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千味央厨(001215)2024年年报及2025年一季报点评:延续承压 菜肴高增
Xin Lang Cai Jing· 2025-05-08 10:35
Core Viewpoint - The restaurant industry is experiencing weak recovery, leading to pressure on demand and intense competition, which is impacting company performance. The company is focusing on new retail channels and expanding its dish and bakery product offerings, hoping for operational improvements in the future [1] Financial Performance - The company maintains a "buy" rating, projecting revenues of 1.993 billion, 2.183 billion, and 2.41 billion yuan for 2025-2027, with EPS of 0.91, 1.06, and 1.20 yuan per share. Given the significant development potential in the industrialization of rice and noodle products, the company is expected to accelerate growth as consumption gradually recovers. A valuation premium is applied, with a target price of 31.85 yuan per share based on a 35x PE for 2025 and a 2x PS for a valuation of 41.03 yuan per share [2] - In 2024, the company is projected to have revenues of 1.868 billion yuan, a year-on-year decrease of 1.71%, and a net profit of 84 million yuan, down 37.67%. The fourth quarter of 2024 is expected to see revenues of 504 million yuan, a decline of 11.93%, and a net profit of 2 million yuan, down 94.65% [2] - For Q1 2025, revenues are expected to be 470 million yuan, a year-on-year increase of 1.5%, while net profit is projected at 21 million yuan, down 37.98% [2] Profitability Metrics - The gross margin decreased to 22.04% in Q4 2024, down 3.42 percentage points, primarily due to changes in product mix and increased competition. The sales expense ratio increased by 0.74 percentage points, and the management expense ratio rose by 1.7 percentage points, leading to a net profit margin of 0.29%, down 6.77 percentage points year-on-year [3] - In Q1 2025, the gross margin is expected to be 24.42%, down 1.03 percentage points, with the sales expense ratio increasing by 2.12 percentage points due to higher online sales expenses from subsidiaries. The net profit margin is projected at 4.46%, down 2.81 percentage points year-on-year [3] Product and Channel Performance - The pre-prepared dishes segment is expected to grow rapidly in 2024, with a continued focus on increasing sales of dishes and bakery products in 2025. Revenue and growth rates for 2024 by product category are as follows: staple foods 914 million yuan (-6.88%), snacks 439 million yuan (-13.79%), bakery desserts 365 million yuan (0%), and frozen prepared dishes and others 142 million yuan (+273.39%). Core products like fried dough sticks, sesame balls, spring rolls, and egg tart skins saw revenue declines, while pre-prepared dishes experienced significant growth through optimized selection and increased new product development [4] - By channel in 2024, direct sales are expected to generate 809 million yuan (+4.34%), while distribution is projected at 1.051 billion yuan (-6.04%), primarily affected by weak restaurant demand. In 2025, the company plans to increase sales of frozen prepared dishes and bakery products, which are expected to contribute significantly to revenue growth [4]
鹏华基金举办走进三全食品活动 多方共议粮食安全与ETF发展
Zheng Quan Ri Bao· 2025-05-07 12:41
一直以来,在"走进上市公司"各类活动中,鹏华基金不仅关注上市公司本身,更强调构建一个涵盖"交 易所、上市公司、基金公司、媒体、投资者"的"生态圈",通过多方视角的碰撞,形成对产业更立体的 认知。此次,多方联合共同走进三全食品,成为"生态圈"的又一新案例。食品产业作为民生之本,既是 保障国家粮食安全的重要环节,也是满足人民群众美好生活的关键领域。 事实上,在保障国家安全领域,鹏华基金持续布局国防和粮食产业,创新推出国防ETF和粮食ETF,构 建国家安全ETF系列。本次探访三全食品,正是其在深交所指导下,继去年探访登海种业之行后,再次 走进粮食ETF成份股企业,旨在近距离感受国家粮食安全下的食品消费行业新趋势,提高对投资的切身 感受,培育理性的投资文化。 近日,在深圳证券交易所指导下,鹏华基金举办的"深交所走进成份股公司暨鹏华基本面投资之美·三全 食品深度探访之旅活动"在郑州市举办。三全食品董事会秘书刘铮铮、鹏华基金品牌管理部总经理于凌 波、鹏华基金指数与量化投资部基金经理张羽翔等人参加活动。 此次走进的三全食品,是中国速冻食品行业首家上市公司,也是鹏华粮食ETF的成份股之一。活动中, 刘铮铮详细介绍了公司的发展 ...
安井食品:2024年年报及25年一季报点评经营韧性依旧,关注大单品表现-20250507
EBSCN· 2025-05-07 07:30
Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [6]. Core Views - The company demonstrated operational resilience in 2024, with total revenue reaching 15.127 billion yuan, a year-on-year increase of 7.7%, and a slight increase in net profit attributable to shareholders of 1.485 billion yuan, up 0.46% year-on-year [1][2]. - The company plans to actively promote new products and embrace large B and new retail channels in 2025, with expectations for positive outcomes in the future [4]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 15.127 billion yuan, with a slight increase in net profit to 1.485 billion yuan. The first quarter of 2025 saw a revenue decline to 3.6 billion yuan, down 4.13% year-on-year, and a net profit decrease to 395 million yuan, down 10% year-on-year [1][3]. - The revenue from frozen prepared foods, frozen dishes, and frozen rice and noodle products in 2024 was 7.84 billion yuan, 4.35 billion yuan, and 2.47 billion yuan respectively, with growth rates of 11.4%, 10.8%, and a decline of 3.1% [2]. Profitability and Cost Management - The gross profit margin for 2024 was 23.3%, slightly up from the previous year, while the first quarter of 2025 saw a decline in gross margin to 23.32%, primarily due to increased promotional efforts amid intensified competition [4]. - The report indicates that the company has managed to control selling expenses, with a selling expense ratio of 6.52% in 2024 and 6.73% in Q1 2025 [4]. Future Projections - The net profit forecasts for 2025 and 2026 have been adjusted downwards to 1.604 billion yuan and 1.769 billion yuan, respectively, reflecting a 13% reduction from previous estimates [4]. - The report anticipates a continued focus on large product strategies and new retail channels, with expectations for improved performance in the coming years [4].
鹏华基本面投资之美·三全食品深度探访之旅活动顺利举办,多方协同共建ETF生态圈
Xin Lang Ji Jin· 2025-05-07 05:55
在现场、面对面:触摸中国经济的真实脉动 "唯有深入企业一线,才能感知中国经济的真实脉动。"作为已经举办过超60场走进上市公司系列深度探 访的活动负责人,鹏华基金品牌管理部总经理于凌波有感而发。 此次走进的三全食品股份有限公司,是中国速冻食品行业首家上市公司,是中国生产速冻食品最早、规 模最大、市场网络最广的企业之一,也是鹏华粮食ETF的成分股之一。公司自成立以来,始终专注于食 品研发与生产创新,在保障食品安全、推动消费升级、服务民生需求方面发挥了重要作用。 活动中,三全食品董事会秘书刘铮铮详细介绍了公司的发展历程,并分享了以产品创新、渠道创新、技 术创新、管理创新为源头,以内生式增长和外延式增长双轮驱动的新型模式。以产品创新为例,一方面 在to C端,紧跟消费趋势变化,开发适合年轻消费者的茶饮、生椰拿铁等新口味汤圆,以及针对中老年 消费者的药食同源系列产品。一方面不断开拓To B市场,为各类餐饮提供安全、高品质的预制食材。 同时结合公司展厅及生产线参观,来访者们清晰地看到三全食品在保障食品安全、推动消费升级方面所 做出的不懈努力,也深刻感受到食品消费行业在国家粮食安全战略下的新趋势与新机遇。 鹏华基金秉持的" ...
东吴证券:食饮板块零食继续领跑 餐饮链有望企稳
智通财经网· 2025-05-07 02:32
泛餐饮连锁业态:单店营收仍有缺口,但有企稳的趋势 1)收入端:必选属性更强的巴比食品、锅圈表现好于卤味企业。单店营收方面,大部分公司相比2020、 2021年仍有缺口,其中锅圈的单店营收2024年同比转正。2)利润端:2024年巴比食品和紫燕食品归母净 利率实现同比提升,拆解下来主要来自费用端的缩减。绝味食品、煌上煌由于费用端支出较多,利润端 未能释放成本红利。 智通财经APP获悉,东吴证券发布研报称,2025Q1以来消费品赛道市场关注度和估值水位都有提升, 该行维持看好内需消费的观点。1)零食是相对不受宏观周期影响的行业,行业也具备结构性成长机会, 后续从产业逻辑和企业的生命周期来看,该行推荐三类公司:一是以门店为基础的万辰集团,万家门店 之后还有业态延伸、利润率提升的逻辑。二是有能力成为全品类、全渠道的平台型公司。三是在品类、 渠道、内部管理等方面具备边际改善的公司。2)速冻和连锁业态都属于典型的顺周期板块,和下游餐饮 业态的修复关联度较高,基本面上该行认为很多公司已经有触底企稳的迹象,其次板块整体估值偏低 位,有上修空间。 东吴证券主要观点如下: 休闲零食:行业具备结构性成长机会,机遇诸多 行业的成长性 ...
中国消费品4月需求报告:多数行业增速小幅改善
Haitong Securities International· 2025-05-06 11:13
Investment Rating - The investment rating for the Chinese consumer staples sector is generally positive, with multiple companies rated as "Outperform" [1]. Core Insights - In April 2025, five out of eight tracked industries maintained positive growth, two experienced negative growth, and one remained flat. The sectors with single-digit growth include dairy, food and beverage, soft drinks, condiments, and frozen foods. The declining sectors are mass and below liquor and sub-high-end and above liquor, while the beer industry remained flat. Compared to the previous month, six industries showed improved growth rates, while two saw a deterioration. Overall demand has not significantly increased or decreased [10][34]. Summary by Category Liquor Industry - **Sub-high-end and above liquor**: In April, revenue was 26.4 billion yuan, down 1.5% year-on-year. Cumulative revenue for January to April was 167 billion yuan, up 0.3% year-on-year. Inventory levels increased as demand entered a low season [4][14]. - **Mass and below liquor**: Revenue in April was 15 billion yuan, down 10.7% year-on-year, marking 15 consecutive months of negative growth. Cumulative revenue for January to April was 75.2 billion yuan, down 13.9% year-on-year [16]. Beer Industry - Revenue in April was 14 billion yuan, flat compared to the same period last year. Cumulative revenue for January to April was 60.6 billion yuan, down 0.2% year-on-year. The industry is preparing for the upcoming sales season with low inventory levels [5][19]. Condiments - Revenue in April was 36.3 billion yuan, up 2.3% year-on-year, with cumulative revenue for January to April at 155.4 billion yuan, growing 1.3% year-on-year. The industry is experiencing weak sales due to external consumption pressures [21]. Dairy Products - Revenue in April was 33.6 billion yuan, up 3.4% year-on-year, while cumulative revenue for January to April was 156 billion yuan, down 0.6% year-on-year. The industry showed positive growth due to a low base effect from the previous year [23]. Frozen Foods - Revenue in April was 6.7 billion yuan, up 1.5% year-on-year, with cumulative revenue for January to April at 43.1 billion yuan, up 1.3% year-on-year. The industry faces challenges due to lower consumer spending and increased competition [25]. Soft Drinks - Revenue in April was 50 billion yuan, up 2.7% year-on-year, with cumulative revenue for January to April at 235.6 billion yuan, up 2.3% year-on-year. The industry is entering its peak season with intensified competition [27]. Restaurant Sector - Revenue for listed restaurant companies in April was 13.4 billion yuan, up 3.1% year-on-year, with cumulative revenue for January to April at 57.1 billion yuan, up 2.6% year-on-year. The sector is seeing recovery, particularly in tea and Western fast food segments [29].
安井食品(603345):稳守龙头地位,高基数下韧性强
China Post Securities· 2025-05-06 11:03
证券研究报告:食品饮料|公司点评报告 发布时间:2025-05-06 资料来源:聚源,中邮证券研究所 公司基本情况 | 最新收盘价(元) | 76.30 | | --- | --- | | 总股本/流通股本(亿股)2.93 / 2.93 | | | 总市值/流通市值(亿元)224 / 224 | | | 52 周内最高/最低价 | 102.97 / 68.93 | | 资产负债率(%) | 23.6% | | 市盈率 | 15.02 | | 第一大股东 | 福建国力民生科技发展 | | 有限公司 | | 股票投资评级 买入|维持 个股表现 -30% -26% -22% -18% -14% -10% -6% -2% 2% 6% 2024-05 2024-07 2024-09 2024-12 2025-02 2025-04 安井食品 食品饮料 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:杨逸文 SAC 登记编号:S1340522120002 Email:yangyiwen@cnpsec.com 安井食品(603345) 稳守龙 ...
被丈夫抛弃的山东女人,靠卖饺子年入60亿
创业家· 2025-05-06 09:54
Core Viewpoint - The article narrates the inspiring journey of Zang Jianhe, who transformed her struggles into a successful frozen dumpling brand "Wanchai Ferry," achieving annual sales of 6 billion HKD, showcasing her resilience and entrepreneurial spirit [11][24]. Group 1: Background and Early Struggles - Zang Jianhe moved to Hong Kong in the 1970s with only 500 HKD, facing the challenge of raising her two daughters alone after her husband abandoned them [4][14]. - Initially, she worked multiple jobs to afford a small living space, eventually discovering her talent for making dumplings, which became her source of income [17][18]. - Zang started selling dumplings at Wanchai Pier, overcoming her initial hesitations and gaining popularity among customers [11][19]. Group 2: Business Development - In 1985, Zang established her company with the support of a Japanese department store, leading to the creation of the first Wanchai Ferry factory [24]. - The brand expanded its product line from fresh dumplings to frozen dumplings and other items, capturing a significant market share in Hong Kong [26][27]. - Zang's cautious approach in selecting international partners, such as Pillsbury, allowed her to access advanced production technologies and expand into mainland China [28][29]. Group 3: Legacy and Impact - Zang Jianhe's story reflects the challenges of entrepreneurship in the food industry, especially in today's competitive landscape where restaurant lifespans average only 508 days [32]. - Her commitment to quality and customer feedback helped establish Wanchai Ferry as a leading brand, influencing the frozen food sector in China [35][38]. - Zang's legacy continues to inspire future entrepreneurs, highlighting the importance of resilience, innovation, and customer-centric business practices [30][39].
被丈夫抛弃的山东女人,靠卖饺子年入60亿
创业邦· 2025-05-06 09:38
Core Viewpoint - The article narrates the inspiring journey of Zang Jianhe, who transformed her struggles as a single mother into a successful frozen dumpling brand, "Wanchai Ferry," which generates annual sales of 6 billion yuan [12][30]. Group 1: Background and Early Struggles - Zang Jianhe moved to Hong Kong in the 1970s with only 500 HKD, starting her journey by selling dumplings at Wanchai Pier [3][4]. - Initially, she faced significant challenges, including unfamiliarity with cooking and the stigma of being a street vendor [6][20]. - Despite her hardships, she worked tirelessly, sometimes selling 1,000 dumplings in just six hours, showcasing her resilience and dedication [24][12]. Group 2: Business Development - In 1985, Zang Jianhe established her first factory with the help of a Japanese department store, marking the official formation of the Wanchai Ferry brand [30]. - The brand expanded its product line from fresh dumplings to frozen dumplings, wontons, and tangyuan, becoming a market leader in Hong Kong [35][38]. - By 1983, Wanchai Ferry had captured a significant market share, holding 30% of the frozen dumpling market in Hong Kong [38]. Group 3: Strategic Partnerships - Zang Jianhe was cautious in selecting partners, ensuring that her brand identity remained intact during collaborations, such as with the Japanese department store [38]. - In 2001, Wanchai Ferry attracted investment from Pillsbury, which later became part of General Mills, providing the brand with advanced production technology and funding [39][40]. - The partnership allowed Wanchai Ferry to expand into mainland China and develop products tailored to local tastes, such as fried rice and noodles [43]. Group 4: Legacy and Impact - Zang Jianhe's story is a testament to perseverance and innovation in the food industry, inspiring future entrepreneurs [44][56]. - Her commitment to quality and customer feedback helped establish Wanchai Ferry as a benchmark in the frozen food sector, influencing competitors and setting industry standards [55][50]. - Despite her passing in 2016, Zang Jianhe's legacy continues to resonate, highlighting the challenges and triumphs of building a successful brand from humble beginnings [56][58].
食品综合2024年报及2025年一季报总结:零食继续领跑,餐饮链有望企稳
Soochow Securities· 2025-05-05 07:05
Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry [1] Core Viewpoints - The snack sector continues to lead, while the restaurant chain industry is expected to stabilize [2] - The report emphasizes the structural growth opportunities within the snack industry, driven by channel transformation and product innovation [11][31] - The frozen food sector is gradually overcoming its pressure phase, with leading companies seeking new growth [44] - The restaurant chain sector shows signs of stabilization, although single-store revenue still faces challenges [65] Summary by Sections 1. Snack Foods - The snack food industry exhibits structural growth opportunities, with a notable increase in revenue growth rates among key players [11][31] - In 2024, seven major listed companies in the snack sector achieved revenue growth exceeding 20%, with three maintaining this growth into Q1 2025: Wancheng Group, Youyou Foods, and Yanjinpuzi [12][11] - The growth in the snack sector is attributed to channel innovations, particularly through snack wholesale channels and e-commerce platforms like Douyin [14][21] - Wancheng Group and Mingming Group are expanding their store numbers significantly, validating their business model [14][20] - Profitability in the snack sector is influenced by raw material costs, with Wancheng Group showing efficiency improvements [32][34] 2. Frozen Foods - The frozen food sector is gradually recovering, with leading companies like Lihai Foods and Anjifoods showing resilience [49][44] - Revenue performance in the frozen food sector aligns closely with the overall restaurant industry, with Lihai Foods demonstrating notable growth driven by its cream product line [49][44] - The report highlights that the small B channel and rice noodle products are under significant pressure due to market saturation and competition [50][51] - Profit margins are under pressure due to rising raw material costs and increased competition, although Lihai Foods has managed to improve its profitability through internal efficiency measures [54][57] 3. Restaurant Chains - The restaurant chain sector is experiencing a stabilization trend, with essential food brands like Babi Foods performing better than optional brands [65] - Despite growth in the number of stores, many companies still face revenue gaps compared to pre-pandemic levels, with Babi Foods and Guoquan showing positive revenue growth [65] - The report notes that cost control measures have led to improved profitability for some companies, while others continue to struggle with high expenses [65]