YanKershop(002847)

Search documents
“小赛道”大爆发!零食牙膏卫生巾,股价最高涨超260%
券商中国· 2025-04-30 06:37
"小赛道"迎来大爆发! 今 年以来,港股市场频现"消费牛股",引发市场关注,事实上,A股市场同样涌现了一批"小赛道"高增长的个 股。4月29日,食品饮料赛道的盐津铺子、万辰集团,宠物经济赛道的中宠股份,美容护理赛道的百亚股份、 润本股份、锦波生物股价均创出历史新高。 去年四季度以来,不少公募基金产品投向这些高成长新兴消费公司,伴随这些公司股价的持续上涨,给基金净 值带来优异表现,如恒越匠心优选一年持有、申万菱信乐融一年持有、银华品质消费、海富通消费优选等年内 绩优消费主题基金收益回报均超20%。 渠道变革带来消费品公司业绩高增长 近期,去年四季度公募基金纷纷加仓的消费品赛道公司迎来股价持续上涨。 4月29日,食品饮料赛道的盐津铺子、万辰集团,宠物经济赛道的中宠股份,美容护理赛道的百亚股份、润本 股份、锦波生物股价均创出历史新高。 股价增长背后,是这些"小赛道"公司业绩的高增长。以零食品牌"好想来"母公司万辰集团为例,前一日,万辰 集团发布公告称,2025年第一季度,公司营业收入108.21亿元,同比增长124.02%,主要系公司量贩零食业务 持续发展,收入相应增加;归属净利润2.15亿元,同比提升3344.1 ...
泰国小学生迷上河南辣条,中国零食卷去东南亚
3 6 Ke· 2025-04-30 02:40
Group 1 - Wangwang invested RMB 138 million in a business jet to facilitate management's domestic and international travel, with a focus on expanding overseas operations [1] - In the fiscal year 2023, Wangwang's overseas business grew by double digits, with snack revenue reaching RMB 5.977 billion, accounting for approximately 20% of total revenue [1] - Southeast Asia has become a primary target for Chinese snack brands due to its large population and cultural similarities, with many brands already establishing a presence in the region [2][5] Group 2 - Companies like Qiaqia, Jinzhai, and Panpan have successfully penetrated the Southeast Asian market, with Qiaqia's Thailand subsidiary contributing RMB 400 million in revenue and nearly RMB 90 million in net profit in 2023 [2] - The Southeast Asian snack market is projected to reach USD 13.1 billion by 2029, with a compound annual growth rate of 10.60% [3] Group 3 - Salted snacks and other unique Chinese products are gaining traction in Southeast Asia, with brands like Yanjin and Qiaqia focusing on local market education to introduce their products [11][12] - The entry strategies of Chinese snack brands vary by country, with some targeting mature markets like Thailand and Singapore, while others focus on emerging markets like Vietnam and Indonesia [11] Group 4 - The retail landscape in Southeast Asia is diverse, with traditional community stores still dominating in Indonesia, where 80% of consumption occurs outside modern retail channels [17] - Successful market entry often relies on innovative channel strategies, as demonstrated by the ice cream brand Aice, which focused on community stores rather than traditional retail [14] Group 5 - Compliance with local regulations is crucial for market entry, with specific requirements for product certification and labeling in countries like Thailand and Indonesia [27] - Localization of products and supply chains is essential for success, with brands adapting flavors and ingredients to meet local preferences [28][31]
内需平稳复苏,新消费急先锋
2025-04-30 02:08
Summary of Key Points from Conference Call Records Industry Overview Alcohol Industry - The liquor industry is showing a stable recovery with major companies like Moutai setting a 9% revenue growth target, Wuliangye aligning with macro indicators, and Luzhou Laojiao emphasizing steady growth. The supply-side pressure in the industry has significantly eased, and channel feedback is expected to improve [1][3]. - Moutai and Wuliangye have reported double-digit growth, slightly exceeding market expectations, while Luzhou Laojiao's cash flow performance is better than its apparent data [3]. Beer Industry - The beer sector performed well in Q1 2025, with small breweries like Zhujiang and Yanjing showing outstanding results. Qingdao Beer and Chongqing Beer met expectations, and structural improvements are noted despite pressure on ton prices [4][5]. Beverage Industry - The beverage sector continues to trend towards health and functionality, with Dongpeng Beverage showing high growth and new products like health water from Lululemon gaining attention. Nongfu Spring is also highlighted as a company to watch [6]. Dairy Industry - The dairy sector is experiencing supply-side adjustments, with Yili's Q1 report showing positive revenue growth. The improvement in demand is expected to resonate with the raw milk cycle, while Mengniu is noted for its defensive attributes [7]. Snack Industry - The snack sector is exhibiting a new consumption growth trend, with companies like Weilong and Yuyou revising their forecasts upward. Yuyou has entered new channels, and Ganyuan's overseas market prospects for Q2 are promising [8]. Textile and Apparel Industry - The textile and apparel industry is showing a trend of low performance followed by high recovery, particularly in sports apparel. Anta Sports is effectively managing multiple brands, while home textile companies like Luolai and Mercury Home Textile are seen as defensive investments [11][12]. Key Recommendations - **Liquor**: Recommended stocks include Moutai, Luzhou Laojiao, and regional leaders like Fenjiu and Wuliangye [10]. - **Beer**: Focus on Qingdao Beer and its strong dividend yield [5]. - **Dairy**: Yili and Mengniu are highlighted as key players [10]. - **Beverages**: Nongfu Spring and Lululemon are recommended [10]. - **Snacks**: Weilong, Yuyou, and Ganyuan are noted for their growth potential [10]. - **Textiles**: Anta Sports and home textile brands like Luolai are recommended for their defensive qualities [11][12]. Additional Insights - The pig farming sector is currently valued highly, with pig prices remaining elevated, but the breeding sector's outlook is cautious due to limited capacity recovery. Key companies to watch include Muyuan, Shennong Group, and Dekang [2][20]. - The poultry industry, particularly yellow feathered chickens, is facing challenges with prices down from last year, but companies like Lihua and Wens continue to expand [21]. - The retail sector is experiencing rapid growth, especially in the snack segment, with companies like Liangpinpuzi expected to open numerous new stores [33][34]. - The home appliance industry is focusing on tariff adjustments and new consumption trends, with companies like Vanward Electric and TCL Electronics showing strong performance [37][38].
大消费股再度活跃 万辰集团等多股创历史新高





news flash· 2025-04-30 02:04
Group 1 - The core viewpoint of the article highlights the resurgence of consumer stocks, particularly in sectors such as beauty, pets, and retail, with several companies reaching historical highs [1] - Notable companies that achieved record highs include Wancheng Group, Runben Co., Dongpeng Beverage, Yanjinpuzi, and Jinbo Biological, while Han Commercial Group, Laishen Tongling, Anzheng Fashion, and Meike Home reached their daily limit [1] - The Ministry of Commerce is collaborating with relevant departments to introduce several measures, including the 2025 work plan for improving service consumption and benefiting the public [1]
盐津铺子(002847):2024年及2025Q1业绩点评:品类红利释放,渠道持续扩大整体势能
ZHESHANG SECURITIES· 2025-04-29 13:38
Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has excellent quality, with a clear logic for expanding product categories and channels. The dividend payout ratio is expected to continue increasing in 2024. The combination of category benefits and new channel expansion is anticipated to drive revenue growth beyond expectations in 2025, with scale advantages and raw material price advantages likely to lead to profit growth exceeding expectations [1][5] Financial Performance Summary - In 2024, the company achieved operating revenue of 5.304 billion yuan (up 28.89% year-on-year) and a net profit attributable to the parent company of 640 million yuan (up 26.53% year-on-year). In Q1 2025, the company reported operating revenue of 1.537 billion yuan (up 25.69% year-on-year) and a net profit of 178 million yuan (up 11.64% year-on-year) [2] - For 2024, the company’s revenue from various product categories showed significant growth, with the spicy and marinated snacks generating 1.962 billion yuan (up 32.36% year-on-year), and konjac products achieving 838 million yuan (up 76.09% year-on-year). Other categories also reported positive growth rates [3] - The company’s gross profit margin for 2024 was 30.69% (down 2.85 percentage points), and for Q1 2025, it was 28.47% (down 3.63 percentage points). The decline in gross margin is attributed to changes in channel structure and the lower contribution from high-margin gift products during the Spring Festival [4] Future Projections - The company is expected to achieve revenues of 6.833 billion yuan, 8.642 billion yuan, and 10.674 billion yuan in 2025, 2026, and 2027, respectively, with year-on-year growth rates of 28.82%, 26.48%, and 23.52%. The net profit attributable to the parent company is projected to be 859 million yuan, 1.084 billion yuan, and 1.345 billion yuan for the same years, with growth rates of 34.24%, 26.16%, and 24.13% [5][6]
社保基金连续持有46股 最长已持有56个季度
Zheng Quan Shi Bao Wang· 2025-04-29 06:06
Core Insights - The social security fund has invested in 478 stocks by the end of Q1, with 46 stocks held for over 20 consecutive quarters [1] - The fund's long-term holdings include 257 stocks held for more than four quarters, with 169 stocks held for over two years [1] - Notable long-term holdings include China Overseas Land & Investment, Zhongnan Media, and others, with the longest-held stock being China Overseas Land & Investment since Q2 2011 [1] Holdings Overview - The top holdings by quantity include Changshu Bank (254 million shares), Hualu Hengsheng (122 million shares), and China Jushi (84.52 million shares) [2] - The highest holding percentages are Changshu Bank (8.42%), Hualu Hengsheng (5.77%), and Keri International (5.70%) [2] - Among the 46 stocks, 12 saw an increase in holdings, with significant increases for Huayu Automotive (62.65%), Hualu Hengsheng (19.18%), and Yanjinpuzi (17.90%) [2] Performance Analysis - Of the 46 stocks, 28 reported year-on-year profit growth, with notable increases from Xiantan Co. (583.83%), Zhongyuan Media (234.61%), and China Jushi (108.52%) [3] - Conversely, 17 stocks experienced profit declines, with the largest decreases from Tianrun Dairy (-1713.36%), China Overseas Land & Investment (-303.09%), and Zhongqi Co. (-245.04%) [3] - Stocks with consistent profit growth over the past three years include Aide Biology, Yutong Bus, and Blue Sky Technology [3] Industry Distribution - The 46 stocks are concentrated in industries such as basic chemicals (6 stocks), automotive (5 stocks), and pharmaceutical biology (5 stocks) [2] - The main board contains 30 stocks, while the ChiNext board has 15 stocks, and the Sci-Tech Innovation board has 1 stock [2]
盐津铺子(002847):品类品牌驱动增长 海外渠道扩容
Xin Lang Cai Jing· 2025-04-29 02:48
Core Viewpoint - Salted Fish's financial performance shows strong growth in revenue and net profit for 2024 and Q1 2025, driven by successful product launches and strategic brand initiatives [1][2][4] Financial Performance - In 2024, the company achieved revenue of 5.304 billion yuan, a year-on-year increase of 28.89%, and a net profit of 640 million yuan, up 26.53% [1] - Q4 2024 revenue reached 1.443 billion yuan, with a year-on-year growth of 29.96%, and net profit of 147 million yuan, increasing by 33.66% [1] - For Q1 2025, revenue was 1.537 billion yuan, up 25.69%, with net profit at 178 million yuan, a year-on-year increase of 11.64% [1] Product Categories and Growth Drivers - Key product categories such as spicy snacks, baked potato products, and konjac jelly showed significant revenue growth, with spicy snacks generating 1.962 billion yuan, up 32.4% [2] - The "Big Demon" sesame sauce and "Egg Emperor" quail eggs have become top-selling items, contributing to the company's growth [2] - The company initiated a brand strategy in 2024, leading to high sales performance during the Spring Festival [2] Channel Development and Structure - Revenue from direct supermarkets decreased by 43.72%, while e-commerce and other channels saw increases of 39.95% and 34.01%, respectively [3] - The company is expanding its overseas market presence, with overseas revenue reaching 62.74 million yuan in 2024, compared to 314,900 yuan in 2023 [3] - The channel structure is expected to improve, with high-growth channels anticipated to outpace overall company growth in 2025 [3] Profitability and Margin Analysis - The company's gross margin was 30.69% in 2024, down 2.85 percentage points, and 28.47% in Q1 2025, down 3.63 percentage points, primarily due to changes in channel structure [4] - Selling, general, and administrative expenses increased, influenced by brand-building efforts and stock compensation [4] - The net profit margin for 2024 and Q1 2025 was 12.07% and 11.59%, respectively, reflecting a decline compared to the previous year [4] Future Outlook and Strategic Initiatives - The company is focusing on strengthening its product lines and supply chain, particularly in the konjac category, with plans for production line expansion in China and Thailand [5] - The organization has established three product divisions based on flavor profiles to enhance product focus [5] - Revenue projections for 2025 to 2027 are set at 6.795 billion, 8.252 billion, and 9.539 billion yuan, with net profits expected to be 853 million, 1.053 billion, and 1.240 billion yuan, respectively [6]
盐津铺子(002847):魔芋单品快速放量 品类品牌战略初显成效
Xin Lang Cai Jing· 2025-04-29 02:48
Core Insights - The company achieved a revenue of 5.304 billion yuan in FY24, representing a year-on-year increase of 28.89%, and a net profit attributable to shareholders of 640 million yuan, up 26.53% year-on-year [1] - The company is experiencing significant growth in the konjac product category, with a strong overseas expansion strategy [2][3] - The gross margin has faced pressure, but cost control measures have improved [4][5] - The company has initiated a brand strategy focusing on "Big Demon King" and "Egg Emperor," which is showing early signs of success [6] - Revenue forecasts for 2025-2027 have been adjusted upward, indicating positive growth expectations [7] Financial Performance - FY24 revenue breakdown: spicy snacks (1.962 billion yuan, +32.36%), baked potato products (1.158 billion yuan, +17.31%), deep-sea snacks (675 million yuan, +9.10%), egg snacks (580 million yuan, +81.87%), nuts (484 million yuan, +81.50%), konjac jelly pudding (301 million yuan, +39.10%), and other income (144 million yuan, -36.09%) [2] - Q1 2025 revenue reached 1.537 billion yuan, a year-on-year increase of 25.69%, with net profit attributable to shareholders at 178 million yuan, up 11.64% [1] Product and Channel Analysis - The konjac product line, particularly the "Big Demon King" brand, has driven significant growth, with a record-breaking single product sales milestone [2] - Revenue by channel in FY24: direct sales (188 million yuan, -43.72%), distribution and other channels (3.956 billion yuan, +34.01%), and e-commerce (1.159 billion yuan, +39.95%) [2] - The company aims to replicate its success in overseas markets, with over 80% of international sales currently coming from Thailand [3] Cost and Profitability - Gross margins for FY24, Q4 2024, and Q1 2025 were 30.69%, 27.62%, and 28.47%, respectively, reflecting a decline due to the rapid growth of lower-margin channels [4] - The company has improved its cost control, with sales, management, R&D, and financial expense ratios showing a decrease in FY24 compared to the previous year [4] Strategic Initiatives - The company has launched a category brand strategy, focusing on high-potential products like konjac and quail eggs, aiming for a dual-driven growth model of "products + channels" [6] - The strategic transformation has already led to the development of two major hit products, indicating a successful execution of the brand strategy [6] Investment Outlook - Revenue forecasts for 2025 and 2026 have been revised upwards to 6.594 billion yuan and 7.968 billion yuan, respectively, with a new forecast for 2027 at 9.431 billion yuan [7] - EPS estimates for 2025 and 2026 have also been increased to 3.10 yuan and 3.86 yuan, respectively, with a new estimate of 4.52 yuan for 2027 [7]
食品饮料行业深度报告:政策预期强化,关注景气细分
Dongguan Securities· 2025-04-28 07:39
Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry [1] Core Insights - The food and beverage industry is gaining attention due to increased external uncertainties and positive domestic policy signals, with a focus on boosting domestic demand as a key driver for economic growth [12][16] - The liquor sector is expected to show a "front low, back high" performance trend for the year, with a focus on inventory digestion in the first half and gradual demand recovery in the second half [17][32] - The consumer goods sector, particularly those related to the catering supply chain and benefiting from fertility policy catalysts, is highlighted for potential investment opportunities [39] Summary by Sections 1. Policy Expectations and Industry Focus - Increased external uncertainties have led to a heightened focus on domestic demand as a crucial element for economic growth [12] - Recent government policies aimed at boosting consumption have positively influenced market confidence, with a comprehensive action plan to enhance consumer spending [13][16] 2. Liquor Sector - Liquor sales during the Spring Festival saw a year-on-year decline of approximately 10%, with a focus on inventory management during the off-peak season [17] - High-end liquor demand remains stable, while mid-range and regional brands are experiencing varied performance based on market conditions [19] - Major liquor companies are engaging in share buybacks and increasing shareholdings to bolster market confidence [24][30] 3. Consumer Goods Sector - The report emphasizes the importance of sectors related to the catering supply chain, with specific attention to the seasoning, beer, dairy, and snack segments [39] - The seasoning sector is expected to benefit from a recovery in restaurant consumption, while the beer sector is poised for growth due to the resurgence of dining scenarios [40] - Dairy demand is anticipated to rise following the introduction of fertility subsidies in various regions, which could positively impact dairy company performance [39]
食品饮料行业周报:基金持仓更加集中,零食板块表现较好
KAIYUAN SECURITIES· 2025-04-27 10:05
Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report indicates that the retail sales growth rate rebounded month-on-month in March, reflecting strengthened expectations for consumption policies [3][4] - The food and beverage index declined by 1.4% from April 21 to April 25, ranking 28th among primary sub-industries, underperforming the CSI 300 by approximately 1.7 percentage points [12][14] - The allocation ratio of food and beverage in funds decreased from 10.6% in Q4 2024 to 9.8% in Q1 2025, marking a new low since 2020 [12][14] - The report highlights that the snack sector performed relatively well, with companies like Salted Fish and West Oat Food achieving significant revenue growth [4][12] Summary by Sections Weekly Insights - Funds reduced their allocation to food and beverage but concentrated their holdings, with the snack sector showing relatively strong performance [12] - The food and beverage index underperformed the market, with snacks (+4.5%), soft drinks (+2.2%), and other alcoholic beverages (+0.1%) leading the sub-industry performance [12][14] Market Performance - The food and beverage index fell by 1.4%, ranking 28th out of 28 industries, and lagged behind the CSI 300 by about 1.7 percentage points [12][14] Upstream Data - Some upstream raw material prices have decreased, with the price of whole milk powder increasing by 28.7% year-on-year, while fresh milk prices fell by 10.7% year-on-year [17][22] Alcohol Industry News - Wuliangye is set to launch 17 new product series, indicating ongoing innovation in the sector [43] Memorandum - Attention is drawn to the upcoming Q1 report disclosure of Kweichow Moutai on April 30 [44]