食品饮料/食品加工 龙大美食（002726.SZ） 扭亏为盈，努力改善 2025 年 05 月 01 日 张宇光（分析师） 方勇（分析师） zhangyuguang@kysec.cn 证书编号：S0790520030003 fangyong@kysec.cn 证书编号：S0790520100003 2024 年扭亏为盈，经营现金流转正 2024 年公司营收 109.9 亿元、同比-17.5%，归母净利润 0.21 亿元，同比扭亏。 2025Q1 营收 25.5 亿元、同比+1.01%，归母净利润 0.04 亿元，同比-85.9%。2024 年经营净现金流净额 3.93 亿元，经营现金流转正。因猪价低迷，我们下调 2025-2026 年归母净利润预测至 0.48/1.07 亿元（前次 2.12/3.30 亿元），新增 2027 年预测 2.34 亿元，对应 2025-2027 年 EPS 0.04/0.10/0.22 元，当前股价对应 2025-2027 年 133.2/60.1/27.6 倍 PE，预制菜业务有望改善，维持"增持"评级。 屠宰受益猪价毛利率改善，餐饮需求疲软导致预制菜需求转弱 投资评级：增持（ ...

Core Viewpoint - Qianwei Yangchu reported a slight decline in revenue and a significant drop in net profit for 2024, indicating challenges in maintaining profitability amidst rising sales expenses and declining gross margins in key product categories [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 1.868 billion yuan, a year-on-year decrease of 1.71%, and a net profit of 82 million yuan, down 32.57% year-on-year [1]. - For Q1 2025, operating revenue was 470 million yuan, reflecting a 1.5% year-on-year growth, while net profit continued to decline by 37.71% to 20 million yuan [1]. - The overall gross margin for 2024 was 23.38%, a slight decrease of 0.03% year-on-year [2]. Product Segment Performance - The main product categories include staple foods, snacks, baked goods, and frozen prepared dishes. The staple food segment generated 913 million yuan in revenue, down 6.88%, but with a gross margin increase to 26.97% [2]. - The snack segment saw a revenue decline of 13.79% to 438 million yuan, with a gross margin of 19.76%, down 0.39% [2]. - The frozen prepared dishes segment experienced significant growth, with revenue increasing by 273.39% to 141 million yuan and a gross margin of 14.87%, up 1.78% [2]. Sales Channel Analysis - Direct sales channels generated 808 million yuan, a 4.34% increase, but with a gross margin of 20.02%, down 0.99% [2]. - Distribution channels accounted for 1.05 billion yuan in revenue, a decrease of 6.04%, while the gross margin improved to 25.97%, up 0.91% [2][4]. Expense Trends - Sales expenses for 2024 reached 100 million yuan, a 13.33% increase, with a sales expense ratio of 5.40%, up 0.72 percentage points [5]. - In Q1 2025, sales expenses surged by 38.12% to 37 million yuan, resulting in a sales expense ratio of 8.01%, an increase of 2.12 percentage points [5].

4月9日下午，金字火腿在线上召开2024年度业绩说明会。 根据金字火腿（SZ002515，股价5.23元，市值63.31亿元）此前发布的2024年财报，2024年公司实现营收3.44亿元，同比增长9.62%，归母净利润为6217.3万 元，同比增长55.19%。对比金字火腿近些年财报来看，2024年是金字火腿时隔3年营收重回增长的一年，归母净利润规模也达到了近7年来的高位。 值得注意的是，金字火腿的营收规模较2020年的7.1亿元仍然相差较远，归母净利润的增长也主要得益于在去年出售了一家联营公司股权。在9日下午举行的 业绩说明会上，如何增强盈利能力、如何拓展第二增长曲线等问题被投资者关注。 每经记者 范芊芊 每经编辑 马子卿 分产品来看，火腿产品仍然是金字火腿的支柱性产品，去年，火腿产品实现营收1.87亿元，营收占比为54.46%，其次是特色肉制品，实现营收7654.06万 元，营收占比为22.26%。 这两大产品在2024年都实现了营收的同比增长，但毛利率同比均有所下滑：火腿产品毛利率下滑了1.51个百分点，特色肉制品毛利率下滑了15.49个百分点。 这也在一定程度上导致了金字火腿在2024年扣非净利润仍呈 ...

Core Viewpoint - The company is focusing on developing its ham industry while also expanding into the prepared food sector, although progress has been slow [1][2]. Financial Performance - In 2024, the company achieved revenue of 344 million yuan, a year-on-year increase of 9.62%, and a net profit attributable to shareholders of 62.17 million yuan, up 55.19% year-on-year [1]. - The 2024 revenue marks a return to growth for the company, with net profit reaching its highest level in nearly seven years [1]. - However, the 2024 revenue is still significantly lower than the over 700 million yuan achieved in 2020, and the net profit increase was largely due to the sale of a subsidiary [1]. Product Development - The company currently has six prepared food products in development and market testing, with sales revenue from this segment being a small proportion of total revenue [1]. - The company plans to continuously adopt new technologies to develop new products and expand sales channels [1]. - In 2023, the company launched nine prepared food products, which were still in the trial sales phase with positive market feedback [2]. Strategic Focus - The company aims to vigorously develop the ham industry, focus on traditional meat products, and actively develop prepared meat products as part of its strategic approach [2]. - The traditional meat products business is facing challenges, prompting the company to explore the prepared meat sector [2].