证券代码：300997 证券简称：欢乐家 欢乐家食品集团股份有限公司投资者关系活动记录表 编号：2024-002 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系活动类别 □新闻发布会 □路演活动 □现场参观 √其他（电话会议） 参与单位名称及人员 具体参与单位名称见附件 时间 2024年3月27日 地点 电话会议/深圳市博今商务广场B座33层会议室 董事、副总裁 程松 上市公司接待人员姓名 副总裁、董事会秘书 范崇澜 证券事务代表 孙嘉彤 主要内容如下： 1. 公司对于水果罐头类产品和椰子汁类产品的发展规划 和产品定位？ 公司坚持以水果罐头和椰子汁为双驱动的发展战 略，持续提升公司核心产品欢乐家水果罐头（尤以橘子罐 ...

Investment Rating - The report maintains an "OUTPERFORM" rating for the company with a target price of Rmb 18.00, indicating a potential upside from the current price of Rmb 15.00 [27][32]. Core Views - The company achieved revenue of Rmb 1.92 billion in 2023, representing a year-on-year growth of 20.5%, and a net profit of Rmb 278 million, up 36.9% year-on-year [29][31]. - The coconut juice segment surpassed Rmb 1 billion in revenue, with significant growth driven by increased distribution points and product diversification [31]. - The gross margin improved to 38.7% in 2023, supported by a higher proportion of high-margin coconut juice sales and a decrease in raw material costs [31]. Summary by Sections Financial Performance - Revenue projections for 2024-2026 are Rmb 2.23 billion, Rmb 2.53 billion, and Rmb 2.82 billion respectively, with corresponding net profits of Rmb 344 million, Rmb 409 million, and Rmb 471 million [28][32]. - The company’s EPS is expected to grow from Rmb 0.62 in 2023 to Rmb 1.05 by 2026, reflecting strong earnings growth [28][32]. Market Position - The company is positioned as a leading player in the A-share market, benefiting from product innovation and channel diversification [32]. - The report highlights the company's strategy to expand its market presence, aiming to increase the number of distribution points from 700,000 to 1 million [31]. Investment Strategy - The report suggests that the company will continue to focus on traditional business channels while also launching new products to drive revenue growth [31]. - Share buybacks and increased dividends are seen as indicators of the company's confidence in long-term growth [31].

报 证 公 研 告 券 研 证券研究报告 ▌ 盈利预测 ▌ 风险提示 | --- | --- | --- | --- | --- | |----------------------|-------|-------------------------|-------|-------| | 预测指标 | | 2023A 2024E 2025E 2026E | | | | 主营收入（百万元） | 1,923 | 2,225 | 2,561 | 2,940 | | 增长率（%） | 20.5% | 15.7% | 15.1% | 14.8% | | 归母净利润（百万元） | 278 | 329 | 382 | 444 | | 增长率（%） | 36.9% | 18.0% | 16.4% | 16.2% | | 摊薄每股收益（元） | 0.62 | 0.73 | 0.85 | 0.99 | | ROE（%） 18.8% | | 19.9% | 20.7% | 21.3% | 请阅读最后一页重要免责声明 2 | --- | --- | --- | --- | --- | --- | --- | --- | --- | - ...

证券代码：300997 证券简称：欢乐家 欢乐家食品集团股份有限公司投资者关系活动记录表 编号：2024-001 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系活动类别 □新闻发布会 □路演活动 □现场参观 √其他（电话会议） 详见附件 重要提示：参会人员为电话接入或网络接入，接入名单由 参与单位名称及人员 会议组织方提供。公司无法保证参会单位名称的完整性 和准确性，敬请投资者注意。 时间 2024年3月26日 地点 电话会议 董事、副总裁 程松 上市公司接待人员姓名 副总裁、董事会秘书 范崇澜 证券事务代表 孙嘉彤 主要内容如下： 1. 2023年公司整体经营情况 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 17.86 CNY per share, reflecting a reasonable valuation based on the company's growth prospects [3][17]. Core Insights - The company reported a revenue of 1.923 billion CNY in 2023, a year-on-year increase of 20.5%, and a net profit attributable to shareholders of 278 million CNY, up 36.9% year-on-year [1][16]. - The beverage and canned food segments are driving the company's performance, with significant growth in both areas, and other business segments providing additional growth potential [1][8]. - The improvement in raw material costs, particularly in packaging and fruit procurement, has positively impacted the company's gross margins, leading to an overall gross margin increase of 5.17 percentage points to 38.75% [1][8]. Financial Summary - Revenue and Profit Forecasts: - 2023 Revenue: 1.923 billion CNY - 2024 Estimated Revenue: 2.236 billion CNY (growth rate of 16%) - 2025 Estimated Revenue: 2.532 billion CNY (growth rate of 13%) - 2026 Estimated Revenue: 2.827 billion CNY (growth rate of 12%) [2]. - Net Profit Forecasts: - 2023 Net Profit: 278 million CNY - 2024 Estimated Net Profit: 362 million CNY (growth rate of 30%) - 2025 Estimated Net Profit: 432 million CNY (growth rate of 19%) - 2026 Estimated Net Profit: 505 million CNY (growth rate of 17%) [2]. - Earnings Per Share (EPS) Projections: - 2023 EPS: 0.62 CNY - 2024 EPS: 0.81 CNY - 2025 EPS: 0.96 CNY - 2026 EPS: 1.13 CNY [2]. - Valuation Ratios: - 2023 Price-to-Earnings (P/E) Ratio: 23.7 - 2024 Estimated P/E Ratio: 18.2 - 2025 Estimated P/E Ratio: 15.3 - 2026 Estimated P/E Ratio: 13.1 [2].

www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 [Table_ReportTypeIndex] 公司点评 资料来源：公司数据 中国银河证券研究院 [Table_ReportType] 公司点评 免责声明 | --- | --- | --- | --- | |-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Financial Performance - The company's operating revenue for 2023 was ¥1,922,604,929.22, representing a 20.47% increase compared to ¥1,595,954,171.04 in 2022[20]. - The net profit attributable to shareholders for 2023 was ¥278,393,717.19, a 36.85% increase from ¥203,397,853.47 in 2022[20]. - The basic earnings per share for 2023 was ¥0.6244, reflecting a 38.11% increase from ¥0.452 in 2022[20]. - The total assets at the end of 2023 amounted to ¥2,226,891,150.64, an 11.86% increase from ¥1,990,625,049.79 at the end of 2022[20]. - The net cash flow from operating activities for 2023 was ¥351,011,935.75, a 2.20% increase compared to ¥343,462,163.91 in 2022[20]. - The company reported a net profit of ¥271,486,591.71 after deducting non-recurring gains and losses, which is a 37.15% increase from ¥197,914,481.41 in 2022[20]. - The weighted average return on equity for 2023 was 20.04%, up from 15.82% in 2022, indicating improved profitability[20]. - The company received government subsidies amounting to ¥9,212,399.41 in 2023, compared to ¥8,384,423.35 in 2022[25]. - The total net assets attributable to shareholders at the end of 2023 were ¥1,483,490,050.43, a 10.72% increase from ¥1,339,653,418.38 at the end of 2022[20]. - Total revenue for the reporting period reached 190,102.04 million yuan, representing a year-on-year increase of 20.04%[38]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 3.4 per 10 shares, totaling approximately RMB 145.6 million (including tax) to shareholders[5]. - The total distributable profit for the parent company as of December 31, 2023, is ¥500,172,667.83, while the consolidated distributable profit is ¥686,127,872.49[180]. - The cash dividend distribution plan complies with relevant regulations and is deemed legal, compliant, and reasonable[182]. Market Presence and Product Development - The company operates in the beverage and canned food manufacturing industry, with a focus on coconut juice and fruit canned products, achieving high market recognition in these segments[30]. - The company has launched several new portable snack-sized canned products and optimized its coconut water offerings during the reporting period[34]. - The company has established a dual-driven development strategy focusing on fruit canned products and coconut juice beverages[33]. - The company actively participates in the formulation and revision of industry standards, contributing to the healthy development of the canned food industry[32]. - The company has expanded its sales channels through both traditional and new media platforms, enhancing brand visibility and consumer interaction[36]. - The company is enhancing its product development and channel diversification to meet changing consumer demands[58]. - The company plans to develop a "Coconut+" product matrix, emphasizing plant-based products that align with health trends, particularly in coconut juice and canned fruits[114]. Sales and Distribution - The company's main sales model is based on distribution, accounting for 95.63% of total revenue, with total sales revenue of 181,797.72 million yuan[38]. - The distribution model accounted for 94.56% of total sales, with a year-on-year increase of 21.58%[67]. - Online sales channels were actively expanded, with flagship stores established on platforms such as JD.com, Tmall, and Douyin[42]. - The company achieved operating revenue of 1,922.60 million yuan, a year-on-year increase of 20.47%, with net profit attributable to shareholders reaching 278.39 million yuan, up 36.85%[54]. Corporate Governance and Investor Relations - The company emphasizes investor relations management, aiming to build a positive interaction with investors[141]. - The board of directors consists of 9 members, including 3 independent directors, ensuring compliance with legal and regulatory requirements[137]. - The company held its annual general meeting on May 5, 2023, with an investor participation rate of 80.80%[144]. - The company has been actively improving its corporate governance structure in compliance with relevant laws and regulations, ensuring proper management and control systems are in place[135]. - The company conducted multiple investor relations activities throughout 2023, including online and in-person meetings with various financial institutions[131][132]. Environmental Protection and Sustainability - The company has no major environmental protection issues and complies with relevant environmental laws and regulations[189]. - The company has implemented a wastewater treatment process that includes anaerobic reactors and activated sludge pools, achieving compliance with national discharge standards[194]. - The company has focused on reducing carbon emissions through various environmental protection measures[196]. - The company emphasizes environmental protection, with wastewater treatment meeting the standards of GB8978-1993, and COD concentration averaging 75.18 mg/L[197]. Risks and Challenges - The company faces risks from intense market competition due to low entry barriers in the food and beverage industry[120]. - Fluctuations in raw material prices, particularly for fruits and sugar, can significantly affect production costs and profitability[123]. - Seasonal sales characteristics may lead to revenue fluctuations, with peak sales periods around traditional holidays like Spring Festival and Mid-Autumn Festival[124]. - The company primarily uses a distributor model for sales, which may pose risks if management does not keep pace with business expansion[125]. Research and Development - The company is investing 200 million RMB in R&D for new technologies, focusing on sustainable food production methods[155]. - The company has implemented a differentiated talent training strategy to enhance its internal training capabilities and accelerate the development of technical talent[173]. - The total R&D investment as a percentage of operating income rose to 0.18% from 0.08% in the previous year[80]. Employee Management - The total number of employees at the end of the reporting period is 2,300, with 2,258 from major subsidiaries and 42 from the parent company[170]. - The company implements a salary adjustment policy based on value creation, focusing on high performance and potential personnel[172]. - The company has established a performance management system to enhance the alignment of individual performance with organizational goals[172].

请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 张伟敬，武汉理工大学毕业，法学、经济学双学位，金融行业工作两年，随后进入白 酒行业十三年，先后在泸州老窖、杜康、舍得酒业从事一线销售工作，在高端酒、次 高端、中低端价位均有实际操盘经验，产业思维强，酒圈资源丰富，对白酒行业趋势 有独到理解，尤其擅长分析次高端酒企竞争格局。 满静雅，英国华威商学院管理学硕士，海外留学及工作经验获得国际化开阔视野。具 备三年头部房企战略投资的从业经验，擅长从产业的视角挖掘上下游发展机会。2021 年加入国泰君安证券研究所，2021/2022 年新财富团队核心成员。2023 年加入信达证券 食品饮料团队，主要覆盖白酒板块。 负责本报告全部或部分内容的每一位分析师在此申明，本人具有证券投资咨询执业资格，并在中国证券业协会注册登记为证券分析 师,以勤勉的职业态度,独立、客观地出具本报告；本报告所表述的所有观点准确反映了分析师本人的研究观点；本人薪酬的任何组 成部分不曾与，不与，也将不会与本报告中的具体分析意见或观点直接或间接相关。 本报告是基于信达证券认为可靠的已公开信息编制，但信达证券不保证所载信息的 ...

证券代码：300997 证券简称：欢乐家 公告编号：2024-046 欢乐家食品集团股份有限公司 关于召开 2023 年度网上业绩说明会并征集相关问题的公告 三、 投资者问题征集及方式 为充分尊重投资者、提升公司与投资者之间的交流效率，现就公司 2023 年 度网上业绩说明会提前向投资者公开征集问题，广泛征求投资者的意见和建议。 广大投资者可于 2024 年 3 月 28 日（星期四）18:00 前，通过点击链接 https://s.comein.cn/Ppgn 或扫描下方二维码的方式进入问题征集页面向公司提问， 公司将在信息披露允许范围内对本次业绩说明会上投资者普遍关注的问题进行 重点回答。 1 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。 欢乐家食品集团股份有限公司（以下简称"公司"）2023 年年度报告于 2024 年 3 月 26 日披露，为使广大投资者进一步了解公司 2023 年年度报告和公司 2023 年经营情况，公司将举办 2023 年度网上业绩说明会。 一、 会议召开时间和方式 召开时间：2024 年 3 月 29 日（星期五）15:00 - ...

欢乐家食品集团股份有限公司 2023 年度独立董事述职报告 （述职人：宋萍萍） 一、出席会议情况 (一) 出席董事会情况 2023 年度，公司共召开了 15 次董事会，本人以视频会议或通讯表决的方式 出席了相关会议，不存在连续两次未亲自出席董事会会议的情形。 本人本着勤勉尽责的态度，对提交董事会的各项议案进行了认真审议，并以 专业能力和经验做出独立的表决意见。各项议案均未损害全体股东，特别是中小 股东的利益。本人对董事会会议审议的各项议案不存在反对、弃权的情况。 (二) 出席股东大会情况 2023 年度，公司共召开了 4 次股东大会，其中，本人出席了 2022 年年度股 东大会、2023 年第一次临时股东大会和 2023 年第三次临时股东大会，认真听取 公司经营管理层对公司重大决策事项所作的陈述和报告以及公司股东就公司经 营和管理发表的意见。 （三）出席独立董事专门会议情况 2023 年度，公司共召开 1 次独立董事专门会议，本人就对公司增加 2023 年 度日常关联交易预计额度及 2024 年度日常关联交易预计事项进行审议并发表了 相应的审核意见。 （四）出席董事会各专门委员会情况 本人作为欢乐家食品集团股 ...