证券之星吴凡 植脂末，一个让新茶饮品牌们"又爱又恨"的配料。在早期新茶饮市场跑马圈地时期，植脂末凭借低成本优势使 其成为茶饮品牌快速扩张的"利器"，然而当门店数量红利见顶，市场竞争转向品质差异化，植脂末因其"科技与 狠活"的标签，遭到众多茶饮品牌的摒弃。 以粉末油脂为核心产品的佳禾食品（605300）(605300.SH)最先感受到下游行业风向的变化。2021年至2023年， 佳禾食品的营收呈现持续增长，然而2024年，公司来自粉末油脂的收入骤降39.82%，导致全年营收大幅下降 18.68%至23.1亿元，归母净利润更是"腰斩式"下跌67.43%至8393.72万元，这也是公司自2021年上市后的首次业 绩双降。证券之星注意到，佳禾食品也在展开"自救"，如拓展粉末油脂业务出海、加大开拓咖啡、植物基等业 务以及加码C端推广。然而短期来看，受费用率攀升等因素影响，公司业绩承压明显，今年一季度增收不增 利，归母净利润同比骤降91.46%至390.64万元。 粉末油脂收入显著收缩 佳禾食品主营业务为粉末油脂、咖啡、植物基及其他产品的研发、生产和销售，其中粉末油脂是公司的核心产 品，2020年至2022年，该产品的收 ...

Core Insights - The company reported a total revenue of 2.651 billion yuan in 2024, reflecting a year-on-year increase of 11.91%, while the net profit attributable to shareholders decreased by 22.52% to 233 million yuan [1] - The company experienced a robust growth in its compound seasoning and light cooking solutions, with significant contributions from both direct and online sales channels [2] Financial Performance - In 2024, the total revenue was 2.651 billion yuan, with a net profit of 233 million yuan and a non-recurring net profit of 215 million yuan [1] - The fourth quarter of 2024 saw a revenue of 721 million yuan, with a slight decline in net profit to 59.75 million yuan [1] - For Q1 2025, the revenue was 669 million yuan, with a net profit of 58.25 million yuan, indicating a year-on-year decrease [1] Product and Sales Analysis - The revenue breakdown for 2024 shows that compound seasonings generated 1.296 billion yuan (+13.21%), light cooking solutions 1.130 billion yuan (+10.41%), and beverage and dessert ingredients 147 million yuan (+3.00%) [2] - Direct sales accounted for 2.138 billion yuan (+12.35%), while non-direct sales reached 435 million yuan (+6.63%) [2] - Online sales were 808 million yuan (+2.19%), and offline sales were 1.765 billion yuan (+16.10%) [2] Competitive Positioning - The company maintained a strong competitive advantage in the B2B sector, with revenue from the top five clients reaching 791 million yuan (+7.45%) [3] - The first major client, Yum China, reported a revenue of 376 million yuan (-4.57%), while the second to fourth clients collectively generated 415 million yuan (+21.28%) [3] - In the C2C sector, the company’s online platform achieved a revenue of 918 million yuan (+5.99%) in 2024, recovering from a decline in 2023 [3] Profitability Metrics - The net profit margin for 2024 decreased by 3.91 percentage points to 8.8%, while the gross margin slightly declined by 0.33 percentage points to 32.81% [4] - The gross margin for compound seasonings increased by 2.85 percentage points, while light cooking solutions saw a decrease of 4.23 percentage points [4] - In Q1 2025, the net profit margin further declined to 8.71%, despite a slight increase in gross margin to 32.61% [4] Future Outlook - The company forecasts net profits for 2025-2027 to be 274 million, 315 million, and 358 million yuan respectively, with corresponding EPS of 0.69, 0.79, and 0.90 yuan [4] - The current price-to-earnings ratio is projected to be 20, 17, and 15 times for the respective years [4]

点击注册小程序 点评： C端业务稳中求进，B端业务持续拓展 分区域看，2024年国内收入同比+8%，海外收入同比+12%，国内业务稳定增长，海外业务增速快于国内。分 业务看，C端/B端分别同比增长9%/7%，1）家用空调：内销受上年同期高基数+整体消费偏弱，国内出货量保 持基本持平；外销延续高增趋势，主因海外市场经济复苏+欧洲补库周期+新兴市场自主品牌突破。据产业在 线数据，2024年美的空调内销/外销量同比+2%/+33%，内销销量增速低于行业整体（行业内销/外销销量同比 +5%/+36%），其中24H1美的空调内销/外销量同比-2%/32%，24H2美的空调内销/外销量同比+9%/+34%。价格 方面，公司价格整体延续平稳态势，2024年美的空调线上/线下零售价同比-5%/+3%（奥维云网）。2）Tob业 务：B端板块业务持续发力，2024年公司新能源及工业技术/智能建筑科技/机器人与自动化事业群收入分别为 336/285/287亿元，同比+21%/+10%/-8%。 毛利率平稳，净利率稳中有升 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 ...