[Table_StockInfo] 2024 年 11 月 01 日 证券研究报告•2024 年三季报点评 买入 （维持） 当前价：12.97 元 香 飘 飘（603711）食品饮料 目标价：——元（6 个月） 基础数据 [Table_BaseData] 总股本(亿股) 4.11 流通 A 股(亿股) 4.11 52 周内股价区间(元) 10.26-19.43 总市值(亿元) 53.27 总资产(亿元) 48.93 每股净资产(元) 7.90 盈利预测与投资建议。预计公司 2024-2026年归母净利润分别为 3.1亿元、3.7 亿元、4.3亿元，EPS 分别为 0.75元、0.89元、1.05元，对应动态 PE 分别为 17 倍、15 倍、12 倍，维持"买入"评级。 风险提示：新品推广或不及预期；原材料价格大幅波动风险；食品安全风险。 相关研究 [Table_Report] 1. 香飘飘（603711）：利润端短期亏损，期 待渠道调整成效 (2024-08-29) 2. 香飘飘（603711）：股权激励目标顺利达 成，持续改善可期 (2024-04-25) 冲泡收入有所承压，果茶增速亮眼 [Table_S ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a revenue of 1.94 billion yuan for the first three quarters of 2024, a decrease of 2% year-on-year, while the net profit attributable to the parent company was 20 million yuan, an increase of 409% year-on-year [1] - The ready-to-drink segment showed a revenue increase of 7.9% year-on-year, primarily driven by growth in the Meco fruit tea brand [1] - The company is focusing on product innovation and channel expansion, with new product launches aimed at attracting younger consumers [1] Revenue and Profitability - For Q3 2024, the company achieved a revenue of 760 million yuan, down 6.1% year-on-year, with a net profit of 50 million yuan, a decrease of 0.6% year-on-year [1] - The gross margin for the first three quarters of 2024 was 34.6%, an increase of 2.4 percentage points year-on-year, attributed to cost reduction and stable raw material prices [1] - The company’s net profit margin for the first three quarters of 2024 was 0.9%, up 0.74 percentage points year-on-year [1] Segment Performance - The brewing segment generated 1.11 billion yuan in revenue for the first three quarters of 2024, down 8.3% year-on-year, mainly due to a cautious inventory approach from distributors [1] - The ready-to-drink segment's revenue for the first three quarters was 801 million yuan, with significant growth in specific channels such as campus and family packaging [1] - The company’s core markets, including East China, Southwest, and Central China, reported revenues of 800 million, 250 million, and 285 million yuan respectively, with East China showing a stable growth of 4.4% year-on-year [1] Future Outlook - The company is expected to enter a peak season for brewing products in Q4 2024, with anticipation of increased distributor stocking ahead of the early Chinese New Year in 2025 [1] - The company has introduced two new products aimed at health-conscious and younger demographics, which are expected to enhance revenue potential [1] - The forecast for the company's net profit for 2024 has been adjusted to 286 million yuan, reflecting a 9.5% downward revision from previous estimates [1][2]

证 2024 年 11 月 02 日 公 司 研 究 报 | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company has experienced a decline in its brewing business, but the upcoming winter brewing season is expected to reverse this trend, leading to a significant profit contribution in Q4 [1] - For the first three quarters of 2024, the company achieved a revenue of 1.94 billion yuan, a year-on-year decrease of 2.0%, while the net profit attributable to the parent company was 18 million yuan, a year-on-year increase of 409.0% [1] - The forecast for net profit attributable to the parent company for 2024-2026 is 330 million, 400 million, and 490 million yuan, representing year-on-year growth of 19.0%, 20.9%, and 22.0% respectively [1] Revenue Analysis - In Q3 2024, the company's revenue decreased by 6.1%, with the brewing segment generating 500 million yuan, down 14.9% year-on-year, due to weak external demand [2] - The ready-to-drink segment saw revenue growth of 17.8%, reaching 250 million yuan, driven by steady growth in products like Meco fruit juice tea and frozen lemon tea [2] - The company added a net of 76 distributors in Q3, with significant increases in the East China and Central China regions [2] Profitability Metrics - The gross margin for Q3 2024 was 40.9%, an increase of 2.4 percentage points year-on-year, attributed to a decrease in raw material and freight costs [3] - The selling expense ratio increased by 0.2 percentage points year-on-year, while the management expense ratio rose by 1.0 percentage points, mainly due to stock incentive costs [3] - The net profit margin for Q3 2024 improved by 0.3 percentage points year-on-year, despite a slight decline in net profit [3] Financial Forecasts - The company is projected to achieve revenues of 4.262 billion, 4.920 billion, and 5.674 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 17.6%, 15.4%, and 15.3% [4] - The net profit attributable to the parent company is expected to grow from 334 million yuan in 2024 to 403 million yuan in 2025 and 492 million yuan in 2026, with corresponding growth rates of 19.0%, 20.9%, and 22.0% [4] - The company's price-to-earnings ratio is projected to decrease from 16.0 in 2024 to 10.8 in 2026, indicating improving valuation metrics [4]

香飘飘（603711.SH）2024 年三季报点评 短期业绩承压，关注春节旺季备货 2024 年 10 月 31 日 [盈利预测与财务指标 Table_Forcast] ➢ 事件：公司发布 2024 年三季报，24Q1-Q3 实现营业收入 19.38 亿元，同 比-2.05%，归母净利润 0.18 亿元，同比+408.98%，扣非归母净利润-0.06 亿 元，同比减亏 0.34 亿元；24Q3 实现营业收入 7.59 亿元，同比-6.10%，归母净 利润 0.47 亿元，同比-0.62%，实现扣非归母净利润 0.37 亿元，同比-6.52%。 ➢ 即饮产品增长提速，冲泡类产品下滑加剧。分产品看，24Q3 冲泡类实现收 入 4.96 亿元，同比-14.9%，即饮类实现收入 2.54 亿元，同比+17.8%。冲泡产 品方面，2024 年上半年，公司持续推动对奶茶产品的创新升级，推进技术升级， 丰富产品储备。即饮方面，2024 年上半年，公司在原有"桃桃红柚""泰式青 柠""樱桃莓莓""红石榴白葡萄""荔枝百香""芒果芭乐" 等主要口味的基 础上，进一步丰富产品线，增加了"夏杏金萱"季节限定新口味，以满足消费者 对 ...

华福证券 原材料成本上涨风险，新产品推广不顺风险，食品安全问题等 司 香飘飘（603711.SH） 冲泡业务承压，饮料业务有序增长 事件：香飘飘发布 2024 年第三季度报告，公司 24 前三季度实现营业收入 19.38 亿元，同比-2.05%，实现归属于母公司股东的净利润 0.18 亿元，同比 +408.98%，实现扣非归母净利润-0.06 亿元。根据三季报，公司 24Q3 单季 度实现营收 7.59 亿元，同比-6.1%，归母净利润 0.47 亿元，同比-0.62%， 扣非归母净利润 0.37 亿元，同比-6.52%。 即饮业务调整收获成效，冲泡类业务有所承压 1） 24 年前三季度，公司实现冲泡类饮品收入 11.1 亿元，同比 -8.27%，占比为 58.07%；公司即饮类产品定位进行重新梳理，即饮类 产品增长较好，实现即饮类产品收入 8.01 亿元，对比去年同期增长 7.89%，占比对比去年同期提升 3.89pct 至 41.93%。24Q3 单季度来看， 公司实现冲泡类产品收入 4.96 亿元，同比-14.88%，占比为 66.11%； 实现即饮类产品收入 2.54 亿元，对比去年同期增长 17.8 ...

Financial Performance - The company's revenue for Q3 2024 was ¥758,800,874.52, representing a decrease of 6.10% compared to the same period last year[2] - The net profit attributable to shareholders for Q3 2024 was ¥47,233,642.00, a slight decrease of 0.62% year-over-year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥37,397,935.33, down 6.52% from the previous year[2] - The basic earnings per share for Q3 2024 was ¥0.11, reflecting a decrease of 8.33% compared to the same period last year[4] - The diluted earnings per share for Q3 2024 was also ¥0.11, with a similar decrease of 8.33% year-over-year[4] - Total operating revenue for the first three quarters of 2024 was CNY 1,938,145,993.32, a decrease of 2.03% compared to CNY 1,978,629,254.68 in the same period of 2023[17] - Net profit for the first three quarters of 2024 was CNY 17,538,141.35, compared to a net profit of CNY 3,197,728.98 in the same period of 2023, indicating a significant improvement[17] - The company's gross profit margin for the first three quarters of 2024 was approximately 3.9%, compared to a negative margin in the same period of 2023[17] - The total comprehensive income for the first three quarters of 2024 was CNY 17,538,141.35, compared to CNY 3,197,728.98 in 2023, reflecting overall improved performance[18] Assets and Liabilities - Total assets at the end of Q3 2024 were ¥4,892,531,449.52, down 6.55% from the end of the previous year[4] - The equity attributable to shareholders was ¥3,245,673,471.21, a decrease of 3.10% compared to the end of the previous year[4] - As of September 30, 2024, the total current assets amounted to approximately CNY 2.94 billion, a decrease of 10.1% from CNY 3.28 billion at the end of 2023[13] - Total liabilities decreased to approximately CNY 1.56 billion, down 12.7% from CNY 1.79 billion[14] - The company's total assets decreased to approximately CNY 4.89 billion, down 6.6% from CNY 5.24 billion[14] - The total liabilities decreased to CNY 1,647,185,685.58 in 2024 from CNY 1,884,041,669.72 in 2023, showing improved financial health[17] Cash Flow - The net cash flow from operating activities for the first nine months of 2024 was CNY 31,696,340.90, a significant improvement compared to a net outflow of CNY 14,884,427.84 in the same period of 2023[20] - Total cash inflow from operating activities decreased to CNY 2,319,390,404.51 from CNY 2,407,226,865.95 year-on-year, reflecting a decline of approximately 3.66%[20] - Cash outflow from operating activities also decreased to CNY 2,287,694,063.61 from CNY 2,422,111,293.79, marking a reduction of about 5.56%[20] - The net cash flow from investing activities improved to CNY 4,531,304.47 from a net outflow of CNY 121,932,368.69 in the previous year, indicating a positive turnaround[21] - Cash inflow from investing activities increased to CNY 320,654,473.99 compared to CNY 288,499,775.22 in the same period last year, showing a growth of approximately 11.4%[21] - Cash outflow from investing activities decreased to CNY 316,123,169.52 from CNY 410,432,143.91, a reduction of about 22.9%[21] - The net cash flow from financing activities showed a decline to -CNY 220,973,473.12 from a positive CNY 11,535,741.91 in the previous year[21] - The total cash and cash equivalents at the end of the period stood at CNY 2,434,390,377.03, up from CNY 2,265,914,688.69 at the end of the same period last year[21] - The company reported a cash inflow of CNY 1,018,442,447.50 from financing activities, which was an increase from CNY 684,502,368.07 in the previous year[21] Shareholder Information - The company’s total shareholders as of the reporting period were 14,190, with the largest shareholder holding 50.44% of the shares[10] - The equity attributable to shareholders of the parent company was CNY 3,245,673,471.21, down from CNY 3,349,392,231.51 in 2023[17] Research and Development - Research and development expenses increased to CNY 30,702,209.51 in 2024, up from CNY 23,949,887.57 in 2023, reflecting a focus on innovation[17] Taxation - The company reported a tax expense of CNY -11,360,570.74 for the first three quarters of 2024, compared to CNY -25,243,525.51 in 2023, indicating a reduction in tax liabilities[17] Accounting Standards - The company has not adopted new accounting standards or interpretations that would affect the financial statements for the year[22]

证券代码：603711 证券简称：香飘飘 公告编号：2024-031 香飘飘食品股份有限公司 2024 年前三季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上海证券交易所上市公司自律监管指引第 3 号行业信息披露：第十 二号--酒制造》的相关规定，现将香飘飘食品股份有限公司（以下简称"公司"） 2024 年前三季度主要经营数据（未经审计）公告如下： 一、 公司 2024 年前三季度主要经营情况 1、按产品档次分类情况： 单位：元 币种：人民币 | 产品分类 | 2024 | 年 | 1-9 | 月 | 2023 年 月 | 1-9 | 增减变动幅度 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 销售收入 | | | | 销售收入 | | | （%） | | 冲泡类 | 1,109,787,098.93 | | | | 1,209,855,876.72 | | | -8.27 | | 即饮类 | 801,328,153 ...

证券代码：603711 证券简称：香飘飘 公告编号：2024-032 香飘飘食品股份有限公司 本次业绩说明会以网络互动形式召开，公司将针对 2024 年第三季度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 会议召开时间：2024 年 12 月 02 日(星期一)下午 14:00-15:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 二、说明会召开的时间、地点 （一）会议召开时间：2024 年 12 月 02 日(星期一)下午 14:00-15:00 关于召开 2024 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 投资者可于 2024 年 11 月 25 日(星期一)至 11 月 29 日(星期五)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 （ir@chinaxpp.com ...

证券代码：603711 证券简称：香飘飘 公告编号：2024-030 香飘飘食品股份有限公司 股票交易异常波动公告 ●公司于 2024 年 10 月 23 日披露了《关于公司大股东表决权委托的提示性 公告》。公司控股股东、实际控制人蒋建琪先生与公司持股 5%以上大股东杨冬 云先生约定，杨冬云先生不可撤销地将其持有的 21,107,497 股公司股份委托蒋 建琪先生作为唯一、排他的代理人，由蒋建琪先生全权代表杨冬云先生在委托期 限内，按照法律法规和公司章程的规定行使委托股份所对应的提名权、提案权和 全部表决权。 ●除上述事项外，经公司自查，并向公司控股股东及实际控制人发函询证， 截至本公告披露日，确认不存在应披露而未披露的重大信息。 ●敬请广大投资者注意二级市场交易风险，理性决策，审慎投资。 一、股票交易异常波动的具体情况 公司股票交易于 2024 年 10 月 23 日、10 月 24 日、10 月 25 日连续三个交易 日内日收盘价格涨幅偏离值累计超过 20%，根据《上海证券交易所交易规则》的 有关规定，属于股票交易异常波动的情形。 二、公司关注并核实的相关情况 本公司董事会及全体董事保证本公告内容不存在任 ...