来源：公司年报、国金证券研究所 顺利实现开门红，业绩超预期 4月18日公司发布一季报，24Q1实现营收2.74亿元，同比+22.78%； 实现归母净利润 0.51 亿元，同比+30.12%；扣非归母净利润 0.50 亿元，同比+28.86%，业绩超预期。 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.《仲景食品公司点评： 新品表现亮眼，业绩弹性释放》 2024.4.9 2.《仲景食品公司深度研究：新品快速起量，渠道扩张在 途》2023.11.13 0 20 40 60 80 100 120 140 160 180 敬请参阅最后一页特别声明 1 公司点评 敬请参阅最后一页特别声明 2 扫码获取更多服务 | --- | --- | --- | --- | --- | --- | |-------|-----------------------------------------|-------|-------|-------|-------| | | 日期 一周内 一月内 二月内 三 ...

基本数据 2024-04-18 —仲景食品（300908.SZ）公司事件点评报告 相关研究 研 买入(维持) 事件 流通股本（百万股） 85 2024Q1 公司总营收 2.74 亿元（+23%），主要系仲景上海葱 油及调味配料收入增长所致，同时由于产品结构优化，公司 实现归母净利润 0.51 亿元（+30%）。目前除了香菇原材料价 格有上涨趋势外，豆油价格平稳，其他原材料包括小香葱、 花椒价格均有下降， 2024Q1 公司毛利率同比 +4pct 至 44.50%，预计全年成本保持稳中有降，利好毛利率提升。 2024 年公司持续扩张销售团队，同时加大线下试吃、电商宣 传等费用投入，2024Q1 销售费用率同增 5pct 至 16.78%，同 时公司提升管理效率，实现 2024Q1 管理费用率同减 0.3pct 至 4.37%。综合来看，2024Q1 公司净利率提升 1pct 至 18.56%，盈利能力持续提升。 请阅读最后一页重要免责声明 2 证 告 总市值（亿元） 44 52 周价格范围（元） 30.92-50.2 公 究 增长势能延续，产品结构持续优化 投资要点 ▌产品结构持续优化，全渠道布局稳步推进 ▌ ...

一、背景和目的 仲景食品股份有限公司（以下简称"公司"）以"高品质 好味道"的产品 理念，专注于健康调味品的研发、生产与销售，其中仲景香菇酱、仲景上海葱油、 超临界萃取香辛料是行业品类开创者和引领者。为了便于股东更好地了解公司和 产品，提高产品的认知度和影响力，同时使产品精益求精，更好地服务消费者， 公司决定向全体股东免费赠送产品礼包一份，并向股东征集产品意见或建议。 证券代码：300908 证券简称：仲景食品 公告编号：2024-020 仲景食品股份有限公司 关于向全体股东赠送公司产品的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 二、审批程序 根据《公司章程》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 截止 2024 年 4 月 23 日（公司 2023 年年度股东大会股权登记日）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， 每位股东可以申领公司免费赠送的产品礼包一份（含仲景香菇酱、仲景上海葱油、 仲景上海红烧肉酱汁）。 四、具体实施方案 1、活动告知 公司股东可以通过公司官方网 ...

Financial Performance - The company's operating revenue for Q1 2024 was ¥273,999,591.57, representing a 22.78% increase compared to ¥223,170,245.29 in the same period last year[10] - The net profit attributable to shareholders for Q1 2024 was ¥50,867,711.73, a 30.12% increase from ¥39,092,178.11 in the previous year[10] - The net cash flow from operating activities improved significantly to ¥61,078,226.27, compared to a negative cash flow of ¥57,114,440.10 in the same period last year, marking a 206.94% increase[10] - Total operating revenue for the first quarter reached ¥273,999,591.57, an increase of 22.8% compared to ¥223,170,245.29 in the previous period[24] - Net profit for the quarter was ¥50,867,711.73, representing a 30.1% increase from ¥39,092,178.11 year-over-year[27] - Basic earnings per share increased to ¥0.5087 from ¥0.3909, reflecting a growth of 30.2%[27] Assets and Liabilities - The total assets at the end of Q1 2024 were ¥1,935,680,439.95, up 2.14% from ¥1,895,108,189.39 at the end of the previous year[10] - The total liabilities decreased to ¥207,757,478.12 from ¥218,052,939.29, showing a reduction of 4.4%[22] - The total equity remained stable at ¥986,296,554.71, unchanged from the previous period[22] - The equity attributable to shareholders increased by 3.03% to ¥1,727,922,961.83 from ¥1,677,055,250.10 at the end of the previous year[10] - The total equity attributable to shareholders increased to 1,727.9229 million yuan from 1,677.0553 million yuan[36] Cash Flow - The net cash flow from investing activities was -96.4991 million yuan, a reduction of 78.30% compared to -444.6641 million yuan in the prior year[49] - The company's cash and cash equivalents at the end of the period were 696.1198 million yuan, down from 731.6115 million yuan at the beginning of the period[33] Expenses - Total operating costs amounted to ¥215,701,760.49, up 24.5% from ¥173,271,477.09 in the prior period[24] - Research and development expenses rose to ¥7,798,940.21, an increase of 45.4% compared to ¥5,365,890.55 last year[24] - Sales expenses increased to ¥45,977,605.62, up 71.5% from ¥26,813,406.89 in the previous period[24] - The company reported a 62.75% increase in taxes and surcharges, amounting to 3.0487 million yuan[49] Shareholder Information - The company reported a total of 15,355,103 shares held by the top 10 unrestricted shareholders[50] - The largest shareholder, 河南省宛西控股股份有限公司, holds 39,430,000 shares, representing a significant portion of the total shares[50] - The company has a total of 750,000 shares held by multiple individual shareholders, indicating a diverse ownership structure[50] - The company has a total of 3,375,000 shares held by 朱新成, highlighting key individual ownership[50] - The document notes that the company has a strong connection between major shareholders, with familial ties among them[50] - The report does not indicate any participation in securities lending by the top 10 shareholders[50] - The company has a total of 562,500 shares held by 张永安, which is part of the executive lock-up shares[52] Other Information - The company reported a decrease in credit impairment losses to -¥404,132.81 from -¥3,642,964.87, indicating improved asset quality[27] - The company’s inventory impairment losses increased significantly, with a reported loss of -615,229.03 yuan, up 596.13% from the previous year[49] - The company received government subsidies related to daily operations, totaling 1.7167 million yuan, a 145.28% increase from the previous year[49] - The document does not specify any new product developments or market expansion strategies[54] - There is no mention of future guidance or performance outlook in the provided content[54]

Financial Performance - The company's operating revenue for 2023 was CNY 994,249,429.79, representing a 12.77% increase compared to CNY 881,654,879.35 in 2022[21] - The net profit attributable to shareholders for 2023 was CNY 172,285,277.91, a 36.72% increase from CNY 126,017,704.09 in 2022[21] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 163,732,999.49, up 74.69% from CNY 93,726,265.76 in 2022[21] - The cash flow from operating activities for 2023 was CNY 226,028,593.03, an increase of 86.68% compared to CNY 121,081,026.78 in 2022[21] - The basic earnings per share for 2023 was CNY 1.72, a 36.51% increase from CNY 1.26 in 2022[21] - The total assets at the end of 2023 were CNY 1,895,108,189.39, a 4.14% increase from CNY 1,819,827,642.74 at the end of 2022[21] - The net assets attributable to shareholders at the end of 2023 were CNY 1,677,055,250.10, up 4.50% from CNY 1,604,769,972.19 at the end of 2022[21] Dividend Distribution - The company plans to distribute a cash dividend of CNY 10 per 10 shares, with a capital reserve conversion of 4.6 shares for every 10 shares held[6] - The company has maintained a high cash dividend payout ratio, with dividends constituting 79.35% of the net profit attributable to the parent company in 2022[81] - The profit distribution plan includes a cash dividend of CNY 10 per 10 shares (totaling CNY 100,000,000) and a capital reserve increase of 4.6 shares for every 10 shares held, totaling 46,000,000 shares[190] Market and Industry Insights - The market size of China's seasoning industry is projected to reach CNY 78.81 billion by 2025, growing from CNY 45.94 billion in 2021, with a compound annual growth rate of 8.50%[32] - The production volume of major seasoning sauce manufacturers increased from 707,000 tons in 2013 to 911,000 tons in 2021, indicating a positive growth trend in the seasoning sauce industry[33] - The market size of the Chinese flower pepper oil market was approximately CNY 15 billion in 2020, with an expected growth to over CNY 35 billion by 2025, reflecting a compound annual growth rate of about 20%[34] Product Development and Innovation - The company focuses on product innovation and technology iteration, with its mushroom sauce and Shanghai scallion oil being market leaders in their categories[36] - The company has developed a diverse product matrix, including mushroom sauce, scallion oil, and various cooking sauces, catering to both individual consumers and the catering industry[38] - The company is focusing on product differentiation and innovation, launching new categories like mushroom sauce and Shanghai scallion oil to maintain competitive advantages[68] - New product development includes water-soluble spice oil resins and mushroom seasoning products, aimed at expanding market presence and resource utilization[94] Sales and Marketing Strategy - Direct sales accounted for 57.01% of the main business revenue, an increase of 6.38% from the previous year, driven by the growth in e-commerce direct sales[56] - The company's online direct sales through platforms like Tmall, JD, and Douyin reached RMB 188.73 million in 2023, a year-on-year increase of 99.78%, accounting for 19.04% of total revenue[60] - The company aims to expand its market presence through a multi-channel marketing strategy, including e-commerce and direct-to-consumer sales[50] - The company's marketing strategy includes a strong focus on content marketing, with 116 original articles and 163 short videos produced throughout the year[78] Operational Efficiency - The company maintains a flexible production model based on sales demand, optimizing production scheduling and management[49] - The company has implemented a comprehensive procurement management system to ensure high-quality raw materials and maintain cost efficiency[48] - The company has established strong procurement relationships with approximately 55 local mushroom cooperatives, ensuring a stable supply chain for its mushroom products[71] Research and Development - The company established a comprehensive R&D system, resulting in 55 patents, including 15 invention patents, enhancing its technological and quality capabilities[65] - The company launched 19 new patents during the reporting period, including 2 invention patents and 17 design patents, and applied for 7 new invention patents[73] - R&D investment amounted to ¥32,701,837.37 in 2023, representing 3.29% of operating revenue, a decrease from 3.59% in 2022[95] Risk Management - The company faced potential risks in its future development, which are detailed in the report[6] - The company is exposed to risks from fluctuations in raw material prices, which significantly affect its cost structure, particularly for mushrooms and spices[127] - The company acknowledges market risks associated with new product development, particularly for products still in the cultivation phase[128] - The company prioritizes food safety and quality control, implementing strict management measures across all production stages to mitigate risks[131] Governance and Management - The company has established a complete business system and operates independently from its controlling shareholders in terms of business, personnel, assets, and finance[145] - The board of directors consists of 9 members, including 3 independent directors, and held 7 meetings during the reporting period[140] - The company has a structured governance framework with independent directors and a supervisory board, ensuring compliance and oversight[155] - The company is committed to transparency and has disclosed all changes in management roles to its stakeholders[161] Environmental Responsibility - The company has been awarded the "National Green Factory" title, reflecting its commitment to sustainable development[200] - The company is actively implementing energy-saving, water-saving, and consumption-reducing process modifications[200] - The company strictly adheres to national laws and regulations regarding environmental protection[200] Employee Management - The company emphasizes employee training and development, providing various training opportunities to enhance employee capabilities and core competitiveness[185] - The total remuneration paid to directors, supervisors, and senior management for the year 2023 amounted to 6.7848 million yuan[173] - The company has implemented a salary system that includes basic salary, performance pay, and various allowances to motivate employees[184]

Investment Rating - The report maintains a "Buy" investment rating for the company [2] Core Views - The company, as a leading producer of mushroom sauce, is solidifying its core product while expanding into a second growth curve with Shanghai scallion oil, ensuring strong and stable growth in performance [2] - The earnings per share (EPS) forecasts for 2024-2026 are projected to be 2.30, 2.83, and 3.34 yuan respectively, with corresponding price-to-earnings (PE) ratios of 19, 15, and 13 times [2] Financial Summary - The company reported total revenue of 994 million yuan in 2023, reflecting a 13% increase, driven by channel expansion [20] - The net profit attributable to shareholders for 2023 was 172 million yuan, up 37%, with a non-recurring net profit of 164 million yuan, increasing by 75% [20] - The gross margin for 2023 was 41.59%, an increase of 5 percentage points, attributed to product structure optimization and alleviated cost pressures [20] - The company plans to achieve double-digit growth in both revenue and profit for 2024 [20] Product and Channel Development - The company is optimizing its product structure and steadily advancing its all-channel layout, with significant growth in Shanghai scallion oil as a second growth driver [20] - In 2023, the revenue from seasoning products was 558 million yuan, up 18.96%, with sales volume increasing by 15.87% [20] - The company has established a development department for catering and special channels, focusing on group meals and banquet hotels, which has received positive market feedback [20]

仲景食品 (300908.SZ) 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 0 50 100 150 200 250 30.00 34.00 38.00 42.00 46.00 50.00 54.00 230410230710231010240110 人民币(元) 成交金额(百万元) 成交金额 仲景食品 沪深300 公司点评 来源：聚源数据 买入：预期未来 6－12 个月内上涨幅度在 15%以上； 增持：预期未来 6－12 个月内上涨幅度在 5%－15%； 中性：预期未来 6－12 个月内变动幅度在 -5%－5%； 减持：预期未来 6－12 个月内下跌幅度在 5%以上。 敬请参阅最后一页特别声明 3 电话：0755-86695353 邮编：201204 地址：北京市东城区建内大街 26 号 新闻大厦 8 层南侧 公司点评 形式的复制、转发、转载、引用、修改、仿制、刊发，或以任何侵犯本公司版权的其他方式使用。经过书面授权的引用、刊发，需注明出处为"国金证券股份有限 公司"，且不得对 ...

仲景食品股份有限公司 股东大会议事规则 第一章 总 则 第一条 为规范仲景食品股份有限公司（以下简称"公司"）行为，保证股 东大会依法行使职权，根据《中华人民共和国公司法》（以下简称"《公司法》"） 《中华人民共和国证券法》（以下简称"《证券法》"）《上市公司股东大会规则》 《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指 引第 2 号——创业板上市公司规范运作》等法律、法规、规范性文件和《仲景 食品股份有限公司章程》（以下简称"《公司章程》"）的有关规定，制定本规则。 第二条 公司应当严格按照法律、法规、规范性文件、《公司章程》的相关 规定召开股东大会，保证股东能够依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东大会。公司全体董事应 当勤勉尽责，确保股东大会正常召开和依法行使职权。 第三条 股东大会应当在《公司法》和《公司章程》规定的范围内行使职权。 第四条 股东大会分为年度股东大会和临时股东大会。年度股东大会每年召 开一次，应当于上一会计年度结束后的 6 个月内举行。临时股东大会不定期召开。 出现《公司法》规定的应当召开临时股东大会的情形时，临时股东大会会应当在 2 个 ...

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。 证券代码：300908 证券简称：仲景食品 公告编号：2024-018 仲景食品股份有限公司 关于召开2023年年度股东大会的通知 仲景食品股份有限公司（以下简称"公司"）第六届董事会第六次会议审议 通过了《关于召开 2023 年年度股东大会的议案》，定于 2024 年 4 月 29 日召开 2023 年年度股东大会。现将本次股东大会的相关事项通知如下： 一、召开会议的基本情况 （一）股东大会届次：2023 年年度股东大会 （二）会议召集人：公司第六届董事会 （三）会议召开的合法、合规性：本次股东大会的召开符合有关法律、行政 法规、部门规章、规范性文件和《公司章程》的相关规定。 （四）会议召开时间： 1、现场会议时间：2024 年 4 月 29 日（星期一）下午 15：00 2、网络投票时间：2024 年 4 月 29 日（星期一） 通过深圳证券交易所交易系统进行网络投票的具体时间为 ：2024 年 4 月 29 日的交易时间，即 9：15-9：25，9：30-11：30 和 13：00-15：00。 通过深圳证 ...

仲景食品股份有限公司 内部控制签证报告 苏公 W[2024]E1072 号 公证天业会计师事务所(特殊普通合伙) Gongzheng Tianye Certified Public Accountants, SGP | 1、内部控制鉴证报告 | | --- | | 2、关于 2023年 12月 31 日与财务报表相关的内部控制的自评报 | | 告 ... | | 3、事务所营业执照复印件 . | | 4、事务所执业证书复印件 . | | 5、签字注册会计师资质证明复印件 . | 目 录 公证天业会计师事务所(特殊普通合伙) Gongzheng Tianye Certified Public Accountants, SGP 中国、江苏、元锡 总机:86 (510) 68798988 传真:86(510)68567788 电子信箱:mail@gztycpa.cn 仲景食品股份有限公司全体股东: 我们接受委托,对仲景食品股份有限公司公司(以下简称"仲景食品")董事会 《关于内部控制的自我评价报告》涉及的2023年12月31日财务报告内部控制有效性 的认定进行了鉴证。 一、董事会对内部控制的责任 按照《企业内部控制 ...