Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock price will outperform the benchmark index by over 20% in the next 6-12 months [12][5]. Core Insights - The company reported a slight decline in revenue for 2023, with total revenue of 6.81 billion RMB, down 1.1% year-on-year, and a net profit of 810 million RMB, down 17.5% year-on-year. The decline is attributed to the timing of the Spring Festival and rising sunflower seed costs [2][12]. - For Q4 2023, the company achieved revenue of 2.33 billion RMB, a decrease of 6.9% year-on-year, and a net profit of 300 million RMB, down 14.3% year-on-year. The report suggests that the pressure from raw material costs has eased [2][12]. - The company is expected to see a rapid recovery in revenue and net profit in 2024, supported by long-term category and channel expansion [2][12]. Summary by Sections Revenue Performance - The company’s revenue for 2023 was 6.81 billion RMB, reflecting a slight decline of 1.1% year-on-year. The timing of the Spring Festival affected revenue recognition, with some income from Q1 2023 reflected in 2022's results [2][12]. - In Q4 2023, revenue was 2.33 billion RMB, down 6.9% year-on-year, primarily due to a high base from the previous year and the timing of the Spring Festival in 2024 [2][12]. Profitability Analysis - The net profit for 2023 was 810 million RMB, a decrease of 17.5% year-on-year, with a net profit margin of 11.8%, down 2.4 percentage points. This decline is mainly due to increased sunflower seed procurement costs [2][12]. - In Q4 2023, the net profit was 300 million RMB, with a net profit margin of 12.8%, down 1.1 percentage points. The report notes that raw material cost pressures have eased since the new procurement cycle began in October [2][12]. Future Outlook - The company is expected to recover quickly in 2024, with revenue and net profit projected to improve significantly due to favorable timing for revenue recognition related to the Spring Festival [2][12]. - The report anticipates that the increase in sunflower seed planting area will lead to a decline in procurement prices, which should enhance gross margins as high-cost inventory is depleted [2][12]. - Long-term growth is supported by a solid foundation for channel expansion and the synergistic promotion of nut products alongside sunflower seeds [2][12].

公司报告 | 公司点评 春节错期或致 Q4 承压，24 年关注成本改善 事件：公司 2024 年 2 月 27 日发布 2023 年业绩快报，全年实现 营收 68.06 亿元（yoy-1.13%），实现归母净利润 8.05 亿元 （yoy-17.50%），实现扣非归母净利润 7.09 亿元（yoy-16.27%）。 单季度来看，2023Q4 实现营收 23.27 亿元（yoy-6.90%），实现归 母净利润 2.99 亿元（yoy-14.31%），实现扣非归母净利润 2.85 亿 元（yoy-11.60%）。 我们的分析和判断： 1、收入端：公司 2023 全年实现营收 68.06 亿元，同比-1.13%。 2023Q4 实现营收 23.27 亿元，同比-6.90%。整体来看，公司 Q4 营收承压，我们预计主要由于今年春节跨期，导致公司 12 月份 发货受到了一定的影响。 2、盈利能力：公司 2023 全年实现归母净利润 8.05 亿元，同比 -17.50%，归母净利率 11.83%，同比-2.35pct；2023Q4 实现归母 净利润 2.99 亿元，同比-14.31%，归母净利率为 12.86%，同比 - ...

[Table_MainInfo] 公司研究/食品/食品加工 证券研究报告 洽洽食品（002557）公司公告点评 2024 年 02 月 28 日 002557 CH Chacha Food Rating: OUTPERFORM Target Price: Rmb51.00 Yuxuan Zhang yx.zhang@htisec.com 单四季度利润率压力趋缓，期待 24 年营 收/利润双复苏 [Table_Summary] 投资要点： 受春节跨期&葵花籽原料价格上涨影响，23 年营收利润有所承压。据公司业 绩快报，2023 年由于第一季度和第四季度均受到春节跨期因素的影响，因此 营收有所下滑。不过 21-23 年营收 CAGR=6.64%，整体收入依然保持稳健成长。 盈利能力端，参照业绩快报，受到葵花籽原料采购成本上升的影响，23 年公 司实现归母净利率 11.83%，同比 22 年降低 2.35pct。我们认为，23 年公司盈 利表现受到上游原材料价格上涨的不利影响，不过随着后续上游原物料价格 压力趋缓，期待公司利润率重新回归向上通道。 公司 23Q4 营收有所下滑，我们认为主要系受到 24 年春节较晚导 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the company [3][17]. Core Views - The company is expected to experience a recovery in revenue and profit in 2024, with a projected revenue of 75.12 billion yuan and a net profit of 10.36 billion yuan [3][30]. - The company faced revenue and profit pressure in 2023 due to the impact of rising raw material prices and the timing of the Spring Festival [2][12]. - The company’s net profit margin for 2023 is projected to be 11.83%, a decrease of 2.35 percentage points compared to 2022 [12]. Financial Performance Summary - The company’s revenue for 2023 is estimated at 68.10 billion yuan, with a net profit of 8.02 billion yuan, reflecting a year-over-year decline of 17.50% [29]. - The earnings per share (EPS) for 2023 is expected to be 1.58 yuan, with projections of 2.04 yuan and 2.38 yuan for 2024 and 2025 respectively [3][31]. - The company’s gross margin is expected to recover to 31.1% in 2024, up from 29.0% in 2023 [31]. Market Position and Strategy - The company has been focusing on channel development and expanding its market presence, particularly in the snack segment, which is expected to contribute to revenue growth in 2024 [22]. - The company is enhancing its penetration in e-commerce channels and exploring overseas markets, particularly in Southeast Asia [22]. Valuation Metrics - The report suggests a price-to-earnings (P/E) valuation range of 20-25 times for 2024, indicating a reasonable value range of 40.80 to 51.00 yuan per share [3][19].

Group 1: Financial Performance - In 2023, the company achieved total operating revenue of approximately 6.806 billion CNY, a decrease of 1.13% compared to the previous year [2] - The net profit attributable to shareholders was around 805 million CNY, down 17.50% year-on-year [3] - The sunflower seed category saw a slight decline, primarily due to a high base in 2022, while the nut category experienced growth [3] Group 2: Sales and Market Development - In December 2023, sales in the snack wholesale channel reached approximately 30 million CNY, with January 2024 sales nearing 50 million CNY [3] - The company plans to enhance its presence in the snack wholesale channel by expanding product offerings and increasing penetration [3] Group 3: Procurement and Pricing - Current sunflower seed procurement prices are about 10% lower compared to the peak prices in April and May 2023, with plans for supplementary purchases after the 2024 Spring Festival [3] Group 4: Seasonal Performance - The company experienced strong sales growth in January 2024, influenced by the full month of shipping due to the Spring Festival, compared to only half a month in the same period last year [3] - Overall sales performance during the Spring Festival was favorable, particularly in lower-tier markets, with good inventory levels among distributors [3] Group 5: Dividend Policy - The company has consistently aimed to provide stable returns to shareholders since its listing, and with sufficient funds and limited future capital expenditures, there is potential to increase the dividend payout ratio [3]

上 市 公 司 证 券 研 究 报 告 食品饮料 公 司 研 究 / 公 司 点 评 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 02 月 27 日 | | 收盘价（元） | 33.86 | | 一年内最高/ 最低（元） | 48.28/29.21 | | 市净率 | 3.2 | | 息率（分红/ 股价） | | | 流通 A 股市值（百万元） | 17167 | | 上证指数/深证成指 | 3015.48/9269.57 | | --- | --- | |----------------------------------|-------------------------------| | | | | 基础数据 : | 2023 年 09 月 30 日 | | | | | 每股净资产（元） | 10.49 | | 资产负债率 % | 40.25 | | 总股本 / 流通 A 股（百万） | 507/507 | | 流通 B 股/H 股（百万） | -/- | 一 ...

Investment Rating - Buy (Maintained) [3] Core Views - The company's 2023 performance was slightly affected by multiple factors, including the impact of the Spring Festival and rising sunflower seed procurement costs, leading to a slight decline in revenue and profit [1] - The company focused on channel refinement projects, improving weak markets, breaking through in rural areas, and expanding new scenarios and channels, which increased the penetration rate of daily nuts and nut gift boxes [1] - E-commerce channels, such as Douyin and Pinduoduo, continued to break through, and overseas markets deepened their penetration in Southeast Asia, leading to a recovery in overall sales [1] - For 2024, revenue and profit are expected to recover steadily, with lower base effects for sunflower seed products and new products and channels expected to contribute to growth [1] - Nut products are expected to accelerate channel refinement, increase product distribution, and new products are expected to contribute incremental growth [1] - Sunflower seed costs are expected to decline, leading to a clearer trend of net profit margin recovery quarter by quarter [1] Financial Forecasts and Valuation - Revenue is projected to grow from RMB 6,806 million in 2023E to RMB 9,174 million in 2025E, with a CAGR of 15% [1] - Net profit is expected to increase from RMB 805 million in 2023E to RMB 1,302 million in 2025E, with a CAGR of 13% [1] - EPS is forecasted to rise from RMB 1.59 in 2023E to RMB 2.57 in 2025E [1] - P/E ratio is expected to decrease from 21.3 in 2023E to 13.2 in 2025E, indicating potential undervaluation [1] - P/B ratio is projected to decline from 2.9 in 2023E to 2.1 in 2025E [1] Financial Ratios and Performance - Revenue growth rate is expected to rebound from -1.1% in 2023E to 17.2% in 2024E and 15.0% in 2025E [8] - Net profit margin is forecasted to recover from 11.9% in 2023E to 14.4% in 2024E and 14.2% in 2025E [8] - ROE is expected to improve from 14% in 2023E to 17% in 2024E and 16% in 2025E [1] - Debt-to-equity ratio is projected to decrease from 24.1% in 2023E to 17.4% in 2025E, indicating improved financial health [8] Cash Flow Analysis - Operating cash flow is expected to recover significantly from RMB 267 million in 2023E to RMB 1,306 million in 2025E [7] - Capital expenditures are projected to decrease from RMB -323 million in 2023E to RMB -213 million in 2025E [7] - Financing cash flow is expected to remain negative but improve from RMB -299 million in 2023E to RMB -54 million in 2025E [7] Market and Industry Context - The company's stock price as of February 27, 2024, was RMB 33.86, with a market capitalization of RMB 17,167 million [4] - The company's performance is in line with market expectations, and the "Buy" rating is maintained based on the expected recovery in revenue and profit growth [13]

Investment Rating - The report maintains a "Buy" rating for the company [2][13]. Core Insights - The company experienced a revenue decline of 1.13% in 2023, with a net profit decrease of 17.50%. The fourth quarter saw a revenue drop of 6.90% and a net profit decline of 14.31% [10]. - The company is focusing on the performance of its nut products, which are expected to drive growth in Q1 2024 due to strong demand during the Chinese New Year [1]. - The cost of core raw materials, particularly sunflower seeds, has shown signs of relief, which may positively impact profit margins moving forward [11]. Financial Summary - The company's projected revenues for 2023 are 6.806 billion yuan, with a net profit of 805 million yuan. For 2024, revenues are expected to rise to 8.004 billion yuan, with a net profit of 1.120 billion yuan [3][10]. - Earnings per share (EPS) for 2023 is estimated at 1.59 yuan, with projections of 2.21 yuan for 2024 and 2.60 yuan for 2025 [2][3]. - The company's price-to-earnings (P/E) ratio is projected to be 21 for 2023, decreasing to 15 in 2024 and 13 in 2025 [2][3]. Product Performance - The nut category, particularly gift box products, performed well during the pre-Chinese New Year stocking period, which is expected to contribute to a strong Q1 2024 performance [1]. - The company has introduced sub-brands like "Mao Ke" and "Kuaida" to compete with private label products, with expected revenues of 300-400 million yuan in 2023 [1]. - The sunflower seed category has shown recovery, with stable performance from high-end products, while new products are anticipated to maintain good performance in 2024 [1].

Investment Rating - The report maintains a "Buy" rating for Qiaqia Food [1] Core Views - The company's performance in 2023 met expectations, with revenue of 6.806 billion yuan, a decrease of 1% year-on-year, and a net profit of 805 million yuan, down 18% year-on-year. The decline in profit is attributed to increased procurement costs of sunflower seeds and the impact of the Spring Festival on sales [1][2] - Qiaqia Food is actively enhancing its distribution channels, with a focus on penetrating weaker markets and expanding into new scenarios and channels. The company is also increasing its market share in Southeast Asia, particularly in Thailand and Indonesia [1] - The procurement price of sunflower seeds has decreased from previous highs, alleviating some cost pressures, and overall sales are expected to recover in 2024 [1] Summary by Sections Performance Overview - In 2023, Qiaqia Food achieved an operating income of 6.806 billion yuan, a decrease of 1% year-on-year. The net profit attributable to shareholders was 805 million yuan, down 18% year-on-year. The non-recurring net profit was 709 million yuan, a decrease of 16% [1][2] Product and Channel Development - The company has seen positive sales momentum for its nut products during the 2024 Spring Festival, with increased penetration rates for daily nuts and nut gift boxes. The company is focusing on channel refinement projects and expanding its presence in new markets and channels [1] Profit Forecast - The earnings per share (EPS) for 2023-2025 are adjusted to 1.59, 1.95, and 2.37 yuan respectively, with corresponding price-to-earnings (PE) ratios of 21, 17, and 14 times. The report maintains a "Buy" investment rating based on these forecasts [1][2]

第六届董事会第五次会议决议的公告 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 证券代码：002557 证券简称：洽洽食品 公告编号：2024-006 债券代码：128135 债券简称：洽洽转债 洽洽食品股份有限公司 二、董事会会议审议情况 本次会议经过有效表决，形成如下决议： （一）会议以 6 票同意，0 票反对、0 票弃权，通过了《关于第五期员工持 股计划延期的议案》； 洽洽食品股份有限公司(以下简称"公司")第六届董事会第五次会议于 2024 年 2 月 3 日以书面及邮件方式通知全体董事，并于 2024 年 2 月 7 日以现场及通 讯表决的方式在公司四楼会议室召开。会议应到会董事七人，实际到会董事七人， 符合召开董事会会议的法定人数。会议由公司董事长陈先保先生主持，公司监事 和高级管理人员列席了会议，本次会议的召开符合《公司法》及《公司章程》的 有关规定。 一、董事会会议召开情况 整，没有虚假记载、误导性陈述或重大遗漏。 董事陈俊先生作为本期员工持股计划的参与人，为该议案的关联董事，进行 回避表决。 同意将第五期员工持股计划的存续期延长 12 个月，即延长至 2025 年 4 月 7 日。 ...