Investment Rating - The investment rating for the company is "Buy" and is maintained [7][9]. Core Views - The company has shown steady revenue growth, with total operating revenue for the first three quarters of 2024 reaching 4.758 billion yuan, a year-on-year increase of 6.24%. The net profit attributable to shareholders was 626 million yuan, up 23.79% year-on-year, and the net profit after deducting non-recurring gains and losses was 558 million yuan, reflecting a 31.44% increase [3][5]. - In Q3 2024, the total operating revenue was 1.859 billion yuan, representing a year-on-year growth of 3.72%, while the net profit attributable to shareholders was 289 million yuan, up 21.4% year-on-year [3][6]. - The company is expected to benefit from improved profitability due to the gradual release of cost pressures and the scale effect, with the net profit margin for the first three quarters of 2024 increasing by 1.87 percentage points to 13.16% [6][7]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported total operating revenue of 4.758 billion yuan, a 6.24% increase year-on-year. In Q3 2024, the revenue was 1.859 billion yuan, up 3.72% year-on-year [3][5]. - The net profit attributable to shareholders for the first three quarters was 626 million yuan, a 23.79% increase year-on-year, while the net profit for Q3 was 289 million yuan, reflecting a 21.4% increase [3][6]. Cost and Profitability - The company experienced a significant improvement in profitability, with the net profit margin increasing by 1.87 percentage points to 13.16% for the first three quarters of 2024. The gross profit margin also improved by 4.81 percentage points to 30.25% [6][7]. - In Q3 2024, the net profit margin rose by 2.27 percentage points to 15.57%, and the gross profit margin increased by 6.31 percentage points to 33.11% [6][7]. Future Outlook - The company plans to enhance its channel diversification for its seed business and strengthen cooperation with emerging channels such as catering and convenience stores. The cost pressure is expected to ease further, and the profitability is anticipated to improve during the peak season in Q4 [7]. - The company has a strong cash position, which allows for potential increases in dividend payouts in the future. The projected net profits for 2024 and 2025 are 990 million yuan and 1.25 billion yuan, respectively, with corresponding EPS of 1.95 yuan and 2.46 yuan [7][8].

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [1]. Core Views - The report highlights that the release of cost benefits has led to profit growth outpacing revenue growth. For Q3 2024, the company achieved operating revenue of 1.859 billion yuan, with a profit of 289 million yuan, representing a year-on-year growth of 21.40% and 22.24% respectively [1][2]. - The company is expected to continue its growth trajectory, with projected revenues of 7.524 billion yuan, 8.339 billion yuan, and 9.314 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 10.55%, 10.84%, and 11.68% [2][4]. Summary by Sections Recent Performance - In Q3 2024, the company reported operating revenue of 1.859 billion yuan, a year-on-year increase of 21.40%, and a net profit of 289 million yuan, with a growth rate of 22.24% [1]. - For the first three quarters of 2024, the company achieved operating revenue of 4.758 billion yuan and a net profit of 626 million yuan, with year-on-year growth rates of 23.79% and 31.44% respectively [1]. Market Data - The company’s revenue showed marginal improvement in Q3 2024, with a quarter-on-quarter growth of 3.72% compared to Q2 2024. The company is focusing on high-end nut gift boxes and cost-effective gift boxes [1]. - The current stock price is 33.18 yuan, with a 52-week price range of 23.67-38.72 yuan [1]. Financial Projections - The company’s gross margin for Q3 2024 was 33.11%, an increase of 6.31 percentage points year-on-year, attributed to revenue growth and a decrease in raw material costs [1][2]. - The report forecasts net profits of 978 million yuan, 1.141 billion yuan, and 1.333 billion yuan for 2024, 2025, and 2026 respectively, with corresponding year-on-year growth rates of 21.78%, 16.68%, and 16.88% [2][4]. Comparable Company Analysis - The report includes a comparison with similar companies, indicating that the company’s P/E ratios for 2024, 2025, and 2026 are projected to be 17.2X, 14.7X, and 12.6X respectively, which are favorable compared to industry averages [3][4]. Key Financial Ratios - The report outlines key financial ratios, including a projected ROE of 16.30% for 2024, increasing to 17.88% by 2026 [5]. - The company’s debt-to-equity ratio is projected to improve, indicating a strengthening balance sheet [5].

证券代码：002557 证券简称：洽洽食品 公告编号：2024-068 债券代码：128135 债券简称：洽洽转债 洽洽食品股份有限公司 关于全资子公司与专业投资机构共同投资的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完 整，没有虚假记载、误导性陈述或重大遗漏。 一、与专业投资机构共同投资概述 近日，为满足公司战略发展需要，公司全资子公司上海创味来投资有限责任 公司与广州绝了企业管理有限公司、湖南绿叶水果有限公司签署《长沙绿叶水果 股权投资基金合伙企业（有限合伙）》（暂定名，最终以有关部门的批复文件以 及市场监管部门登记核准名称为准）。公司作为有限合伙人参与设立投资基金， 该基金主要投资领域为水果连锁品牌及水果产业上下游，有助于公司在该类渠道 中的业务拓展。该基金认缴出资总额为人民币 10,000.00 万元，公司全资子公司 上海创味来投资有限责任公司拟认缴出资额 2,500.00 万元人民币，占投资基金 认缴出资总额的 25%；出资方式为货币出资，资金来源为自有资金。 根据《深圳证券交易所股票上市规则》和《公司章程》等有关规定，本次投 资事项无需提交公司董事会或股东大会审议，不构成同业竞争和 ...

Investment Rating - The report assigns a "Recommended" rating to the company, with projected PE ratios for 2024-2026 being 17, 15, and 13 times respectively [4]. Core Insights - The company achieved a revenue of 4.758 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 6.24%, and a net profit attributable to shareholders of 626 million yuan, up 23.79% year-on-year [1]. - The third quarter saw a revenue of 1.859 billion yuan, a 3.72% increase year-on-year, with a net profit of 289 million yuan, reflecting a 21.4% growth [1]. - The company is optimistic about the fourth quarter, anticipating growth driven by early Chinese New Year festivities and increased investment in high-end and cost-effective gift boxes [2]. Revenue and Profit Trends - The company experienced a revenue decline of 20.25% in Q2, but has shown recovery in July and August, with September's performance impacted by weak demand for gift boxes [2]. - The projected revenues for 2024, 2025, and 2026 are 7.503 billion, 8.325 billion, and 9.114 billion yuan, respectively, with year-on-year growth rates of 10.25%, 10.96%, and 9.48% [4][9]. Cost and Margin Analysis - The gross margin for the first three quarters of 2024 was 30.25%, an increase of 4.82 percentage points year-on-year, with Q3 gross margin at 33.31%, up 6.31 percentage points [4]. - The increase in gross margin is attributed to lower procurement costs for sunflower seeds, although there may be short-term upward pressure on prices due to weather conditions [4]. Channel Strategy - The company is focusing on channel penetration in lower-tier cities and towns, with significant sales growth in Sam's Club and bulk retail channels, which are expected to drive future growth [3]. - Sales in the bulk snack channel reached nearly 200 million yuan in 2023, with strong performance in August and September [3]. Product and Market Positioning - The company produces a variety of snack products, including sunflower seeds and nuts, and has been recognized as one of the "2023 Asia's Top 500 Brands" with a brand value of 46.868 billion yuan [5].

[Table_MainInfo] 公司研究/食品/食品加工 证券研究报告 洽洽食品（002557）公司季报点评 2024 年 10 月 30 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | |-------------------------------------------------------------| | 股票数据 | | 10 [ Table_StockInfo 月 30 日收盘价（元） ] | | 52 周股价波动（元） | | 总股本 / 流通 A 股（百万股） | | 总市值 / 流通市值（百万元） | | 相关研究 | | [Table_ReportInfo] 《坚果保持快速增长，盈利能力较好恢复》 | | 2024.09.03 | | 《 全 年 营 收 平 稳 ， 一 季 度 业 绩 亮 眼 》 | | 2024.05.27 | | 《单四季度利润率压力趋缓，期待 | | 利润双复苏》 2024.02.28 市场表现 | [Table_QuoteInfo] -32.22% -24.22% -16.22% -8.22% -0.22% 2023/11 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [2]. Core Views - The company continues to show growth momentum, with a focus on preparing for the upcoming year-end festival [1]. - The company reported a revenue of 4.758 billion yuan for the first three quarters of 2024, representing a 6% year-on-year increase, and a net profit of 626 million yuan, up 24% year-on-year [1]. - The gross profit margin improved by 6 percentage points to 33.11%, attributed to scale effects and a decrease in raw material costs [1]. - The company is strategically balancing costs and promotional efforts to stabilize gross margins while maintaining a focus on brand investment and sales incentives for the fourth quarter [1]. Summary by Sections Performance Overview - For Q3 2024, the company achieved a revenue of 1.859 billion yuan, a 4% year-on-year increase, and a net profit of 289 million yuan, up 21% year-on-year [1]. - The company has effectively controlled sales and management expense ratios, which decreased by 1 percentage point and 0.4 percentage points to 7.86% and 3.94%, respectively [1]. Product and Channel Strategy - The company is preparing for the year-end festival by introducing high-end gift boxes priced at 150 yuan and value-for-money gift boxes under 100 yuan [1]. - The company is expanding its product offerings in the seed and nut categories, optimizing product structures, and enhancing brand visibility through partnerships and endorsements [1]. - The company is exploring new channels, including dining and night market scenes, while also enhancing its online presence through e-commerce and live streaming [1]. Financial Forecast - The report adjusts the earnings per share (EPS) forecast for 2024-2026 to 1.94, 2.20, and 2.48 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 17, 15, and 13 [1]. - The company is expected to maintain a revenue growth rate of 10% in 2024, with net profit growth projected at 22.8% [4].

Investment Rating - The investment rating for the company is "Outperform the Market" [3][6][8] Core Views - The company reported a recovery in revenue growth in Q3 2024, with total revenue reaching 18.59 billion yuan, a year-on-year increase of 3.72%. The net profit attributable to shareholders was 2.89 billion yuan, up 21.40% year-on-year [4][5] - The company has actively adjusted its product and channel strategies, anticipating improved revenue growth in Q4 due to the upcoming New Year sales season [5][6] Financial Performance Summary - For the first three quarters of 2024, the company achieved total revenue of 47.58 billion yuan, a year-on-year increase of 6.24%. The net profit attributable to shareholders was 6.26 billion yuan, up 23.79% year-on-year [4][5] - The gross margin for Q3 2024 was 33.1%, an increase of 6.3 percentage points year-on-year, benefiting from lower raw material prices and improved scale efficiency [5][6] - The company expects to achieve total revenues of 74.6 billion yuan, 81.9 billion yuan, and 89.7 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 9.7% for 2024 and 2025, and 9.6% for 2026 [6][8] Earnings Forecast - The forecast for net profit attributable to shareholders is 9.3 billion yuan for 2024, 10.5 billion yuan for 2025, and 11.7 billion yuan for 2026, reflecting year-on-year growth rates of 16.0%, 12.3%, and 12.0% respectively [6][8] - The earnings per share (EPS) are projected to be 1.84 yuan for 2024, 2.06 yuan for 2025, and 2.31 yuan for 2026 [6][8] Market Position - The company maintains a leading position in product quality and brand influence within the industry, supported by a solid channel foundation [6][8]

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its stock performance [3]. Core Views - The company is positioned as a leading player in the snack food sector, particularly in the sunflower seed and nut markets, with a stable performance and high dividend yield [3][15]. - The growth potential in the nut segment is significant, with the company benefiting from increasing domestic production and a shift in consumer preferences towards nut products [2][29]. - The company has a solid foundation in distribution channels and product innovation, which are expected to drive future growth [3][26]. Summary by Sections Company Overview - The company primarily produces nut snacks and roasted seeds, with key products including various flavored sunflower seeds and mixed nuts [5][15]. - The company has expanded its market reach, selling products in nearly 50 countries and regions [15]. Financial Performance - The company reported a revenue of 6,883.37 million yuan in 2022, with a projected revenue of 7,503.19 million yuan for 2024, reflecting a growth rate of 10.25% [4]. - The net profit for 2022 was 976 million yuan, with expectations of 987.64 million yuan for 2024, indicating a growth of 23.15% [4]. Market Potential - The snack food industry in China reached a market size of 1.5 trillion yuan in 2022, with a growth rate of 11.6% [29]. - The per capita consumption of snacks in China is significantly lower than in developed countries, suggesting substantial room for growth [29][31]. Product Segmentation - The company’s sunflower seed segment has shown a compound annual growth rate (CAGR) of 12.5% from 2017 to 2022, while the nut segment has a CAGR of 45.68% during the same period [24]. - The company has successfully launched innovative products like the "Blue Bag" sunflower seeds, which have revitalized growth in the sunflower seed category [27][20]. Future Outlook - The company is exploring new growth avenues, with plans to introduce a third growth curve by 2025, potentially expanding its product categories significantly [26][3]. - The management's confidence is reflected in their high stock incentive targets, indicating a strong belief in the company's future performance [3][20].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has shown improvement in revenue growth year-on-year and quarter-on-quarter, with a focus on cost optimization leading to enhanced profitability [2][4] - The company achieved a revenue of 47.58 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 6.24%, and a net profit attributable to shareholders of 6.26 billion yuan, up 23.79% year-on-year [2] - The third quarter of 2024 saw a revenue of 18.59 billion yuan, a year-on-year increase of 3.72%, and a net profit of 2.89 billion yuan, up 21.4% year-on-year [2] Financial Performance Summary - The company's gross margin improved significantly in Q3 2024, reaching 33.11%, an increase of 6.31 percentage points year-on-year, driven by lower raw material costs and increased sales scale [4] - The sales and management expense ratios for Q3 2024 were 7.86% and 3.94%, respectively, showing a year-on-year optimization [4] - The net profit margin for Q3 2024 was 15.57%, up 2.27 percentage points year-on-year, indicating a significant enhancement in profitability [4] Market Performance - The company's stock has outperformed the CSI 300 index, with a 1-month performance of 17.9% and a 3-month performance of 29.0% [2] - As of October 25, 2024, the stock price was 33.18 yuan, with a 52-week price range of 23.67-38.72 yuan [2] Future Outlook - The company is well-positioned for growth in the upcoming year, with expectations for strong performance during the New Year festival due to good channel inventory and planned marketing investments [2] - The company is projected to achieve revenues of 75.41 billion yuan, 81.71 billion yuan, and 87.78 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 11%, 8%, and 7% [5][6]

洽洽食品（002557.SZ）2024 年三季报点评 [盈利预测与财务指标 Table_Forcast] 收入增速环比改善，关注春节旺季备货 2024 年 10 月 28 日 ➢ 事件：公司发布 2024 年三季报，2024 年 Q1-Q3 实现营业总收入/归母净 利润 47.58/6.26 亿元，同比+6.24%/23.79%；毛利率 30.25%，同比+4.81pcts； 归母净利率 13.16%，同比+1.87pcts。24Q3 实现营业总收入/归母净利润 18.59/2.89 亿元，同比+3.72%/21.40%。 ➢ 2024Q3 收入增速环比改善，礼赠旺季表现略不及预期。24Q3 公司实现 18.59 亿元收入，同比 3.72%，增速环比提高 24.0pcts。我们预估 24Q3 公司瓜 子品类增长较坚果品类更快，主因 9 月礼赠旺季受制于消费力下探，坚果礼盒销 售阶段性承压。公司 2024Q3 利润表现超预期，主要系期内瓜子原料成本环比回 落。从渠道端看，公司量贩零食渠道仍呈现相对景气，传统经销渠道则保持相对 稳健。截至 24H1，公司有 1470 个经销商，其中国内有 1362 个经销商客户、 ...