证券研究报告 | 行业点评 gszqdatemark 2025 06 02 年 月 日 食品饮料 宁波策略会反馈：拥抱新趋势，引领新消费 投资建议：1、白酒：以进固稳，深化内功，行业逐步释压，权重龙头配 置价值凸显，建议关注" 优势龙头、红利延续、强势复苏"三条主线：1） 优势龙头，头部酒企份额持续提升：贵州茅台、五粮液、山西汾酒、古井 贡酒；2）红利延续，高确定性区域酒：今世缘（江苏格局红利）、迎驾贡 酒（洞藏大单品红利）等；3）受益复苏与风险偏好提升，弹性标的：泸 州老窖、水井坊、舍得酒业、老白干酒、港股珍酒李渡、酒鬼酒等。2、 大众品：把握健康升级，拥抱新兴渠道，积极出海掘金，建议寻找高成长 与强复苏两条主线：1）高景气或高成长逻辑：盐津铺子、好想你、东鹏 饮料、燕京啤酒、珠江啤酒、三只松鼠、百润股份、有友食品等，港股农 夫山泉、华润饮料、卫龙美味等。2）政策受益或复苏改善：青岛啤酒、 海天味业、新乳业、伊利股份、重庆啤酒、安琪酵母、仙乐健康、安井食 品、立高食品等，港股 H&H 国际控股等。 近期我们举行宁波策略会，邀请优质上市公司交流近况，共话成长新路径。 各家企业积极拥抱新消费、新趋势，在深化内功 ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company achieved a revenue of 3.835 billion yuan in FY24, representing a year-on-year increase of 9.61%, and a net profit attributable to shareholders of 268 million yuan, up 266.94% year-on-year [2] - The growth in revenue and profit is driven by the rapid expansion of UHT cream products and a recovery in frozen baked goods in Q1 2025 [3][4] - The company has shown initial effects of cost control, leading to an improvement in profit margins [5][6] - The company is expected to continue to release profit elasticity through product and channel expansion, particularly in the UHT cream segment and supermarket channels [7] Financial Performance Summary - In FY24, the company reported revenues of 3.835 billion yuan, with a net profit of 268 million yuan, and a gross margin of 31.5% [8][11] - The company’s revenue forecast for 2025 and 2026 has been adjusted to 4.457 billion yuan and 5.170 billion yuan, respectively, with EPS estimates revised to 1.96 yuan and 2.40 yuan [8][11] - The company’s net profit margin for FY24 was 6.99%, reflecting a year-on-year increase of 4.90 percentage points [6]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company achieved a revenue of 3.835 billion yuan in FY24, representing a year-on-year increase of 9.61%, and a net profit attributable to shareholders of 268 million yuan, up 266.94% year-on-year [2] - The growth in revenue and profit is driven by the rapid expansion of UHT cream products and a recovery in frozen baked goods in Q1 2025 [3][4] - The company has shown initial success in cost control, leading to an improvement in profit margins [5][6] - The forecast for revenue in 2025 and 2026 has been adjusted to 4.457 billion yuan and 5.170 billion yuan respectively, with EPS estimates increased to 1.96 yuan and 2.40 yuan [8] Summary by Sections Financial Performance - In FY24, the company reported revenues of 3.835 billion yuan, with a net profit of 268 million yuan, marking a significant increase from the previous year [2] - For Q1 2025, the company achieved revenues of 1.046 billion yuan, a year-on-year increase of 14.13%, and a net profit of 88 million yuan, up 15.11% [2] Product and Regional Performance - Revenue from frozen baked goods, cream, fruit products, sauces, and other baking materials showed varied performance, with cream products experiencing a 61.75% increase [3] - The company’s revenue by region in FY24 showed growth in most areas, particularly in East China and overseas markets [3] Cost Control and Profitability - The gross margin for FY24 was 31.47%, with a slight decrease in Q1 2025 to 29.99% due to changes in channel and product structure [5] - The company has successfully reduced its selling and management expense ratios, indicating effective cost control measures [5][6] Future Outlook - The company plans to expand its product matrix for UHT cream and enhance its collaboration with top clients in retail channels, which is expected to drive further growth [7] - The revenue forecasts for 2025 and 2026 have been revised downwards, while EPS estimates have been increased, reflecting a more optimistic view on profitability [8]

Core Viewpoint - The company has shown significant growth in revenue and net profit for the fiscal year 2024, driven by strong performance in UHT cream products and a recovery in frozen baked goods in Q1 2025 [1][2][3]. Financial Performance - For FY 2024, the company achieved revenue of 3.835 billion yuan, a year-on-year increase of 9.61%, and a net profit attributable to shareholders of 268 million yuan, up 266.94% [1]. - In Q4 2024, revenue reached 1.118 billion yuan, reflecting a year-on-year growth of 21.99%, with net profit of 65 million yuan, up 175.96% [1]. - In Q1 2025, revenue was 1.046 billion yuan, a year-on-year increase of 14.13%, with net profit of 88 million yuan, up 15.11% [1]. Product Performance - Revenue from various product lines in FY 2024 included frozen baked goods (2.133 billion yuan, -3.53%), cream (1.058 billion yuan, +61.75%), fruit products (166 million yuan, -11.34%), sauces (225 million yuan, -3.58%), and other baking materials (226 million yuan, +20.66%) [2]. - The UHT cream products achieved nearly 500 million yuan in sales for FY 2024, indicating strong market demand [2]. Regional Performance - Revenue by region for FY 2024 showed varied performance: South China (1.530 billion yuan, -4.00%), East China (1.000 billion yuan, +17.38%), Central China (378 million yuan, +19.05%), North China (310 million yuan, +27.24%), Southwest (303 million yuan, +15.31%), Northwest (107 million yuan, -3.73%), Northeast (133 million yuan, +20.36%), and overseas (64 million yuan, +12491.06%) [2]. Cost and Profitability - The gross margin for FY 2024 was 31.47%, with a slight increase compared to the previous year [4]. - The company has successfully reduced its expense ratios in sales, management, and R&D, contributing to improved profitability [4]. - The net profit margin for FY 2024 was 6.99%, reflecting a year-on-year increase of 4.90 percentage points [5]. Future Outlook - The company is expected to continue its growth trajectory in both product and channel expansion, particularly in UHT cream and frozen baked goods [6][7]. - Cost control measures are anticipated to further enhance profit margins in upcoming quarters [7]. Investment Recommendations - Revenue forecasts for 2025 and 2026 have been adjusted to 4.457 billion yuan and 5.170 billion yuan, respectively, with EPS estimates revised to 1.96 yuan and 2.40 yuan for the same years [8].

昨日基金共对20家公司进行调研，扎堆调研灿勤科技、哈尔斯、格力博等。 5月26日基金调研公司一览 | 代码 | 简称 | 基金家数 | 最新收盘价（元） | 近5日涨跌幅（%） | 行业 | | --- | --- | --- | --- | --- | --- | | 688182 | 灿勤科技 | 13 | 28.20 | -2.05 | 通信 | | 301260 | 格力博 | 12 | 20.73 | -3.89 | 机械设备 | | 603970 | 中农立华 | 12 | 14.07 | 0.21 | 基础化工 | | 002615 | 哈尔斯 | 12 | 7.42 | -1.33 | 轻工制造 | | 002311 | 海大集团 | 11 | 59.91 | 5.09 | 农林牧渔 | | 688213 | 思特威 | 11 | 89.65 | -0.55 | 电子 | | 301070 | 开勒股份 | 6 | 73.06 | 21.62 | 机械设备 | | 688267 | 中触媒 | 6 | 26.63 | 5.76 | 基础化工 | | 601607 | 上海医药 | 6 | 18 ...

Investment Rating - The report does not provide a specific investment rating for the overall food and beverage industry, but it highlights individual stock recommendations with ratings such as "Buy" and "Increase" for certain companies [3][26]. Core Insights - The food and beverage sector experienced a 1.3% decline this week, ranking 22nd among 31 sub-industries in the Shenwan classification. The sub-sectors of other alcoholic beverages, pre-processed foods, and seasoning products saw gains of 8.9%, 3.4%, and 2.2% respectively, while the liquor, health products, and baked goods sectors faced declines of 2.8%, 1.0%, and 0.1% [4][15]. - The report emphasizes the emergence of new consumption trends, particularly in the mass consumer goods sector, where discount stores, snack wholesale, and membership supermarkets are becoming mainstream channels. Companies like Mingming and Wancheng are expanding their store counts significantly, indicating a shift in consumer purchasing behavior [5][21]. - The report notes that the liquor sector is currently facing short-term emotional impacts due to policy changes, but the fundamental business outlook remains stable. Major liquor companies are managing supply and pricing effectively, with the price of Feitian Moutai at 2150 RMB per box, reflecting a slight decrease [4][20]. Summary by Sections 1. Industry Performance - The food and beverage sector's overall performance is characterized by a recent decline, with specific sub-sectors showing varied performance. The top-performing stocks include Kuaijishan (+31.4%) and Guyu Longshan (+13.7%), while the worst performers include Anji Foods (-10.3%) and Knight Dairy (-10.0%) [4][15]. 2. Alcoholic Beverages - The liquor index fell by 2.82% this week, influenced by new regulations that discourage alcohol consumption in government settings. However, the actual impact on core consumption scenarios remains limited, as government consumption accounts for less than 5% of the market [20]. 3. Mass Consumer Goods - The report highlights the changing landscape of consumer goods, with a focus on new channels and product categories that cater to evolving consumer preferences. The emphasis is on health-conscious products and value-for-money offerings, with companies like Kuaijishan and Baijiu Co. launching innovative products to attract younger consumers [5][21][22]. 4. Beer Sector - The beer index increased by 0.98%, with production data indicating a 4.8% year-on-year growth in April 2025. The report anticipates strong performance in the second quarter due to seasonal demand and promotional policies [9][23]. 5. Company Recommendations - The report recommends several companies for investment, including Luzhou Laojiao (Buy), Shanxi Fenjiu (Increase), and Dongpeng Beverage (Buy), among others, based on their growth potential and market positioning [3][26].

Group 1: Product Development and Sales Performance - The first UHT cream product, 360pro, launched in mid-2023, has achieved good sales results, with total sales for the UHT product line reaching nearly 500 million yuan in 2024, nearly doubling year-on-year growth [2][4] - The company plans to expand its cream product matrix across high, medium, and low tiers [2][4] - The company is exploring the snack channel, which is still in the early stages, requiring adaptation to long shelf-life products [2][3] Group 2: Production and Supply Chain - The second cream production line has been designed to accommodate multiple products, allowing for co-production without significant capital expenditure unless capacity becomes insufficient [4][5] - The company has established production bases in Huzhou, Zhejiang, and Xinxiang, Henan, enhancing its national distribution capabilities [9][10] Group 3: Market Opportunities and Channel Strategy - The baking market is still in the popularization stage, with significant opportunities in third and fourth-tier cities, where various baking formats are emerging [5][6] - The company sees the restaurant channel as a major opportunity for future growth, alongside traditional retail channels [6][7] - The company will continue to focus on traditional baking channels while investing more resources in the restaurant and supermarket sectors [8][9] Group 4: Competitive Landscape and Product Positioning - The company emphasizes the importance of providing comprehensive services alongside products, as B2B clients are knowledgeable and demand quality [6][8] - There is a recognition that traditional competitors have made significant efforts in product quality and diversity, with some focusing on niche markets rather than new product introductions [7][8] Group 5: Regional Growth and Future Planning - The company has seen significant revenue growth outside of South China, aligning with its national expansion strategy [9][10] - Future revenue targets will be supported by the company's logistics capabilities and production base distribution [9][10]

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于立高食品股份有限公司 2024 年年度股东大会的 法律意见书 国枫律股字［2025］A0290 号 致：立高食品股份有限公司（贵公司） 一、本次会议的召集、召开程序 （一）本次会议的召集 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并见证 贵公司 2024 年年度股东大会（以下简称"本次会议"）。 本所律师根据《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》"）、《上市公司股东会规则》（以下简称"《股 东会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证券法律业务管 理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简称"《证券法律业务执 业规则》"）等相关法律、行政法规、规章、规范性文件及《立高食品股份有限公司章程》 （以下简称"《公司章程》"）的规定，就本次会议的召集与召开程序、召集人资格、出席 会议人员资格、会议表决 ...

立高食品股份有限公司 2024 年年度股东大会决议公告 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。 重要提示： 1.本次股东大会没有出现否决议案的情形。 2.本次股东大会不涉及变更前次股东大会决议。 | 证券代码：300973 | 证券简称：立高食品 | 公告编号：2025-034 | | --- | --- | --- | | 债券代码：123179 | 债券简称：立高转债 | | （一）会议召开时间 （1）现场会议：2025年5月26日（星期一）14:00 （2）网络投票：2025年5月26日。其中，通过深圳证券交易所交易系统进行 网络投票的时间为2025年5月26日（星期一）上午9:15-9:25、9:30-11:30和下午 13:00-15:00；通过深圳证券交易所互联网投票系统进行网络投票的时间为2025年 5月26日（星期一）上午9:15至下午15:00期间的任意时间。 （二）现场会议召开地点：广州市增城区石滩镇兴石一路3号3A楼立高食品 会议室。 （三）会议召集人 公司董事会。 （四）投票方式 本次会议采取现场投票与网络投票相结合的方式召开。 ...

证券研究报告 | 行业周报 gszqdatemark 2025 05 25 年 月 日 食品饮料 周观点：白酒行业逐步施压，餐供龙头边际修复 投资建议：1、白酒：2025 年目标理性，行业逐步施压，权重龙头配置价 值凸显，建议关注" 优势龙头、红利延续、强势复苏"三条主线：1）优势 龙头，头部酒企份额持续提升：贵州茅台、五粮液、山西汾酒、古井贡酒； 2）红利延续，高确定性区域酒：迎驾贡酒（洞藏大单品红利）、今世缘（江 苏格局红利）等；3）受益复苏与风险偏好提升，弹性标的：泸州老窖、 水井坊、舍得酒业、老白干酒、港股珍酒李渡、酒鬼酒等。2、大众品： 餐供空间广阔龙头修复，松鼠生态大会拓展边界，建议寻找高成长与强复 苏两条主线：1）高景气或高成长逻辑：盐津铺子、好想你、东鹏饮料、 燕京啤酒、珠江啤酒、三只松鼠、百润股份、有友食品等，港股农夫山泉、 华润饮料、卫龙美味等。2）政策受益或复苏改善：青岛啤酒、海天味业、 新乳业、伊利股份、重庆啤酒、安琪酵母、仙乐健康、安井食品、立高食 品等，港股 H&H 国际控股等。 白酒：龙头理性，行业释压。本周多家酒企召开股东大会和业绩说明会。 2025 年稳字当头、降速发展和长期 ...