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 ...

证券代码： 002557 证券简称：洽洽食品 公告编号：2024- 052 债券代码：128135 债券简称：洽洽转债 洽洽食品股份有限公司 关于副董事长兼副总经理增持股份进展的公告 副董事长兼副总经理陈奇女士保证向本公司提供的信息内容真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 2、本次增持股份的金额：不低于人民币 3,000 万元，不超过人民币 5,000 万元。 1、增持计划的基本情况：洽洽食品股份有限公司（以下简称"公司"）于 2024年7月13日披露《关于副董事长兼副总经理增持公司股份及后续增持计划的 公告》（公告编号：2024-046），公司副董事长兼副总经理陈奇女士自首次增持 日2024年7月12日起6个月内通过深圳证券交易所集中竞价方式增持公司股份，增 持金额不低于人民币3,000万元，不超过人民币5,000万元（含首次增持股份成交 金额3,028,805.00元）。增持计划实施期间，如遇公司股票停牌，增持计划将在 股票复牌后顺延实施并及时披露。 2、增持计划的进展情况：2024年7月12日至2024年8月29日期间，公司副董 事长兼副总经理陈奇女士通过深圳证券交易 ...

Investment Rating - The report maintains a "Strong Buy" rating for Qiaqia Food (002557) with a target price of 30 yuan [1]. Core Views - The company reported a total 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 second quarter saw a revenue decline of 20.25% year-on-year, attributed to seasonal demand drop and inventory destocking efforts [1]. - The company is actively responding to challenges by enhancing brand quality and exploring new product lines and distribution channels [1]. Financial Performance Summary - H1 2024 revenue breakdown: - Sunflower seeds: 1.854 billion yuan (+3.01%) - Nuts: 660 million yuan (+23.90%) - Other products: 353 million yuan (+10.43%) - Other businesses: 31 million yuan (-6.81%) [1]. - Regional revenue performance for H1 2024: - Eastern region: 870 million yuan (+21.9%) - Southern region: 863 million yuan (-0.7%) - Northern region: 527 million yuan (+3.3%) - E-commerce: 361 million yuan (+11.6%) - Overseas: 246 million yuan (+4.5%) [1]. - H1 2024 gross margin by product category: - Sunflower seeds: 28.6% - Nuts: 28.7% - Other products: 27.2% - Other businesses: 24.4% [1]. - The company adjusted its EPS forecasts for 2024-2026 to 1.78, 2.12, and 2.50 yuan respectively, with corresponding PE ratios of 14, 12, and 10 [1][2]. Market Position and Strategy - The company is recognized as a leading player in the sunflower seed category, leveraging brand strength to navigate competitive pressures [1]. - The chairman has increased management efforts since May, focusing on product innovation and expanding into lower-priced product lines to counter competition from private label brands [1]. - The company has established a digital platform managing 370,000 retail outlets, enhancing its distribution capabilities [1].

来源：公司年报、国金证券研究所 业绩简评 8 月 28 日公司发布 24 年半年报，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%；扣非归母净 利润 2.83 亿元，同比+41.8%。其中，24Q2 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%；扣非归母 净利润 0.61 亿元，同比+7.14%。 经营分析 季节性需求波动，Q2 收入增长承压。1）受消费淡季影响，叠加成 本下行致行业竞争加剧，瓜子和坚果 Q2 收入增长均承压。结合 Q1 消费旺季来看， 24H1 葵花子 / 坚果类 / 其 他 收 入 分 别 为 18.54/6.60/3.84 亿元，同比+3.01%/+23.90%/+8.96%。拆分量价 来看，24H1 休闲食品吨价/销量分别+1.5%/+6.5%,产品结构变化带 动吨价持续提升，但预计细分品类来看单价提升具备压力。2）公 司加大与会员店、零食专营合作力度，加强数字化建设对终端精细 化管理，弥补大盘销量下滑影响，24H1 南方/东方/北方/电商/海 外分别实现营收 8.63/ ...

证券代码：002557 证券简称：洽洽食品 公告编号：2024-051 债券代码：128135 债券简称：洽洽转债 洽洽食品股份有限公司 截至 2024 年 6 月 13 日（公司 2023 年年度权益分派股权登记日）下午收市 在中国证券登记结算有限责任公司深圳分公司登记在册的持有公司股份的股东， 每位股东可以申领一份公司免费赠送的定制礼盒。 关于向公司全体股东赠送公司产品的自愿性信息披露公告 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、背景和目的 在"洽洽香瓜子"上市 25 周年之际，为了感谢股东对洽洽食品股份有限公 司（以下简称"公司"）的关心和支持，便于股东更好地了解公司产品，提高公 司产品的认知度和影响力，公司决定以免费方式向全体股东赠送公司定制礼盒， 并向各位股东征集对公司及公司产品的意见或建议。 二、审批程序 根据公司《对外捐赠管理办法》等相关规定，本次赠送活动无需提交董事会 和股东大会审议。 三、赠送对象及内容 四、具体实施方案 1、活动告知 公司通过《证券时报》、《中国证券报》、《上海证券报》、《证券日报》 和巨潮资讯网 www.cni ...

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