事件： 2024 年公司收入/ 归母净利润分别为71.31/8.49 亿元（ 同比+4.79%/+5.82%）；24Q4 公司收入/ 归母净利润分别为23.74/2.23 亿元（同比+1.99%/-24.79%）。25Q1 公司收入/归母净利润分别为 15.71/0.77 亿元（同比-13.76%/-67.88%）。 24 年主要产品稳健增长，坚果和其他产品贡献增量。24 年葵花子/坚果类/其他产品营收43.81/19.23/7.73 亿元，同比+2.60%/+9.74%/+8.04%。公司重点打造打手瓜子第一品牌，同时推出打手系列产品——打手 花生，通过不断进行产品优化，销售额快速增长。公司高端瓜子产品"葵珍"通过高端会员店、精品超市 等新渠道的拓展，销售额持续增长。坚果品类持续聚焦小黄袋每日坚果，推出全坚果产品；坚果礼产品 通过不断丰富产品矩阵，销售规模持续增长。 量贩等新渠道增速较快，传统渠道略有承压。24 年南方/北方/东方/电商/海外营收 22.66/13.43/21.21/7.79/5.69 亿元， 同比+3.88%/-3.25%/+9.47%/+8.86%/+10.28% ， 电商/ 海外占比提 ...

公司报告 | 年报点评报告 洽洽食品（002557） 证券研究报告 25Q1 业绩承压，静待后续改善 事件：2024 年公司收入/归母净利润分别为 71.31/8.49 亿元（同比 +4.79%/+5.82%）；24Q4 公司收入/归母净利润分别为 23.74/2.23 亿元（同 比+1.99%/-24.79%）。25Q1 公司收入/归母净利润分别为 15.71/0.77 亿元（同 比-13.76%/-67.88%）。 24 年主要产品稳健增长，坚果和其他产品贡献增量。24 年葵花子/坚果类 /其他产品营收 43.81/19.23/7.73 亿元，同比+2.60%/+9.74%/+8.04%。公司 重点打造打手瓜子第一品牌，同时推出打手系列产品——打手花生，通过 不断进行产品优化，销售额快速增长。公司高端瓜子产品"葵珍"通过高 端会员店、精品超市等新渠道的拓展，销售额持续增长。坚果品类持续聚 焦小黄袋每日坚果，推出全坚果产品；坚果礼产品通过不断丰富产品矩阵， 销售规模持续增长。 量贩等新渠道增速较快，传统渠道略有承压。24 年南方/北方/东方/电商/ 海外营收 22.66/13.43/21.21/7.79/5 ...

公司报告 | 年报点评报告 洽洽食品（002557） 证券研究报告 25Q1 业绩承压，静待后续改善 事件：2024 年公司收入/归母净利润分别为 71.31/8.49 亿元（同比 +4.79%/+5.82%）；24Q4 公司收入/归母净利润分别为 23.74/2.23 亿元（同 比+1.99%/-24.79%）。25Q1 公司收入/归母净利润分别为 15.71/0.77 亿元（同 比-13.76%/-67.88%）。 24 年主要产品稳健增长，坚果和其他产品贡献增量。24 年葵花子/坚果类 /其他产品营收 43.81/19.23/7.73 亿元，同比+2.60%/+9.74%/+8.04%。公司 重点打造打手瓜子第一品牌，同时推出打手系列产品——打手花生，通过 不断进行产品优化，销售额快速增长。公司高端瓜子产品"葵珍"通过高 端会员店、精品超市等新渠道的拓展，销售额持续增长。坚果品类持续聚 焦小黄袋每日坚果，推出全坚果产品；坚果礼产品通过不断丰富产品矩阵， 销售规模持续增长。 量贩等新渠道增速较快，传统渠道略有承压。24 年南方/北方/东方/电商/ 海外营收 22.66/13.43/21.21/7.79/5 ...

少年强则中国强，孩子的营养健康，关乎国家未来和民族健康。一直以来，洽洽除了通过为学子提供优 质坚果产品补充营养外，还致力于坚果营养的品类价值推广，通过营养科普、营养配餐、建设坚果希望 小屋等形式，持续关注学生营养健康。 十年寒窗磨一剑，今朝出鞘试锋芒。2025年高考日益临近，5月12日，洽洽再度携手河北衡水中学，举 行 "'洽'好青春 '果'敢前行"高考冲刺助力仪式，洽洽提供营养公益支持，把每一天的关怀，装进每一日 的小黄袋，助力高考学子发挥高能状态。 据了解，这是洽洽第三次为衡水中学师生送上关怀，用营养守护学子追梦之路。这份持续多年的温暖约 定，彰显国民品牌的责任担当，更助力无数学子以最佳状态迎接人生大考。 今年，洽洽也在公益活动中创新融入"逐光而行 为你助航"夜跑助力活动，充分契合今年"5·20"中国学生 营养日"吃动平衡 身心健康"的主题，鼓励学子在紧张备考中保持适度运动。这一创新举措不仅缓解学 生压力，更传递科学备考理念。正如洽洽代表在活动分享时所言，高考不仅是脑力的比拼，更是体能的 持久战。希望同学们在专注学习的同时，注重营养与运动的平衡，以最佳状态迎接挑战。 自2019年开始，洽洽便积极开展学生餐 ...

Investment Rating - The report maintains a "Recommended" rating for Qiaqia Foods [2][6]. Core Views - Qiaqia Foods is expected to achieve a revenue of 7.13 billion yuan in 2024, representing a year-on-year growth of 4.8%, with a net profit of 850 million yuan, up 5.8% year-on-year [3]. - The first quarter of 2025 saw a decline in revenue to 1.57 billion yuan, down 13.8% year-on-year, and a significant drop in net profit to 77.24 million yuan, down 67.9% year-on-year, primarily due to intensified competition and the timing of the Spring Festival [3][4]. - The company’s main products, sunflower seeds and nuts, showed modest growth, with revenues of 4.38 billion yuan and 1.92 billion yuan respectively in 2024, reflecting year-on-year increases of 2.6% and 9.7% [4]. Revenue and Profitability - The revenue from distribution and other channels was 5.67 billion yuan, down 1.4% year-on-year, while direct sales (including bulk snacks, e-commerce, and key accounts) reached 1.46 billion yuan, up 38.3% year-on-year [4]. - The gross margin for 2024 and Q1 2025 was 28.8% and 19.5% respectively, with a year-on-year increase of 2.0 percentage points for 2024 but a decrease of 11.0 percentage points for Q1 2025 [5]. - The net profit margin for 2024 and Q1 2025 was 11.9% and 4.9% respectively, with a year-on-year increase of 0.1 percentage points for 2024 but a decrease of 8.3 percentage points for Q1 2025 [5]. Financial Forecast - The forecast for net profit from 2025 to 2027 is 756 million yuan, 919 million yuan, and 990 million yuan respectively, with year-on-year growth rates of -10.97%, 21.50%, and 7.79% [6][7]. - Earnings per share (EPS) for the same period are projected to be 1.49 yuan, 1.81 yuan, and 1.95 yuan, with corresponding price-to-earnings (PE) ratios of 16, 13, and 12 [6][7]. Company Overview - Qiaqia Foods Co., Ltd. primarily produces nut snacks and baked leisure foods, with key products including Qiaqia red bag melon seeds and various nut mixes [8]. - In 2023, the company was recognized as one of the "Top 500 Asian Brands" with a brand value of 46.868 billion yuan [8]. Market Position - The company has expanded its international market presence, exporting to nearly 70 countries and regions, and is actively developing the Southeast Asian market [4]. - The company’s sales in the Eastern region and e-commerce channels have shown higher growth rates compared to overall company performance, indicating a strong market position [4].

Investment Rating - The report maintains a "Recommended" rating for Qiaqia Foods [2][6]. Core Views - Qiaqia Foods is expected to achieve a revenue of 7.13 billion yuan in 2024, representing a year-on-year growth of 4.8%, with a net profit of 850 million yuan, up 5.8% year-on-year [3]. - The first quarter of 2025 saw a decline in revenue to 1.57 billion yuan, down 13.8% year-on-year, and a net profit of 77.24 million yuan, down 67.9% year-on-year, primarily due to intensified competition and the timing of the Spring Festival [3][4]. - The company’s main products, sunflower seeds and nuts, showed modest growth, with revenues of 4.38 billion yuan and 1.92 billion yuan respectively in 2024, reflecting year-on-year increases of 2.6% and 9.7% [4]. - The gross margin for 2024 is projected at 28.8%, with a significant drop to 19.5% in Q1 2025, influenced by rising raw material costs and competitive pressures in the nut market [5][6]. Revenue and Profit Forecast - The forecast for net profit from 2025 to 2027 is 756 million yuan, 919 million yuan, and 990 million yuan respectively, with year-on-year growth rates of -10.97%, 21.50%, and 7.79% [6][7]. - Earnings per share (EPS) are expected to be 1.49 yuan, 1.81 yuan, and 1.95 yuan for the years 2025, 2026, and 2027 respectively [6][7]. Financial Performance - In 2024, the company’s revenue is projected to be 7.13 billion yuan, with a growth rate of 4.79% compared to the previous year [7]. - The net profit margin for 2024 is estimated at 11.9%, while for Q1 2025, it is expected to drop to 4.9% [5][6]. Market Position and Strategy - Qiaqia Foods has been expanding its international market presence, exporting to nearly 70 countries and regions, with a focus on Southeast Asia and entry into the Costco channel in Canada [4]. - The company is actively managing its sales and administrative expenses in response to the revenue pressures experienced in Q1 2025 [5].

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