食用香精是食品用香精的简称，是一种能够赋予食品香味的混合物。它通过结合天然与合成香料，为食 品增添香味，呈现出天然风味的多种香型。无论是水果的清新、奶香的浓郁，还是肉类的醇厚、蔬菜的 鲜美，食用香精都能一一呈现。同时，它还广泛应用于各类食品中，如饮料、饼干、糕点、冷冻食品、 糖果、调味料、乳制品、罐头以及酒类等，提供多样风味。 食用香精是专门为食品加工而设计的，旨在为食品增添美好香气，而非改变食品的内在品质。因此，其 使用量需严格控制，以避免过量添加带来的不适。香精具有"自域性"，即需控制用量以避免影响口感， 过量使用会导致气味过于浓烈，影响食用体验。在食品中，食用香精的添加量通常在0.1%至0.6%之 间，这意味着即使食用大量含有香精的食品，人体摄入的香精量也远在安全范围内。 内容概要：随着现代生活水平的提高和生活节奏的加快，人们越来越喜爱食用快捷方便的加工食品，并 且希望食品香味要可口、香味要丰富多样，这些必须通过添加食用香精才能实现。因此，随着食品工业 的快速发展，食用香精的需求不断增加。同时，随着生物工程、纳米技术、AI调香等前沿科技的渗 透，食用香精产品的质量和稳定性得到提高，能够满足更多消费者的需 ...

今天， 大消费板块爆发，A股三大指数集体收涨 ，超3900只个股飘红。 截至收盘，上证指数涨0.42%，深证成指涨0.87%，创业板指涨1.11%。全市场成交额近1.18万亿元，较 上一交易日增加136亿元。 板块方面，美容护理、啤酒、铜缆高速连接、服装家纺等板块涨幅居前。 今天， 大消费板块集体爆发。美容护理、啤酒、饮料制造、烟草、旅游及酒店等板块涨幅靠前 。若羽 臣涨停，创历史新高；潮宏基、长白山等多股涨停。 | 板块统计 | | | | | | --- | --- | --- | --- | --- | | 実部 | 行业 | 概念 | 风格 | 地域 | | 9区间回顾 | | | 涨幅 ◆ 主力净流入 ◆ | 领涨股名称 ▶ | | 美容护理 | | 3.92% 18527.11万 水羊股份 | | | | 881182 | | | | | | 啤酒概念 | | 3.85% 27705.13万 品渥食品 | | | | 885780 | | | | | | 铜缆高速连接 | | | 2.90% 87602.05万 | 太辰光 | | 886073 | | | | | | 服装家纺 | | | 2.7 ...

Core Insights - The company reported a revenue of 3.048 billion yuan for 2024, a year-on-year decrease of 6.61% [1] - The net profit attributable to the parent company, excluding non-recurring items, was 672 million yuan, down 13.65% year-on-year [1] - In Q4 2024, the company achieved a revenue of 662 million yuan, a year-on-year decrease of 17.97% [1] - For Q1 2025, the revenue was 737 million yuan, a year-on-year decrease of 8.11%, while the net profit attributable to the parent company increased by 10.39% to 178 million yuan [1] Revenue Breakdown - The significant decline in revenue was primarily due to a decrease in the sales of pre-mixed drinks, which recorded a revenue of 2.677 billion yuan in 2024, down 7.17% year-on-year [2] - The revenue from food flavoring remained stable, reaching 337 million yuan, with a year-on-year increase of 6.3% [2] - As of 2024, pre-mixed drinks accounted for 87.83% of total sales, while food flavoring represented 11.04% [2] Sales Channel Performance - Offline sales saw a slight decline, while ready-to-drink and digital retail channels experienced significant drops of 43.58% and 30.75% respectively [3] - The number of distributors decreased by 4% to 2068 by the end of 2024, with a notable 16% reduction in the East China market [3] - The decline in sales was attributed to the closure of entertainment venues, impacting the ready-to-drink segment [3] Profitability Analysis - Despite a rise in gross margin, the net profit margin declined due to higher selling, general, and administrative expenses, which reached 35.45% in 2024, up 4.51 percentage points year-on-year [4] - In Q1 2025, the expense ratio decreased significantly, leading to a net profit margin increase of 3.68 percentage points [4] - The company is diversifying into the spirits business, with initial revenue generated in Q1 2025 [4] Spirits Business Development - The company aims to become a leader in the domestic whiskey industry, focusing on high-quality whiskey production [5] - The whiskey aging project is progressing as planned, with the capacity to manage 1 million oak barrels [5] - Two whiskey products were launched in 2024, and the spirits segment is expected to contribute to future growth [5] Earnings Forecast - Projected earnings per share for 2025, 2026, and 2027 are 0.78 yuan, 0.93 yuan, and 1.07 yuan respectively, with corresponding P/E ratios of 34.65, 29.13, and 25.28 [5]

[Table_Title] 证券研究报告 / 公司点评报告 预调酒短期承压，烈酒业务有望突破 事件： [Table_Summary] 公司于 2025 年 4 月 28 日发布 2024 年年度报告与 2025 年一季度报告。 2024 年实现营业收入 30.48 亿元，同比下降 6.61%；归母净利润 7.19 亿 元，同比下降 11.15%。2025 年一季度实现营业收入 7.37 亿元，同比下 降 8.11%；归母净利润 1.81 亿元，同比增长 7.03%，2025Q1 利润增长好 于收入增长。 点评： 2024 年经营承压。分产品来看，预调鸡尾酒业务 2024 全年实现营业收 入 26.77 亿元，同比下降 7.17%，产品结构上移叠加原材料成本下降，毛 利率同比提升 2.42%。食用香精业务全年实现营收 3.37 亿元，同比增长 6.30%，增长较为稳定，毛利率同比提升 1.48%。分区域来看，华东/华南 /华北/华西地区营收分别为 10.15/9.3/5.56/5.13 亿元，分别同比- 6.84%/0.41%/-7.29%/-12.37%，华西地区下滑较为明显。受产品生命周期 影响，鸡尾酒产品 ...

公司发布2024 年度报告，24 年实现收入/归母净利润/扣非归母净利润30.5/7.2/6.7 亿元，同 比-6.6%/-11.2%/-13.6%，强爽销售承压，清爽增速显著。 结构改善叠加成本红利带动毛利率提升，围绕重点产品加大市场推广力度。 结构改善叠加成本红利带动毛利率提升，围绕重点产品加大市场推广力度。 2024 年公司毛利率69.7%，同比+3.0pcts，受益成本下行，其中食用香精毛利率69.1%，同比+1.5pcts， 预调鸡尾酒毛利率70.0%，同比+2.4pcts。24年销售费用率/管理费用率分别同比+2.9/+0.8pcts，其中广宣 活动投入4.0 亿元，同比+11.7%，围绕重点产品加大市场推广。2024 年公司实现归母净利率23.6%，同 比-1.2pcts。 25Q1 预调鸡尾酒业务环比企稳，威士忌新品开始铺货。25Q1 收入/归母净利润/扣非归母净利润 7.4/1.8/1.8 亿元，同比-8.1%/+7.0%/+10.4%，预调鸡尾酒业务环比企稳，威士忌新品开始铺货，百利得 （22、66）投放至今销售好于预期，产能仍在爬坡，阶段性供不应求。2025Q1 公司毛利率69.7%，同 ...

证券研究报告 | 公司点评报告 2025 年 04 月 30 日 百润股份（002568.SZ） 预调酒企稳，威士忌扬帆起航 消费品/食品饮料 公司发布 2024 年度报告，24 年实现收入/归母净利润/扣非归母净利润 30.5/7.2/6.7 亿元，同比-6.6%/-11.2%/-13.6%，强爽销售承压，清爽增速显著。 结构改善叠加成本红利带动毛利率提升，围绕重点产品加大市场推广力度。 25Q1 预调鸡尾酒业务环比企稳，威士忌新品开始铺货。预计 25-27 年 EPS 为 0.78、0.89、1.03 元，当前股价对应 25 年 34 倍 PE，上调至"强烈推荐"评 级。 ❑ 风险提示：新品推广不及预期，行业竞争阶段性加剧，原材料成本上涨。 强烈推荐（上调） 目标估值： 当前股价：26.33 元 基础数据 | 总股本（百万股） | 1049 | | --- | --- | | 已上市流通股（百万股） | 718 | | 总市值（十亿元） | 27.6 | | 流通市值（十亿元） | 18.9 | | 每股净资产（MRQ） | 4.6 | | ROE（TTM） | 15.0 | | 资产负债率 | 41.2 ...

2025 年 4 月 30 日 公司研究 预调鸡尾酒需求仍较疲软，威士忌业务有望提供新增长动能 ——百润股份（002568.SZ）2024 年年报及 2025 年一季报点评 增持（维持） 当前价：26.33 元 作者 分析师：陈彦彤 执业证书编号：S0930518070002 021-52523689 chenyt@ebscn.com 分析师：汪航宇 执业证书编号：S0930523070002 021-52523174 wanghangyu@ebscn.com 分析师：聂博雅 执业证书编号：S0930522030003 021-52523808 nieboya@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 10.49 | | 总市值(亿元)： | 276.30 | | 一年最低/最高(元)： | 15.00/31.70 | | 近 3 月换手率： | 55.04% | 股价相对走势 -25% -7% 11% 29% 47% 04/24 07/24 10/24 01/25 百润股份 沪深300 | 收益表现 | | | | | --- | --- | --- | ...

增持（维持） 2025 年 4 月 30 日 公司研究 预调鸡尾酒需求仍较疲软，威士忌业务有望提供新增长动能 ——百润股份（002568.SZ）2024 年年报及 2025 年一季报点评 当前价：26.33 元 作者 分析师：陈彦彤 执业证书编号：S0930518070002 021-52523689 chenyt@ebscn.com 分析师：汪航宇 执业证书编号：S0930523070002 021-52523174 wanghangyu@ebscn.com 分析师：聂博雅 执业证书编号：S0930522030003 021-52523808 nieboya@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 10.49 | | 总市值(亿元)： | 276.30 | | 一年最低/最高(元)： | 15.00/31.70 | | 近 3 月换手率： | 55.04% | 股价相对走势 -25% -7% 11% 29% 47% 04/24 07/24 10/24 01/25 百润股份 沪深300 | 收益表现 | | | | | --- | --- | --- | ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 30.00 RMB [7][8]. Core Views - The report highlights strong Q1 profits and anticipates growth driven by whiskey products, despite challenges in the ready-to-drink cocktail segment [1][4]. - The company is expected to benefit from cost reductions and improved gross margins, with a focus on expanding its whiskey product line to drive future growth [3][4]. Summary by Sections Financial Performance - For 2024, the company expects revenue, net profit attributable to the parent, and net profit excluding non-recurring items to be 3.05 billion, 720 million, and 670 million RMB, respectively, representing year-on-year declines of 6.6%, 11.2%, and 13.6% [1]. - In Q4 2024, revenue was 660 million RMB, with a net profit of 140 million RMB, showing a year-on-year decline of 18.0% in revenue but a slight increase of 0.5% in net profit [1]. - Q1 2025 results show revenue of 740 million RMB, with net profit attributable to the parent at 180 million RMB, reflecting a year-on-year decline of 8.1% in revenue but an increase of 7.0% in net profit [1][2]. Product and Market Analysis - The ready-to-drink cocktail segment faced pressure, with revenues declining by 7.2% to 2.68 billion RMB in 2024, while the edible flavor segment grew by 6.3% to 340 million RMB [2]. - The company is focusing on expanding its whiskey offerings, with new products launched in Q1 2025, which are expected to contribute positively to revenue [1][2]. Cost and Profitability - The gross margin for 2024 was 69.7%, an increase of 3.0 percentage points year-on-year, driven by lower packaging costs and a higher proportion of high-margin flavor business [3]. - The net profit margin for Q1 2025 improved by 3.5 percentage points year-on-year, attributed to cost benefits and a reduction in sales and management expenses [3]. Earnings Forecast - The earnings per share (EPS) forecast for 2025 and 2026 is 0.75 RMB and 0.82 RMB, respectively, with a new forecast for 2027 at 0.95 RMB [4][6]. - The report anticipates a recovery in the ready-to-drink cocktail business driven by consumer demand, while the whiskey segment is expected to provide additional growth opportunities [4].

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Insights - The company's performance in Q1 2025 met expectations, with a focus on the future sales performance of its whiskey products [7] - The pre-mixed beverage business is under pressure, while the whiskey business is in its early stages and requires monitoring for future sales [7] - The company has a strong brand advantage in the pre-mixed beverage industry and has made significant progress in its product matrix since 2022 [7] Financial Data and Earnings Forecast - Total revenue for 2024 was 3,048 million, a decrease of 6.6% year-on-year, while net profit attributable to the parent company was 719 million, down 11.2% [6][7] - For Q1 2025, total revenue was 737 million, a decline of 8.1% year-on-year, but net profit attributable to the parent company increased by 7.0% to 181 million [7] - The company forecasts net profits of 809 million, 910 million, and 1,022 million for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 12.6%, 12.4%, and 12.3% [7][6] - The gross profit margin for 2024 was 69.67%, an increase of 2.97 percentage points year-on-year, primarily due to a decrease in raw material prices [7] Business Performance - The pre-mixed beverage and flavoring business generated revenues of 2,677 million and 337 million respectively in 2024, with year-on-year changes of -7.17% and +6.3% [7] - The whiskey business began contributing revenue in Q1 2025, with the launch of "Bailide" blended whiskey [7] - The company is optimistic about the future growth of its whiskey business, contingent on successful sales operations and positive dealer order intentions [7]