证券代码：002216 证券简称：三全食品 公告编号：2025-022 三全食品股份有限公司董事会 2025年4月25日 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。 三全食品股份有限公司（以下简称"三全食品"或"公司"）于 2025 年 4 月 18 日 召开第八届董事会第十六次会议、第八届监事会第十五次会议，审议通过了《关于注销 部分股票期权的议案》。根据致同会计师事务所（特殊普通合伙）审计[致同审字（2025） 第 410A013898 号]《审计报告》，公司 2024 年的业绩考核未达到首次授予部分第三个 行权期和预留授予部分第二个行权期的行权条件。根据《上市公司股权激励管理办法》、 《三全食品股份有限公司 2021 年股票期权激励计划（草案修订稿）》的相关规定，公 司将对首次授予部分第三个行权期股票期权和预留授予部分第二个行权期股票期权合 计 475.945 万份予以注销（首次授予部分涉及注销 333.795 万份，预留授予部分涉及 注销 142.150 万份）。具体内容详见 2025 年 4 月 22 日披露的《关于注销部分股票期权 的公告》 ...

Investment Rating - The investment rating for the company is Neutral [5][3][18] Core Views - The company is expected to see a 6% year-on-year decrease in revenue for 2024, with total revenue projected at 6.632 billion yuan and a net profit of 542 million yuan, reflecting a 27.64% decline [1][7] - The decline in revenue is primarily attributed to the performance of dumplings and hot pot ingredients, while the e-commerce channel continues to show high growth [1][11] - The company is actively observing changes in downstream channels and adapting its operational strategies accordingly, including partnerships with discount snack stores and enhancing e-commerce operations [2][16] Revenue and Profit Forecast - Revenue forecasts for 2025 and 2026 have been slightly adjusted downwards to 6.825 billion yuan and 7.255 billion yuan, respectively, with a new forecast for 2027 at 7.591 billion yuan [3][17] - The expected year-on-year growth rates for revenue from 2025 to 2027 are 2.9%, 6.3%, and 4.6% [3][17] - The projected net profits for 2025 and 2026 are 564 million yuan and 602 million yuan, respectively, with a forecast for 2027 at 620 million yuan [3][17] Financial Metrics - The company's gross profit margin for 2024 is expected to be 24.2%, down 1.6 percentage points year-on-year, while the gross profit margin for Q1 2025 is projected at 25.3% [2][11] - The company’s net profit margin is forecasted to decline to 6.3% in 2024, with a recovery to 7.4% in Q1 2025 [2][11] - The earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.64 yuan, 0.68 yuan, and 0.70 yuan, respectively [3][17]

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company reported a total revenue of 6.632 billion yuan in 2024, a decrease of 6% year-on-year, with a net profit of 542 million yuan, down 28% year-on-year [4][9] - The company is focusing on optimizing its channel strategy and enhancing promotional investments to improve margins [5][6] - The company is expected to see a recovery in performance as demand improves, with projected EPS for 2025-2027 being 0.63, 0.69, and 0.78 yuan respectively [9][11] Summary by Sections Financial Performance - In 2024, the company's gross margin decreased by 2 percentage points to 24.22%, primarily due to increased promotional spending amid intensified market competition [5] - The company's net profit margin also declined, with a net margin of 8.18% in 2024 [5] Product Segments - Revenue from frozen noodle products was 5.599 billion yuan in 2024, down 4% year-on-year, while revenue from frozen prepared foods was 873 million yuan, down 19% year-on-year [6] - The company is enhancing flavor development and adjusting pricing strategies to stabilize revenue from traditional products [6] Channel Strategy - Revenue from distribution channels decreased by 9% to 4.999 billion yuan in 2024, while direct sales channels saw a 4% decline to 1.203 billion yuan [7] - The e-commerce channel revenue grew by 59% to 363 million yuan in 2024, although it faced challenges with high promotional costs leading to negative net margins [8] Profitability Forecast - The company is projected to achieve revenue growth rates of 4.7%, 6.4%, and 8.1% for 2025, 2026, and 2027 respectively [11] - The net profit is expected to recover gradually, with growth rates of 2.6%, 9.7%, and 12.6% for the same years [11]

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company experienced operational pressure in 2024, with a revenue decline of 6.0% year-on-year to 6.63 billion yuan and a net profit drop of 27.6% to 540 million yuan. The first quarter of 2025 showed a slight revenue decrease of 1.6% year-on-year [1][4]. - The company is focusing on expanding its B-end market while facing continued pressure on the C-end due to intense competition and declining foot traffic in traditional supermarkets [2][4]. - The company is innovating its product offerings and enhancing its e-commerce channels, which have shown significant growth [2][4]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 6.63 billion yuan, with a year-on-year decrease of 6.0%. The net profit attributable to shareholders was 540 million yuan, down 27.6% [1][5]. - For Q1 2025, revenue was 2.22 billion yuan, a decrease of 1.6% year-on-year, while net profit was 210 million yuan, down 9.2% [1][5]. Market Analysis - The retail and innovation/restaurant markets generated revenues of 5.12 billion yuan and 1.45 billion yuan respectively in 2024, with the C-end market declining by 8.1% and the B-end market growing by 1.1% [2][4]. - The company’s frozen food segment generated 5.60 billion yuan in revenue, a decrease of 4.0%, with a volume increase of 2.0% but a price drop of 5.9% [2][4]. Profitability and Costs - The gross margin for 2024 was 24.2%, down 1.6 percentage points year-on-year, attributed to increased channel costs and limited dilution of fixed costs due to market decline [3][4]. - The company’s net profit margin for 2024 was 8.2%, down 2.4 percentage points year-on-year [3][4]. Future Projections - Revenue projections for 2025-2027 are 6.76 billion yuan, 6.92 billion yuan, and 7.15 billion yuan, reflecting growth rates of 1.9%, 2.4%, and 3.3% respectively. Net profit is expected to reach 554 million yuan, 577 million yuan, and 603 million yuan in the same period [4][5].

Group 1 - The core viewpoint of the news is that Fengpei Investment has conducted research on the listed company Sanquan Foods, revealing a decline in revenue and net profit for 2024, along with future strategic plans for growth and development [1] Group 2 - In 2024, Sanquan Foods achieved operating revenue of 663,245.97 thousand yuan, a year-on-year decrease of 6% [1] - The net profit for Sanquan Foods in 2024 was 54,225.31 thousand yuan, reflecting a year-on-year decline of 27.6% [1] - The sales net profit margin for the company was reported at 8.2% [1] - The total dividend amount distributed by Sanquan Foods was 263,755,214.40 yuan, which accounted for 48.64% of the net profit [1] - Key focus areas for Sanquan Foods in 2024 include optimizing cooperation models, enhancing market promotion, developing customized products, improving e-commerce team capabilities, and expanding into emerging channels [1] - Looking ahead to 2025, the company plans to strengthen consumer insight capabilities, enhance product innovation, expand new channels, promote digital construction, and optimize assessment mechanisms for sustainable and high-quality development [1]

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company experienced marginal improvement in performance, with ongoing optimization of channel strategies [1] - The company reported a total revenue of 6.632 billion yuan in 2024, a decrease of 6% year-on-year, and a net profit of 542 million yuan, down 28% year-on-year [4][9] - The company is expected to see a recovery in performance as demand improves, with projected EPS for 2025-2027 being 0.63, 0.69, and 0.78 yuan respectively [9] Financial Performance Summary - In 2024, the company's gross margin decreased by 2 percentage points to 24.22%, primarily due to increased promotional spending amid intensified market competition [5] - The revenue from frozen rice and noodle products in 2024 was 5.599 billion yuan, a decrease of 4% year-on-year, while revenue from frozen prepared foods was 873 million yuan, down 19% year-on-year [6] - The company's distribution channel revenue in 2024 was 4.999 billion yuan, a decrease of 9% year-on-year, while direct sales channel revenue was 1.203 billion yuan, down 4% year-on-year [7] - The e-commerce channel revenue grew by 59% year-on-year to 363 million yuan in 2024, although it faced challenges with high promotional costs leading to a double-digit net loss margin [8] Earnings Forecast - The company is projected to achieve a revenue growth rate of 4.7% in 2025, with net profit growth of 2.6% [11] - The expected return on equity (ROE) for 2025 is 11.6%, with a gradual improvement in profitability metrics over the forecast period [11]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - In 2024, the company's revenue from traditional rice and noodle products faced pressure, but there was a marginal improvement in Q1 2025 [7] - The company achieved total revenue of 6.632 billion yuan in 2024, a year-on-year decrease of 6.00%, and a net profit attributable to shareholders of 542.25 million yuan, down 27.64% year-on-year [7] - The company expects revenue growth to turn positive in 2025, driven by product innovation and new retail channels [7] Financial Summary - Total revenue forecast for 2023A is 7.056 billion yuan, with a projected decline to 6.632 billion yuan in 2024A, followed by a recovery to 7.013 billion yuan in 2025E [1][8] - The net profit attributable to shareholders is expected to decrease from 749.36 million yuan in 2023A to 542.25 million yuan in 2024A, before increasing to 596.14 million yuan in 2025E [1][8] - The earnings per share (EPS) is projected to decline from 0.85 yuan in 2023A to 0.62 yuan in 2024A, with a slight recovery to 0.68 yuan in 2025E [1][8] - The company's price-to-earnings (P/E) ratio is expected to be 19.25 in 2024A, decreasing to 17.51 in 2025E and further to 15.34 in 2026E [1][8]

Core Points - The company, Sanquan Foods, has experienced a decline in both revenue and net profit for two consecutive years, with a reported revenue of 6.632 billion yuan in 2023, down 6% year-on-year, and a net profit of 542 million yuan, down 27.64% [2] - The number of distributors for Sanquan Foods has significantly changed, with a total of 4,195 distributors by the end of 2024, reflecting a net decrease of 50 distributors compared to the previous year [2] - The company set ambitious targets for its stock option incentive plan, with the first exercise period requiring a revenue of no less than 7.6 billion yuan for 2022, which was not met, resulting in only 80% of the options being exercisable [2][3] - For the second exercise period in 2023, the cumulative revenue target was set at 16 billion yuan, but the company only achieved 7.056 billion yuan in 2023, a decline of 5.09% year-on-year [4] - The cumulative revenue for 2022 and 2023 was 14.49 billion yuan, significantly below the target of 16 billion yuan [5] - The company’s performance continued to decline into 2025, with a reported revenue of 2.218 billion yuan in Q1 2025, down 1.58% year-on-year, and a net profit of 209 million yuan, down 9.22% [6]

Financial Performance - In 2024, the company achieved a revenue of CNY 663,245.97 million, a year-on-year decrease of 6% [1] - The net profit attributable to shareholders was CNY 54,225.31 million, down 27.6% year-on-year, with a net profit margin of 8.2% [1] - The proposed cash dividend is CNY 3.00 per 10 shares, totaling CNY 263,755,214.40, which accounts for 48.64% of the net profit [1] Strategic Focus - In 2024, the company will optimize cooperation models in direct sales, enhance market promotion, and develop customized products to meet diverse consumer needs [1] - The e-commerce team has improved significantly, with a self-built live streaming team enhancing the return on investment [2] - The company aims to strengthen consumer insight capabilities and innovate products to cater to diverse consumption trends in 2025 [2] Future Outlook - The company plans to expand its presence in traditional offline channels while also focusing on new retail and e-commerce channels [2] - There will be a push for digital and intelligent construction across various business dimensions to enhance competitiveness [2] - A more market-oriented assessment mechanism will be implemented to stimulate team creativity and focus on core capabilities for sustainable, high-quality development [2]

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, with a focus on product performance and channel expansion strategies to improve future growth [1][2][3][4] Financial Performance - In 2024, the company achieved revenue of 6.632 billion, a year-on-year decrease of 6.00%, and a net profit of 542 million, down 27.64% [1] - The first quarter of 2025 saw revenue of 2.218 billion, a decline of 1.58%, with net profit at 209 million, down 9.22% [1] - Gross margin and net margin for 2024 were 24.22% and 8.18%, respectively, reflecting a decrease of 1.61 and 2.44 percentage points [3] Product Performance - Revenue from frozen rice and noodle products in 2024 was 5.599 billion, down 3.95%, with traditional products like dumplings and rice balls seeing a 5.84% decline [1] - The innovative rice and noodle products experienced a slight decrease of 0.7% [1] - Revenue from frozen prepared foods was 873 million, down 18.84%, primarily due to delayed customer procurement [1] Channel Performance - The restaurant channel grew by 1.06%, while retail and innovative markets saw a decline of 8.1% [2] - The large B channel achieved a 40% increase, largely driven by contributions from major clients like Yum China [2] - Direct sales, distribution, and e-commerce channels reported revenues of 4.999 billion, 1.203 billion, and 363 million, respectively, with declines of 9.39%, 4.12%, and an increase of 58.5% [2] Strategic Initiatives - The company plans to enhance product innovation and optimize channel layouts to meet diverse consumer needs [4] - There is a focus on expanding emerging channels such as chain restaurants, e-commerce, and new retail formats [4] - The company aims to improve internal management and production efficiency through digitalization and smart technology [4] Future Outlook - Revenue projections for 2025-2027 are 6.925 billion, 7.258 billion, and 7.683 billion, with expected growth rates of 4.41%, 4.48%, and 5.58% [4] - Net profit forecasts for the same period are 565 million, 603 million, and 657 million, with growth rates of 4.23%, 6.69%, and 8.90% [4] - The company is expected to maintain a competitive position in the industry with a PE ratio of 18.46, 17.31, and 15.89 for the respective years [4]