Investment Rating - The investment rating for the company is "Buy-A" with a target price of 41.23 CNY over the next six months, indicating a potential upside from the current price of 35.45 CNY [5][15]. Core Insights - The company reported a rapid revenue growth of 36.39% year-on-year in Q1 2024, achieving a revenue of 1.822 billion CNY. The net profit attributable to shareholders increased by 35.15% to 240 million CNY, with a non-recurring net profit growth of 55.80% [15][16]. - The improvement in profitability is attributed to a reduction in procurement costs for sunflower seeds and an increase in the proportion of gift box sales, which positively impacted the gross margin, rising to 30.43% [16]. - The company is actively expanding its distribution channels, having added over 200 new distributors in county and township markets in 2023, and plans to continue this expansion [15][16]. Financial Summary - The company’s revenue is projected to grow from 6.806 billion CNY in 2023 to 7.631 billion CNY in 2024, with a compound annual growth rate (CAGR) of 10.04% expected through 2026 [17]. - Net profit is expected to increase from 802.7 million CNY in 2023 to 1.045 billion CNY in 2024, reflecting a growth rate of 30.20% [17]. - The earnings per share (EPS) is forecasted to rise from 1.58 CNY in 2023 to 2.06 CNY in 2024, with a projected price-to-earnings (PE) ratio of 20x for 2024 [15][17].

Investment Rating - The investment rating for the company is "Outperform" (maintained) [10] Core Insights - The company reported Q1 2024 revenue and profit that exceeded expectations, with a revenue of 681 million and a net profit of 80 million for 2023, showing a year-on-year decline of 6.9% and 15.1% respectively [9][11] - The report anticipates a gradual recovery in profitability for 2024 due to declining raw material costs and improved operational efficiency [12][13] Financial Performance Summary - In 2023, the company achieved a revenue of 6.81 billion and a net profit of 803 million, with a projected revenue of 7.73 billion and a net profit of 1.06 billion for 2024, reflecting a year-on-year growth of 13.5% [15] - The gross margin for 2024 is expected to be 30.1%, with a net margin of 13.8%, indicating a recovery from the previous year's lower margins [15] - The earnings per share (EPS) for 2024 is projected at 2.10, with a price-to-earnings (P/E) ratio of 17.9 [15] Revenue and Profitability Drivers - The company has been focusing on expanding its distribution channels, particularly in rural areas and online platforms, which is expected to drive double-digit revenue growth in 2024 [13] - The shift in product mix towards higher-end offerings has contributed to an increase in average selling prices, supporting revenue growth despite volume declines in certain product categories [11][12]

证券代码：002557 证券简称：洽洽食品 洽洽食品股份有限公司 投资者关系活动记录表 编号：2024-004 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系活动 □新闻发布会 □路演活动 类别 □现场参观 电话会议 □其他： （请文字说明其他活动内容） 参与单位名称 具体参与单位名称及人员姓名见附件。 及人员姓名 时间 2024年4 月30日 地点 公司会议室 公司接待人员 董事、副总经理、董事会秘书陈俊，证券事务代表杜君 姓名 主要内容： 一、一季度的销售费用率有提升，渠道的支持政策有没有什么变化？ 回答：公司一季度的销售费用率有所提升，主要是年货节期间在市场上 ...

| --- | --- | --- | --- | --- | --- | |----------------------|-------|--------|-------|-------|-------| | [Table_Finance] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 6883 | 6806 | 7589 | 8417 | 9284 | | 增长率（ % ） | 15.0% | -1.1% | 11.5% | 10.9% | 10.3% | | EBITDA （百万元） | 1220 | 989 | 1455 | 1680 | 1928 | | 归母净利润（百万元） | 976 | 803 | 1107 | 1297 | 1499 | | 增长率（ % ） | 5.1% | -17.8% | 37.9% | 17.1% | 15.6% | | EPS （元 / 股） | 1.93 | 1.58 | 2.18 | 2.56 | 2.96 | | 市盈率（ P/E ） | 25.88 | 21.98 | 16.23 | 13.8 ...

食品饮料 一年内股价与大盘对比走势： 05-0406-0407-0408-0409-0410-0411-0412-0401-0402-0403-0404-04 -40% -30% -20% -10% 0% 10% 洽洽食品 沪深300指数（收益率） 吕昌 A0230516010001 lvchang@swsresearch.com 周缘 A0230519090004 zhouyuan@swsresearch.com 联系人 熊智超 (8621)23297818× xiongzc@swsresearch.com 葵花子业务稳健，坚果业务高增。考虑春节错期影响，23Q4+24Q1 公司合计实现收入 41.49 亿，同比增长 8%。我们预计 23Q4+24Q1 葵花籽业务仍保持正增长。24Q1 分产 品看，我们预计 24Q1 瓜子同增超 20%，坚果业务因去年低基数影响，实现高双位数增长。 分月份来看，预计一月份受益于春节旺季备货以及去年低基数影响，实现高增，春节后主 要以消化库存为主。 公 司 研 究 / 公 司 点 评 信息披露 请务必仔细阅读正文之后的各项信息披露与声明 第 3 页 共 3 页 简单金融 成就 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for the stock over the next 6 to 12 months [1][16][26] Core Insights - In 2023, the company achieved revenue of 6.81 billion yuan, a year-on-year decrease of 1.1%, and a net profit attributable to shareholders of 800 million yuan, down 17.8% year-on-year [1][15] - The company plans to distribute a cash dividend of 10 yuan per 10 shares, resulting in a dividend payout ratio of 62.55%, reflecting a commitment to enhancing shareholder returns [3][16] - The report highlights a marginal improvement in gross margin, with a gross margin of 26.75% for 2023, despite challenges from rising raw material costs [2][16] Financial Performance Summary - The company reported a net profit margin of 11.80% in 2023, down 2.38 percentage points year-on-year, and a non-recurring net profit margin of 10.43%, down 1.88 percentage points [2][16] - The revenue breakdown shows that nut products generated 1.753 billion yuan, a growth of 8.00%, while sunflower seeds and other products saw declines of 5.36% and growth of 1.51%, respectively [1][15] - The company expects revenue growth of 12.6%, 11.6%, and 10.8% for 2024, 2025, and 2026, respectively, with net profit projections of 1.04 billion yuan, 1.20 billion yuan, and 1.38 billion yuan for the same years [16][15]

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation of over 20% outperformance against the benchmark index within the next six months [36]. Core Insights - The company achieved a remarkable revenue growth of 36.39% year-on-year in Q1 2024, driven by strong sales of gift boxes and increased consumer traffic during the Spring Festival [36]. - The gross margin improved to 30.43%, reflecting a 1.92 percentage point increase year-on-year, aided by a reduction in procurement costs and scale effects from higher revenue [36]. - The company is focusing on brand strength and product structure optimization, with plans to increase investment in high-margin products while controlling the scale of lower-end products [36]. Financial Summary - Total revenue (in million) is projected to grow from 6,806 in 2023 to 9,610 in 2026, with year-on-year growth rates of -1.1%, 13.1%, 12.3%, and 11.2% respectively [1]. - Net profit attributable to the parent company (in million) is expected to rise from 803 in 2023 to 1,438 in 2026, with growth rates of -17.8%, 32.8%, 17.3%, and 15.0% respectively [1]. - Earnings per share (in yuan) are forecasted to increase from 1.58 in 2023 to 2.84 in 2026, with corresponding price-to-earnings ratios decreasing from 22 to 12 [1]. Market Performance - The company's current market capitalization is approximately 179.73 billion yuan, with a total share capital of 50,700.23 million shares [3]. - The stock price has fluctuated between a high of 44.05 and a low of 30.18 over the past 12 months [3].

来源：公司年报、国金证券研究所 买入（维持评级） 4 月 29 日公司发布 2024 年一季报，报告期内公司实现营业收入 18.22 亿元，同比+36.39%；实现归母净利润 2.40 亿元，同比 +35.15%；扣非归母净利润 2.21 亿元，同比+55.80%。 食品饮料组 分析师：刘宸倩（执业 S1130519110005） liuchenqian@gjzq.com.cn 联系人：陈宇君 chenyujun@gizg.com.cn 1.《洽洽食品公司点评：需求+成本集中承压，24 年有望 改善》, 2024.4.26 2.《洽洽食品公司点评： 动销环比改善，期待利润修 复》, 2023.10.27 | --- | --- | --- | --- | --- | --- | |-------------------------------|--------|---------|--------|--------|--------| | 公司基本情况（人民币） \n项目 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入 (百万元) | 6,883 | 6,806 ...

Financial Performance - The company reported a net profit of RMB 240,661,829.01 for Q1 2024, an increase of 35.25% compared to RMB 177,966,900.55 in Q1 2023[10] - Operating profit for Q1 2024 was RMB 277,767,263.21, up 50.38% from RMB 184,740,519.97 in the same period last year[10] - Total revenue for Q1 2024 reached RMB 297,199,098.75, reflecting a significant growth compared to RMB 220,940,094.99 in Q1 2023[10] - The company’s basic earnings per share for Q1 2024 was RMB 0.4744, compared to RMB 0.3578 in Q1 2023, representing a growth of 32.60%[10] - The company’s total comprehensive income for Q1 2024 was RMB 219,088,282.55, slightly up from RMB 211,882,717.75 in Q1 2023[10] - The net profit attributable to shareholders was ¥240,476,526.90, reflecting a growth of 35.15% year-over-year[23] - The net profit after deducting non-recurring gains and losses was ¥221,375,691.85, marking a 55.80% increase year-over-year[23] Expenses and Costs - The company incurred sales expenses of RMB 224,907,659.16 in Q1 2024, which is an increase of 58.00% from RMB 142,445,601.69 in Q1 2023[10] - Research and development expenses decreased to RMB 17,376,053.76 in Q1 2024 from RMB 18,805,715.58 in Q1 2023, a decline of 7.57%[10] - The company’s financial expenses showed a net income of RMB -35,295,374.58 in Q1 2024, compared to RMB -21,757,283.49 in Q1 2023, indicating an increase in financial costs[10] - Total operating costs for the current period were CNY 1,558,264,845.58, compared to CNY 1,175,285,787.72 in the previous period[33] - Sales expenses for the current period increased by 57.89% compared to the previous period, due to growth in sales scale and increased marketing investment[49] - Financial expenses for the current period decreased by 62.22% compared to the previous period, mainly due to an increase in interest income from large certificates of deposit[49] Cash Flow and Assets - The net cash flow from operating activities significantly improved to ¥543,086,508.90, a remarkable increase of 371.00% compared to the previous year[23] - Cash and cash equivalents at the end of the period were CNY 5,289,217,335.58, up from CNY 4,478,314,611.84 at the beginning of the period[26] - Cash and cash equivalents at the end of the period amounted to 5,159,819,236.92, an increase from 3,673,268,645.87 at the beginning of the period[53] - The company's total assets at the end of the reporting period were ¥9,391,651,106.09, showing a slight decrease of 0.08% from the previous year[23] - Total assets amounted to CNY 9,391,651,106.09, slightly down from CNY 9,398,773,153.02 at the beginning of the period[31] Shareholder Activities - The company repurchased 3,765,000 shares, accounting for 0.74% of the total share capital, with a total transaction amount of RMB 131,029,016.62[3] - The company plans to extend the employee stock ownership plan by 12 months, now set to expire on April 7, 2025[4] - The company repurchased treasury shares, resulting in an increase in treasury stock by 31.13% compared to the beginning of the period[49] Inventory and Receivables - Accounts receivable decreased by 51.25% compared to the beginning of the period, primarily due to a reduction in endorsed but not yet due notes[25] - Inventory decreased by 33.66% compared to the beginning of the period, mainly due to a reduction in raw material stock[25] - Accounts receivable at the end of the period decreased by 40.80% compared to the beginning of the period, mainly due to an increase in cash received from sales[40] - Other current assets at the end of the period decreased by 35.06% compared to the beginning of the period, primarily due to a reduction in raw materials[40] Investments and Financing - Investment activities generated a net cash flow of ¥1,530,166.54, down 68,703.21 million compared to the previous period[15] - Financing activities saw a net cash flow increase of ¥11,357.42 million, primarily due to an increase in cash received from borrowings[15] - Short-term borrowings increased by 57.84% compared to the beginning of the period, mainly due to an increase in credit borrowings[25] - Non-current liabilities totaled CNY 1,549,086,307.16, compared to CNY 1,534,905,567.81 at the beginning of the period[31] Other Financial Metrics - The weighted average return on equity increased to 4.28%, up from 3.34% in the previous year[23] - The company reported a decrease of 39.82% in fair value changes due to a reduction in redeemable financial products[15] - Other income for the current period increased by 45.07% compared to the previous period, mainly due to an increase in deferred income amortization[51] - Right-of-use assets at the end of the period increased by 69.50% compared to the beginning of the period, mainly due to the addition of new leased assets[40] - Construction in progress increased by 111.36% compared to the beginning of the period, primarily due to increased investment in the expansion project[25]

Investment Rating - The report maintains a "Buy-A" investment rating for the company with a 6-month target price of 41.23 CNY, compared to the current stock price of 35.30 CNY [7][11]. Core Views - The company is expected to see revenue growth rates of 12.13%, 10.90%, and 10.04% for 2024, 2025, and 2026 respectively, with profit growth rates of 30.20%, 18.43%, and 12.43% during the same period [11]. - The report highlights that the company is focusing on expanding its product categories, particularly in seeds and nuts, with a decrease in seed costs anticipated to gradually release cost benefits [11][21]. - The company reported a revenue of 6.806 billion CNY in 2023, a slight decrease of 1.13% year-on-year, and a net profit of 803 million CNY, down 17.77% year-on-year [9][21]. Financial Summary - The company achieved a gross margin of 26.75% in 2023, down 5.21% year-on-year, primarily due to rising seed costs [21]. - The report projects the company's operating income to increase from 6.806 billion CNY in 2023 to 7.631 billion CNY in 2024, reflecting a growth rate of 12.1% [15][26]. - The net profit is expected to recover to 1.045 billion CNY in 2024, with an EPS of 2.06 CNY [26][43]. - The company plans to distribute a cash dividend of 5.02 billion CNY, with a payout ratio of 62.55% [9].