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 证券代码：002557 证券简称：洽洽食品 公告编号：2024-062 债券代码：128135 债券简称：洽洽转债 洽洽食品股份有限公司 股票交易异常波动公告 4、公司、控股股东和实际控制人不存在关于公司的应披露而未披露的重大 事项，亦无处于筹划阶段的重大事项； 5、公司控股股东和实际控制人在公司股票异常波动期间不存在买卖公司股 票的情况。 三、是否存在应披露而未披露信息的说明 公司董事会确认，公司目前没有任何根据深交所《股票上市规则》等有关规 定应予以披露而未披露的事项或与该事项有关的筹划、商谈、意向、协议等；公 司董事会也未获悉公司有根据深交所《股票上市规则》等有关规定应予以披露而 未披露的、对公司股票交易价格产生较大影响的信息；公司前期披露的信息不存 在需要更正、补充之处。 完整，没有虚假记载、误导性陈述或重大遗漏。 一、股票交易异常波动的情况介绍 洽洽食品股份有限公司（以下简称"公司"）股票（证券简称：洽洽食品， 证券代码：002557）于 2024 年 9 月 27 日、2024 年 9 月 30 日、2024 年 10 月 8 日连续三个交易日 ...

| 证券代码：002557 | 证券简称：洽洽食品 | 公告编号：2024-058 | | --- | --- | --- | | 债券代码：128135 | 债券简称：洽洽转债 | | 洽洽食品股份有限公司监事会 关于公司 2024 年股票期权激励计划激励对象名单的 核查意见及公示情况说明 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、公示情况及核查方式 （4）反馈方式：以设立反馈电话/电子邮箱或当面反映情况等方式进行反馈， 并对相关反馈进行记录。 （5）公示结果：在公示的时限内，没有任何组织或个人提出异议或不良反映， 无反馈记录。 2、关于公司监事会对拟激励对象的核查情况。 公司监事会核查了拟激励对象的名单、身份证件、与公司签订的劳动合同或 聘用合同、在公司担任的职务及其任职文件等情况。 二、监事会核查意见 2024 年 9 月 18 日洽洽食品股份有限公司（以下简称"公司"）第六届董事 会第十次会议及第六届监事会第九次会议审议通过了《关于公司<2024 年股票期 权激励计划（草案）>及其摘要的议案》（以下简称"《激励计划》"），具体内容详 见公司于 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [4]. Core Insights - The company has launched a stock option incentive plan for 29 core personnel, granting a total of 4.78 million stock options, which represents 0.94% of the current share capital. The exercise price is set at 19.97 yuan per share [4]. - The earnings forecast for the company remains stable, with projected net profits for 2024-2026 at 929 million, 1.127 billion, and 1.281 billion yuan, respectively, reflecting year-on-year growth rates of 16%, 21%, and 14% [4]. - The company is expected to leverage its brand and channel advantages to increase market share in the sunflower seed business and maintain double-digit growth in the nut business [4]. - The incentive plan is designed to align employee interests with company growth, with specific revenue and profit targets set for 2024-2026 [4]. Financial Summary - The company's total revenue for 2024 is projected to be 7.486 billion yuan, with a year-on-year growth rate of 10% [5]. - The net profit for 2024 is estimated at 929 million yuan, representing a 15.7% increase compared to the previous year [5]. - The earnings per share (EPS) for 2024 is forecasted to be 1.83 yuan, with a price-to-earnings (PE) ratio of 15x based on the latest closing price [4][5]. - The company’s gross margin is expected to improve to 29% in 2024, up from 26.8% in 2023 [5]. Organizational Changes - The company is undergoing organizational restructuring to enhance efficiency and is actively recruiting talent to support its growth strategy [5]. - The sales organization is adopting a more streamlined management approach, focusing on provincial units for better resource allocation and business planning [5].

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%/+ ...

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