以下文章来源于21世纪经济报道 ，作者21记者 21世纪经济报道 . 权威、专业、深度、有趣！用经济思维看世界。 来源|21世纪经济报道 作者|朱艺艺 编辑|朱益民 这次风波的起因，是娃哈哈委托今麦郎生产纯净水。 因纯净水代工一事，宗馥莉和娃哈哈集团再度被推上舆论风口浪尖。 而农夫山泉（09633.HK）董事长钟睒睒近期的言论——"农夫山泉目前的所有产品是无法代工 的"，更是将该事件进一步升温。 表面上看，这似乎是一个"纯净水是否可以代工"的问题讨论。但内里，却是新任接班人宗馥莉在娃 哈哈更进一步的内部改革。 一般而言，生产代工往往是企业自身产能不足情况下的选择。娃哈哈在5月的回应中，也确实这样 解释："去年因水产品市场需求快速增长，故产品结构对应调整，导致公司出现产能紧张，我们迅 速启动了应对措施，委托代工厂生产同时进行自有设备改造与投资新建工厂……" 然而不寻常的是，娃哈哈一面外委代工，另一方面却在关厂减产。21世纪经济报道记者获悉，从今 年年初以来，娃哈哈已关停了18家分厂的生产线，涉及深圳、重庆、天津、陕西咸阳、浙江衢州、 江西吉安等地分厂。 值得注意的是，上述被关停的18家工厂，均非"宏胜系"公司。 ...

德国总理默茨：德国和法国将共同推动欧盟内部改革进程。 ...

证券研究报告·公司点评报告·休闲食品 立高食品（300973） [Table_Tag] [Table_Summary] 投资要点 2025 年 04 月 30 日 证券分析师 苏铖 执业证书：S0600524120010 such@dwzq.com.cn 证券分析师 李茵琦 执业证书：S0600524110002 liyinqi@dwzq.com.cn 股价走势 2024 年报及 2025 年一季报点评：Q1 业绩超 预期，内部改革效果释放 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,499 | 3,835 | 4,420 | 4,897 | 5,390 | | 同比（%） | 20.22 | 9.61 | 15.24 | 10.80 | 10.05 | | 归母净利润（百万元） | 73.03 | 267.97 | 340.87 | 415.91 | 472.25 | | 同比（%） | (49.21) ...

Core Insights - The company achieved a total revenue of 14.667 billion yuan in 2024, representing a year-on-year increase of 3.2%, while the net profit attributable to shareholders was 1.056 billion yuan, up 63.74% year-on-year, and the net profit excluding non-recurring items was 1.041 billion yuan, an increase of 108.03% year-on-year [1] Group 1: Revenue and Profitability - In Q4 2024, the company reported total revenue of 1.821 billion yuan, a year-on-year increase of 1.32%, but a net loss of 232 million yuan was recorded [1] - The company's sales volume for 2024 was 4 million kiloliters, a year-on-year increase of 1.6%, with U8 sales reaching 696,000 kiloliters, up 31.4% year-on-year [2] - The company’s revenue per ton increased by 1.6% year-on-year, while the ton price decreased by 0.6% year-on-year [2] Group 2: Cost Management and Efficiency - The company experienced a 6.6% decrease in ton cost year-on-year, leading to an overall gross margin increase of 3.1 percentage points to 40.7% [3] - The total number of employees decreased by 1,440 year-on-year, contributing to a reduction in overall expenses, with the expense ratio declining by 1.26 percentage points to 21.76% [3] - The net profit margin improved by 2.7 percentage points to 7.2% year-on-year, with the subsidiary Liqueur achieving a net profit increase of 11.9% and a net profit margin rise of 2.1 percentage points to 19% [3] Group 3: Future Outlook - The company is optimistic about achieving new highs in performance as it approaches the end of the 14th Five-Year Plan, with expectations for continued revenue and profit growth [4] - The company anticipates EPS of 0.51, 0.58, and 0.65 yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 25X, 22X, and 19X [4]