近日，安井食品发布投资者调研记录表。当中披露，关于公司董监高薪水问题，安井食品回复称，公司 近两年营收及净利润均实现了双增长，体现了公司的强韧的成长性，在行业内处于领先水平。面对竞争 日益激烈的市场环境，各位董监高都在努力工作，争取提升公司的经营业绩。公司首先从扩大规模和提 高市占率为首要目标，同时加强费用控制，从而努力提高公司效益和巩固公司的行业龙头地位。公司董 监高的薪酬参考了所处行业、所在地区的薪酬水平，并结合公司自身业绩水平，相关议案按法律程序均 履行监事会、薪酬与考核委员会、董事会及股东会等程序审议。 针对公司对鼎味泰的合作推进，安井食品表示，公司收购鼎味泰的股权交割正在按计划推进。后续与鼎 味泰的合计计划主要侧重在品类及渠道互补，公司将深度整合鼎味泰在高端鳕鱼糜制品领域、关东煮细 分品类的综合优势以及在冷冻烘焙赛道的产业布局；同时鼎味泰深耕沃尔玛、奥乐齐等精品商超渠道以 及便利店、关东煮现制场景的合作网络，其生产组织和运营与公司传统面向B端的模式不同，双方可在 大B定制和开放式小B的渠道推广、运营经验上相互借鉴。 此外，谈及海外市场布局，安井食品还称，未来公司出海将重点拓展东南亚主要国家及地区，通 ...

食品饮料行业：24 年报及 25 年一季报总 结：休闲食品仍有机会，乳制品迎来拐点 2025 年 7 月 7 日 看好/维持 食品饮料 行业报告 | 分析师 | 孟斯硕 电话：010-66554041 邮箱：mengssh@dxzq.net.cn | 执业证书编号：S1480520070004 | | --- | --- | --- | | 分析师 | 王洁婷 电话：021-25102900 邮箱：wangjt@dxzq.net.cn | 执业证书编号：S1480520070003 | 投资摘要： 食品饮料板块 2024 年营收同比+3.92%（较上年降 3.95pct），归母净利润同比+5.51%（较上年降 11.74pct）。2025Q1 营收 同比+2.54%，归母净利润同比+0.27%。估值变化，PE 回落至 20 倍附近（2021 年高点 60 倍）。行业弱复苏延续，结构性 机会主导。聚焦"品类创新+渠道效率"双优龙头，把握盈利修复与分化机遇。 投资要点： 1）白酒：宏观环境偏弱，禁酒令进一步抑制复苏 2025Q1 白酒板块营收增速降至 1.68%（利润+2.26%），行业整体增速趋缓。渠道库存压力 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next 6 to 10 months [7][13]. Core Insights - The company demonstrates strong product iteration capabilities in the cream sector, with new frozen baking products performing well in the Sam's Club channel. The introduction of a new national standard for cream in March 2025 is expected to benefit leading companies like the report's subject as the industry becomes more standardized [5][6]. - The company is diversifying its channels, successfully launching new products in the Sam's Club channel and exploring new retail scenarios in catering and tea drinks. It is also actively developing new channels such as supermarkets and snack wholesale [6]. - The company is effectively managing raw material price fluctuations and focusing on cost efficiency. It has implemented strategies to alleviate cost pressures through bulk purchasing and domestic substitution of key raw materials [6]. Financial Projections - Revenue forecasts for 2025 to 2027 are set at 44.66 billion, 50.49 billion, and 55.39 billion yuan, representing year-on-year growth rates of 16.45%, 13.05%, and 9.7% respectively. Net profit attributable to the parent company is projected to be 3.57 billion, 4.14 billion, and 4.61 billion yuan for the same period, with growth rates of 33.24%, 15.93%, and 11.3% respectively [7][9]. - The earnings per share (EPS) for the next three years are estimated at 2.11, 2.44, and 2.72 yuan, corresponding to price-to-earnings (P/E) ratios of 23, 20, and 18 times based on the current stock price [7][9].

事件：2025 年4 月28 日，立高食品发布2024 年年报及2025 一季报，2024 年实现营收38.35 亿元，同比 增长9.61%；实现归母净利润2.68 亿元，同比增长266.94%。25Q1 实现营收10.46 亿元，同比增长 14.13%；实现归母净利润0.88 亿元，同比增长15.11%。 公司不断丰富产品矩阵，奶油产品表现亮眼。2024 年冷冻烘焙/奶油/水果制品/酱料/其他烘焙原材料实 现收入21.33/10.58/1.66/2.25/2.26 亿元，同比-3.53%/+61.75%/-11.34%/-3.58%/20.66%。其中奶油产品表 现亮眼，2024 年度公司UHT 奶油产品线实现销售收入超5 亿元，带动奶油类产品营收同比增长超 60%，占比27.66%，同比增加8.93pct。25Q1 冷冻烘焙/烘焙食品同比增长12%/17%，占比60%/40%，其 中UHT 奶油产品及酱料类产品表现突出。 优化经销商体系初显成效，渠道多元化发展把握商超调改趋势。2024 年经销/直销/零售/其他渠道分别 实现收入22.22/15.86/0.09/0.18 亿元，同比+12.75%/+6.0 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 20% in stock price compared to the market benchmark within the next six months [5][18]. Core Insights - The company reported revenue of 3.835 billion yuan for 2024, reflecting a year-on-year growth of 10%, and a net profit of 268 million yuan, which is a significant increase of 267% compared to the previous year [2][6]. - The first quarter of 2025 showed a revenue of 1.046 billion yuan, up 14.13% year-on-year, with a net profit of 88 million yuan, marking a 15.11% increase [2][6]. - The company has successfully narrowed its expense ratios, leading to improved net profit margins of 6.99% for 2024 and 8.45% for Q1 2025, despite a slight decline in gross margins due to rising raw material costs [4][6]. Financial Performance Summary - For 2024, the company achieved revenues of 3.835 billion yuan, with a net profit of 268 million yuan, and an EPS of 1.58 yuan per share [6][11]. - The projected net profits for 2025 and 2026 are 356 million yuan and 420 million yuan respectively, with corresponding EPS of 2.10 yuan and 2.48 yuan [5][6]. - The company’s gross margin for 2024 was 31.47%, with a slight decrease to 29.99% in Q1 2025, while the overall expense ratio decreased significantly, enhancing profitability [4][6]. Product and Channel Performance - The company’s frozen baking segment showed a recovery with a revenue of 6.3 billion yuan in Q1 2025, up 12% year-on-year, while the cream segment grew by 17% [3][4]. - The distribution channels for 2024 included revenue contributions of 2.221 billion yuan from distribution, 1.580 billion yuan from direct sales, and 0.07 billion yuan from retail, with the distribution channel benefiting from increased sales of cream products [3][4]. Future Outlook - The company is expected to continue leveraging growth opportunities in the frozen baking sector and UHT cream business, with ongoing improvements in production efficiency and cost management strategies [4][5].

Investment Rating - The report maintains a "Buy" investment rating for the company [1][9]. Core Views - The company's operational trends are improving, leading to a release in profitability [1]. - The total revenue for 2024 reached 3.835 billion yuan, a year-on-year increase of 10%, while the net profit attributable to shareholders was 268 million yuan, up 267% year-on-year [4][9]. - The company is focusing on cost control and efficiency improvements, with a slight recovery in gross margin expected [5]. - New product launches in supermarkets are performing well, particularly in the cream category, which is expected to continue driving growth [6][8]. - The company is adjusting its distribution channels to capitalize on new opportunities in supermarkets [7][8]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 3.835 billion yuan, with a net profit of 268 million yuan, reflecting significant growth [4][11]. - For Q1 2025, total revenue was 1.046 billion yuan, a 14% increase year-on-year, with a net profit of 88 million yuan, up 15% [4]. Profitability Metrics - The gross margin for 2024 and Q1 2025 was 31.47% and 29.99%, respectively, with slight fluctuations due to changes in product mix and raw material costs [5]. - The net profit margin for 2024 was 6.87%, while for Q1 2025, it was 8.20% [5]. Revenue Breakdown - Revenue from frozen baking products in 2024 was 2.133 billion yuan, a decrease of 4%, while cream revenue increased by 62% to 1.058 billion yuan [6]. - The company plans to expand its cream product matrix and optimize profitability through domestic raw material substitution [6]. Channel Strategy - Revenue from distribution channels in 2024 was 2.221 billion yuan, a 13% increase, driven by cream product sales [7]. - The company is actively exploring new channel clients and adjusting its supermarket strategies to enhance growth opportunities [8]. Earnings Forecast - The company expects EPS of 1.97, 2.31, and 2.75 yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 19, 16, and 14 times [9][11].

Investment Rating - The report maintains a "Buy" investment rating for the company [1][8] Core Views - The company's operational trends are improving, leading to a release in profitability [1] - In 2024, total revenue reached 3.835 billion yuan, a year-on-year increase of 10%, while net profit attributable to shareholders was 268 million yuan, up 267% [4][8] - The company is focusing on cost control and efficiency improvements, with a slight recovery in gross margin expected [5][8] Financial Performance - In Q4 2024, total revenue was 1.118 billion yuan, a 22% year-on-year increase, and net profit was 65 million yuan, compared to a loss of 85 million yuan in Q4 2023 [4] - For Q1 2025, total revenue was 1.046 billion yuan, a 14% year-on-year increase, with net profit of 88 million yuan, up 15% [4] - The gross margin for 2024 and Q1 2025 was 31.47% and 29.99%, respectively, reflecting changes in channel and product structure [5] Product and Channel Strategy - The company is expanding its product matrix in the cream category, with significant growth in UHT cream products [6][8] - Revenue from the cream segment in 2024 was 1.058 billion yuan, a 62% increase year-on-year [6] - The company is actively exploring new channel opportunities and has seen good sales performance from new products launched in supermarkets [7] Profit Forecast - The company is expected to see continued profit recovery, with EPS projected at 1.97 yuan for 2025, 2.31 yuan for 2026, and 2.75 yuan for 2027 [8][10] - The current stock price corresponds to a PE ratio of 19 for 2025, 16 for 2026, and 14 for 2027 [8]

证券研究报告：食品饮料|行业周报 发布时间：2025-04-14 行业投资评级 强于大市|维持 | 行业基本情况 | | | --- | --- | | 收盘点位 | 18005.21 | | 52 周最高 | 20128.95 | | 52 周最低 | 14118.56 | 行业相对指数表现 2024-04 2024-06 2024-09 2024-11 2025-01 2025-04 -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 食品饮料 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:张子健 SAC 登记编号:S1340524050001 Email:zhangzijian@cnpsec.com 分析师:杨逸文 SAC 登记编号:S1340522120002 Email:yangyiwen@cnpsec.com 近期研究报告 《茶姬股份（CHA.O）: 聚焦单品提效 率，同店表现优异》 - 2025.04.02 食品饮料行业报告 （2025 ...