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千味央厨业绩变脸:传统油炸食品卖不动了? 费用激增拉低净利润
Xin Lang Zheng Quan· 2025-04-30 06:08
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].
千味央厨(001215):受竞争环境制约 经营阶段性承压
Xin Lang Cai Jing· 2025-04-29 02:38
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 ...