央厨 公告编号：2024-070 2、统一社会信用代码：91410100MA9L9N6C09 3、法定代表人：牛法治 初加工；食用农产品零售；食用农产品批发；农产品的生产、销售、加工、运输、 贮藏及其他相关服务；餐饮管理；非居住房地产租赁；仓储设备租赁服 ...