证券研究报告 | 2025年08月27日 颐海国际（01579.HK） 优于大市 第三方销量表现稳健，海外渠道进展顺利 | 盈利预测和财务指标 | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | | 6,148 | 6,540 | 6,865 | 7,409 | 7,888 | | (+/-%) | | 0.0% | 6.4% | 5.0% | 7.9% | 6.5% | | 归母净利润(百万元) | | 853 | 739 | 773 | 859 | 935 | | (+/-%) | | 14.9% | -13.3% | 4.6% | 11.1% | 8.8% | | 每股收益（元） | | 0.82 | 0.71 | 0.75 | 0.83 | 0.90 | | EBIT | Margin | 19.4% | 16.9% | 17.8% | 18.2% | 18.4% | | 净资产收益率（ROE） | | 17.7% | 16.2% | 16.6% | 17 ...

证券研究报告 | 2025年08月27日 颐海国际（01579.HK） 优于大市 第三方销量表现稳健，海外渠道进展顺利 投资建议：由于消费环境仍然较弱，我们下调此前盈利预测，2025-2027 年 公司实现营业总收入 68.7/74.1/78.9 亿元（前预测值为 71.3/77.1/82.6 亿 元），同比 5.0%/7.9%/6.5%；2025-2027 年公司实现归母净利润 7.7/8.6/9.3 亿元（前预测值为 8.2/9.1/10.0 亿元），同比 4.6%/11.1%/8.8%；实现 EPS0.75/0.83/0.90 元；当前股价对应 PE 分别为 18.5/16.6/15.3 倍。维持 "优于大市"评级。 | 盈利预测和财务指标 | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | | 6,148 | 6,540 | 6,865 | 7,409 | 7,888 | | (+/-%) | | 0.0% | 6.4% | 5.0% | 7.9% | 6 ...

别增长2.1%、0.4%、131.8%。 机构：中泰证券 研究员：熊欣慰 事件：公司2025H1 实现主营收入29.27 亿元，同比持平；实现归母净利润3.10 亿元，同比增长0.4%。 第三方B 端和海外增长强劲，大单品表现良好。2025H1 第三方实现收入20.64 亿元，同比增长6.5%。 （1）分品类看：第三方火锅调料收入9.25 亿元，同比增长7.5%（量+13.3%、价-5.1%、毛利 率-2.9pct），主要受益于新的牛油火锅底料和新口味火锅蘸料推出；中式复调收入4.51 亿元，同比增长 4.8%（量+10.6%、价-5.3%、毛利率-0.1pct），主要受益于B 端客户需求增加；方便速食收入6.45 亿 元，同比增长3.5%（量+15.1%、价-10.1%、毛利率-0.9pct），主要受益于回家煮系列新品增加。（2） 从单品看：2025H1 牛油火锅底料增长20.5%至2.26 亿元，蘸料增长12.6%至1.86 亿元；鱼调料增长 15.1%至0.59 亿元，24 道菜系列增长17.5%至0.32 亿元；速食回家煮系列增加0.30 亿元至0.37 亿元。 （3）分渠道看：2025H1 第三方经 ...

海外+第三方 B 端高增，关联方表现承压 调味发酵品Ⅱ 执业证书编号：S0740519080002 Email：xiongxw@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 1,036.70 | | 流通股本(百万股) | 1,036.70 | | 市价(港元) | 14.78 | | 市值(百万港元) | 15,322.43 | | 流通市值(百万港 | 15,322.43 | | 元) | | 1、《第三方增长势能强劲，关联方期 待改善》2025-03-26 2、《颐海国际（1579.HK）_点评报告： 盈利》2024-08-28 颐海国际（01579.HK） 证券研究报告/公司点评报告 2025 年 08 月 26 日 公司点评报告 | 盈利预测表 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 资产负债表 | | | | 单位:百万元 | 利润表 | | | | 单位:百万元 | | 会计年度 | 2024A | 2025E | 2 ...

8 月 25 日公司发布半年报业绩，25H1 实现营收 29.27 亿元，同比 增长 0.02%；实现归母净利润 3.09 亿元，同比增长 0.39%，业绩 符合预期。 第三方边际改善，关联方高基数下承压，其他餐饮客户翻倍增长。 25H1 关联方/第三方/其他餐饮客户收入分别为 8.64/19.03/1.55 亿元，同比-12.68%/+1.95%/+131.75%。分产品来看，中式复调、 方便速食受益于新客户拓展，及新品或大单品渗透率提升，实现稳 步增长。火锅调料主要系关联方拖累下滑，25H1 火锅底料/中式复 调/方便速食销售额分别为 16.83/4.92/7.09 亿元，分别同比- 3.70%/+8.22%/+1.22%。从量价角度看，针对关联方上半年持续调 价，叠加其他 B 端客户拓展，价的维度均有承压，火锅底料/中式 复调/方便速食 25H1 单价分别同比-1.94%/-8.19%/-6.51%。 关联方调价仍有压力，内部结构变化积极对冲。25H1 年公司毛利 率/净利率分别为 29.55%/10.57%，同比-0.43pct/+0.04pct，整体 毛利率下滑系关联方客户降本增效传导压力，25H1 ...

Group 1 - The compound seasoning industry is expected to reach a revenue of 134.1 billion CNY in 2024, with a compound annual growth rate (CAGR) of 11% from 2019 to 2024 [16][21][29] - The hot pot base market is projected to maintain a growth rate of over 5% in the next five years, with a market size of approximately 600 billion CNY [33][35] - The Chinese compound seasoning sector is still in its growth phase, with significant opportunities for new product development, particularly in categories like sauerkraut fish and crayfish seasoning [41][43] Group 2 - In February, the food and beverage sector outperformed the market by 2.2 percentage points, with sub-sectors like liquor showing strong performance [12][20] - The valuation of the food and beverage sector is at historical lows, with the price-to-earnings (PE) ratio at the 12th percentile and the price-to-book (PB) ratio at the 23rd percentile since 2010 [12][24] - The net inflow of southbound funds in February reached 152.8 billion HKD, indicating strong interest in stocks like Qingdao Beer and COFCO Joycome [12][14] Group 3 - The liquor market is experiencing a recovery, with companies controlling inventory and maintaining prices, as seen with the price of Moutai at 2,210 CNY per bottle [17][32] - The sales of consumer goods improved in February, particularly in beer, dairy products, and frozen foods, while raw material prices showed mixed trends [18][19] - The overall retail sales in January and February 2025 are expected to grow by 4.0% year-on-year, indicating a positive trend in consumer spending [28][31] Group 4 - Investment recommendations include key players in the liquor sector such as Luzhou Laojiao, Jinshiyuan, and Shanxi Fenjiu, as well as consumer goods companies like Yanjing Beer and Tianwei Foods [10][12] - The report emphasizes the potential for new product launches in the compound seasoning market, driven by changing consumer preferences and the expansion of retail channels like Sam's Club [41][43] - The macroeconomic environment is improving, which is expected to boost consumer confidence and spending, further supporting the growth of the food and beverage sector [29][31]