食品饮料 证 券 研 究 报 告 2024 年 09 月 23 日 洽洽食品 (002557) ——推出股权激励计划 关注营销及管理改善 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 20 日 | | 收盘价（元） | 27.29 | | 一年内最高/最低（元） | 38.72/23.67 | | 市净率 | 2.7 | | 息率（分红 / 股价） | 3.66 | | 流通 A 股市值（百万元） | 13,836 | | 上证指数/深证成指 | 2,736.81/8,075.14 | | --- | --- | |-------------------------------|------------------------| | | | | | | | 基础数据 : 2024 | 年 06 月 30 日 | | | | | 每股净资产（元） | 10.09 | | 资产负债率 % | 38.79 | | 总股本/流通 A 股（百万） | 507/507 ...

Investment Rating - The report assigns a "Buy" rating to the company, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [8]. Core Views - The company has launched a stock option incentive plan, granting 4.78 million stock options, which is 0.94% of the total share capital. The plan aims for a revenue target of 10 billion yuan over three years, exceeding market expectations [2][6]. - The stock option exercise price is set at 19.97 yuan per share, with a discount rate of 80% compared to the announcement date closing price of 24.82 yuan [2]. - The revenue growth targets for 2024-2026 are set at 10.8%/25.9%/43.3% for the trigger values and 12%/28.8%/48.1% for the target values, with corresponding net profit growth rates [2][3]. - The company is expected to see improved performance in July and August, with a focus on expanding into lower-tier markets and increasing promotional activities [2][6]. Financial Summary - The company’s projected revenue for 2024 is 7.641 billion yuan, with a growth rate of 12.28%. By 2026, revenue is expected to reach 10.025 billion yuan, with a growth rate of 14.15% [3]. - The net profit for 2024 is projected at 966 million yuan, with a growth rate of 20.33%, and is expected to reach 1.399 billion yuan by 2026, with a growth rate of 20.91% [3]. - The earnings per share (EPS) are forecasted to be 1.91 yuan in 2024, 2.28 yuan in 2025, and 2.76 yuan in 2026, with corresponding price-to-earnings (PE) ratios of 14x, 12x, and 10x respectively [2][3].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2][4]. Core Views - The company has introduced an equity incentive plan, demonstrating confidence in its future development. The plan involves granting 4.78 million stock options to 29 individuals, representing 0.94% of the total share capital at a grant price of 19.97 yuan per share, which is 80.5% of the stock price on September 18, 2024 [2][3]. - The incentive plan is designed to bind the company's executives and core employees, with performance targets set for revenue growth and net profit over the next three years, indicating a challenging yet optimistic outlook for the company's future [3][4]. Summary by Relevant Sections Recent Performance - The company's stock performance over the past month shows a 7.4% increase, while the Shanghai and Shenzhen 300 index has decreased by 4.0% [3]. - The current stock price is 27.29 yuan, with a 52-week price range of 23.67 to 38.72 yuan [3]. Financial Projections - Revenue projections for 2024-2026 are set at 75.41 billion, 82.34 billion, and 89.17 billion yuan, with year-on-year growth rates of 11%, 9%, and 8% respectively [4][5]. - The projected net profit for the same period is 9.58 billion, 11.26 billion, and 12.47 billion yuan, with growth rates of 19%, 18%, and 11% respectively [5][6]. - The earnings per share (EPS) are forecasted to be 1.89, 2.22, and 2.46 yuan for 2024, 2025, and 2026, respectively [5][6]. Incentive Plan Details - The incentive plan includes two performance tiers: achieving a trigger value allows for 70% of options to be exercised, while reaching the target value allows for 100% [3]. - The revenue targets for the trigger value are set at 75.4 billion, 85.7 billion, and 97.5 billion yuan for 2024, 2025, and 2026, with corresponding net profit targets of 8.6 billion, 10.2 billion, and 12.1 billion yuan [3][4].

002557.SZ 买入 原评级：买入 市场价格:人民币 27.29 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 (27%) (20%) (12%) (4%) 4% 12% Sep-23Oct-23Nov-23Dec-23Jan-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24 洽洽食品 深圳成指 绝对 (19.2) 7.4 (5.6) (20.4) 相对深圳成指 (5.1) 9.6 5.3 (0.6) | --- | --- | |----------------------------------------|-----------| | | | | | | | 发行股数 ( 百万 ) | 507.00 | | 流通股 ( 百万 ) | 507.00 | | 总市值 ( 人民币 百万 ) | 13,836.09 | | 3 个月日均交易额 ( 人民币 百万 ) | 125.92 | | 主要股东 | | | 合肥华泰集团股份有限公司 | 42.47 | | 资料来源：公司公告， Wind ，中银证券 | | 相关研究报告 《洽洽 ...

Investment Rating - The report maintains a "Buy" rating for Qiaqia Food with a target price of 32.59 CNY [3][4][11] Core Views - The company is expected to see improvements in both costs and revenues in Q3 2024, likely entering a recovery phase. Factors contributing to this include channel improvements, inventory replenishment, and demand recovery, particularly in the seeds and nuts segments [2][10] - The introduction of a stock incentive plan for 2024 is anticipated to enhance team motivation and accelerate improvements in the company's performance [3][11] - The snack food sector remains a stable performance area, with Qiaqia Food benefiting from channel reforms and product diversification, suggesting a high probability of sequential improvement in performance in the second half of 2024 [3][11] Financial Summary - Revenue for 2024 is projected to be 7,631 million CNY, reflecting a 12.1% increase from 2023. Net profit is expected to reach 972 million CNY, a 21.1% increase from the previous year [4][11] - Earnings per share (EPS) forecasts for the upcoming years are 1.92 CNY for 2024, 2.47 CNY for 2025, and 2.81 CNY for 2026 [3][4][11] - The company’s gross margin is expected to improve in Q3 2024 due to a decline in raw material costs [10][11] Market Data - The stock has a market capitalization of 13,836 million CNY, with a current price of 27.29 CNY, within a 52-week price range of 24.10 to 38.29 CNY [5][4] - The company has a net asset return rate of 14.5% for 2023, projected to rise to 15.3% in 2024 [4][6]

证券研究报告|公司点评报告 [Table_Date] 2024 年 09 月 19 日 [Table_Title] 股票期权激励草案发布，彰显长期发展信心 | --- | --- | --- | --- | |-------------------------|----------------------|-----------------------|-------------| | [Table_DataInfo] 评级： | 买入 | 股票代码： | 002557 | | 上次评级： | 买入 | 52 周最高价/最低价： | 37.48/23.67 | | | 目标价格： 总市值(亿 | ) | 138.41 | | 最新收盘价： | 27.30 | 自由流通市值(亿 ) | 138.41 | | | | 自由流通股数(百万 ) | 507.00 | [Table_Summary] 事件概述 公司发布 2024 年股票期权激励计划(草案)，拟向激励对象授予 478 万份股票期权，占公司股本总额的 0.94%，首次授予的股票期权的行权价格(含预留)为 19.97 元/份，首次授予的激励对象总人数为 29 ...

[Table_Contacts] [Table_Title] 洽洽食品（002557.SZ） 新推股权激励，激发组织活力 [Table_Summary] 核心观点： ⚫ 事件：公司推出 2024 年股票期权激励计划草案。公司拟向 29 名核心 高管及骨干授予 478 万份股票期权，其中首次授予 418 万份股票期权， 预留 60 万份股票期权。行权价格（含预留）为 19.97 元/份。 ⚫ 激励目标：收入利润双考核，打造员工企业利益共同体。（1）公司层 面：参考激励计划增速目标，触发值 Am-2024/2025/2026 年公司主营 收入目标为 75.4/85.7/97.5 亿元，同比+10.8%/+13.6%/+13.8%；扣非 归母净利润目标 8.6/10.2/12.1 亿元，同比+21.6%/+18.5%/+18.6%； 扣非净利率 11.4%/11.9%/12.4%。目标值 An-2024/2025/2026 年公司 主营收入目标为 76.2/87.7/100.8 亿元，同比+12.0%/+15.0%/+15.0%; 扣非归母净利润 8.8/10.6/12.7 亿元，同比+24.0%/+20.2%/+ ...

证 公 研 券 研 究 报 2024 年 09 月 20 日 | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

证 券 研 究 报 告 洽洽食品（002557）股票期权激励计划点评 强推（维持） 底部激励，目标积极 目标价：30 元 事项： 公司公告拟推出 2024 年股票期权激励计划。根据《2024 年股票期权激励计划 (草案)》，公司拟向激励对象授予 478 万份股票期权（含预留 60 万份），占总 股本的 0.94%。本次激励对象包括高管及核心管理积技术人员共计 29 人，首 次授予的股票期权的行权价格（含预留）为 19.97 元/份，分 3 期行权，行权比 例分别为 30%/30%/40%。同时，本激励计划首次授予股票期权需摊销总费用 2657.64 万元，2024-2027 年依次摊销 306.48/1328.44/705.93/316.80 万元。 评论： 以高行权目标引领，有力激励核心团队。根据激励计划，此次本次激励对象共 计 29 人，包括副总经理徐涛、副总经理杨煜坤、副总经理陈俊、财务总监胡 晓燕及其余核心管理/技术人员 25 人，合计授予 418 万份，另预留 60 万份。 授予价格为 19.97 元/份，为现价的 80.5%。从公司层面业绩考核目标来看，以 2023 年为基，100%行权比例为"2 ...

公司点评 · 食品饮料行业 激励提振信心，期待旺季来临 2024 年股票期权激励计划（草案）点评 核心观点 ● ● 事件:9月18日,公司发布 2024年股票期权激励计划(草案),拟授予激励 对象股票期权 478万份,占当前公司股本总额 0.94%,行权价格为 19.97元/ 份。股份来源为向激励对象定向增发和/或从二级市场回购,其中2024年6月 20 日至 7 月 8 日期间,公司已完成回购 350 万股份。 覆盖公司高管与核心员工,激发团队积极性。股权激励首次授予激励对象共 计 29人,其中管理团队 4人,副总经理徐涛/副总经理杨煜坤/董事、副总经 理、董事会秘书陈俊/财务总监胡晓燕分别获授 15万/30万/22万/18万份股票 期权;核心员工 25人,合计获授 333万份,占授予股票期权总量的 69.7%。 本次激励有助于充分调动公司核心管理人员及核心技术人员的积极性,确保各 方工作与公司长远发展紧密结合。 ● 目标收入增速回归较高区间,释放积极信号。三期考核指标均为主营业务收 入与扣非归母净利润增速,100%行权比例,2024/2025/2026年主营业务收入 分别同比+12%/+15%/+15%, ...