2024 年 05 月 05 日 良品铺子(603719.SH) 转型调整在途，静待成效释放 | --- | --- | --- | --- | |------------|-------------|-------|--------| | | | | | | 资料来源： | Wind 资讯 | | | | 升幅 % | 1M | 3M | 12M | | 相对收益 | -11.4 | -17.8 | -44.6 | | 绝对收益 | -9.5 | -6.7 | -55.1 | | | 赵国防 | | 分析师 | SAC 执业证书编号：S1450521120008 级势能向上 公司快报/良品铺子 投资建议： 本报告版权属于国投证券股份有限公司，各项声明请参见报告尾页。 3 公司评级体系 事件： 23Q4 公司营收同比-16.02%，24Q1 营收同比+2.79%，预计与春节备货 周期波动相关。2023 年公司营收同比-14.76%，主因电商受行业及平 台变化的影响，营收同比-32.58%。线下业务方面，公司实施精细化 开发管理，优化门店结构，科学把握门店规模，全年门店净增 67 家 至 3293 家，其中加大 ...

请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 程丽丽，金融学硕士，毕业于厦门大学王亚南经济研究院，3 年食品饮料研究经验。覆盖休闲食品和连锁 业态（深度研究绝味食品、周黑鸭、煌上煌、洽洽食品、盐津铺子、甘源食品、劲仔食品等），深度研究 零食量贩业态。 王雪骄，康奈尔大学管理学硕士，华盛顿大学经济学+国际关系双学士，覆盖啤酒（深度研究华润啤酒、 青岛啤酒、重庆啤酒）、水、饮料行业。 分析师声明 本报告是基于信达证券认为可靠的已公开信息编制，但信达证券不保证所载信息的准确性和完整性。本报告所载的意见、评估及预 测仅为本报告最初出具日的观点和判断，本报告所指的证券或投资标的的价格、价值及投资收入可能会出现不同程度的波动，涉及 证券或投资标的的历史表现不应作为日后表现的保证。在不同时期，或因使用不同假设和标准，采用不同观点和分析方法，致使信 达证券发出与本报告所载意见、评估及预测不一致的研究报告，对此信达证券可不发出特别通知。 | --- | --- | --- | |-------------------------------------------------------- ...

证券简称：良品铺子 证券代码：603719 良品铺子股份有限公司 投资者关系活动记录表 编号：2024-002 特定对象调研 □分析师会议 投资者 □媒体采访 □业绩说明会 关系 □新闻发布会 □路演活动 活动类别 □现场参观 □一对一沟通 ☑电话会议 参与单位 60家机构77名参与人员（详见附件《与会人员清单》） 及人员 时间 2024年4月30日 董事长兼总经理杨银芬；副总经理、董事会秘书兼财务负责人徐 接待人员 然等 投资者关系活动主要内容 公司就经营情况、主要经营举措等内容做了介绍。 主要互动问答部分 1、公司在线下门店的经营举措 ...

业绩承压，静待改善 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|--------------------------------------------------------------------------|---------------------------|----- ...

Investment Rating - The report maintains a "Buy" rating for the company [7][13]. Core Views - The company reported a decline in revenue and net profit for 2023, with total revenue of 8.046 billion yuan, down 14.76% year-on-year, and a net profit of 180 million yuan, down 46.26% year-on-year [4]. - The first quarter of 2024 showed signs of recovery with a revenue increase of 2.79% year-on-year, reaching 2.451 billion yuan, although net profit decreased by 57.98% year-on-year [4][12]. - The company is undergoing product structure adjustments which have impacted gross margins, but there are expectations for improved profitability in 2024 due to online channel reforms and enhanced management [5][13]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 8.046 billion yuan, with a net profit of 180 million yuan and a significant drop in net profit margin to 2.24% [4][5]. - For Q4 2023, revenue was 2.046 billion yuan, with a net loss of 11 million yuan [4]. - Q1 2024 saw revenue of 2.451 billion yuan, with a net profit of 62 million yuan, indicating a recovery from the previous quarter [4][12]. Profitability Metrics - The gross margin for 2023 was 27.75%, with a decline in Q4 to 25.43% and a slight recovery to 26.43% in Q1 2024 [5]. - The net profit margin for Q1 2024 was 2.55%, showing a recovery from a negative margin in Q4 2023 [5]. Revenue Breakdown - In Q1 2024, online revenue was 1.286 billion yuan, up 6.65% year-on-year, while offline revenue was 1.459 billion yuan, up 0.28% year-on-year [12]. - The company faced challenges in its offline business, with a net decrease of 140 stores in Q1 2024 [12]. Future Outlook - The company has adjusted its profit forecasts for 2024 and 2025, now expecting net profits of 287 million yuan and 317 million yuan respectively, reflecting a downward revision of 25.58% and 26.53% [13]. - The report emphasizes that ongoing adjustments in the business model are expected to benefit long-term growth, maintaining a "Buy" rating [13].

证券研究报告 ＃industryId＃ 休闲零食 ＃investSuggestion＃ | --- | --- | |----------------------------|-----------| | | | | ＃市场数据 marketData ＃ | | | 日期 | 2024-4-26 | | 收盘价（元） | 14.71 | | 总股本（百万股） | 401.00 | | 流通股本（百万股） | 401.00 | | 净资产（百万元） | 2,553.77 | | 总资产（百万元） | 4,833.03 | | 每股净资产（元） | 6.37 | ＃relatedReport＃ ＃分析师： emailAuthor＃ 林佳雯 linjiawen95@xyzq.com.cn S0190522070009 公 司 研 究 ＃ investSug gestionCh ange＃ 维持 ） 汪润 投资要点 ＃⚫summary 事件：＃公司公告 2023 年年报及 2024 年一季报，2023 年公司实现收入/归母净利润/扣非归母净利润 80.46/1.80/0.65 亿元，同比-14.76%/-46.26% ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [21] Core Views - The company reported a revenue of 8.05 billion yuan in 2023, a year-on-year decrease of 14.8%, and a net profit attributable to shareholders of 180 million yuan, down 46.3% year-on-year. In Q1 2024, revenue rebounded to 2.45 billion yuan, up 2.8% year-on-year, while net profit attributable to shareholders was 60 million yuan, down 58.0% year-on-year. The decline in 2023 was primarily due to a significant drop in e-commerce revenue as traffic shifted to content e-commerce platforms. However, Q1 2024 saw rapid growth in group buying business due to channel expansion and marketing efforts during the New Year festival, leading to a recovery in revenue growth. Despite this, profit margins were pressured due to price reductions [23][24]. Financial Summary - The company's revenue is projected to recover to 8.575 billion yuan in 2024, with a year-on-year growth of 6.6%. The net profit attributable to shareholders is expected to be 186 million yuan, reflecting a slight increase of 3.4% [25]. - The company's gross margin is forecasted to be 26.5% in 2024, with a net margin of 2.2% [25]. - Earnings per share (EPS) are projected to be 0.46 yuan in 2024, with corresponding price-to-earnings (P/E) ratios of 31.6, 26.7, and 22.8 for 2024, 2025, and 2026 respectively [23][25]. Business Performance - The company has optimized its multi-channel layout, enhancing e-commerce, direct retail, and group buying operations. E-commerce revenue grew by 6.7% to 1.29 billion yuan in Q1 2024, while direct retail revenue increased by 10.2% to 640 million yuan. The group buying business saw a significant increase of 57.3% to 180 million yuan during the same period [24].

请阅读最后一页重要免责声明 3 证券研究报告 ▌ 食品饮料组介绍 孙山山：经济学硕士，6 年食品饮料卖方研究经验，全面覆盖食品饮料行业， 聚焦饮料子板块，深度研究白酒行业等。曾就职于国信证券、新时代证券、国 海证券，于 2021 年 11 月加盟华鑫证券研究所担任食品饮料首席分析师，负责 食品饮料行业研究工作。获得 2021 年东方财富百强分析师食品饮料行业第一 名、2021 年第九届东方财富行业最佳分析师食品饮料组第一名和 2021 年金麒 麟新锐分析师称号。注重研究行业和个股基本面，寻求中长期个股机会，擅长 把握中短期潜力个股；勤于思考白酒板块，对苏酒有深入市场的思考和深刻见 解。 肖燕南：湖南大学金融硕士，于 2023 年 6 月加入华鑫证券研究所，研究方向 是次高端等白酒和软饮料板块。 廖望州：香港中文大学硕士，CFA，3 年食品饮料行业研究经验，覆盖啤酒、卤 味、徽酒领域。 ▌ 证券分析师承诺 本报告署名分析师具有中国证券业协会授予的证券投资咨询执业资格并注册为 证券分析师，以勤勉的职业态度，独立、客观地出具本报告。本报告清晰准确 地反映了本人的研究观点。本人不曾因，不因，也将不会因本报告中的具体推 ...

民生证券研究院： 门店业态持续调整，短期业绩承压 2024 年 04 月 27 日 ➢ 产品调价毛利下降，收入规模下滑费效有所降低。23 年实现毛利率 27.75%， 同比+0.18pcts；23Q4 起公司调整产品价格，集中在成本优化但不影响品质以 及复购率高的零食上，23Q4 毛利率同比-0.43pcts 至 25.43%，24Q1 毛利率同 比-2.74pcts 至 26.43%。费用端，23 年销售/管理/研发/财务费用率分别 19.55%/5.55%/0.54%/-0.14%，同比+0.94/+0.47/+0.01/+0.24pcts，费用率 有所提升预计系收入下滑费效略有下降。23 年实现扣非净利率 0.81%，同比- 1.4pcts；24Q1 实现扣非净利率 2.24%，同比-2.25pcts。 推荐 维持评级 当前价格： 14.71 元 [盈利预测与财务指标 Table_Forcast] ➢ 坚持实施"好货不贵"价格策略，门店业务持续调整。分渠道：23 年电商/ 加盟/直营零售/团购业务收入分别 31.67/24.0/18.94/4.90 亿元，同比- 32.58%/-6.67%/+21.69 ...

Revenue and Profit Performance - Revenue for the first quarter was RMB 2,451,351,507.26, an increase of 2.79% year-over-year[4] - Operating revenue increased slightly to RMB 2,451,351,507.26 in Q1 2024 from RMB 2,384,725,480.36 in Q1 2023, showing modest revenue growth[20] - Total revenue for Q1 2024 was 2,368,755,116.19, an increase from 2,240,425,729.45 in the previous period[21] - Net profit attributable to shareholders of the listed company was RMB 62,482,768.52, a decrease of 57.98% year-over-year[4] - Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was RMB 54,882,483.47, a decrease of 48.69% year-over-year[4] - Net profit attributable to parent company shareholders was 62,482,768.52, down from 148,689,677.18 in the previous period[22] - Operating profit for Q1 2024 was 89,119,584.98, a decrease from 200,205,319.89 in the previous period[21] - The decrease in net profit was mainly due to price adjustments on some products, leading to a decline in gross margin, and the timing of government subsidies[5] Cash Flow and Liquidity - Net cash flow from operating activities was RMB -54,482,792.43, a decrease of 118.00% year-over-year[4] - The decrease in net cash flow from operating activities was mainly due to the timing of the Spring Festival sales, which resulted in lower sales collections compared to the same period last year[5] - Cash and cash equivalents decreased to RMB 1,522,061,680.09 in Q1 2024 from RMB 1,971,423,858.49 at the end of 2023, reflecting a decrease in liquidity[15] - Cash outflow from investment activities was 31,836,674.37, a significant decrease from 91,000,145.80 in the previous period[24] - Cash outflow from financing activities was 317,435,522.49, more than double the previous period's 159,418,931.00[24] - Net cash flow from financing activities was -317,435,522.49, compared to -121,840,474.10 in the previous period[24] - Cash and cash equivalents at the end of the period were 1,464,636,483.45, a decrease from 1,866,917,053.19 at the beginning of the period[24] - Cash received from sales of goods and services in Q1 2024 was 2,751,040,675.95, a decrease from 2,996,501,132.77 in Q1 2023[31] - Cash received from other operating activities in Q1 2024 was 23,444,718.91, down from 65,392,488.85 in Q1 2023[31] - Total operating cash inflow in Q1 2024 was 2,774,485,394.86, compared to 3,061,893,621.62 in Q1 2023[31] - Cash paid for goods and services in Q1 2024 increased to 1,994,870,557.43 from 1,823,861,069.42 in Q1 2023[31] - Net cash flow from operating activities in Q1 2024 was -54,482,792.43, a significant decline from 302,683,002.10 in Q1 2023[31] - Cash inflow from disposal of fixed assets in Q1 2024 was 1,474,419.55, up from 268,500.68 in Q1 2023[31] Earnings Per Share and Return on Equity - Basic earnings per share (EPS) was RMB 0.16, a decrease of 56.76% year-over-year[4] - Diluted earnings per share (EPS) was RMB 0.16, a decrease of 56.76% year-over-year[4] - Basic earnings per share for Q1 2024 were 0.16, compared to 0.37 in the previous period[22] - Weighted average return on equity (ROE) was 2.48%, a decrease of 3.53 percentage points year-over-year[4] Assets and Liabilities - Total assets decreased to RMB 4,833,028,230.50 in Q1 2024 from RMB 5,521,460,814.80 at the end of 2023, indicating a reduction in asset size[17] - Total assets decreased by 12.47% to 4,833,028,230.50 compared to the end of the previous year[27] - Cash and cash equivalents decreased to RMB 1,522,061,680.09 in Q1 2024 from RMB 1,971,423,858.49 at the end of 2023, reflecting a decrease in liquidity[15] - Accounts receivable increased to RMB 425,716,313.13 in Q1 2024 from RMB 381,088,219.90 at the end of 2023, showing a rise in receivables[15] - Inventory decreased to RMB 382,087,373.56 in Q1 2024 from RMB 641,178,154.21 at the end of 2023, indicating a significant reduction in stock levels[15] - Total liabilities decreased to RMB 2,281,359,466.65 in Q1 2024 from RMB 3,033,965,428.06 at the end of 2023, reflecting a reduction in debt[17] - Fixed assets decreased to RMB 638,043,669.88 in Q1 2024 from RMB 656,318,249.16 at the end of 2023, indicating a reduction in long-term investments[16] - Prepayments increased to RMB 97,024,019.76 in Q1 2024 from RMB 66,406,443.70 at the end of 2023, reflecting higher advance payments[15] - Other receivables increased slightly to RMB 131,390,630.42 in Q1 2024 from RMB 128,153,981.92 at the end of 2023, showing a minor rise in miscellaneous receivables[15] - Retained earnings increased to RMB 1,324,470,485.03 in Q1 2024 from RMB 1,261,987,716.51 at the end of 2023, indicating growth in accumulated profits[17] - Equity attributable to shareholders of the parent company increased by 2.59% to 2,553,766,779.61[27] Non-Recurring Items and Other Income/Expenses - Non-recurring loss from disposal of non-current assets amounted to -47,011.19[28] - Government subsidies recognized in current period totaled 9,490,302.55[28] - Impairment reversal of receivables separately tested for impairment was 2,253,543.87[28] - Other non-operating income and expenses resulted in a loss of -1,648,385.27[28] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 45,190[7]