公 司 报 告 食品饮料 2025年08月26日 推荐 ( 维持) 股价:77.06元 行情走势图 安井食品(603345.SH) 盈利能力短期承压，静待旺季改善 证券分析师 王萌 投资咨询资格编号 S1060522030001 WANGMENG917@pingan.com.cn 事项： 公司发布2025年半年报，实现营业收入76.04亿元，同比增长0.80%；归母净 利润6.76亿元，同比下降15.79%。 平安观点： 司 半 年 报 点 评 研 究 报 告 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 14,045 | 15,127 | 16,045 | 17,294 | 18,668 | | YOY(%) | 15.3 | 7.7 | 6.1 | 7.8 | 7.9 | | 净利润(百万元) | 1,478 | 1,485 | 1,532 | 1,644 | 1,811 | | YOY(%) | 34.2 | 0.5 | 3.2 | 7.3 | 10.1 | ...

Core Viewpoint - The article emphasizes the importance of transparency in the Chinese baking market and highlights the emergence of a cold chain baking company, Tengxing Food, as a reliable partner for many baking brands, focusing on market trends and product competitiveness [1][4][6]. Group 1: Company Overview - Tengxing Food, established in 2021, specializes in cold chain baking and integrates R&D, production, and sales [8][10]. - The company is located in Zhangzhou, Fujian Province, covering an area of 140 acres with an investment of 600 million yuan to create an intelligent manufacturing complex [12]. - Tengxing Food has developed a diverse product range, including cheese desserts, Swiss rolls, mousse cakes, whole grain snacks, and savory baked goods, and has established long-term partnerships with major supermarkets and restaurant chains [10][12]. Group 2: Product Development and Innovation - The company focuses on product innovation, with a strong emphasis on health-conscious and convenient options, responding to market demands for reduced sugar and flavor innovation [4][6]. - Tengxing Food has a dedicated R&D center of 3,000 square meters, employing experienced baking engineers to develop high-quality products based on market insights [12][66]. - The company has received national high-tech enterprise recognition and plans to expand its global footprint by establishing overseas branches in Hong Kong and Singapore [14][18]. Group 3: Production and Quality Control - Tengxing Food adheres to GMP standards, operating a 100,000-level clean workshop and utilizing advanced production technologies to ensure high-quality output [59][62]. - The company has implemented a comprehensive quality control system, ensuring that every production stage meets the highest safety standards, supported by certifications such as FSSC22000 and BRC [62][64]. - The cold chain technology employed allows for rapid freezing and storage, maintaining product freshness and quality during transportation [64][76]. Group 4: Market Position and Partnerships - Tengxing Food has established collaborations with over 100 well-known domestic and international brands, including Nestlé, Walmart, and Sam's Club, enhancing its market presence [80]. - The company offers customized services and has a diverse product portfolio that caters to various consumer needs, including high-end restaurants and new-style tea shops [75][78]. - The operational model emphasizes low investment in equipment and high-profit margins, reducing inventory risks through long shelf life of frozen products [75][76].

Summary of Conference Call Company and Industry - The conference call involves **Guangfa Video** and discusses the performance and strategies of **Li Gao**, a company in the food and beverage industry, particularly focusing on bakery products. Key Points and Arguments Sales Performance - Li Gao has shown **significantly improved performance** since the beginning of the year, with both revenue and profit increasing substantially, leading to positive market feedback [1] - Three new products launched in the supermarket channel have met sales expectations as of April, with stable sales for the **Fig Cream Cheese Bread** and strong sales during the Spring Festival for the **Creamy Small Square** [2][3] Product Strategy - The company is actively upgrading existing products and introducing new ones to maintain consumer interest, with a focus on **core supermarket clients** [4][5] - The company plans to launch an upgraded version of an existing product in the near future, indicating a proactive approach to product management [3] Channel Development - The company is adapting to changes in the supermarket channel, establishing deeper collaborations with major chains and moving from scattered partnerships to a more systematic approach [5] - There is a focus on expanding into new channels, including the restaurant sector, with expectations of increased collaboration with new clients [8][9] Cost Management and Profitability - The company has seen a **significant improvement in profit margins** due to changes in supply chain and sales strategies, although no specific profit margin targets have been set [10][11] - The logistics and transportation costs are being managed through third-party logistics to reduce expenses, indicating a strategic shift in logistics management [12][13] New Product Launches - The company plans to launch new cream products in the second half of the year, which are expected to positively impact overall revenue and profit [14][15] - The introduction of new products is anticipated to enhance the gross margin of the cream category, contributing positively to the company's financial performance [15] Raw Material Costs - Raw material costs have been a significant factor affecting gross margins, with a noted impact of approximately **2%** on margins due to high costs in the first quarter [16][17] - The company expects a more stable cost environment moving forward, with potential for further alleviation of cost pressures [17] Capacity Utilization - The current capacity utilization rate is reported to be in the **70% range**, with plans for new production lines to meet future demand [21][22] - The company is also relocating some production capacities to a new headquarters, which will facilitate future growth [22] Market Trends - The company is observing market dynamics and testing new channels, with initial positive results from sample stores, although overall volume remains relatively small compared to historical data [23][24] Other Important Content - The company emphasizes the importance of continuous product innovation and adaptation to market trends to sustain growth and profitability [19] - There is a clear focus on enhancing operational efficiency and cost-effectiveness across all business areas [10][11]

Core Insights - The appointment of Zhu Lei, former General Manager of Kraft Heinz China, to lead the frozen cake team at Mondelēz China is seen as a strategic move to strengthen the company's frozen cake business in the region [2][3] - Zhu Lei's extensive experience in the fast-moving consumer goods (FMCG) sector, including roles at AB InBev, Bain Capital, and Boston Consulting Group, positions him well to drive innovation and digital transformation in Mondelēz's product offerings [2] - The integration of the strategic development department into Zhu Lei's management indicates Mondelēz's intention to elevate frozen cakes from a peripheral business to a core growth area, capitalizing on the higher profit margins and growth potential compared to biscuits [2] Company Developments - In 2022, Mondelēz collaborated with Enxi Village to launch the Oreo Cheesecake and invested 32 million yuan in a production line for "Oreo Cloud Cake" at its Beijing factory [3] - The company plans to increase its stake in Enxi Village to 72% in 2024, enhancing supply chain control and indicating a commitment to expanding its presence in the frozen baking sector [3] - The competitive landscape for frozen cakes remains challenging, with traditional baking brands and emerging trendy dessert shops vying for market share, necessitating effective channel management and digital strategies from Zhu Lei to maintain Mondelēz's leading position [3]

Investment and Expansion - Angel Yeast plans to invest CNY 502 million to establish a biomanufacturing center, which will include a seven-story building with a total area of 27,687.65 square meters and an underground parking area for 297 vehicles [1][3] - The project is expected to enhance Angel Yeast's technological innovation capabilities in biomanufacturing, thereby strengthening its profitability and competitive edge [1][3] - Zhou Liufu, a jewelry company, successfully listed on the Hong Kong Stock Exchange, opening with a more than 10% increase and reaching a market capitalization of over HKD 10.5 billion [5] - Zhou Liufu's online sales are projected to grow at a compound annual growth rate of 46.1% from 2022 to 2024, with online sales expected to account for 40% of total revenue by 2024 [5] Market Position and Strategy - Ying Tong Holdings, the largest perfume brand management company in China, officially listed on the Hong Kong Stock Exchange, marking its strong market position [7] - The company is recognized as the third-largest perfume group in the comprehensive markets of mainland China, Hong Kong, and Macau, indicating its robust capability to enter the stock market [7] - Danone's acquisition of The Akkermansia Company aims to strengthen its investment in gut health and next-generation biological research, enhancing its core competitiveness in this field [11][13] - Dazzle Fashion Group announced the closure of all offline stores for its men's brand RAZZLE by August 31, 2025, focusing resources on its core mid-to-high-end women's wear business [16] Retail and Brand Development - HotMaxx's new store format, HotMaxx Super Warehouse, has opened in Beijing, featuring seven product zones while maintaining a low-price strategy [10] - Uniqlo plans to open its first store in southern India in Bangalore, marking a significant expansion into the southern market [18] Leadership Changes - The former business general manager of Kraft Heinz in China has joined Mondelēz as the head of the frozen cake team for Greater China, indicating a strategic focus on growth in the frozen baking sector [20] - Alibaba Group has streamlined its partner organization from 26 to 17 members, emphasizing a focus on frontline business leaders [22] - Anna Wintour announced her resignation as editor-in-chief of American Vogue while retaining her role as global editorial director, reflecting changes in the fashion media landscape [25]

Core Viewpoint - Walmart's resumption of shipments from Chinese suppliers, with U.S. customers bearing tariffs, highlights the performance of Chinese baking suppliers like Lihigh Foods, which has seen significant revenue growth over the past five years [1][3]. Company Performance - Lihigh Foods reported a revenue of 3.835 billion yuan in 2024, a year-on-year increase of 9.61%, with a net profit of 256 million yuan, reflecting a 44.89% growth in net profit after excluding share-based payments [3][5]. - The company has achieved a doubling of revenue from 1.8 billion yuan in 2020 to 3.8 billion yuan in 2024 [1]. Product Segments - Lihigh Foods' two main product segments are frozen baked goods and baking ingredients. In 2024, the frozen baked goods segment generated 2.133 billion yuan, a decline of 3.53%, while baking ingredients saw a revenue increase of 32.74% to 1.675 billion yuan [4][6]. - The decline in frozen baked goods revenue is attributed to adjustments made by core supermarket clients in mid-2024 [8][9]. Market Trends - The frozen baking sector, referred to as "pre-made dishes in baking," has been experiencing high industry demand, contributing to Lihigh Foods' performance [1][2]. - The rise of membership-based supermarkets and quality retail models has fueled the growth of the baking sector, benefiting suppliers like Lihigh Foods [3]. Customer Dependency - Lihigh Foods has a significant dependency on Walmart, which has accounted for over 20% of its sales in recent years. In 2024, sales to its largest customer represented 22.91% of total revenue [11][12]. - The company is actively seeking to reduce this dependency by diversifying its product offerings and exploring new sales channels, including the restaurant sector [12]. Strategic Initiatives - To mitigate reliance on major clients, Lihigh Foods is expanding its product range, particularly in baking ingredients, with a notable increase in sales of its UHT cream products [12]. - The company is also focusing on developing its supply chain capabilities for the restaurant sector and other supermarkets outside its core clients [12].