丰茂股份(301459) 公司研究/公司点评 对外投资落地，强化产能布局 ——公司对外投资公告点评 ◼ 事件描述 公司发布对外投资公告。公司拟与嘉兴高新技术产业开发区管理委员 会签订《嘉兴汽车零部件生产基地投资合作协议书》，拟在嘉兴高新技 术产业开发区购置土地，建设嘉兴汽车零部件生产基地项目。本项目 公司总投资额预计不超过人民币 15 亿元（最终投资金额以项目建设 实际投入为准）。 ◼ 核心观点 新建基地助力公司产能提升，强化产能布局 公司成长逻辑：立足主业传动系统，打造新领域增长极 汽车传统业务领域：1）出海竞争：公司泰国生产基地将于 2025 年正 式投产，主要面向东南亚及欧美市场。工厂将采用本地化供应与自动 化生产结合的模式，降低关税和物流成本，同时依托"米其林"品牌授 权，拓展海外经销商网络。泰国工厂的建成将提升公司国际市场份额。 2）进口替代：传动系统产品切入自主及合资品牌供应链，已配套上汽 通用五菱、上汽集团、一汽集团、吉利汽车等主流品牌多款车型，国 内整车配套市场逐步实现进口替代。 汽车新业务领域：1）产能扩张：2025 年，公司将在山东济南投建商 用车零部件生产基地，重点配套重汽、一汽、北汽福 ...

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, but showed signs of recovery in Q4 2024 and Q1 2025, with a positive outlook for future earnings growth driven by inventory reduction among overseas clients and new product launches [1][2][4]. Financial Performance - For the full year 2024, the company achieved revenue of 443 million yuan (down 5.90%) and a net profit attributable to shareholders of 135 million yuan (down 7.11%) [1] - In Q4 2024, revenue was 124 million yuan (up 31.59%) and net profit attributable to shareholders was 38 million yuan (up 37.92%) [1] - For Q1 2025, revenue reached 147 million yuan (up 24.86%) and net profit attributable to shareholders was 47 million yuan (up 21.45%) [1] Product and Market Development - The company’s medical endoscope business generated revenue of 345 million yuan in 2024 (down 7.04%), while optical revenue was 95 million yuan (down 1.80%) [2] - International revenue for 2024 was 306 million yuan (down 6.5%), and domestic revenue was 135 million yuan (down 4.70%) [2] - The company has successfully launched a full range of laparoscopes and various endoscope products in the domestic market, and new products for the U.S. market are set to enter mass production [3] Future Outlook - The company expects net profits attributable to shareholders for 2025-2027 to be 180 million, 230 million, and 280 million yuan, representing year-on-year growth of 34.8%, 25.4%, and 23.1% respectively [4] - The estimated EPS for the same period is projected to be 1.51, 1.90, and 2.34 yuan, with corresponding PE ratios of 23, 19, and 15 times [4] - A target price of approximately 42 yuan is set for 2025, based on a valuation of 28 times [4]

2025 年 4 月 28 日 公司研究 冲泡业务短期承压，期待即饮后续表现 ——香飘飘（603711.SH）2024 年年报与 25 年一季报点评 增持（维持） 当前价：14.02 元 作者 分析师：陈彦彤 执业证书编号：S0930518070002 021-52523689 chenyt@ebscn.com 分析师：汪航宇 执业证书编号：S0930523070002 021-52523174 wanghangyu@ebscn.com 分析师：聂博雅 执业证书编号：S0930522030003 021-52523808 nieboya@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 4.13 | | 总市值(亿元)： | 57.86 | | 一年最低/最高(元)： | 10.13/20.78 | | 近 3 月换手率： | 97.98% | 股价相对走势 -42% -26% -11% 5% 21% 04/24 07/24 10/24 01/25 香飘飘 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [1] Core Views - The company is experiencing short-term performance pressure but is expected to improve gradually on a quarterly basis. The revenue for 2024 is projected at 2.257 billion yuan, with a year-on-year growth of 22.18% [4][9] - The company is focusing on stabilizing its existing products while expanding its new product offerings. The revenue from various product segments shows significant growth, particularly in comprehensive nuts and beans [5] - The company is actively enhancing its sales channels, with notable performance in overseas markets, especially in Southeast Asia [5][8] Company Overview - Latest closing price: 74.53 yuan - Total shares: 0.93 billion, circulating shares: 0.50 billion - Total market value: 6.9 billion yuan, circulating market value: 3.7 billion yuan - 52-week high/low: 93.52/47.85 yuan - Debt-to-asset ratio: 24.5% - Price-to-earnings ratio: 18.00 [3] Financial Performance - For 2024, the company reported operating income of 2.257 billion yuan, net profit attributable to shareholders of 376 million yuan, and a non-recurring net profit of 341 million yuan, with respective year-on-year growth rates of 22.18%, 14.32%, and 16.91% [4] - The company’s gross margin and net margin for 2024 were 35.46% and 16.67%, showing slight declines compared to the previous year [6] - The profit forecast for 2025 and 2026 has been adjusted to 2.677 billion yuan and 3.102 billion yuan in revenue, with net profits of 402 million yuan and 496 million yuan respectively [9][11] Strategic Focus - The company plans to expand into new markets in Southeast Asia, with a focus on localizing product designs and increasing brand presence [7] - The strategy includes strengthening partnerships with major retail channels and enhancing e-commerce collaborations to drive growth [8] - Cost control measures are being implemented, particularly in raw material procurement, to improve profitability [8]

Core Viewpoint - The report indicates that Ganyuan Foods is experiencing short-term performance pressure but anticipates gradual improvement in subsequent quarters, maintaining a "buy" rating for the stock [1]. Financial Performance - For the fiscal year 2024, Ganyuan Foods reported operating revenue of 2.257 billion yuan, net profit attributable to shareholders of 376 million yuan, and net profit excluding non-recurring items of 341 million yuan, representing year-on-year growth of 22.18%, 14.32%, and 16.91% respectively [2]. - In Q4 2024, the company achieved operating revenue of 652 million yuan, net profit attributable to shareholders of 99 million yuan, and net profit excluding non-recurring items of 93 million yuan, showing year-on-year growth of 22.05% but declines in net profit of -13.91% and -10.4% respectively [2]. - For Q1 2025, the company reported operating revenue of 504 million yuan, net profit attributable to shareholders of 53 million yuan, and net profit excluding non-recurring items of 46 million yuan, reflecting year-on-year declines of -13.99%, -42.21%, and -45.14% respectively [2]. Investment Highlights - The company is focusing on stabilizing its existing products while expanding its new product offerings, with revenue contributions from various product lines such as mixed nuts and beans showing growth rates of 39.80%, 12.56%, 10.48%, 19.72%, and 21.17% respectively [3]. - Ganyuan Foods is restructuring its product strategy by upgrading its flavor offerings in beans, nuts, and snacks, launching new products to enhance market presence and channel compatibility [3]. - The company is also diversifying its sales channels, with revenue from distribution, e-commerce, and other channels growing by 22.58%, 10.75%, and 65.45% respectively [3]. Profitability and Cost Management - In 2024, Ganyuan Foods reported a gross margin of 35.46% and a net profit margin of 16.67%, both showing slight declines compared to the previous year [4]. - The company faced increased cost pressures due to rising raw material prices, particularly palm oil, and higher expenses related to overseas market expansion and branding [4]. - For Q1 2025, the gross margin and net profit margin further declined to 34.32% and 10.47% respectively, attributed to increased sales and management expenses [4]. Future Outlook - The company plans to expand into new Southeast Asian markets, including Indonesia and Malaysia, with localized product designs expected to launch around May 2025 [5]. - Ganyuan Foods aims to enhance its e-commerce presence and deepen collaborations with platforms like Tmall and JD.com to drive sales growth [5]. - Cost management strategies include locking in prices for raw materials and increasing direct sourcing to optimize costs, with expectations for profitability to improve in the latter part of the year [5]. Earnings Forecast and Investment Rating - The revenue forecasts for 2025 and 2026 have been adjusted to 2.677 billion yuan and 3.102 billion yuan, reflecting year-on-year growth of 18.61% and 15.86% respectively [6]. - The net profit forecasts for 2025 and 2026 have been revised to 402 million yuan and 496 million yuan, indicating year-on-year growth of 6.86% and 23.34% respectively [6]. - The company maintains a "buy" rating, with projected earnings per share (EPS) for the next three years at 4.31, 5.32, and 6.34 yuan, corresponding to price-to-earnings (PE) ratios of 17, 14, and 12 times [6].

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company is experiencing short-term performance pressure but is expected to improve gradually on a quarterly basis. The revenue for 2024 is projected at 2.257 billion yuan, with a year-on-year growth of 22.18% [4][9] - The company is focusing on stabilizing its existing products while expanding its new product offerings to enhance market presence and channel compatibility [5][8] Company Overview - Latest closing price: 74.53 yuan - Total shares: 0.93 billion, circulating shares: 0.50 billion - Total market value: 6.9 billion yuan, circulating market value: 3.7 billion yuan - 52-week high/low: 93.52/47.85 yuan - Debt-to-asset ratio: 24.5% - Price-to-earnings ratio: 18.00 [3] Financial Performance - For 2024, the company reported operating revenue of 2.257 billion yuan, net profit attributable to shareholders of 376 million yuan, and non-recurring net profit of 341 million yuan, with respective year-on-year changes of 22.18%, 14.32%, and 16.91% [4] - In Q4 2024, the company achieved operating revenue of 652 million yuan, net profit of 99 million yuan, and non-recurring net profit of 93 million yuan, with year-on-year changes of 22.05%, -13.91%, and -10.4% [4] - For Q1 2025, the company reported operating revenue of 504 million yuan, net profit of 53 million yuan, and non-recurring net profit of 46 million yuan, with year-on-year changes of -13.99%, -42.21%, and -45.14% [4] Revenue Breakdown - In 2024, revenue from various product segments was as follows: mixed nuts and beans (705 million yuan, +39.80%), green peas (524 million yuan, +12.56%), sunflower seeds (302 million yuan, +10.48%), and others [5] - Revenue from different sales models showed growth: distribution model (1.927 billion yuan, +22.58%), e-commerce (239 million yuan, +10.75%), and others (81 million yuan, +65.45%) [5] Profitability and Cost Management - The company's gross margin and net margin for 2024 were 35.46% and 16.67%, respectively, showing slight declines year-on-year [6] - The decline in profitability is attributed to rising raw material costs, increased expenses for overseas markets and brand investments, and tax base differences in Q4 2024 [6][8] Future Outlook - The company plans to expand into Southeast Asian markets such as Indonesia and Malaysia in 2025, focusing on local product design and trademark applications [7] - The strategy includes deepening cooperation with major retail channels and enhancing e-commerce partnerships to drive growth [8] - Profitability is expected to recover as raw material costs stabilize and scale effects are realized [8] Earnings Forecast - Revenue forecasts for 2025 and 2026 are adjusted to 2.677 billion yuan and 3.102 billion yuan, respectively, with year-on-year growth rates of 18.61% and 15.86% [9] - Net profit forecasts for the same period are adjusted to 401.99 million yuan and 495.83 million yuan, with respective growth rates of 6.86% and 23.34% [9] - The projected earnings per share for 2025 and 2026 are 4.31 yuan and 5.32 yuan, with corresponding price-to-earnings ratios of 17 and 14 [9]

事件：公司发布2025 年一季度报告。25Q1 实现收入2.8 亿，同比+1.1%，实现归母净利润0.48 亿元，同 比-4.8%，实现扣非归母净利润0.47 亿元，同比-5.0%。 25Q1 收入端增速转正，毛利率环比&同比均改善。25Q1 公司实现营业收入2.8 亿，同比+1.1%（24Q4 收入同比-0.4%），25Q1 收入端增速转正。25Q1公司毛利率同比+1.4pcts 至45.9%，环比24Q4 改善 7.5pcts。我们预计主要系：1）主要产品价格提升；2）成本端环比24Q4 改善。 受市场推广、研发投入增加及利息费用减少影响，公司盈利能力略下滑，但仍处于较高水平。25Q1 公 司销售/管理/研发/财务费用率分别同比+1.8pcts/+0.2pcts/+0.7pcts/+1.0pcts。其中销售、研发、财务费用 率同比提升幅度相对较高。公司盈利能力略下滑，25Q1 归母净利率/扣非归母净利率分别同 比-1.1pcts/-1.1pcts 至17.5%/17.1%。 展望25 年，我们认为：1）收入端看：产品端，公司25 年重点推广蒜蓉酱、0 脂辣酱、香菇贡菜、白灼 汁、红烧汁、蒸鱼鲜等新品，同时 ...