请阅读最后一页重要免责声明 3 | --- | --- | --- | |-------|-------|-------------------------------------------------| | | | | | | | | | | | 投资建议 行业指数相对同期证券市场代表性指数涨幅 | | 1 | 推荐 | > 10% | | 2 | 中性 | -10% — 10% | | 3 | 回避 | < -10% | 请阅读最后一页重要免责声明 2 本报告署名分析师具有中国证券业协会授予的证券投资咨询执业资格并注册为 证券分析师，以勤勉的职业态度，独立、客观地出具本报告。本报告清晰准确 地反映了本人的研究观点。本人不曾因，不因，也将不会因本报告中的具体推 荐意见或观点而直接或间接收到任何形式的补偿。 华鑫证券有限责任公司（以下简称"华鑫证券"）具有中国证监会核准的证券 投资咨询业务资格。本报告由华鑫证券制作，仅供华鑫证券的客户使用。本公 司不会因接收人收到本报告而视其为客户。 研 报 公 研 2024 年 04 月 25 日 券 ▌ 风险提示 | --- | --- | --- | --- | -- ...

天津桂发祥十八街麻花食品股份有限公司 2024 年第一季度报告 证券代码：002820 证券简称：桂发祥 公告编号：2024-028 天津桂发祥十八街麻花食品股份有限公司 2024 年第一季度报告 本公司及董事会全体成员保证信息披露的内容真实、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： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大 遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、完 整。 3.第一季度报告是否经审计 □是 否 1 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | | --- | --- | --- | --- | --- | | | | | （%） | | | 营业收入（元） | 160,391,947.85 | 142,651,899.09 | | 12.44% | | 归属于上市公司股东的净利 | 18,698 ...

证券代码：002820 证券简称：桂发祥 公告编号：2024-027 天津桂发祥十八街麻花食品股份有限公司 截至本公告日，李铭祥先生持有公司股份 710,289 股，已知晓董事和高级管理人 员离任后股份管理的相关规定，并承诺在离任后继续按照相关法律法规及《公司章程》 等的规定进行锁定管理。 李铭祥先生在担任公司董事、总经理期间勤勉尽责、恪尽职守，公司董事会对李 铭祥先生在任职期间为公司所作出的贡献表示衷心感谢！ 特此公告。 天津桂发祥十八街麻花食品股份有限公司 董 事 会 二〇二四年四月十九日 1 关于董事、总经理辞职的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 天津桂发祥十八街麻花食品股份有限公司(以下简称公司)董事会于近日收到董 事、总经理李铭祥先生递交的书面辞职报告。李铭祥先生因退休申请辞去公司第四届 董事会董事、战略委员会委员及总经理职务、控股子公司法定代表人及其他职务，辞 职后不再担任公司及控股子公司其他任何职务。 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引 第 1 号——主板上市公司规范运作》，以及《公司章程》 ...

Investment Rating - The report maintains a "Buy" rating for the company [15][24]. Core Views - The company has turned profitable, with a significant revenue increase of 113% in 2023, reaching 504 million yuan, driven by a recovery in the regional tourism market [15][16]. - The gross margin improved by 18 percentage points to 46.04%, attributed to better management of raw material costs and increased production efficiency [15][16]. - The company is expected to achieve revenue and net profit of at least 550 million yuan and 66 million yuan, respectively, in 2024 [15][16]. - The product structure is continuously optimized, with steady expansion of sales channels, including a notable increase in direct sales and distribution revenue [15][16]. Financial Forecast - The company's revenue is projected to grow from 734 million yuan in 2024 to 1.269 billion yuan in 2026, with growth rates of 45.7%, 35.9%, and 27.2% respectively [4][6]. - Net profit is expected to rise from 94 million yuan in 2024 to 187 million yuan in 2026, with growth rates of 53.8%, 45.4%, and 37.1% respectively [4][6]. - The diluted earnings per share (EPS) is forecasted to increase from 0.47 yuan in 2024 to 0.93 yuan in 2026 [4][6]. Key Financial Metrics - The company's return on equity (ROE) is projected to improve from 9.2% in 2024 to 15.9% in 2026 [4][6]. - The gross profit margin is expected to remain strong, with estimates of 47.2% in 2024 and 49.7% in 2026 [4][6]. - The company's total assets are projected to grow from 1.101 billion yuan in 2024 to 1.257 billion yuan in 2026 [4][6].

Financial Performance - The company's operating revenue for 2023 reached CNY 503,859,859, representing a 113.20% increase compared to CNY 236,335,777 in 2022[20]. - Net profit attributable to shareholders for 2023 was CNY 61,034,959.6, a significant increase of 187.54% from CNY 21,286,635.5 in 2022[20]. - The net cash flow from operating activities surged to CNY 109,210,121, marking a 602.11% increase from CNY 21,750,200.3 in the previous year[20]. - Basic earnings per share for 2023 improved to CNY 0.3039, compared to a loss of CNY 0.3515 in 2022, reflecting a 187.55% increase[20]. - Total assets at the end of 2023 amounted to CNY 1,058,374,113.89, a 2.47% increase from CNY 1,032,872,109.44 at the end of 2022[20]. - The weighted average return on net assets for 2023 was 6.33%, a recovery from -7.06% in 2022[20]. - In 2023, the company's total revenue for the four quarters was approximately 142.65 million, 117.80 million, 145.60 million, and 97.80 million yuan respectively, with a total annual revenue of approximately 503.85 million yuan[24]. - The net profit attributable to shareholders for the four quarters was 25.54 million, 14.59 million, 22.64 million, and -1.73 million yuan, resulting in a total annual net profit of approximately 61.04 million yuan, indicating a significant decline in the fourth quarter[24]. - The company reported a negative net profit of -1.73 million yuan in the fourth quarter, marking a downturn compared to previous quarters[24]. Market and Industry Insights - The food manufacturing industry in China saw a revenue of 2.0 trillion yuan in 2023, with a profit margin of 8.1%, reflecting a slight decrease from 2021[32]. - The leisure food market in China is projected to reach 928.6 billion yuan in 2023, with a compound annual growth rate exceeding 10% over the next five years[33]. - The baking food market in China is expected to reach 306.99 billion yuan in 2023, indicating significant growth potential despite lower per capita consumption compared to other countries[33]. - The national retail sales of consumer goods reached 471.495 billion yuan in 2023, growing by 7.2% year-on-year, while online retail sales of physical goods increased by 8.4% to 130.174 billion yuan[36]. - Domestic tourist numbers increased by 93.3% in 2023, with tourism revenue growing by 140.3%, positively impacting the company's business[37]. Product and Sales Strategy - The company is focusing on expanding its market presence and enhancing product development strategies in the upcoming year[4]. - The company successfully optimized its product structure, launching new gift boxes and specialty products during key holidays, enhancing sales in the gift category[39]. - The company expanded its online sales channels, with significant improvements in sales on platforms like Tmall and JD, and plans to launch a Douyin store in January 2024[41]. - The company operates a direct sales model with all stores being self-operated, maintaining a total of 61 stores at the beginning of the period[63]. - The company has expanded its product offerings to include local specialties and snacks, enhancing its retail store variety[58]. Operational Plans and Future Outlook - Future operational plans for 2024 include addressing identified risks and pursuing growth opportunities in the market[4]. - The company plans to launch new products, including a convenient vegetable product aimed at enhancing taste and quality, with production expected to ramp up in 2024[90]. - The company aims to strengthen its core business by focusing on four product categories: "Mahua," "Pastries," "Convenience Foods," and "OEM Products," targeting three market segments: "Gifts," "Leisure," and "Livelihood"[120]. - The company plans to enhance the quality and production scale of its pastry business, aiming for market recognition in northern regions[122]. - The company intends to expand the production capacity of its signature product "Gaba Cai" and promote it as a new brand for Tianjin[123]. Corporate Governance and Compliance - The company has established a complete and independent corporate governance structure, ensuring that the shareholders' meeting, board of directors, and supervisory board operate independently without mixed operations with the controlling shareholder[145]. - The company emphasizes the quality of information disclosure, ensuring it meets the requirements for listed companies[142]. - The company has revised its governance documents to enhance the effectiveness of independent directors and improve governance structure[142]. - The company has implemented a "Quality Return Dual Improvement" action plan, although it has not disclosed specific details[139]. - The company is committed to transparency in its financial dealings and has outlined measures to prevent related party transactions[170]. Social Responsibility and Community Engagement - The company has received multiple awards for its social responsibility efforts, including "National Civilized Unit" and "AAA Credit Enterprise" recognition[193]. - In 2023, the company organized over 20 volunteer service activities, benefiting nearly 1,000 people, and donated nearly 200,000 yuan to support social welfare initiatives[198]. - The company donated 140,000 yuan to the Tianjin Red Cross to support education, health, and technology needs in assisted areas, and contributed 10,000 yuan to prevent large-scale poverty return[200]. - The company purchased 30,000 yuan worth of consumer assistance products to support local communities, demonstrating its commitment to social responsibility[200]. Employee Development and Training - The total number of employees at the end of the reporting period was 1,119, with 907 from the parent company and 212 from major subsidiaries[174]. - The company has implemented a broad salary system linked to job value, with annual salary budget control based on strategic development and market salary levels[176]. - In 2023, the company conducted various training programs to enhance employee skills and service awareness, contributing to improved annual sales performance[177]. - The company is focused on enhancing its competitive edge through employee development and training initiatives[177]. - The company has established a comprehensive training system aimed at improving employee capabilities and optimizing talent structure[177].

（2023 年 1 月 1 日至 2023 年 12 月 31 日止） | | | 目录 | 页次 | | --- | --- | --- | --- | | 一、 | 专项报告 | | 1-2 | | 二、 | 资金往来情况汇总表 | | 1 | 关于天津桂发祥十八街麻花食品股份有限公司 非经营性资金占用及其他关联资金往来情况 的专项报告 信会师报字[2024]第 ZG10898 号 天津桂发祥十八街麻花食品股份有限公司全体股东： 关于天津桂发祥十八街麻花食品股份有限公司 非经营性资金占用及其他关联资金往来情况的 专项报告 信会师报字[2024]第 ZG10898 号 关于天津桂发祥十八街麻花食品股份有限公司 非经营性资金占用及其他关联资金往来情况的专项报告 为了更好地理解桂发祥 2023 年度非经营性资金占用及其他关联 资金往来情况，汇总表应当与已审计财务报表一并阅读。 审计报告 第 1页 本报告仅供桂发祥为披露 2023 年年度报告的目的使用，不得用 作任何其他目的。 立信会计师事务所 （特殊普通合伙） 中国注册会计师： 我们审计了天津桂发祥十八街麻花食品股份有限公司(以下简称 "桂发祥")2023 年 ...

天津桂发祥十八街麻花食品股份有限公司 2023 年度 审计报告及财务报表 信会师报字[2024]第 ZG10896 号 天津桂发祥十八街麻花食品股份有限公司 审计报告及财务报表 （2023 年 01 月 01 日至 2023 年 12 月 31 日止） | | 目录 | 页次 | | | --- | --- | --- | --- | | 一、 | 审计报告 | | 1-4 | | 二、 | 财务报表 | | | | | 合并资产负债表和母公司资产负债表 | | 1-4 | | | 合并利润表和母公司利润表 | | 5-6 | | | 合并现金流量表和母公司现金流量表 | | 7-8 | | | 合并所有者权益变动表和母公司所有者权益变动 | | 9-12 | | 表 | | | | | 三、 | 财务报表附注 | | 1-90 | 审计报告 信会师报字[2024]第 ZG10896 号 天津桂发祥十八街麻花食品股份有限公司全体股东： 一、 审计意见 我们审计了天津桂发祥十八街麻花食品股份有限公司（以下简 称"桂发祥"）财务报表，包括 2023 年 12 月 31 日的合并及母公司 资产负债表，2023 年度 ...

天津桂发祥十八街麻花食品股份有限公司（以下简称公司）2023 年度财务 报表已经立信会计师事务所（特殊普通合伙）审计，出具了信会师报字[2024]第 ZG10896 号标准无保留意见审计报告。审计意见为，财务报表在所有重大方面按 照企业会计准则的规定编制，公允反映了公司 2023 年 12 月 31 日的合并及母公 司财务状况以及 2023 年度的合并及母公司经营成果和现金流量。现将 2023 年度 财务决算报告如下： 天津桂发祥十八街麻花食品股份有限公司 2023 年度财务决算报告 一、财务状况 2023 年末公司总资产 105,837.41 万元，归属于上市公司股东的所有者权益 98,227.15 万元，分别较上年上升 2.47%、3.25%，变化主要原因是报告期营业收 入和净利润增加，带来经营资金沉淀。 2023 年末公司总负债 7,610.26 万元，资产负债率 7.19%。公司资产负债率 始终处于较低水平，资产质量和偿债能力较高，财务风险水平较低。 二、经营成果 2023 年度，公司重点利用消费复苏、旅游复苏机遇，大力恢复传统业务，快 速拉动业绩回升，实现营业收入 50,385.99 万元，净利润 ...

经核查独立董事周立群、张俊民、任建国的任职经历以及提交的《独立董事 独立性自查情况报告》，上述人员未在公司担任除独立董事以外的任何职务，与 公司以及主要股东、实际控制人之间不存在直接或者间接利害关系或其他可能妨 碍其进行独立客观判断的关系，符合《上市公司独立董事管理办法》等法律法规 中对独立董事独立性的相关要求。 天津桂发祥十八街麻花食品股份有限公司董事会 二〇二四年四月八日 天津桂发祥十八街麻花食品股份有限公司董事会 关于独立董事独立性评估的专项意见 根据《上市公司独立董事管理办法》《深圳证券交易所上市公司自律监管指 引第 1 号——主板上市公司规范运作》等相关规定，结合独立董事独立性自查情 况，天津桂发祥十八街麻花食品股份有限公司（以下简称公司）董事会，就公司 在任独立董事周立群、张俊民、任建国的独立性情况进行评估并出具如下专项意 见： ...

天津桂发祥十八街麻花食品股份有限公司 内部控制审计报告 信会师报字[2024]第 ZG10897 号 天津桂发祥十八街麻花食品股份有限公司 内部控制审计报告 | | | 内部控制审计报告 1-2 内部控制审计报告 信会师报字[2024]第 ZG10897 号 天津桂发祥十八街麻花食品股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相 关要求，我们审计了天津桂发祥十八街麻花食品股份有限公司（以下 简称"桂发祥"）2023 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企 业内部控制评价指引》的规定，建立健全和有效实施内部控制，并评 价其有效性是桂发祥董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的 有效性发表审计意见，并对注意到的非财务报告内部控制的重大缺陷 进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。 此外，由于情况的变化可能导致内部控制变得不恰当，或对控制政策 和程序遵循的程度降低，根据内部控制 ...