丨证券研究报告丨 公司研究丨点评报告丨紫燕食品（603057.SH） [Table_Title] 紫燕食品 2025 年半报点评：主业环比好转，关 注海外供应链布局 报告要点 %% %% [Table_Summary] 公司 2025H1 营业总收入 14.73 亿元（同比-11.46%，下文皆为同比）；归母净利润 1.05 亿元 （-47.2%），扣非净利润 8262.17 万元（-49.28%）。2025Q2 营业总收入 9.09 亿元（-6.16%）； 归母净利润 8935.89 万元（-37.99%），扣非净利润 7761.89 万元（-37.49%）。 分析师及联系人 [Table_Author] 董思远 范晨昊 SAC：S0490517070016 SAC：S0490519100003 SFC：BQK487 请阅读最后评级说明和重要声明 %% %% research.95579.com 1 紫燕食品（603057.SH） cjzqdt11111 公司 2025H1 营业总收入 14.73 亿元（同比-11.46%，下文皆为同比）；归母净利润 1.05 亿元 （-47.2%），扣非净利润 8262. ...

为抓住发展契机，紫燕食品近年来高度重视创新研发能力。2025年2月，紫燕食品创新研究院完成战略 升级，明确"研销一体"中枢，实现研发与市场需求的精准对接。属地化创新方面，基于市场趋势与消费 者反馈，该研究院紧扣时令、消费习惯与区域特色，每月推出新品并覆盖全国网点，构建"佐餐为主、 休闲为辅"的美食生态圈。 8月23日，紫燕食品交出2025年上半年成绩单，实现营业收入14.73亿元，实现净利润1.05亿元。报告期 内，紫燕食品加大研发投入，以茶卤系列、荣昌卤鹅等新品拓宽产品矩阵，同时不断延伸卤味边界，在 国内以"大学城+大厂食堂"双场景精准切入年轻消费群体，在国外开启澳大利亚和北美市场多元布局， 为长远发展打开增长极。 持续加大研发投入 2025年半年报显示，紫燕食品现金流和成本控制能力有所提升。报告期内，公司经营活动产生的现金流 量净额2.03亿元，同比增长28.7%；营业成本为11.45亿元，同比下降8.46%。 成本的有效控制，得益于紫燕食品稳定的供应链能力。长期业务合作过程中，紫燕食品已与温氏股份、 新希望、中粮集团等一批大型供应商就整鸡、牛肉、鸭副产品等主要原材料建立了长期合作关系，针对 有特殊采购需 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [7] Core Views - The company is expected to achieve a revenue of 746 to 798 million yuan in the first half of 2025, representing a year-on-year increase of 40.9% to 50.8%. The net profit attributable to the parent company is projected to be between 105 to 112 million yuan, a year-on-year increase of 37.9% to 47.6%. The non-recurring net profit is expected to be between 89 to 97 million yuan, reflecting a year-on-year increase of 46.8% to 58.9% [2][5] - For the second quarter of 2025, the company anticipates revenue of 363 to 415 million yuan, a year-on-year increase of 42.7% to 63.2%. The net profit attributable to the parent company is expected to be between 55 to 62 million yuan, a year-on-year increase of 66.5% to 88.8%. The non-recurring net profit is projected to be between 46 to 53 million yuan, reflecting a year-on-year increase of 74.6% to 102.7% [2][5] Summary by Sections Revenue Growth - The company has seen significant revenue growth, particularly in the Sam's Club channel, with new product launches contributing to this increase. The company has introduced a new vegetarian snack and a sour soup chicken snack, with the latter achieving monthly sales of over 100,000 units, ranking in the top three for summer appetizers [11] Profit Margin Improvement - The improvement in profit margins is attributed to cost benefits and economies of scale. The wholesale prices of domestic white strip chicken have decreased year-on-year, and the prices of frozen duck products have also declined. The company expects to maintain stable profit margins in the second half of the year due to continued economies of scale [11] Earnings Forecast - The company forecasts net profits attributable to the parent company for 2025, 2026, and 2027 to be 230 million, 264 million, and 295 million yuan respectively. The earnings per share (EPS) are projected to be 0.54, 0.62, and 0.69 yuan, corresponding to price-to-earnings (PE) ratios of 25, 21, and 19 times at the current stock price [11]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company's total revenue for 2024 is projected at 3.363 billion yuan, a year-on-year decrease of 5.28%. The net profit attributable to shareholders is expected to be 346 million yuan, an increase of 4.5%, while the net profit excluding non-recurring items is estimated at 281 million yuan, up 1.28% [2][4]. - In Q4 2024, the total revenue is expected to be 676 million yuan, down 7.88%, with a net profit of -2.489 million yuan, indicating a reduction in losses, and a net profit excluding non-recurring items of -20.282 million yuan, showing an increase in losses [2][4]. - For Q1 2025, the total revenue is projected at 564 million yuan, a decline of 18.86%, with a net profit of 15.218 million yuan, down 71.8%, and a net profit excluding non-recurring items of 5.003 million yuan, down 87.09% [2][4]. Summary by Sections Financial Performance - The company’s revenue and profit are under pressure, with a significant decline in Q1 2025 compared to the previous year. The revenue for 2025 is expected to continue facing challenges due to store closures and external factors affecting consumer behavior [10]. - The company plans to establish a processing base in Nepal to mitigate cost fluctuations, investing up to 500 million yuan in its subsidiary [10]. - The company aims to maintain a high dividend policy, proposing a cash dividend of 5.2 yuan per 10 shares, with a total cash dividend of 340 million yuan for 2024, resulting in a payout ratio of 98.04% [10]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2025, 2026, and 2027 is 271 million yuan, 312 million yuan, and 364 million yuan respectively, with corresponding EPS of 0.65 yuan, 0.75 yuan, and 0.88 yuan. The price-to-earnings ratio is projected to be 35, 30, and 26 times respectively [10].

Core Viewpoint - The sales of "Couple's Lung Slice," a signature dish of Ziyan Food, are under pressure, with revenue contribution of 999.1 million yuan in 2024, a decrease of 108 million yuan from 2023, representing a year-on-year decline of 9.84% [1][4] Group 1: Financial Performance - Ziyan Food's operating revenue has been declining over the past two years, despite an overall increase in the number of stores [1] - The Q1 2025 report shows an operating revenue of 564 million yuan, a year-on-year decrease of 18.9%, and a net profit attributable to shareholders of 15.22 million yuan, down 71.8% year-on-year [3] - The company reported a net loss of 24.89 million yuan in Q4 2024 [3] Group 2: Product Performance - The sales volume of "Couple's Lung Slice" in 2024 was 9,694.6 tons, a decrease of 5.49% compared to the previous year, contributing to revenue of 999.1 million yuan, down 9.84% year-on-year [4] - In 2022 and 2023, the sales volume of this signature dish exceeded 10,000 tons, generating nearly 1.1 billion yuan in annual revenue [4] Group 3: Company Development and Projects - Ziyan Food, which was established in 1996 and went public in September 2022, initially had high expectations for future growth and planned multiple expansion projects [3][5] - Recent announcements indicate that several fundraising projects are progressing slowly, with some experiencing delays or adjustments [5] - The company has extended the timeline for the "Rongchang Food Production Base Phase II" project to April 2028, while also planning to use up to 470 million yuan of temporarily idle fundraising for cash management [5]