然而，经销模式收入却出现下滑，同比下降6.04%。经销渠道主要面向中小餐饮企业，受市场竞争和消 费者追求性价比的影响，餐饮企业纷纷降价，导致公司经销收入承压。尽管公司通过增加销售人员、推 行全国大单品策略等措施积极应对，但经销渠道的恢复仍需时间。 核心产品收入下滑，预制菜成唯一亮点 千味央厨的主营业务是为餐饮企业提供定制化、标准化的预制半成品，产品主要分为油炸类、烘焙类、 蒸煮类和菜肴类四大类。2024年，油炸类和烘焙类产品收入均出现下滑，其中油炸类产品收入同比下降 11.87%，烘焙类产品收入也出现明显下降。核心单品如主食油条、芝麻球、春卷和蛋挞皮的销售收入 下滑，直接影响了整体业绩。 相比之下，蒸煮类产品收入有所上升，主要得益于咸包产品的增长以及子公司味宝食品的并表效应。菜 肴类及其他产品收入增幅显著，同比增长273.39%，成为公司业绩的唯一亮点。公司在预制菜领域通过 优化选品和加大新品研发，成功在市场上快速放量。 销售模式调整，直营与经销收入分化 成本与费用压力加大，净利润大幅缩水 2025年5月4日，千味央厨发布了2024年年报。报告显示，公司2024年实现营业收入18.68亿元，同比下 降1.71 ...

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].

24 年营收/归母净利18.7/0.8 亿，同比-1.7%/-37.7%；24Q4 营收/归母净利5.0/0.02 亿，同 比-11.9%/-94.7%；25Q1 营收/归母净利4.7/0.2 亿，同比+1.5%/-38.0%，利润低预期（我们前瞻预计25Q1 归母净利同比-12%）。 24 年经销/直营渠道营收同比-6.0%/+4.3%，主要系受经济形势变化及餐饮市场竞争结构变化的影响，公 司经销渠道收入同比有所下滑，直营渠道收入增速也有所放缓。速冻食品行业整体需求平淡，短期行业 价格竞争激烈，公司阶段性折扣促销力度加大，并加大对大经销商的扶持力度，渠道库存健康度逐步改 善，24 年公司归母净利率同比-2.6pct，25Q1 同比-2.9pct。期待政策加码的背景下餐饮需求回暖，公司 后续经营有望改善，维持"买入"。 考虑外部消费环境整体平淡，公司经营阶段性承压，我们下调盈利预测，预计25-26 年EPS 0.91/1.05 元 （较前值-29%/-30%），引入27 年EPS 1.14元，考虑公司25 年仍处于调整期，我们以26 年PE 为依据给 予目标价，参考可比公司26 年平均PE 28x（Wind ...

事件：4 月26 日，千味央厨发布2024 年年报及2025 年一季报，2024 年实现营收18.68 亿元，同比减少 1.71%；实现归母净利润0.84 亿元，同比减少37.67%。25Q1 实现营收4.70 亿元，同比增长1.5%；实现 归母净利润0.21 亿元，同比减少37.98%。 盈利预测：公司持续深耕餐饮供应链，重视研发创新，为各类型客户提供专属化的产品解决方案和服 务。由于消费者对于餐饮消费整体趋于理性，以及对性价比追求愈发强烈，导致上游餐饮客户压力较 大。面对激烈的市场竞争，公司在优势渠道餐饮类B 端客户的基础上，结合KA 商超调改的行业趋势， 协助经销商扩充商超熟食区的产品销售，同时利用线上线下相互赋能的销售模式，辅以各类推广活动帮 助经销商动销。预计公司25-27年实现营业收入19.52/20.86/22.95 亿元，同比增长4.5%/6.87%/10%；实现 归母净利润0.88/0.96/1.08 亿元，同比增长5.48%/8.56%/12.75%。PE分别为29.8/27.45/24.35x，维持"推 荐"评级。 风险提示：宏观经济下行风险；终端库存消化不及预期；居民消费恢复不及预期； ...

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].