证券代码：002557 证券简称：洽洽食品 洽洽食品股份有限公司 消费行业上市公司 2024 年度集中路演 投资者关系活动记录表 | --- | --- | --- | --- | |------------------------------|----------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------|-----------------| | | | | 编号： 2024-008 | | | □特定对象调研 □分析师会议 | | | | 投 资 者 关 系 活 动 类 | □媒体采访 | □业绩说明会 | | | 别 | □新闻发布会 | ☑ 路演活动 | | | | □现场参观 | | | | 参 与 单 位 | □其他 （电话会议） 消费行业上市公司 2024 | 年度集中路演采用网络远程方式进行， ...

洽洽食品股份有限公司 关于参加消费行业上市公司 2024 年度集中路演活动的公告 证券代码： 002557 证券简称：洽洽食品 公告编号：2024- 053 债券代码：128135 债券简称：洽洽转债 出席本次路演活动的人员为公司董事、副总经理、董事会秘书陈俊先生。 公司本次路演活动将就公司所处行业状况、发展战略、经营成果及财务指标 等具体情况与投资者进行互动交流和沟通，公司将在信息披露允许的范围内就投 资者普遍关注的问题进行回答。欢迎广大投资者积极参与！ 特此公告。 洽洽食品股份有限公司董事会 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。 为进一步加强与投资者的互动交流，洽洽食品股份有限公司(以下简称"公 司")将在深圳证券交易所参加"消费行业上市公司 2024 年度集中路演"活动， 现将相关事项公告如下: 本次路演活动以网络互动形式召开，投资者可登录"互动易"网站 （http://irm.cninfo.com.cn），进入"云访谈"栏目参与本次互动交流，活动 时间为 2024 年 9 月 13 日(星期五)15:00-17:00。 2024 年 9 月 ...

证 报 公 司 研 2024 年 09 月 07 日 | --- | --- | --- | |----------------------------------------------------------------------------------------------|----------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

食品饮料 | 证券研究报告 — 调整盈利预测 2024 年 9 月 4 日 002557.SZ 洽洽食品 2Q24 营收承压，成本红利持续兑现 洽洽食品披露 2024 年中报，上半年实现营收 29.0 亿元，同比+7.9%，实现归母净利 润 3.4 亿元，同比+25.9%；其中 2Q24 实现营收 10.8 亿元，同比-20.2%，实现归母净 利润 1.0 亿元，同比+7.6%；公司 2Q24 营收承压，坚果营收占比持续提升。成本红 利持续兑现，销售费用投放力度加大，盈利水平回升。我们预计公司 2024 年营收有 望实现稳健增长。我们认为公司长期渠道、品类扩张基础坚实，维持买入评级。 支撑评级的要点 2Q24 营收承压，坚果营收占比持续提升。1H24 公司实现营收 29.0 亿元，同比+7.9%。 休闲产品整体销量/单价分别同比+6.5%/+1.3%。1）分季度来看，1Q24/2Q24 公司营收 分别同比+36.4%/-20.2%至 18.2/10.8 亿元，我们判断公司 Q2 营收承压主系春节后需求 转弱，叠加公司主动去化下游库存所致；2）分品类来看，1H24 公司葵花籽/坚果/其 他产品分别实现营收 18 ...

[Table_MainInfo] 公司研究/食品/食品加工 证券研究报告 洽洽食品（002557）公司半年报 2024 年 09 月 03 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |----------------------------------------------------------------------|---------------| | 股票数据 | | | 0 [ 9 Table_StockInfo 月 02 日收盘价（元） ] | 24.10 | | 52 周股价波动（元） | 23.67-38.72 | | 总股本 / 流通 A 股（百万股） | 507/507 | | 总市值 / 流通市值（百万元） | 12219/12219 | | 相关研究 | | | [Table_ReportInfo] 《 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 | 24 年营收 / | | 利润双复苏》 2024.02.28 | | | 《单三季度收入 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][2]. Core Views - The company reported a revenue of 2.9 billion yuan for the first half of 2024, representing a year-on-year growth of 7.9%, and a net profit attributable to shareholders of 340 million yuan, up 25.9% year-on-year [1]. - In Q2 2024, the company experienced a revenue decline of 20.2% year-on-year, with a net profit of 100 million yuan, which is a 7.6% increase year-on-year [1]. - The company is adjusting channel inventory during the off-season and has introduced popular new products, which are well-received by consumers [1]. - The gross margin improved to 28.4% in H1 2024, an increase of 3.9 percentage points year-on-year, primarily due to a decrease in raw material prices [1]. - The company plans to repurchase shares worth 50 to 100 million yuan, demonstrating confidence in its long-term development [1]. Financial Performance Summary - For H1 2024, the revenue breakdown by product category shows sunflower seeds at 1.86 billion yuan (+3%), nuts at 660 million yuan (+23.9%), and other products at 350 million yuan (+10.4%) [1]. - Revenue by region for H1 2024 includes Eastern China at 870 million yuan (+21.9%), Southern China at 860 million yuan (-0.7%), Northern China at 530 million yuan (+3.3%), e-commerce at 360 million yuan (+11.6%), and overseas at 250 million yuan (+4.5%) [1]. - The company expects net profits for 2024-2026 to be 950 million yuan, 1.12 billion yuan, and 1.28 billion yuan respectively, with corresponding EPS of 1.87 yuan, 2.22 yuan, and 2.53 yuan [2].

Investment Rating - The investment rating for the company is maintained at "Accumulate - A" [1][3] Core Views - The company has experienced a slowdown in growth during the off-season, but cost reductions have led to improved profitability [1] - The company reported a revenue of 2.898 billion yuan for H1 2024, a year-on-year increase of 7.92%, and a net profit attributable to shareholders of 337 million yuan, up 25.92% year-on-year [1] - The report highlights a significant decline in revenue growth in Q2 2024, attributed to post-holiday off-season effects and weak market consumption [1] Revenue Analysis - The company achieved revenue of 1.85 billion yuan from sunflower seeds in H1 2024, a year-on-year increase of 3.01%, with high-end products like "Kuaizhen" seeing continuous sales growth [1] - The nut category saw revenue of 660 million yuan, a year-on-year increase of 23.90%, driven by the growth of nut gift boxes and increased penetration of new products [1] - Other products generated revenue of 350 million yuan, a year-on-year increase of 10.43%, with breakthroughs in flavors and peanut categories [1] Profitability Analysis - The gross margin for Q2 2024 was 24.98%, an increase year-on-year, primarily due to a decrease in raw material costs [1] - The report indicates that the company is focusing on product innovation and channel expansion, which is expected to gradually release profit elasticity [1] Financial Data and Valuation - The company’s projected revenues for 2024-2026 are adjusted to 7.494 billion, 8.329 billion, and 9.191 billion yuan, with year-on-year growth rates of 10.1%, 11.1%, and 10.3% respectively [4] - The net profit attributable to shareholders is projected to be 943 million, 1.091 billion, and 1.253 billion yuan for the same period, with growth rates of 17.5%, 15.7%, and 14.8% respectively [4] - The report provides detailed financial metrics including gross margin, net margin, and return on equity (ROE) for the upcoming years [4][5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved a revenue of 2.9 billion yuan in H1 2024, representing a year-on-year increase of 7.9%, and a net profit attributable to shareholders of 340 million yuan, up 25.9% year-on-year [3][4] - In Q2 2024, the company reported a revenue of 1.08 billion yuan, a decline of 20.2% year-on-year, while the net profit attributable to shareholders was 96 million yuan, an increase of 7.6% year-on-year [3][4] - The revenue from sunflower seeds in H1 2024 was 1.85 billion yuan, up 3.0% year-on-year, while the nuts segment saw revenue of 660 million yuan, up 23.9% year-on-year [4] - The company expects revenues for 2024-2026 to be 7.505 billion, 8.280 billion, and 9.087 billion yuan respectively, with corresponding net profits of 921 million, 1.262 billion, and 1.431 billion yuan [4][5] Financial Performance Summary - H1 2024 gross margin was 28.4%, up 3.9% year-on-year, while Q2 gross margin was 25.0%, down 5.5 percentage points from Q1 [4] - The company’s net profit margin for H1 2024 was 11.6%, an increase of 1.7 percentage points year-on-year, and the non-recurring net profit margin was 9.8%, up 2.3 percentage points year-on-year [4] - The projected PE ratios for 2024, 2025, and 2026 are 14, 10, and 9 times respectively [4][5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the benchmark index within the next 6 to 12 months [7]. Core Insights - The company reported a revenue of 2.898 billion yuan in the first half of 2024, representing a year-on-year increase of 7.92%. The net profit attributable to shareholders was 337 million yuan, up 25.92% year-on-year [3]. - The revenue from sunflower seeds faced pressure, while the nut segment showed relatively stable growth. In H1 2024, revenue from sunflower seeds, nuts, and other products was 1.854 billion, 660 million, and 353 million yuan, respectively [3]. - The company is focusing on expanding its product channels and improving demand, with ongoing efforts to enhance its brand presence in the high-end sunflower seed market and the nut category [3]. Financial Performance Summary - The company's revenue for 2022 was 6.883 billion yuan, with a projected revenue of 7.177 billion yuan for 2024, reflecting a growth rate of 5% [1]. - Net profit for 2022 was 976 million yuan, with an expected increase to 900 million yuan in 2024, indicating a year-on-year growth of 12% [1]. - The earnings per share (EPS) is projected to rise from 1.58 yuan in 2023 to 1.77 yuan in 2024 [1]. Profitability Metrics - The gross margin for Q2 2024 was reported at 24.98%, an increase of 4.42 percentage points year-on-year, with sunflower seeds and nuts showing improved margins [3]. - The net profit margin for Q2 2024 was 8.91%, reflecting a year-on-year increase of 2.25 percentage points [3]. Future Projections - Revenue projections for 2024, 2025, and 2026 are 7.177 billion, 7.966 billion, and 8.807 billion yuan, respectively [4]. - Net profit projections for the same years are 900 million, 1.001 billion, and 1.130 billion yuan, respectively [4].

洽洽食品（002557.SZ）2024 年中报点评 [盈利预测与财务指标 Table_Forcast] 淡季业绩短期承压，持续推进渠道精耕 2024 年 08 月 29 日 ➢ 事件：公司发布 2024 年半年报，公司 24H1 实现营收 28.98 亿元，同比 +7.92%；实现归母净利润 3.37 亿元，同比+25.92%。单二季度来看，公司实现 营收 10.77 亿元，同比-20.25%；实现归母净利润 0.96 亿元，同比+7.58%。 ➢ 坚果类引领增长，直营占比略有提升。分产品看，公司葵花籽/坚果类/其他 产品分别实现营收 18.54/6.60/3.53 亿元，同比+3.01%/+23.90%/+10.43%。 公司每日坚果屋顶盒渗透率持续提升，坚果礼盒销售持续增长，公司不断推出坚 果新品如黑松露夏威夷果、坚果椰香烘焙燕麦、坚果黑巧烘焙燕麦等，坚果品类 总体增长较好。分渠道看，公司经销/直销分别实现营收 24.20/4.78 亿元，营收 占比分别为 83.50%/16.50%，直营占比较 23 年略有提升。截至 24H1，公司有 1470 个经销商，其中国内有 1362 个经销商客户、国外有 10 ...