问及目前公司的产品品类如何规划，味知香回复，公司的产品以往是小炒类居多，随着消费习惯的转变，公司产品品 类划分为小炒类、煎炸类、蒸煮类以及卤味类，逐渐推出现包、现拍系列，并且由冷冻食品向鲜品、熟食类发展。公 司会加强产品研发与创新，不断推陈出新，满足消费者日益多样化的需求。例如，推出健康、营养、低卡的产品等， 以适应当今的饮食需求。 （企业公告） 5月9日，味知香发布投资者关系活动记录表。当中披露，关于"传统菜市场客流下降，公司加盟店目前是怎么规划 的？"问题，味知香表示，由于目前消费方式的转变，很多消费者从线下购物转移至线上消费，导致了传统菜市场客 流量下降问题的出现，公司及时关注，并在 2024年开展了一系列的补救措施。一方面公司抓住门店升级的核心，帮助 加盟店店主对门店形象、产品成列、门店装修等进行改造升级，提升顾客的到店率和消费体验；另一方面搭载OTO渠 道，协助加盟店店主接入线上平台，形成"线上下单、附近门店派送"的模式，扩充销售半径，提升用户覆盖范围，进 而增强门店市场竞争力。 通过分析公司渠道数量波动现象，味知香另称，在加盟店渠道，2024年度，较多客户从积极的开店意愿转变为审慎的 观望态度。面 ...

2025 年 5 月 7 日 公司研究 短期业绩承压，25 年积极应对 ——千味央厨（001215.SZ）2024 年年报及 25 年一季报点评 要点 事件：千味央厨发布 2024 年年报与 2025 年一季报，公司 24 年实现总营收 18.68 亿元、同比下滑 1.71%，实现归母净利润 0.84 亿元、同比下滑 37.67%，扣非 归母净利润 0.83 亿元、同比下滑 32.57%，剔除股权激励费用影响，24 年归母 净利润 1 亿元、同比下滑 31.99%。25Q1 总营收 4.7 亿元、同比增加 1.5%，归 母净利润 0.21 亿元、同比下降 37.98%。 24 年传统产品收入有所承压，直营渠道保持稳健发展。1）产品端，24 年油炸 类/烘焙类/蒸煮类/菜肴类及其他产品收入分别为 7.67/3.40/3.93/3.60 亿元，同 比-11.87%/-4.28%/+5.41%/+21.84%，油炸类和烘焙类产品收入承压，主要受 部分老品生命周期影响、同时新品仍处于上市初期贡献有限，油条、芝麻球、春 卷、蛋挞皮等传统单品收入有所下滑。蒸煮类产品收入增长主要为咸包产品收入 贡献、以及子公司味宝食品并表 ...

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 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [1] Core Views - The company faced short-term operational pressure in 2024, with a focus on new products and new channel breakthroughs in 2025 to drive growth [4][7] - The revenue for 2024 was 1.868 billion yuan, with a net profit attributable to shareholders of 84 million yuan, reflecting a year-on-year decline of 31.99% [4][9] - The company is expected to achieve revenue growth in 2025 and 2026, with projected revenues of 1.970 billion yuan and 2.141 billion yuan respectively, representing year-on-year growth of 5.46% and 8.65% [9][11] Company Overview - The latest closing price is 25.92 yuan, with a total market capitalization of 2.5 billion yuan [3] - The company has a debt-to-asset ratio of 21.5% and a price-to-earnings ratio of 29.79 [3] Financial Performance - In 2024, the company reported a gross margin of 23.66% and a net margin of 4.48%, with an increase in market expenses impacting net profit [6] - The company’s revenue from various product categories showed mixed performance, with significant growth in frozen prepared dishes [5][7] - The first quarter of 2025 showed a revenue of 470 million yuan, with a net profit of 21 million yuan, indicating a year-on-year decline in net profit [4][9] Earnings Forecast - The earnings per share (EPS) for 2025 is projected to be 1.11 yuan, with corresponding price-to-earnings ratios of 23, 20, and 18 for the years 2025, 2026, and 2027 respectively [9][11] - The company aims to narrow overall expense ratios in 2025, which is expected to help restore net profit margins [8]

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].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [7][22]. Core Views - The company continues to face operational pressure, but is focusing on new product growth to drive recovery. Despite a slight decline in revenue for 2024, there is a positive outlook for 2025 as the company aims to enhance product structure and optimize channel efficiency [7][8]. - The company reported total revenue of 1.87 billion yuan for 2024, a year-on-year decrease of 1.7%, and a net profit of 0.08 billion yuan, down 37.7% year-on-year. In Q1 2025, revenue increased by 1.5% to 0.47 billion yuan, but net profit decreased by 38.0% [7][8]. Financial Summary - **2024 Financial Performance**: - Total revenue: 1,868 million yuan - Year-on-year growth: -1.7% - Net profit: 84 million yuan - Year-on-year growth: -37.7% - Gross margin: 23.7% [7][8]. - **2025 Financial Projections**: - Total revenue expected to reach 1,942 million yuan, with a growth rate of 4.0% - Net profit projected at 104 million yuan, with a growth rate of 23.7% - Earnings per share (EPS) forecasted at 1.07 yuan [7][11]. - **Long-term Projections**: - Revenue expected to grow to 2,137 million yuan in 2026 and 2,357 million yuan in 2027, with corresponding net profits of 124 million yuan and 144 million yuan [7][11]. Product and Market Insights - The core product lines are under pressure, with specific categories showing varied performance: fried products down 11.9%, baked goods down 4.3%, steamed products up 5.4%, and dishes up 21.8% [7]. - The company is focusing on expanding its frozen prepared dishes and baked goods segments, with significant investment in production resources and R&D to meet customer demand [7][8]. Valuation Metrics - The company’s price-to-earnings (P/E) ratio is projected to be 31 for 2024, decreasing to 25 in 2025, and further to 21 in 2026, indicating a positive trend in valuation as earnings improve [7][11]. - The target price is set at 28.9 yuan, corresponding to a P/E of 27 for 2025 [7][8].

4月25日晚间，千味央厨（001215）发布2024年度报告，得益于"大客户+经销商"经营战略及预制菜赛道 布局，在激烈的市场竞争中公司取得了营收规模保持稳健，预制菜赛道爆发增长的不易成绩。公司全年 实现营业收入18.68亿元，实现净利润8369.29万元，其中直营模式销售额同比增长4.34%，大客户数量 同比增加8.81%。冷冻调理菜肴类及其他产品实现了大幅增长，增幅273.39%。 作为国内速冻食品B端供应链核心供应商，千味央厨抓住餐饮连锁化率提升机遇，2024年冷冻调理菜肴 类及其他产品收入1.42亿元，同比增长273.39%，成为增速最快的品类。该品类通过优化选品、加大研 发，在团餐、宴席等场景快速放量，契合餐饮企业降本增效需求。同期，传统优势品类中，蒸煮类产品 收入3.93亿元，同比增长5.41%，其中咸包等产品受益于子公司味宝食品并表效应及市场拓展，维持稳 健增长；烘焙甜品类收入3.65亿元，与去年持平，蛋挞类、丹麦类产品在商超现制烘焙场景渗透加深。 公司坚持"大客户+经销商"双轮驱动，2024年直营模式收入8.09亿元，同比增长4.34%，占总收入 43.29%。截至年末，大客户数量（合并关联方 ...