Core Insights - The article discusses the transformation of Shaoxing Binhai New Area into a hub for agricultural modernization through effective investment and leveraging its geographical advantages, contributing to rural revitalization and economic growth [1][2][3]. Investment and Economic Growth - In 2024, the Binhai New Area achieved significant agricultural project investments totaling 903 million yuan, with an investment completion rate of 237%, and agricultural output surpassing 2.6 billion yuan, leading to a 10.4% increase in per capita income for low-income farmers [1]. - The Long Triangle International Agricultural Wholesale Center, with a total investment of 2.16 billion yuan, aims to become a key logistics hub for agricultural products in the Yangtze River Delta, with expected annual transactions exceeding 10 billion yuan [2]. - The Binhai New Area has seen the emergence of various major projects, including a 2 billion yuan investment in a biopharmaceutical production line and a project converting 180,000 tons of straw into organic substrates [2][3]. Technological Advancements - Digital technologies are reshaping agriculture in the Binhai New Area, with automated systems improving seedling survival rates from 80% to 95%, resulting in an average income increase of 15% for farmers [4]. - The use of data-driven approaches in farming has led to a 30% increase in efficiency in the production of yellow wine, showcasing the shift from traditional methods to smart agriculture [2][5]. Policy and Market Collaboration - The government is fostering a collaborative environment between public and private sectors, providing subsidies for storage, preservation, and processing projects, which has attracted significant social capital [3]. - A 10 billion yuan new momentum fund and land allocation strategies are being implemented to support agricultural projects and enhance local economic development [3]. Cultural and Community Integration - The Binhai New Area is integrating cultural heritage with modern agricultural practices, creating tourism opportunities that have significantly increased local income [6]. - Initiatives like "common prosperity workshops" are helping to create jobs and boost collective economic growth in rural areas, demonstrating a holistic approach to rural revitalization [6][7]. Future Goals - The Binhai New Area aims to establish a 10 billion yuan vegetable processing industry chain and create a national modern agricultural industrial park, focusing on cultivating over a thousand new farmers [7].

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 ...

然而，经销模式收入却出现下滑，同比下降6.04%。经销渠道主要面向中小餐饮企业，受市场竞争和消 费者追求性价比的影响，餐饮企业纷纷降价，导致公司经销收入承压。尽管公司通过增加销售人员、推 行全国大单品策略等措施积极应对，但经销渠道的恢复仍需时间。 核心产品收入下滑，预制菜成唯一亮点 千味央厨的主营业务是为餐饮企业提供定制化、标准化的预制半成品，产品主要分为油炸类、烘焙类、 蒸煮类和菜肴类四大类。2024年，油炸类和烘焙类产品收入均出现下滑，其中油炸类产品收入同比下降 11.87%，烘焙类产品收入也出现明显下降。核心单品如主食油条、芝麻球、春卷和蛋挞皮的销售收入 下滑，直接影响了整体业绩。 相比之下，蒸煮类产品收入有所上升，主要得益于咸包产品的增长以及子公司味宝食品的并表效应。菜 肴类及其他产品收入增幅显著，同比增长273.39%，成为公司业绩的唯一亮点。公司在预制菜领域通过 优化选品和加大新品研发，成功在市场上快速放量。 销售模式调整，直营与经销收入分化 成本与费用压力加大，净利润大幅缩水 2025年5月4日，千味央厨发布了2024年年报。报告显示，公司2024年实现营业收入18.68亿元，同比下 降1.71 ...

Core Viewpoint - The company, Qianwei Yangchu, has experienced a significant decline in net profit and revenue, marking a shift from previous high growth to substantial losses in 2024 [1][2]. Financial Performance - In 2024, the company reported a revenue of 1.868 billion yuan, a year-on-year decrease of 1.71%, with a first-quarter revenue increase of only 1.5% [1]. - The net profit attributable to shareholders plummeted by 37.67% in 2024, with a further decline of 37.98% in the first quarter [1]. - The stock price has been in a continuous decline since August 2023, currently at only 40% of its peak [1]. Business Segments - Traditional business lines have faced significant declines, with fried, baked, and steamed products experiencing growth rates of -11.87%, -4.28%, and 5.41% respectively in 2024, compared to over 20% growth in 2023 [2]. - The core revenue sources, such as staple food products, saw a decrease of 6.88%, while snack food revenue dropped by 13.79% [3]. - The frozen prepared dishes segment grew by 273.39%, but its revenue was only 142 million yuan, accounting for less than 8% of total revenue [3][5]. Cost Structure - The company increased sales and management expenses significantly, with sales expenses rising by 13.33% and management expenses by 12.56% in 2024 [3]. - The sales expense ratio increased by 0.72 percentage points to 5.4%, while the management expense ratio rose by 1.38 percentage points to 10.93% [3]. Market Dynamics - The competitive landscape in the frozen food sector is intensifying, with major players expanding capacity and smaller players adopting low-price strategies [5]. - The company has seen a rise in the number of major clients by 8.81% to 173, but sales from the top two clients decreased by 11% and 15% respectively, indicating growing dependency risks [2]. Future Outlook - The company has three ongoing projects, with a total designed capacity of 196,600 tons and an actual capacity of 123,800 tons, leading to a capacity utilization rate of only 63% due to declining sales [6]. - Fixed assets have increased by 65% to 1.045 billion yuan since 2022, while revenue has only grown by 25%, raising concerns about potential impairment risks if capacity cannot be utilized effectively [6].

事件：4 月26 日，千味央厨发布2024 年年报及2025 年一季报，2024 年实现营收18.68 亿元，同比减少 1.71%；实现归母净利润0.84 亿元，同比减少37.67%。25Q1 实现营收4.70 亿元，同比增长1.5%；实现 归母净利润0.21 亿元，同比减少37.98%。 盈利预测：公司持续深耕餐饮供应链，重视研发创新，为各类型客户提供专属化的产品解决方案和服 务。由于消费者对于餐饮消费整体趋于理性，以及对性价比追求愈发强烈，导致上游餐饮客户压力较 大。面对激烈的市场竞争，公司在优势渠道餐饮类B 端客户的基础上，结合KA 商超调改的行业趋势， 协助经销商扩充商超熟食区的产品销售，同时利用线上线下相互赋能的销售模式，辅以各类推广活动帮 助经销商动销。预计公司25-27年实现营业收入19.52/20.86/22.95 亿元，同比增长4.5%/6.87%/10%；实现 归母净利润0.88/0.96/1.08 亿元，同比增长5.48%/8.56%/12.75%。PE分别为29.8/27.45/24.35x，维持"推 荐"评级。 风险提示：宏观经济下行风险；终端库存消化不及预期；居民消费恢复不及预期； ...

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 ...

Core Viewpoint - Qianwei Yangchu, known as the "first stock of the catering supply chain" in A-shares, reported a decline in both revenue and net profit for the year, attributing the performance pressure to the competitive market environment [1][2]. Financial Performance - In 2024, Qianwei Yangchu achieved operating revenue of approximately 1.868 billion yuan, a year-on-year decrease of 1.71% [2]. - The net profit attributable to shareholders was about 84 million yuan, down 37.67% year-on-year [2]. - The net profit after deducting non-recurring gains and losses was approximately 83 million yuan, a decline of 32.57% year-on-year [2]. - Excluding the impact of stock incentives, the net profit attributable to shareholders was 100 million yuan, a decrease of 31.99% [2]. Product Revenue Breakdown - Revenue from fried products decreased by 11.87% to 766.88 million yuan [4]. - Revenue from baked goods fell by 4.28% to 340.07 million yuan [4]. - Revenue from steamed products increased by 5.41% to 392.80 million yuan [4]. - Revenue from dishes and others rose significantly by 21.84% to 359.65 million yuan [4]. - Overall, total revenue from main products was approximately 1.859 billion yuan, down 1.79% year-on-year [4]. Sales Channels and Strategies - The company primarily serves chain restaurants, group meals, hotels, banquets, and new retail brands with customized and standardized frozen products [9]. - In 2024, the revenue from the distribution channel was approximately 1.051 billion yuan, accounting for 56.50% of total revenue, with a year-on-year decline of 6.04% [12]. - Direct sales revenue was approximately 808.80 million yuan, with a year-on-year increase of 4.34% [10][11]. - The number of major clients increased by 8.81% to 173 by the end of 2024 [10]. Future Plans - In 2025, the company plans to increase investment in research and development, production resources, and customer expansion in the baking and frozen prepared dishes segments to meet customer demands for rapid innovation [1].