出品：新浪财经上市公司研究院 作者：浪头饮食/ 郝显 4月26日，千味央厨发布了年报和一季报，前几年的高增长戛然而止，代之以净利润连续大幅下滑。 2024年公司实现营收18.68亿元，同比下滑1.71%，一季度营收仅微增1.5%。2024年归母净利润一举下滑 37.67%，一季度则继续下滑37.98%。从2023年8月起，千味央厨股价就进入持续下滑通道，目前股价不 及高点的40%。 作为曾经的"餐饮供应链第一股"，千味央厨凭借中国餐饮行业连锁化率提升和大客户绑定两大优势，获 得了持续增长，2022年以来又搭上预制菜的风口，发展出第二增长曲线。如今，公司的增长逻辑变了 吗？ 千味央厨业绩变脸 费用激增拉低净利润 千味央厨是一家餐饮供应链公司，脱胎于思念食品。2012年从思念体系中独立，主要面向餐饮企业研 发、生产和销售速冻面米制品。当时餐饮市场正在转向大众餐饮（以火锅、快餐、小吃为代表），同时 餐饮连锁化率不断提升，千味央厨踩在这个风口上，获得了快速发展。 2024年公司整体营业收入减少1.71%， 值得注意的是，传统业务陷入大幅下滑及停滞，2023年公司油 炸、烘焙、蒸煮类产品增速均在20%以上，而2024年 ...

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 reported a slight decline in revenue and a significant drop in net profit for 2024, indicating challenges in maintaining profitability amidst rising sales expenses and declining gross margins in key product categories [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 1.868 billion yuan, a year-on-year decrease of 1.71%, and a net profit of 82 million yuan, down 32.57% year-on-year [1]. - For Q1 2025, operating revenue was 470 million yuan, reflecting a 1.5% year-on-year growth, while net profit continued to decline by 37.71% to 20 million yuan [1]. - The overall gross margin for 2024 was 23.38%, a slight decrease of 0.03% year-on-year [2]. Product Segment Performance - The main product categories include staple foods, snacks, baked goods, and frozen prepared dishes. The staple food segment generated 913 million yuan in revenue, down 6.88%, but with a gross margin increase to 26.97% [2]. - The snack segment saw a revenue decline of 13.79% to 438 million yuan, with a gross margin of 19.76%, down 0.39% [2]. - The frozen prepared dishes segment experienced significant growth, with revenue increasing by 273.39% to 141 million yuan and a gross margin of 14.87%, up 1.78% [2]. Sales Channel Analysis - Direct sales channels generated 808 million yuan, a 4.34% increase, but with a gross margin of 20.02%, down 0.99% [2]. - Distribution channels accounted for 1.05 billion yuan in revenue, a decrease of 6.04%, while the gross margin improved to 25.97%, up 0.91% [2][4]. Expense Trends - Sales expenses for 2024 reached 100 million yuan, a 13.33% increase, with a sales expense ratio of 5.40%, up 0.72 percentage points [5]. - In Q1 2025, sales expenses surged by 38.12% to 37 million yuan, resulting in a sales expense ratio of 8.01%, an increase of 2.12 percentage points [5].

Investment Rating - The report maintains a "Recommended" rating for the company [2][7]. Core Views - The company faced short-term pressure with a revenue of 1.868 billion yuan in 2024, a year-on-year decrease of 1.71%, and a net profit attributable to shareholders of 84 million yuan, down 37.67% year-on-year [3][7]. - New channels are highlighted as a growth driver, with direct sales revenue increasing by 4.34% to 809 million yuan, while distribution channel revenue decreased by 6.04% to 1.051 billion yuan [4]. - The company is expanding its customer base, with the number of major clients increasing by 8.81% to 173, while the number of distributors rose by 26.74% to 1,953 [4]. Revenue and Profitability - The company’s revenue from fried products decreased by 11.87% to 767 million yuan, while revenue from steamed products grew by 5.41% to 393 million yuan, driven by increased demand for prepared dishes [5]. - The gross margin for 2024 was 23.66%, a slight decrease of 0.04 percentage points year-on-year, and the selling expense ratio increased by 0.72 percentage points to 5.40% due to heightened competition [6]. Financial Forecasts - The company’s net profit forecasts for 2025, 2026, and 2027 are projected to be 93 million yuan, 104 million yuan, and 113 million yuan, respectively, with corresponding EPS of 0.95, 1.07, and 1.16 yuan [7][13]. - The current stock price corresponds to PE ratios of 28, 25, and 23 for the years 2025, 2026, and 2027 [7].

Investment Rating - The report maintains a "Recommended" rating for the company [2][7]. Core Views - The company experienced a revenue decline of 1.71% year-on-year in 2024, with total revenue reaching 1.868 billion yuan. The net profit attributable to shareholders decreased by 37.67% to 84 million yuan [3]. - The company is facing short-term pressure, but new channels are seen as a bright spot for growth [4][7]. - The company has expanded its customer base, increasing the number of major clients to 173, which is an 8.81% year-on-year increase [4]. Revenue and Profitability - In 2024, the company's revenue from direct sales was 809 million yuan, up 4.34% year-on-year, while revenue from distribution channels fell by 6.04% to 1.051 billion yuan [4]. - The company’s gross margin for 2024 was 23.66%, a slight decrease of 0.04 percentage points year-on-year [6]. - The company’s sales expense ratio increased by 0.72 percentage points to 5.40% due to intensified competition and increased marketing efforts [6]. Product Performance - Revenue from fried products decreased by 11.87% to 767 million yuan, while revenue from steamed products grew by 5.41% to 393 million yuan, driven by strong demand for prepared foods [5]. - The company’s revenue from prepared dishes and other products increased by 21.84% to 360 million yuan, indicating a growing market for prepared foods [5]. Future Earnings Forecast - The company’s net profit is projected to be 93 million yuan in 2025, 104 million yuan in 2026, and 113 million yuan in 2027, with corresponding earnings per share (EPS) of 0.95, 1.07, and 1.16 yuan respectively [7][13].

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 "Buy" investment rating for the company [1] Core Views - The company experienced stable operational performance, with a focus on expanding new retail customer base [1] - The gross margin is under marginal pressure, but the sales expense ratio is expected to smooth out gradually [1][2] - The company aims to enhance product value and has potential for significant growth in the baking category [2] - Continuous development of new retail customers and diversification of distributor channels are key strategies [3][6] - Short-term pressures from customer terminals and product iterations are expected, but the company is well-positioned to explore new growth points [7] Financial Performance Summary - In 2024, total revenue was 1.868 billion yuan, a decrease of 2% year-on-year, with a net profit of 84 million yuan, down 38% [1] - For Q1 2025, total revenue was 470 million yuan, an increase of 1% year-on-year, with a net profit of 21 million yuan, down 38% [1] - The company projects revenue growth rates of 5.4%, 8.7%, and 9.8% for 2025, 2026, and 2027 respectively [9] - The diluted earnings per share (EPS) are forecasted to be 0.91 yuan in 2025, 1.02 yuan in 2026, and 1.16 yuan in 2027 [9] Revenue Breakdown - In 2024, revenue from staple foods and snacks was 914 million yuan and 439 million yuan, respectively, both showing declines [2] - The baking category maintained stable revenue at 365 million yuan in 2024, with expectations for high double-digit growth in 2025 [2] - Revenue from frozen prepared dishes and others surged by 273% to 142 million yuan in 2024, driven by multi-channel efforts [2] Channel Performance - Direct sales channel revenue increased by 4% to 809 million yuan in 2024, with ongoing efforts to expand into new retail channels [3] - Distributor channel revenue decreased by 6% to 1.051 billion yuan in 2024, but is expected to stabilize with improved efficiency [6]

根据《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》的规定， 现将公司董事会公告回购股份决议前一个交易日（即 2025 年 4 月 25 日）登记在 册的前十名股东及前十名无限售条件股东持股情况公告如下： 注：以上股东的持股数量为合并普通账户和融资融券信用账户后的总持股数量。 证券代码：001215 证券简称： 千味央厨 公告编号：2025-033 郑州千味央厨食品股份有限公司 关于回购股份事项前十名股东及前十名无限售条件股东 持股情况的公告 本公司及其董事会全体成员保证信息披露内容的真实、准确和完整，没 有虚假记载、误导性陈述或重大遗漏。 郑州千味央厨食品股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日 召开第三届董事会第十九次会议，审议通过了《关于第二期以集中竞价交易方式 回购公司股份方案的议案》，具体内容详见公司于 2025 年 4 月 26 日在巨潮资讯 网（http://www.cninfo.com.cn）及《证券时报》《上海证券报》上披露的《关于第 二期以集中竞价交易方式回购公司股份方案暨取得金融机构股票回购专项贷款 承诺函的公告》（公告编号：2025-025）。 注 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 20% in stock price compared to the market benchmark within the next six months [16]. Core Views - The company reported a revenue of 1.868 billion yuan for 2024, a decrease of 1.71% year-on-year, and a net profit attributable to shareholders of 84 million yuan, down 37.67% year-on-year [2][5]. - The company is facing pressure from major clients and distribution channels, but the dish business is experiencing significant growth, with revenue from this category increasing by 273.39% year-on-year [3]. - The company is focusing on opportunities in supermarkets and expanding its product lines in baking and dishes to counteract the decline in traditional frozen products [4]. Financial Performance Summary - For 2024, the company achieved a gross margin of 23.66%, which has been under pressure, and the overall expense ratio increased by 1.72 percentage points year-on-year [4]. - The company’s net profit margin for 2024 was 4.48%, reflecting a decline of 2.58 percentage points year-on-year [4]. - The forecast for net profit attributable to shareholders for 2025 and 2026 is set at 108 million yuan and 119 million yuan, respectively, indicating a year-on-year growth of 29% and 11% [5]. Revenue Breakdown - In 2024, the revenue from various product categories was as follows: staple foods 913 million yuan, snacks 439 million yuan, baked goods 365 million yuan, and frozen prepared dishes 142 million yuan, with the latter showing a significant increase [3]. - The company’s revenue from direct sales and distribution channels in 2024 was 809 million yuan and 1.051 billion yuan, respectively, with direct sales increasing by 4.34% year-on-year [3]. Future Outlook - The company is expected to continue leveraging opportunities in the development of private label products for major supermarket clients and customized products, particularly in the baking and dish categories [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is gradually overcoming its pressure period, with a focus on acquiring new customers and improving product quality in 2025 [7] - The revenue for 2024 is projected to be 1.87 billion, a year-on-year decrease of 1.71%, while the net profit attributable to shareholders is expected to be 0.84 billion, down 37.67% year-on-year [7] - The company is experiencing pressure in the small B-end market due to weak demand and increased competition, while actively expanding new customers in the large B-end market [7] - The company anticipates a recovery in Q2 and aims to seek growth through new retail channels and product quality enhancement in 2025 [7] - The profit forecast for 2025-2027 has been revised down, with expected net profits of 1.0 billion, 1.2 billion, and 1.3 billion respectively, reflecting a year-on-year growth of 21%, 16%, and 11% [7] Financial Summary - Total revenue for 2023 is 1.90 billion, with a projected increase to 1.97 billion in 2025, reflecting a growth rate of 5.37% [1][8] - The net profit attributable to shareholders is expected to recover from 0.84 billion in 2024 to 1.01 billion in 2025, indicating a growth of 21.27% [1][8] - The earnings per share (EPS) is projected to increase from 0.86 in 2024 to 1.04 in 2025 [1][8] - The company's price-to-earnings (P/E) ratio is expected to decrease from 31.44 in 2024 to 25.92 in 2025 [1][8]