资料来源：聚源，中邮证券研究所 公司基本情况 证券研究报告：食品饮料 | 公司点评报告 股票投资评级 增持|首次覆盖 个股表现 2024-06 2024-09 2024-11 2025-01 2025-04 2025-06 -16% -9% -2% 5% 12% 19% 26% 33% 40% 47% 三元股份 食品饮料 | 最新收盘价（元） | 4.37 | | --- | --- | | 总股本/流通股本（亿股）15.09 | / 14.98 | | 总市值/流通市值（亿元）66 | / 65 | | 52 周内最高/最低价 | 5.49 / 3.54 | | 资产负债率(%) | 42.7% | | 市盈率 | 121.39 | | 第一大股东 | 北京首农食品集团有限 | | 公司 | | 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 三元股份(600429) 短期需求承压，经营质量不断改善 l 投资要点 ...

Core Viewpoint - The company reported a decline in revenue and net profit for FY 2024, but showed significant improvement in non-recurring net profit, indicating a potential recovery path for FY 2025 [1][5]. Financial Performance - FY 2024 revenue was 7.012 billion yuan, down 10.7% year-on-year; net profit attributable to shareholders was 55 million yuan, down 77.4%; non-recurring net profit was 30 million yuan, up 934.2% [1]. - Q4 2024 revenue was 1.620 billion yuan, down 4.5% year-on-year; net profit attributable to shareholders was -49 million yuan, down 518.2%; non-recurring net profit was -41 million yuan, down 83.2% [1]. - Q1 2025 revenue was 1.647 billion yuan, down 19.5% year-on-year; net profit attributable to shareholders was 88 million yuan, up 20.9%; non-recurring net profit was 83 million yuan, up 22.6% [1]. Product Performance - In FY 2024, revenue from liquid milk, solid milk, ice cream, and others was 4.411 billion, 963 million, 1.499 billion yuan, respectively, with changes of -8.8%, +3.5%, and -11.7% year-on-year [2]. - Q4 2024 revenue from liquid milk, solid milk, ice cream, and others was 1.052 billion, 288 million, 218 million yuan, with changes of -12.9%, +31.9%, and -6.5% year-on-year [2]. - Q1 2025 revenue from liquid milk, solid milk, ice cream, and others was 1.024 billion, 213 million, 360 million yuan, with changes of -15.2%, -13.3%, and -35.9% year-on-year [2]. Sales Model - In FY 2024, revenue from direct sales, distributors, and others was 2.243 billion, 3.840 billion, and 790 million yuan, with changes of -18.4%, -5.8%, and -8.2% year-on-year [3]. - Q4 2024 revenue from direct sales, distributors, and others was 592 million, 919 million, and 471 million yuan, with changes of -26.0%, +38.7%, and -73.7% year-on-year [3]. - Q1 2025 revenue from direct sales, distributors, and others was 595 million, 792 million, and 209 million yuan, with changes of -7.2%, -31.7%, and -1.3% year-on-year [3]. Regional Performance - In FY 2024, revenue from Beijing and outside Beijing was 3.436 billion and 3.437 billion yuan, with changes of -28.8% and +20.2% year-on-year [3]. - Q4 2024 revenue from Beijing and outside Beijing was 766 million and 791 million yuan, with changes of -22.5% and +21.3% year-on-year [3]. - Q1 2025 revenue from Beijing and outside Beijing was 779 million and 818 million yuan, with changes of -40.3% and +15.5% year-on-year [3]. Strategic Initiatives - The company is expanding its "fresh" strategy from Beijing to key regions nationwide, with a reported sales increase of 341% for low-temperature products [4]. - The company is optimizing its product structure, reducing costs, and focusing on high-margin products, leading to a ninefold increase in non-recurring net profit [5]. - The company is implementing a "dairy+" strategy, expanding its product matrix and entering new markets such as tea and coffee [9]. Organizational Efficiency - The company has streamlined its organizational structure, reducing headquarters departments from 21 to 14 and cutting personnel by 46% to enhance management efficiency [8]. - The company is investing in digital transformation across core business areas to improve operational capabilities [8]. Investment Outlook - Revenue forecasts for 2025-2026 have been adjusted, with expected revenues of 7.19 billion and 7.35 billion yuan, and net profits of 860 million and 1.05 billion yuan for the same period [10].

Financial Performance - In 2024, the company reported a revenue of 7.012 billion yuan, a decrease of 10.73% year-on-year, primarily due to changes in market demand and the exclusion of Shifeng Livestock from the consolidation scope since May 2023 [2] - The net profit attributable to shareholders was 54.81 million yuan, down 77.44% year-on-year, largely due to the absence of one-time gains from the sale of Shifeng Livestock shares in 2023 [3] - The basic earnings per share decreased to 0.036 yuan, reflecting a 77.50% decline, consistent with the drop in net profit [5] Core Business Analysis - The net profit excluding non-recurring items was 29.82 million yuan, a significant decrease of 87.72% compared to 2023, indicating that while core business profitability improved, there is still substantial room for enhancement [4] - The adjusted basic earnings per share, excluding non-recurring items, increased to 0.020 yuan, marking a 900% growth from 0.002 yuan in 2023, suggesting a substantial improvement in core business profitability [6] Expense Analysis - Total expenses showed varied trends, with sales expenses decreasing by 4.67% to 1.21 billion yuan, management expenses down 14.58% to 267 million yuan, while financial expenses surged by 250.84% to 84.15 million yuan [7] - The increase in financial expenses was primarily due to reduced interest income from shareholder loans following the debt-to-equity swap with joint ventures [11] Cash Flow Analysis - The net cash flow from operating activities was 359 million yuan, an increase of 153.52% year-on-year, indicating improved operational efficiency [15] - The net cash flow from investing activities was -93.27 million yuan, reflecting a decrease of 122.98%, primarily due to capital contributions to joint ventures [16] - The net cash flow from financing activities was -538 million yuan, indicating potential pressure in fundraising and repayment plans [17] Market and Competitive Landscape - The company faces increased competition in the dairy industry as leading firms expand in regional markets and low-temperature dairy products, necessitating a focus on brand strength and product differentiation [18] - Fluctuations in raw material prices pose ongoing challenges, requiring the company to maintain flexible procurement strategies [19] R&D and Innovation - The company invested 119 million yuan in R&D, accounting for 1.69% of revenue, indicating a commitment to innovation despite a reduction in R&D spending [13] - The R&D team consists of 49 members, with a strong educational background, which is crucial for driving innovation [14]

2025 年第一季度经营数据公告 股票代码：600429 股票简称：三元股份 公告编号：2025-018 北京三元食品股份有限公司 3、按照地区分类情况 单位：万元 币种：人民币 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上海证券交易所上市公司自律监管指引第3号行业信息披露之第十四 号——食品制造》相关规定，现将北京三元食品股份有限公司（简称"公司"） 2025年第一季度主要经营数据公告如下： 一、2025年第一季度主要经营数据 1、按照产品类别分类情况 2、按照销售渠道分类情况 单位：万元 币种：人民币 | 渠道 | 年 2025 | 月主营业务收入 1-3 | | --- | --- | --- | | 直营 | | 59,464.06 | | 经销商 | | 79,249.26 | | 其他 | | 20,935.86 | | 合计 | | 159,649.18 | 单位：个 区域 报告期末经销商数量 2025 年 1-3 月增加数量 2025 年 1-3 月减少数量 北京地区 387 45 216 北京地区 ...

股票代码：600429 股票简称：三元股份 公告编号：2025-017 北京三元食品股份有限公司 2024 年年度经营数据公告 根据《上海证券交易所上市公司自律监管指引第3号行业信息披露之第十四 号——食品制造》相关规定，现将北京三元食品股份有限公司（简称"公司"） 2024年年度主要经营数据公告如下： 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、2024年年度主要经营数据 1、按照产品类别分类情况 单位：万元 币种：人民币 | 产品类别 | 2024 年 | 1-12 月主营业务收入 | | --- | --- | --- | | 液态奶 | | 441,066.08 | | 固态奶 | | 96,320.25 | | 冰淇淋及其他 | | 149,931.72 | | 合计 | | 687,318.05 | 特此公告。 北京三元食品股份有限公司董事会 2025 年 4 月 29 日 2 | 渠道 | 2024 年 | 1-12 月主营业务收入 | | --- | --- | --- | | 直营 | | 224,2 ...