2024 年度业绩说明会投资者活动记录表 编号：2025-002 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 答：2025 年的经营发展规划：（1）公司将持续在烘焙甜品 和冷冻调理菜肴类增加研发、生产资源、客户拓展方面的投入， 响应客户速效创新的需求；丰富产品线，拓展销售渠道。（2） 公司将稳步探索 C 端业务，利用自身的研发优势，紧跟线上电商 业务及线下商超会员店、折扣店及传统商超调改等销售多元化的 行业趋势，开发出具有一定差异化和竞争力的产品，通过新型销 售渠道给公司业绩增长贡献更多力量。（3）公司将通过加强内 部各经营环节的管理，全链条提升运营效率；严格把控原材料采 购、生产、仓储物流、管理各项成本。主营聚焦餐饮市场，拓展 新零售渠道。（4）公司将加强品牌建设，提升客户服务质量， 以保证公司的健康、稳定、高质量发展。 问题 5、我看公司还有闲置产能啊？为什么去年还有 20000 吨委托加工？今年委托加工量会转为自主生产吗？ 答：公司的生产模式主要包括公司自主生产、委托加工和外 采三种类型，公司核心产品大部分属于自主生产，部分工艺成熟、 生产成熟的产品由公司委托加工，对于个 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][7]. Core Views - The company faced short-term pressure with a revenue of 1.868 billion yuan in 2024, a year-on-year decrease of 1.71%, and a net profit attributable to shareholders of 84 million yuan, down 37.67% year-on-year [3][7]. - New channels are highlighted as a growth driver, with direct sales revenue increasing by 4.34% to 809 million yuan, while distribution channel revenue decreased by 6.04% to 1.051 billion yuan [4]. - The company is expanding its customer base, with the number of major clients increasing by 8.81% to 173, while the number of distributors rose by 26.74% to 1,953 [4]. Revenue and Profitability - The company’s revenue from fried products decreased by 11.87% to 767 million yuan, while revenue from steamed products grew by 5.41% to 393 million yuan, driven by increased demand for prepared dishes [5]. - The gross margin for 2024 was 23.66%, a slight decrease of 0.04 percentage points year-on-year, and the selling expense ratio increased by 0.72 percentage points to 5.40% due to heightened competition [6]. Financial Forecasts - The company’s net profit forecasts for 2025, 2026, and 2027 are projected to be 93 million yuan, 104 million yuan, and 113 million yuan, respectively, with corresponding EPS of 0.95, 1.07, and 1.16 yuan [7][13]. - The current stock price corresponds to PE ratios of 28, 25, and 23 for the years 2025, 2026, and 2027 [7].

Investment Rating - The report maintains a "Recommended" rating for the company [2][7]. Core Views - The company experienced a revenue decline of 1.71% year-on-year in 2024, with total revenue reaching 1.868 billion yuan. The net profit attributable to shareholders decreased by 37.67% to 84 million yuan [3]. - The company is facing short-term pressure, but new channels are seen as a bright spot for growth [4][7]. - The company has expanded its customer base, increasing the number of major clients to 173, which is an 8.81% year-on-year increase [4]. Revenue and Profitability - In 2024, the company's revenue from direct sales was 809 million yuan, up 4.34% year-on-year, while revenue from distribution channels fell by 6.04% to 1.051 billion yuan [4]. - The company’s gross margin for 2024 was 23.66%, a slight decrease of 0.04 percentage points year-on-year [6]. - The company’s sales expense ratio increased by 0.72 percentage points to 5.40% due to intensified competition and increased marketing efforts [6]. Product Performance - Revenue from fried products decreased by 11.87% to 767 million yuan, while revenue from steamed products grew by 5.41% to 393 million yuan, driven by strong demand for prepared foods [5]. - The company’s revenue from prepared dishes and other products increased by 21.84% to 360 million yuan, indicating a growing market for prepared foods [5]. Future Earnings Forecast - The company’s net profit is projected to be 93 million yuan in 2025, 104 million yuan in 2026, and 113 million yuan in 2027, with corresponding earnings per share (EPS) of 0.95, 1.07, and 1.16 yuan respectively [7][13].