Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown resilience in its direct sales channels and is focusing on new product development and channel expansion [7][8] - The company experienced a decline in revenue and net profit in FY24, but there are signs of recovery in Q1 FY25 with a slight revenue increase [2][3] - The company is actively investing in R&D and expanding its product lines, particularly in baked goods and frozen prepared dishes, to meet customer demand [7][12] Financial Performance Summary - In FY24, the company achieved revenue of 1.868 billion, a year-on-year decrease of 1.71%, and a net profit of 84 million, down 37.67% [2][10] - The revenue for Q4 FY24 was 504 million, reflecting an 11.93% decline year-on-year, while Q1 FY25 saw revenue of 470 million, a 1.5% increase year-on-year [2] - The gross margin for FY24 was 23.66%, showing a slight decline compared to previous periods, primarily due to price adjustments in staple and snack products [4][6] Expense and Profitability Analysis - The company faced increased selling and administrative expenses, with the selling expense ratio rising significantly in Q1 FY25 due to heightened online promotion efforts [5] - The net profit margin for FY24 was 4.48%, which has been under pressure due to declining gross margins and increased expenses [6] Future Outlook - The company plans to explore C-end business opportunities and diversify sales channels, including e-commerce and traditional retail [12] - There is an expectation of improved performance as the restaurant market recovers and the company's expansion efforts take effect [8] - Revenue forecasts for FY25 and FY26 have been adjusted to 2.030 billion and 2.231 billion, respectively, with EPS estimates revised to 0.97 and 1.07 [9][10]

丨证券研究报告丨 联合研究丨公司点评丨千味央厨（001215.SZ） [Table_Title] 千味央厨 2024 年报&2025 年一季报点评：经营 短期承压，关注新客户及新渠道拓展 报告要点 [Table_Summary] 公司 2024 年营业总收入 18.68 亿元（同比-1.71%，下文皆为同比），归母净利润 8369.29 万 元（-37.67%），扣非净利润 8284.8 万元（-32.57%）。2024Q4 营业总收入 5.04 亿元（-11.93%）， 归母净利润 213.83 万元（-94.65%），扣非净利润 144.68 万元（-96.42%）。2025Q1 营业总收 入 4.70 亿元（+1.5%），归母净利润 2144.45 万元（-37.98%），扣非净利润 2097.64 万元（- 37.71%）。 分析师及联系人 [Table_Author] 董思远 赵刚 范晨昊 SAC：S0490517070016 SAC：S0490517020001 SAC：S0490519100003 SFC：BQK487 SFC：BUX176 请阅读最后评级说明和重要声明 %% %% %% %% ...

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]

24 年营收/归母净利18.7/0.8 亿，同比-1.7%/-37.7%；24Q4 营收/归母净利5.0/0.02 亿，同 比-11.9%/-94.7%；25Q1 营收/归母净利4.7/0.2 亿，同比+1.5%/-38.0%，利润低预期（我们前瞻预计25Q1 归母净利同比-12%）。 24 年经销/直营渠道营收同比-6.0%/+4.3%，主要系受经济形势变化及餐饮市场竞争结构变化的影响，公 司经销渠道收入同比有所下滑，直营渠道收入增速也有所放缓。速冻食品行业整体需求平淡，短期行业 价格竞争激烈，公司阶段性折扣促销力度加大，并加大对大经销商的扶持力度，渠道库存健康度逐步改 善，24 年公司归母净利率同比-2.6pct，25Q1 同比-2.9pct。期待政策加码的背景下餐饮需求回暖，公司 后续经营有望改善，维持"买入"。 考虑外部消费环境整体平淡，公司经营阶段性承压，我们下调盈利预测，预计25-26 年EPS 0.91/1.05 元 （较前值-29%/-30%），引入27 年EPS 1.14元，考虑公司25 年仍处于调整期，我们以26 年PE 为依据给 予目标价，参考可比公司26 年平均PE 28x（Wind ...

4月25日晚间，千味央厨（001215）发布2024年度报告，得益于"大客户+经销商"经营战略及预制菜赛道 布局，在激烈的市场竞争中公司取得了营收规模保持稳健，预制菜赛道爆发增长的不易成绩。公司全年 实现营业收入18.68亿元，实现净利润8369.29万元，其中直营模式销售额同比增长4.34%，大客户数量 同比增加8.81%。冷冻调理菜肴类及其他产品实现了大幅增长，增幅273.39%。 作为国内速冻食品B端供应链核心供应商，千味央厨抓住餐饮连锁化率提升机遇，2024年冷冻调理菜肴 类及其他产品收入1.42亿元，同比增长273.39%，成为增速最快的品类。该品类通过优化选品、加大研 发，在团餐、宴席等场景快速放量，契合餐饮企业降本增效需求。同期，传统优势品类中，蒸煮类产品 收入3.93亿元，同比增长5.41%，其中咸包等产品受益于子公司味宝食品并表效应及市场拓展，维持稳 健增长；烘焙甜品类收入3.65亿元，与去年持平，蛋挞类、丹麦类产品在商超现制烘焙场景渗透加深。 公司坚持"大客户+经销商"双轮驱动，2024年直营模式收入8.09亿元，同比增长4.34%，占总收入 43.29%。截至年末，大客户数量（合并关联方 ...

证券代码： 001215 证券简称：千味央厨 郑州千味央厨食品股份有限公司 投资者活动记录表 编号：2025-001 答：2024 年，公司直营渠道实现销售收入 8.09 亿元，占公 司营业收入的 43.50%，同比增加 4.34%。公司在 2024 年加大了 研发和销售力度，在服务好餐饮大客户的同时，积极把握传统商 超增加自有品牌建设及定制化产品的零售市场机会，为直营销售 收入贡献了力量。 公司经销渠道销售收入 10.51 亿元，占公司营业收入的 56.50%，同比下降 6.04%。面对市场竞争的压力，公司采取了积 极的应对措施，通过增加销售人员赋能经销商客户；不断推出新 品协助经销商为终端客户制定选品解决方案；帮助经销商建立管 理体系，降低运营成本等，协助经销商创建线下线上全渠道拓客 体系。 问题 3、公司新零售渠道的业务合作情况如何？ 答：2024 年，在餐饮行业增长缓慢和公司业绩承压的情况 下，公司根据市场环境，积极创新思路、更新服务理念，建立了 服务新零售渠道的专业团队，包括研发、生产及销售团队，与盒 马、沃尔玛及其他 KA 卖场等积极合作。2025 年公司将快速推 进与新零售渠道的合作，积极地开拓 ...