日辰股份 20251102 摘要 日辰股份三季度业绩受益于销售团队努力，营收和利润实现双位数增长， 但因去年同期期权激励取消导致的高基数，增速有所放缓。前三季度整 体保持收入和利润双位数增长。 爱贝棒自 2025 年 4 月并表，贡献收入但利润贡献有限，目前略亏损， 预计全年贡献小几百万净利润，收入预计在 4-5 千万量级。三季度贡献 收入 1,800 多万，扣除爱贝棒后，公司本体仍实现百分之十几增长。 公司主要客户渠道包括餐饮、食品加工和品牌定制。连锁餐饮端客户量 增长明显，部分归因于爱贝棒冷冻面团业务。头部龙头大客户订单强劲， 中小型连锁餐饮客户订单下滑。 食品加工端推出新品，如百胜鸡翅腌料和盒马酱料，市场需求强烈，对 销售有积极影响。 肯德基薄脆金沙鸡翅由公司提供，计划 11 月再次上架，并有望在 2026 年一季度成为长线产品。另有中式饭类大单品计划 2026 年一季度上新， 若成功上市将积极影响明年业绩。 嘉兴新厂预计 2026 年折旧增加 1,000 多万元，但将提升产能，公司更 关注通过扩大销售规模降低费用率，从而获得较好的净利润表现。 公司净利润率过去三四年维持在 16%-17%之间，目标是通 ...

Core Viewpoint - The company reported a solid performance in H1 2024, with revenue and net profit showing significant year-on-year growth, indicating effective market strategies and operational efficiency [1][4]. Financial Performance - In H1 2024, the company achieved revenue of 204 million yuan, up 8.63% year-on-year, and a net profit attributable to shareholders of 35 million yuan, up 22.64% year-on-year [1]. - For Q2 2024, revenue was 102 million yuan, reflecting a 6.85% increase year-on-year, while net profit attributable to shareholders was 18 million yuan, up 11.04% year-on-year [1]. Product and Market Development - The company experienced notable growth in its product categories, with sauce and powder seasonings showing mixed results; sauce revenue decreased by 8.23%, while powder seasonings increased by 10.84% [2]. - The acquisition of Jiaxing Aibeibang Food Co., Ltd. in March 2024 expanded the company's frozen baking business, contributing 10.49 million yuan in revenue in Q2 [2]. - Revenue from various channels in Q2 2024 showed diverse performance, with the restaurant channel growing by 3.18% and direct supermarket sales surging by 897.62% [2]. Profitability and Cost Management - The gross profit margin for Q2 2024 was 37.35%, a slight decline of 0.71 percentage points, primarily due to the consolidation of lower-margin frozen dough business [3]. - The company reduced its overall expense ratios in H1 2024, with a total expense ratio decrease of 3.12 percentage points year-on-year, driven by a significant reduction in marketing expenses [3]. - The net profit margin for Q2 2024 was 17.19%, an increase of 0.65 percentage points year-on-year, indicating improved profitability [3]. Strategic Outlook - The company is strategically focusing on the baking sector, viewing it as a key growth area, and aims to leverage the high growth potential of the industry [3]. - The company plans to enhance its product offerings and customer base to sustain steady growth despite external market pressures [3]. Earnings Forecast - The company adjusted its profit forecasts, expecting net profits of 78 million, 93 million, and 108 million yuan for 2025-2027, representing year-on-year growth rates of 22%, 18%, and 17% respectively [4].

Summary of Conference Call for 日辰股份 Company Overview - The company is projected to achieve a revenue growth of 10%-15% for the year, despite facing pressures in certain channels [2][3] - The brand customization channel has shown strong performance with nearly 50% year-on-year growth, primarily benefiting from the expansion of major clients like Sam's Club [2][3] Key Insights - **Revenue Growth**: The company expects revenue growth to be between 10% and 15% for the year, with strong performance in brand customization channels but slower growth in food processing and chain restaurant channels [2][3] - **Quarterly Performance**: The second quarter may see a slowdown in growth, with baking business performing well while restaurant business remains relatively flat [2][6] - **Third Quarter Outlook**: The third quarter is expected to improve due to a low base from the previous year, although profit margins may be difficult to replicate due to last year's expense reversals [2][7] - **Cost Management**: Significant reduction in C-end expenses is anticipated for 2025, with no one-time sales expense provisions, but increased depreciation pressure from the new factory in Jiaxing [2][8] Industry Trends - **Restaurant Industry**: The overall restaurant industry is expected to remain weak in 2025, with consumers showing a preference for home cooking and healthier diets, leading to improved supermarket sales [5][13] - **Consumer Preferences**: There is a decline in demand for strong-flavored condiments, with a shift towards healthier, lighter flavors. The company has positioned itself in the market for Xiang-style spicy and barbecue seasonings [5][16] Client Performance - **Major Clients**: Large clients like Yum Brands have shown stable performance, with some clients experiencing growth rates of around 30%, while others have seen declines [4] - **Sales Channels**: The Sam's Club channel is projected to generate over 10 million in revenue in 2024 and reach 30 million in 2025, with new product launches planned [10][11] Production Capacity - **New Factory**: The Jiaxing factory is expected to gradually come online by the end of 2025, which will alleviate capacity constraints currently faced by the Qingdao factory [9][12] Product Development - **Baking Sector**: The baking industry is performing well, with stable demand as baking products are less likely to be made at home. The company has acquired Aibeibang and is managing the baking segment [14][15] - **New Product Launches**: New products are expected in the second half of the year, including collaborations with major clients, although the success of these products remains uncertain [16] Conclusion - The company is navigating a challenging market environment with strategic focus on brand customization and baking products while adapting to changing consumer preferences and managing production capacity effectively.