Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6] Core Views - The company has reached a profit bottom, with active expansion in overseas markets [2] - The company reported a revenue of 2.257 billion yuan in 2024, a year-on-year increase of 22.18%, and a net profit of 376.19 million yuan, up 14.32% year-on-year [6] - The first quarter of 2025 saw a revenue decline of 13.99% year-on-year, with a net profit decrease of 42.21% [6] - The company is focusing on expanding its product matrix and emerging channels, particularly in Southeast Asia, with a significant increase in overseas revenue [6] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 2.257 billion yuan, with a year-on-year growth of 22.18% and a net profit of 376.19 million yuan, reflecting a 14.32% increase [4][6] - The revenue forecast for 2025 is 2.655 billion yuan, with an expected growth rate of 17.63% [4] - The company’s earnings per share (EPS) for 2025 is projected to be 4.55 yuan, with a price-to-earnings (P/E) ratio of 16.18 [4][6] Product and Market Expansion - The company’s product categories, including mixed nuts and beans, showed strong performance, with significant growth in overseas markets [6] - The overseas revenue reached 83.19 million yuan in 2024, a staggering increase of 1761.5% year-on-year [6] - The company has expanded its overseas distributor network to 31, marking a 106.7% increase [6] Cost and Profitability - The gross margin for 2024 was 35.46%, a slight decrease of 0.78 percentage points year-on-year [6] - The first quarter of 2025 saw a gross margin of 34.32%, down 1.07 percentage points year-on-year, primarily due to rising raw material costs [6] - Sales and management expense ratios increased, reflecting higher costs associated with overseas market expansion and promotional activities [6]

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector relative to the broader market [1][58]. Core Insights - The food and beverage sector is experiencing a recovery with improved domestic demand expectations, presenting a good opportunity for allocation [3][5]. - The liquor segment shows signs of bottoming out, with retail sales of tobacco and alcohol increasing by 8.5% year-on-year in March, indicating a clearer market bottom as earnings reports approach [5][53]. - The beer industry is expected to see marginal improvements in sales as temperatures rise and consumption policies continue to stimulate demand [5][25]. Summary by Sections 1. Market Performance - The food and beverage sector rose by 0.24% last week, underperforming the CSI 300 index by 0.34 percentage points, ranking 17th among 31 sectors [10]. - Sub-sectors such as soft drinks and pre-processed foods performed well, increasing by 4.42% and 4.11% respectively [10][15]. 2. Key Consumption and Raw Material Prices - The average price of fresh milk is 12.19 CNY per liter, with a week-on-week increase of 0.08% and a year-on-year decrease of 0.89% [27]. - The price of pork is 44.48 CNY per kilogram, showing a week-on-week decrease of 0.25% and a year-on-year decrease of 3.33% [27]. 3. Industry Dynamics - In Q1 2025, the production of liquor was 103.2 million liters, with a year-on-year decrease of 7.3% [53]. - The beer export volume in March was 59,500 hectoliters, a year-on-year decrease of 3.8%, while imports increased by 18.8% [54]. 4. Core Company Updates - Guizhou Moutai launched a new product on April 18, with a price of 818 CNY per bottle, indicating a strong brand and channel capability [5]. - Ganyuan Foods reported a revenue of 2.257 billion CNY in 2024, a year-on-year increase of 22.18%, but faced a revenue decline of 13.99% in Q1 2025 [56].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][8] Core Views - The company has reached a profit bottom, and is actively expanding into overseas markets [2] - The company reported a revenue of 2.257 billion yuan in 2024, representing a year-on-year increase of 22.18%, and a net profit of 376.19 million yuan, up 14.32% year-on-year [6] - The first quarter of 2025 saw a revenue decline of 13.99% year-on-year, with a net profit decrease of 42.21% [6] - The company is focusing on expanding its product matrix and emerging channels, particularly in Southeast Asia, which has shown significant growth [6] Financial Performance Summary - **Revenue Forecasts**: - 2024A: 2,257 million yuan - 2025E: 2,655 million yuan (17.63% YoY growth) - 2026E: 3,051 million yuan (14.91% YoY growth) - 2027E: 3,492 million yuan (14.46% YoY growth) [4][7] - **Net Profit Forecasts**: - 2024A: 376.19 million yuan - 2025E: 424.01 million yuan (12.71% YoY growth) - 2026E: 497.60 million yuan (17.36% YoY growth) - 2027E: 571.19 million yuan (14.79% YoY growth) [4][7] - **Earnings Per Share (EPS)**: - 2024A: 4.04 yuan - 2025E: 4.55 yuan - 2026E: 5.34 yuan - 2027E: 6.13 yuan [4][7] - **Price-to-Earnings (P/E) Ratios**: - 2025E: 16.18 - 2026E: 13.79 - 2027E: 12.01 [4][7] Market and Product Insights - The company has seen strong performance in its mixed nuts and bean products, with significant growth in overseas sales, particularly in Southeast Asia [6] - The domestic revenue reached 2.174 billion yuan in 2024, up 18.4% year-on-year, while overseas revenue surged to 83.19 million yuan, a staggering increase of 1761.5% [6] - The company is adjusting its sales strategy to improve margins, particularly in the e-commerce sector, where gross margins have increased [6]

[Table_Reportdate] 2025年04月22日 超配 [证券分析师 Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn 联系人 吴康辉 wkh@longone.com.cn -30% -20% -10% 0% 10% 20% 30% 2024-04 2024-06 2024-08 2024-10 2024-12 2025-02 2025-04 食品饮料(申万) 沪深300 [相关研究 table_product] 1.贵州茅台（600519）：2024年圆满 收官，2025年扎实前行—公司简评 报告 2.内需改善预期提升，板块迎来配置 良 机 — — 食 品 饮 料 行 业 周 报 （2025/4/7-2025/4/13） 3.关税波动加剧，重视内需改善—— 食 品 饮 料 行 业 周 报 （ 2025/3/31- 2025/4/6） [Table_NewTitle 酒企基本面筑底，零 ] 食景气度较高 ——食品饮料行业周报（2025/4/14-2025/4/20） [table_main] 投资要点： ➢ 风险提示：宏观经济增长不及预期；竞 ...

[Table_Reportdate] 2025年04月22日 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] [证券分析师： Table_Authors] 谢建斌 S0630522020001 xjb@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 联系人： 商俭 shangjian@longone.com.cn 联系人： 李嘉豪 lijiah@longone.com.cn [晨会纪要 Table_NewTitle] 20250422 重点推荐 财经要闻 ➢ 1.宁波银行（002142）：息差、投资及资产质量彰显专业经营优势——公司简评报告 ➢ 2.以质换量，寻找供给弹性及需求韧性的方向——资产配置周报（2025/04/14-2025/04/18） ➢ 1.4月LPR报价出炉：一年期、五年期LPR均维持不变 ➢ 2.中国人民银行等联合印发《上海国际金融中心进一步提升跨境金融服务便利化行动方 案》 ➢ 3.中共中央、国务院印发《关 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 66.631 billion yuan in 2024, an increase of 8.19% year-on-year, and a net profit attributable to shareholders of 27.127 billion yuan, up 6.23% year-on-year. The total assets at year-end reached 3.13 trillion yuan, reflecting a growth of 15.25% year-on-year. The non-performing loan (NPL) ratio stood at 0.76%, unchanged quarter-on-quarter, while the NPL coverage ratio was 389.35%, down 15.45 percentage points quarter-on-quarter. The net interest margin for the year was 1.86%, a decrease of 2 basis points year-on-year [2][12]. Summary by Sections Loan Growth and Demand - In Q4 2024, corporate loan growth slowed slightly from high levels, while personal loan growth remained constrained by demand. The growth in corporate loans was affected by common industry factors, including significant debt replacement efforts and reduced lending tasks due to previous high growth. Personal loans continued to show limited growth, consistent with industry trends, primarily due to high repayment pressures from previous large loan issuances, weak credit demand, and tightened credit standards due to rising risks [3][4]. Deposit Growth - The company maintained strong deposit growth, significantly outpacing the M2 growth rate. Factors contributing to this include strong customer loyalty, improved cash flow from good export conditions, and increased fiscal efforts since May of the previous year, benefiting the company's deposit structure [3][4]. Interest Margin - The net interest margin for Q4 turned positive, with a measured value of 1.89%, an increase of approximately 8 basis points quarter-on-quarter and 4 basis points year-on-year. The asset yield was 3.84%, showing a slight decline, while the funding cost improved due to previous deposit rate cuts [4][5]. Asset Quality - The overall asset quality remained stable, with the NPL ratio at 0.76%. The personal loan NPL ratio increased slightly, reflecting broader industry trends. The company maintained a proactive approach to risk management, with significant loan write-offs in Q4, which were at a record high [12][9]. Profit Forecast and Valuation - The company adjusted its profit forecasts, expecting revenues of 70.696 billion yuan, 77.352 billion yuan, and 85.983 billion yuan for 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is projected to be 28.937 billion yuan, 32.071 billion yuan, and 35.288 billion yuan for the same years. The company is expected to maintain a strong asset quality and revenue growth, supported by its solid customer base and professional management capabilities [10][12].

[Table_Reportdate] 2025年04月21日 公 司 简 评 买入（维持） 报告原因：业绩点评 [宁波银行 Table_NewTitle]（002142）：息差、投资及资产 质量彰显专业经营优势 ——公司简评报告 投资要点 ➢ 事件：公司公布2024年度报告。2024年公司实现营业收入666.31亿元（+8.19%，YoY）， 归属于母公司普通股股东净利润271.27亿元（+6.23%，YoY）。年末，公司总资产为3.13 万亿元（+15.25%，YoY），不良贷款率为0.76%（持平，QoQ），不良贷款拨备覆盖率为 389.35%（-15.45PCT，QoQ）。全年净息差为1.86%，同比下降2BPs。 ➢ 2024年Q4对公贷款增长从高位略有放缓，个人贷款增长依然受制于需求端。 Q4宁波银行贷款增速从高位放缓，但相对依然优势依然明显。结构上来看，对公贷款同比 明显少增，一方面或是受到行业共性因素影响：Q4隐债置换力度较大，对公中长期贷款替 代效应明显。另一方面或是由于：前三季度对公信贷受益于区域需求及自身主动发力，实 现高速增长，Q4投放任务相应减轻。个人贷款延续少增，与行业趋势相符，主要 ...

[Table_Reportdate] 2025年04月21日 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] [证券分析师： Table_Authors] 谢建斌 S0630522020001 xjb@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 联系人： 商俭 shangjian@longone.com.cn 联系人： 李嘉豪 lijiah@longone.com.cn [晨会纪要 Table_NewTitle] 20250421 重点推荐 财经要闻 ➢ 1.以质换量，寻找供给弹性及需求韧性的方向——资产配置周报（2025/04/14-2025/04/18） ➢ 2.3月社零同比+5.9%，促消费政策出台有望提振信心——3月社零报告专题 ➢ 3.宏微科技（688711）：边际改善信号渐强，车规级领域持续突破——公司简评报告 ➢ 1.中华人民共和国和柬埔寨王国关于构建新时代全天候中柬命运共同体声明发布 ➢ 2.商务部等九部门发 ...

[Table_Reportdate] 2025年04月20日 策 略 研 究 [证券分析师 Table_Authors] 张季恺 S0630521110001 zjk@longone.com.cn 证券分析师 谢建斌 S0630522020001 xjb@longone.com.cn 证券分析师 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师 王鸿行 S0630522050001 whxing@longone.com.cn 联系人 陈伟业 cwy@longone.com.cn [table_main] 投资要点 ➢ 全球大类资产回顾：4月18日当周，全球股市表现分化；主要商品期货中黄金、原油、铜 收涨，铝收跌；美元指数下跌，人民币贬值，日元、欧元升值。1）权益方面：德国DAX30> 英国富时100>日经225>法国CAC40>恒生指数>上证指数>沪深300指数>恒生科技指数> 科创50>深证成指>创业板指>标普500>纳指>道指。2）关税、降息等不确定性仍然支撑市 场避险情绪持续升温，黄金价格周内再创历史新高；原油价格反弹，美国对伊朗施压升级， OPEC部分国家递交 ...

Investment Rating - The industry investment rating is "Market Weight" indicating that the industry index is expected to perform within -10% to +10% relative to the CSI 300 index over the next six months [57]. Core Insights - In March 2025, the total retail sales of consumer goods reached 40,940 billion yuan, with a year-on-year growth of 5.9%, exceeding the consensus expectation of 4.36% [6][11]. - Urban market growth has surpassed rural market growth for the first time in nearly 20 months, with urban retail sales increasing by 6% year-on-year [13]. - Online consumption continues to show strong growth, with online retail sales of goods and services increasing by 7.9% and 5.7% year-on-year, respectively [15]. - The consumer price index (CPI) decreased by 0.1% year-on-year, while the core CPI, excluding food and energy, increased by 0.5% [31]. - The unemployment rate in March 2025 was 5.2%, a slight decrease of 0.2 percentage points from the previous month [44]. Summary by Sections Overall Retail Sales - The retail sales of consumer goods in March 2025 grew by 5.9% year-on-year, reaching 40,940 billion yuan, which is higher than the expected growth rate [11]. By Category - The share of goods retail has increased, with food and beverage categories showing stable growth. In March, the total retail sales of goods reached 36,705 billion yuan, also growing by 5.9% year-on-year [22][24]. - Essential goods showed robust growth, with food, beverages, and daily necessities increasing by 13.8%, 4.4%, and 8.8% year-on-year, respectively [29]. Price Performance - The CPI and PPI both decreased year-on-year, with the PPI declining by 2.5% due to weak upstream energy prices. The PPI-CPI gap widened to -2.4% [31][38]. Employment Situation - The urban unemployment rate in March 2025 was 5.2%, which is consistent with the levels seen in 2019 and the previous year [44][47]. Investment Recommendations - The report suggests focusing on the high-end liquor and regional leading brands in the liquor sector, as the valuation is currently at a low point and policies are expected to boost demand [54]. - The cosmetics sector is also highlighted for stable growth, with domestic brands likely to increase their market share amid rising uncertainties in international relations [54].