证 券 研 究 报 告 桃李面包（603866）2024 年半年报点评 推荐（维持） 盈利率先改善，经营更重质量 目标价：7 元 当前价：5.77 元 事项： 公司发布 2024 年半年报，24H1 实现营收 30.21 亿元，同比-5.79%；归母净利 润 2.9 亿元，同比-0.6%；扣非归母净利润 2.78 亿元，同比-1.19%。单 Q2 看， 实现营收 16.21 亿元，同比-6.33%；归母净利润 1.75 亿元，同比+14.24%；扣 非归母净利 1.69 亿元，同比+12.14%。此外，公司拟向全体股东每 10 股派发 现金红利 1.2 元（含税），24H1 公司现金分红比例为 66.21%。 评论： 收入降幅扩大，需求仍然承压。分产品看，单 Q2 主业面包实现收入 15.93 亿 元，同比下滑 6%，结构上预计中保产品占比约 30%。分区域看，华北/东北/华 东/华中/西南/西北/华南分别实现营收 3.70/6.31/5.31/0.55/1.95/1.13/1.16 亿元， 分别同比-8.41%/-11.02%/-3.05%/-4.03%/-2.53%/-4.12%/-18.03%，占比较高 ...

证券研究报告 | 公司点评报告 2024 年 08 月 13 日 | --- | --- | --- | --- | --- | --- | |-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------- ...

上 市 公 司 证 券 研 究 报 告 食品饮料 2024 年 08 月 12 日 桃李面包 (603866) ——收入表现承压 盈利能力修复 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 12 日 | | 收盘价（元） | 5.77 | | 一年内最高/最低（元） | 10.50/4.84 | | 市净率 息率（分红 / 股价） | 1.8 3.12 | | 流通 A 股市值（百万元） | 9,230 | | 上证指数 / 深证成指 | 2,858.20/8,373.47 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 3.18 | | 资产负债率 % | 27.85 | | 总股本/ ...

公司研究 2024.08.12 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------|-------------------------|----------|-----------------------------------------------------|--------------------------|------------------|----------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------ ...

上 市 公 司 证 券 研 究 报 告 食品饮料 2024 年 08 月 12 日 桃李面包 (603866) ——收入表现承压 盈利能力修复 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 12 日 | | 收盘价（元） | 5.77 | | 一年内最高/最低（元） | 10.50/4.84 | | 市净率 息率（分红/股价） | 1.8 3.12 | | 流通 A 股市值（百万元） | 9,230 | | 上证指数/深证成指 | 2,858.20/8,373.47 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |-------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 3.18 | | 资产负债率 % | 27.85 | | 总股本 /流通 ...

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 3,020,888,756.29, a decrease of 5.79% compared to CNY 3,206,519,858.68 in the same period last year [14]. - The net profit attributable to shareholders for the first half of 2024 was CNY 289,945,284.78, down 0.60% from CNY 291,685,376.29 in the previous year [14]. - The basic earnings per share for the first half of 2024 were CNY 0.1812, a decrease of 0.60% from CNY 0.1823 in the same period last year [15]. - The weighted average return on net assets was 5.64%, down 0.19 percentage points from 5.83% in the previous year [15]. - The company's total revenue for the first half of 2024 was 302,088.88 million yuan, a decrease of 18,563.11 million yuan or 5.79% compared to the same period last year [32]. - The operating profit and total profit for the company were 36,625.61 million yuan and 37,194.04 million yuan, reflecting a growth of 0.26% and 0.62% year-on-year, respectively [32]. - Revenue from the core product, the Taoli brand bread and pastries, was 298,515.33 million yuan, down 16,932.87 million yuan or 5.37% year-on-year, accounting for 98.82% of total revenue [32]. Cash Flow and Financial Position - The net cash flow from operating activities increased by 20.06% to CNY 437,752,309.18, compared to CNY 364,596,670.21 in the same period last year [14]. - The total assets at the end of the reporting period were CNY 7,058,073,141.52, reflecting a slight increase of 0.15% from CNY 7,047,591,787.54 at the end of the previous year [14]. - The current ratio decreased by 10.39% from the end of the previous year, standing at 0.69 [127]. - The debt-to-asset ratio increased slightly to 27.85%, up by 0.03 percentage points from the end of the previous year [127]. - Total current assets as of June 30, 2024, amounted to RMB 1,006,250,400.48, an increase from RMB 962,278,236.02 at the end of the previous year [130]. - Cash and cash equivalents rose to CNY 63,860,640.02, compared to CNY 15,373,406.49, marking an increase of 315.5% [133]. - Total liabilities amounted to CNY 1,965,761,704.38, slightly up from CNY 1,960,478,829.66 year-over-year [132]. Dividend and Share Capital - The company plans to distribute a cash dividend of 1.20 CNY per 10 shares, totaling approximately 191.97 million CNY, which represents 66.21% of the net profit attributable to shareholders [2]. - As of June 30, 2024, the total share capital of the company is 1,599,719,155 shares [2]. - The total number of ordinary shareholders as of the end of the reporting period is 53,795 [119]. - The largest shareholder, Wu Xuequn, holds 389,402,093 shares, accounting for 24.34% of the total shares, with 292,442,000 shares pledged [119]. Corporate Governance and Compliance - The board of directors and senior management confirm the accuracy and completeness of the financial report [2]. - The report has not been audited, and the company assumes legal responsibility for its content [2]. - The company has not experienced any non-operating fund occupation by controlling shareholders or related parties [4]. - There are no violations of decision-making procedures regarding external guarantees [4]. - The company has complied with all relevant regulations and has no violations reported [110]. Risk Management and Future Outlook - The company has detailed potential risks in the management discussion and analysis section of the report [5]. - The company’s future plans and strategies are subject to investment risks and do not constitute a commitment to investors [3]. - The company is committed to diversifying its product offerings to meet evolving consumer preferences for safety, nutrition, and functionality in baked goods [39]. Environmental and Safety Standards - The company emphasizes strict food safety and quality control standards to mitigate risks associated with food safety incidents [78]. - The company has implemented a comprehensive safety management system to mitigate production safety risks, emphasizing accountability at all levels [81]. - The company operates a regenerative thermal oxidizer (RTO) for waste gas treatment, which has been in normal operation since August 2020 [94]. - The company has established an emergency response plan for environmental pollution incidents, which has been approved by experts and registered with the national emergency response system [96]. Market Position and Strategy - The company is positioned in the baked goods manufacturing industry, which has shown steady growth in market size and consumer recognition in recent years [18]. - The company anticipates continued growth in the baking industry in China, driven by increasing consumer awareness and rising income levels [18]. - The company focuses on short-shelf-life bread, a high-growth segment with significant barriers to entry, outperforming long-shelf-life products and traditional bakeries in terms of cost-effectiveness [20]. - The company is actively expanding its market presence, benefiting from the integration of traditional retail and emerging e-commerce platforms [20]. Subsidiary Performance - The overall performance of the subsidiaries shows a mix of profitability and losses, highlighting the need for strategic adjustments in operations [62][63][64][65][66][67][68]. - As of June 30, 2024, Shenyang Taoli's total assets reached CNY 889.96 million, with net assets of CNY 761.88 million and a net profit of CNY 38.74 million, contributing over 10% to the company's net profit [68]. - The company has been expanding its market presence with multiple subsidiaries established since 2016, focusing on food production and sales [62][63][64][65][66][67][68].

桃李面包股份有限公司 2024 年第一次临时股东大会会议资料 桃李面包股份有限公司 2024 年第一次临时股东大会 会议资料 证券代码：603866 2024 年 8 月 1 桃李面包股份有限公司 2024 年第一次临时股东大会会议资料 | 桃李面包股份有限公司 | | 2024 年第一次临时股东大会参会须知 | 3 | | --- | --- | --- | --- | | 桃李面包股份有限公司 | | 2024 年第一次临时股东大会会议议程 | 4 | | 议案一、公司 | 2024 | 年度中期利润分配方案 5 | | 2 桃李面包股份有限公司 2024 年第一次临时股东大会会议资料 四、股东参加股东大会依法享有发言权、质询权、表决权等权利，同时也应 履行法定义务，自觉维护会场秩序，尊重其他股东的合法权益。进入会场后，请 关闭手机或调至静音状态。 五、会议审议阶段，要求发言的股东应向股东大会秘书处申请，经股东大会 主持人许可后方可发言，每位股东发言时间一般不超过五分钟。 六、现场会议采取记名投票表决方式。股东以其持有的有表决权的股份数额 行使表决权，每一股份享有一票表决权。出席会议的股东在投票表决时，应 ...

证券代码：603866 证券简称：桃李面包 公告编号：2024-051 桃李面包股份有限公司 关于召开 2024 年第一次临时股东大会的通知 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。 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 8 月 28 日 至 2024 年 8 月 28 日 重要内容提示： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024 年第一次临时股东大会 召开的日期时间：2024 年 8 月 28 日 14 点 00 分 召开地点：沈阳桃李面包有限公司会议室，沈阳市沈河区青年大街 1-1 号沈 阳市府恒隆广场办公楼 1 座 4005-4010 单元 股东大会召开日期：2024年8月28日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 ...

证券代码：603866 证券简称：桃李面包 公告编号：2024-048 本次减资事项在董事会审议权限范围之内，无需提交股东大会审议 本次减资事项不涉及关联交易，亦不构成《上市公司重大资产重组管理 办法》规定的重大资产重组 一、减资情况概述 （一）基本情况 为整合资源、优化配置，提升资金使用效率，拟减少全资孙公司成都桃李注 册资本人民币 300 万元。本次减资不会导致成都桃李的股权结构发生变化，武汉 桃李面包有限公司(系桃李面包股份有限公司全资子公司)仍持有成都桃李的 100%股权。 （二）董事会审议情况 桃李面包股份有限公司 关于全资孙公司减少注册资本的公告 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： 桃李面包股份有限公司（以下简称"公司"）全资孙公司成都市桃李食 品有限公司（以下简称"成都桃李"）拟减少注册资本人民币 300 万元。 公司第六届董事会第十九次会议审议通过了《关于全资孙公司减少注册资本 的议案》。本次减资事项在董事会审议权限范围之内，无需提交公司股东大会审 议。本次减资不涉及关联交易，亦不构 ...

（一）变更原因和日期 证券代码：603866 证券简称：桃李面包 公告编号：2024-047 桃李面包股份有限公司 关于会计政策变更的公告 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： 一、会计政策变更概述 本次会计政策变更是桃李面包股份有限公司（以下简称"公司"）根据 中华人民共和国财政部（以下简称"财政部"）颁布的《企业会计准则解释第 17 号》变更相应的会计政策，本次会计政策变更事项属于按照法律法规或者国家统 一的会计制度要求的会计政策变更，无需提交公司董事会、股东大会审议。本次 会计政策变更不涉及对以前年度损益的追溯调整，不会对公司财务状况、经营成 果和现金流量产生重大影响。 2023 年 10 月 25 日，财政部颁布了《企业会计准则解释第 17 号》（财会〔2023〕 21 号）（以下简称"《准则解释第 17 号》"），其中规定"关于流动负债与非 流动负债的划分""关于供应商融资安排的披露""关于售后租回交易的会计处 理"的内容自 2024 年 1 月 1 日起施行。 公司根据上述文件的要求，按以 ...