点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 风险提示： 端午销售不及预期，原材料成本上涨，行业竞争加剧。 发布日期： 2025-04-21 免责声明 本订阅号是光大证券股份有限公司研究所（以下简称"光大证券研究所"）依法设立、独立 运营的官方唯一订阅号。其他任何以光大证券研究所名义注册的、或含有"光大证券研 究"、与光大证券研究所品牌名称等相关信息的订阅号均不是光大证券研究所的官方订阅 五芳斋发布2024年年报，公司24年实现营业收入22.51亿元、同比下降14.57%，实现归母净利润1.42亿 元、同比下降14.24%，扣非归母净利润1.30亿元、同比下降9.66%。其中24Q4单季营收2.03亿元、同比下 降7.61%，归母净利润-0.68亿元（23Q4亏损0.76 ...

本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 五芳斋发布2024年年报，公司24年实现营业收入22.51亿元、同比下降14.57%，实现归母净利润1.42亿 元、同比下降14.24%，扣非归母净利润1.30亿元、同比下降9.66%。其中24Q4单季营收2.03亿元、同比下 降7.61%，归母净利润-0.68亿元（23Q4亏损0.76亿元），扣非归母净利润-0.69亿元（23Q4亏损0.87亿 元）。公司24年拟每10股派送现金红利5元（含税），合计派发现金红利0.97亿元（含税），分红及回购合 计金额1.45亿元、占24年归母净利润101.81%。 点击注册小程序 查看完整报告 特别申明： 成本下降以及结构优化下，毛利率提升明显 公司24年毛利率39.05%、同比提升2.66pct，其中粽子系列毛利率44 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - In 2024, the company reported a revenue of 2.251 billion yuan, a year-on-year decrease of 14.57%, and a net profit attributable to shareholders of 142 million yuan, down 14.24% year-on-year [1] - The company plans to distribute a cash dividend of 5 yuan per 10 shares, totaling 97 million yuan, which accounts for 101.81% of the net profit attributable to shareholders for 2024 [1] - The company is focusing on improving profitability and optimizing store quality by closing 86 inefficient stores, resulting in a total of 476 stores by the end of 2024 [2] Revenue and Profitability - The revenue breakdown for 2024 shows that the rice dumpling series generated 1.579 billion yuan, down 18.64%, while the mooncake series saw a slight increase in revenue to 236 million yuan, up 3.46% [2] - The overall gross margin for 2024 improved to 39.05%, an increase of 2.66 percentage points year-on-year, primarily due to a decrease in raw material costs and product structure optimization [3] - The net profit margin for 2024 remained stable at 6.31%, while the net profit margin excluding non-recurring items increased by 0.31 percentage points to 5.79% [3] Future Earnings Forecast - The net profit forecasts for 2025 and 2026 have been revised down to 167 million yuan and 180 million yuan, respectively, reflecting a decrease of 7.9% and 11.6% from previous estimates [3] - The report introduces a new forecast for 2027, estimating a net profit of 192 million yuan, translating to an EPS of 0.84, 0.91, and 0.97 yuan for 2025, 2026, and 2027, respectively [3] Valuation Metrics - The current stock price corresponds to a P/E ratio of 24, 22, and 21 for the years 2025, 2026, and 2027, respectively [3] - The report indicates that the company is actively expanding its customer base by collaborating with various channels, including Sam's Club and Hema [3]