Investment Rating - The investment rating for the company is "Outperform" (previously "Buy") due to external demand pressure and a downward revision of profit forecasts [2][9]. Core Insights - The company reported a revenue of 71.31 billion yuan for 2024, a year-on-year increase of 4.79%, and a net profit of 8.52 billion yuan, up 6.19% year-on-year. However, the Q4 performance was below market expectations, with a revenue of 23.74 billion yuan, reflecting a 2% year-on-year growth and a net profit decline of 23.8% [9]. - The company is focusing on new product development and channel expansion to drive growth, particularly in the sunflower seed and nut segments, despite facing raw material cost pressures [9]. - The company anticipates a stable performance in the upcoming year, with new products like potato chips and peanuts expected to contribute positively to sales [9]. Financial Data and Profit Forecast - Total revenue for 2023 is projected at 68.06 billion yuan, with a slight increase to 71.31 billion yuan in 2024, and further growth to 73.92 billion yuan in 2025 [8]. - The net profit for 2023 is estimated at 8.03 billion yuan, with a forecasted increase to 8.52 billion yuan in 2024 and 8.55 billion yuan in 2025 [8]. - The gross margin is expected to decline due to rising raw material costs, particularly for sunflower seeds, impacting profitability [9].

2、经中国证券登记结算有限责任公司深圳分公司审核确认，公司本次部分 回购股份 1,147,400 股已于近日完成注销。 证券代码：002557 证券简称：洽洽食品 公告编号：2025-018 债券代码：128135 债券简称：洽洽转债 洽洽食品股份有限公司 关于部分回购股份注销完成暨股份变动的公告 本公司及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。 特别提示： 1、洽洽食品股份有限公司（以下简称"公司"）本次注销部分回购股份 1,147,400 股，占本次注销前公司总股本比例为 0.23%。本次注销完成后，公司 总股本将由 507,002,492 股变更为 505,855,092 股。 一、本次回购股份的批准及实施情况 公司于 2021 年 9 月 6 日召开了第五届董事会第十五次会议审议通过《关于 回购公司股份的议案》，拟使用自有资金以集中竞价交易方式回购公司部分社会 公众股份（A 股），回购金额不低于人民币 3,000 万元（含）且不超过 6,000 万元（含），回购价格不超过人民币 60.16 元/股（含），公司回购股份将用于 公司股权激励计划或员工持股计划 ...

证券代码：002557 证券简称：洽洽食品 公告编号：2025-019 债券代码：128135 债券简称：洽洽转债 洽洽食品股份有限公司 关于可转债转股价格调整的公告 本公司及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。 特别提示： 本次调整前"洽洽转债"转股价格：人民币 56.90 元/股 本次调整后"洽洽转债"转股价格：人民币 56.91 元/股 转股价格调整生效日期：2025 年 3 月 7 日 洽洽食品股份有限公司（以下简称"公司"）于 2020 年 10 月 20 日公开发 行了 1,340 万张可转换公司债券（以下简称"可转债"），每张面值 100 元，发 行总额 13.40 亿元。可转债于 2020 年 11 月 18 日在深圳证券交易所上市交易， 债券简称："洽洽转债"，债券代码："128135"。 一、关于可转债转股价格调整的相关依据 上述两项同时进行：P1=（P0+A×k）/（1+n+k）； 派送现金股利：P1=P0－D； 上述三项同时进行：P1＝（P0－D+A×k）/（1+n+k） 其中：P0 为调整前转股价，n 为送股或转增股本率，k 为增发 ...

证券代码：002557 证券简称：洽洽食品 公告编号：2025-017 债券代码：128135 债券简称：洽洽转债 洽洽食品股份有限公司 关于股份回购进展情况的公告 本公司及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。 洽洽食品股份有限公司（以下简称"公司"）于 2024 年 11 月 14 日召开第 六届董事会第十三次会议审议通过了《洽洽食品股份有限公司关于回购公司股份 方案暨取得股票回购专项贷款的议案》，拟使用公司自有资金和股票回购专项贷 款资金以集中竞价交易方式回购公司部分社会公众股份（A 股），公司拟回购股 份用于后期实施股权激励计划或员工持股计划的股份来源；回购的资金总额不低 于人民币 4,000 万元（含），且不超过人民币 8,000 万元（含）；回购价格不超 过人民币 47.48 元/股（含）。本次回购股份的实施期限为自公司董事会审议通 过本次回购方案之日起 12 个月内。公司于 2024 年 11 月 23 日披露了《洽洽食 品股份有限公司回购报告书》。因公司实施 2024 年前三季度权益分派，公司回 购股份的价格由不超过人民币 47.48 元/股（ ...

Investment Rating - The report maintains a "Buy" rating for Qiaqia Food (002557) with a target price of 34.02 CNY over the next six months, compared to the current price of 26.37 CNY [1]. Core Views - The company reported a revenue of 71.3 billion CNY for 2024, reflecting a year-on-year growth of 4.8%. The net profit attributable to the parent company was 8.5 billion CNY, up 6.2% year-on-year. However, Q4 2024 saw a revenue of 23.7 billion CNY, a 2.0% increase year-on-year, but net profit dropped by 23.8% due to increased competition and rising costs [7][8]. - The company is focusing on category innovation and channel expansion, with a strategic emphasis on high-quality and cost-effective products. The nut category is expected to grow significantly, with revenue growth rates projected at 10.0%, 9.0%, and 8.0% for 2024-2026 [8][9]. - The report highlights the potential for improved profitability in the long term, driven by scale effects and successful product launches in new categories such as nut milk and peanuts [8][9]. Summary by Relevant Sections Financial Performance - For 2023, the company achieved a revenue of 68.06 billion CNY, with a slight decline of 1.13%. The projected revenues for 2024, 2025, and 2026 are 71.31 billion CNY, 75.65 billion CNY, and 79.52 billion CNY, respectively, indicating growth rates of 4.79%, 6.08%, and 5.11% [2][10]. - The net profit attributable to the parent company for 2023 was 8.03 billion CNY, with forecasts of 8.52 billion CNY, 9.59 billion CNY, and 10.75 billion CNY for the following years, reflecting growth rates of -17.75%, 6.19%, 12.48%, and 12.10% [2][10]. Profitability Metrics - The report indicates an improvement in the overall net profit margin for 2024, which increased by 0.2 percentage points year-on-year. However, the Q4 net profit margin decreased by 3.2 percentage points year-on-year due to rising costs and increased marketing expenses [7][8]. - The gross margin is expected to improve from 26.8% in 2023 to 31.2% by 2026, driven by lower raw material costs and scale effects in the nut category [10][13]. Market Position and Strategy - The company is actively expanding its market presence by penetrating lower-tier cities and enhancing its product offerings in the nut and seed categories. The strategy includes increasing SKU counts in bulk channels and promoting high-margin products through e-commerce [8][9]. - The competitive landscape is challenging, with intense price competition in the gift box segment and reduced foot traffic in key sales channels impacting revenue growth [7][8]. Valuation - The report assigns a PE ratio of 18 for 2025, leading to a target price of 34.02 CNY, which reflects a favorable valuation compared to peers in the industry [9][11].

Investment Rating - The report maintains a "Buy" rating for Qiaqia Food (002557) with a target price of 34.02 CNY over the next six months, compared to the current price of 26.37 CNY [1]. Core Views - The company reported a revenue of 71.3 billion CNY for 2024, reflecting a year-on-year growth of 4.8%. The net profit attributable to the parent company was 8.5 billion CNY, up 6.2% year-on-year. However, Q4 2024 saw a revenue of 23.7 billion CNY, a 2.0% increase year-on-year, but net profit dropped by 23.8% due to increased competition and rising costs [7][8]. - The company is focusing on category innovation and channel expansion, with a strategic emphasis on high-quality and cost-effective product offerings. The nut category is expected to grow significantly, with revenue growth rates projected at 10.0%, 9.0%, and 8.0% for 2024-2026 [8][9]. - The overall profitability is expected to improve in the long term, driven by scale effects and cost management, despite short-term pressures from rising raw material prices and increased marketing expenses during peak seasons [7][8]. Financial Summary - **Revenue Forecast**: - 2023A: 68.06 billion CNY - 2024E: 71.31 billion CNY (4.79% growth) - 2025E: 75.65 billion CNY (6.08% growth) - 2026E: 79.52 billion CNY (5.11% growth) [2][10] - **Net Profit Forecast**: - 2023A: 8.03 billion CNY - 2024E: 8.52 billion CNY (6.19% growth) - 2025E: 9.59 billion CNY (12.48% growth) - 2026E: 10.75 billion CNY (12.10% growth) [2][10] - **Earnings Per Share (EPS)**: - 2023A: 1.58 CNY - 2024E: 1.68 CNY - 2025E: 1.89 CNY - 2026E: 2.12 CNY [2][10] - **Return on Equity (ROE)**: - 2023A: 14.52% - 2024E: 14.35% - 2025E: 14.53% - 2026E: 14.65% [2][10] - **Price-to-Earnings (PE) Ratio**: - 2023A: 17 - 2024E: 16 - 2025E: 14 - 2026E: 12 [2][10] Market Position and Competitive Analysis - Qiaqia Food's product innovation and market promotion capabilities have been validated in the nut and seed categories. The company is expected to open new growth avenues through the introduction of new product lines such as nut milk and peanuts [9]. - The company is actively expanding its distribution channels, particularly in lower-tier cities, and increasing the number of SKUs in bulk channels to enhance market penetration [8][9].

Investment Rating - The report maintains a "Recommended" rating for the company [5][3]. Core Views - The company achieved an operating revenue of 7.131 billion yuan in 2024, representing a year-on-year growth of 4.79%, and a net profit attributable to shareholders of 0.852 billion yuan, up 6.19% year-on-year [1]. - The company is focusing on long-term strategic goals, emphasizing product quality and innovation to adapt to market changes, while expanding its distribution channels and enhancing its market presence [1][2]. - The company is expected to improve its performance through operational efficiency and promotional activities, balancing sales volume and profit [3]. Financial Summary - The projected operating revenues for 2024, 2025, and 2026 are 71.4 billion yuan, 79.2 billion yuan, and 88.2 billion yuan, with respective growth rates of 4.9%, 11.0%, and 11.3% [4]. - The net profit attributable to shareholders is forecasted to be 0.851 billion yuan in 2024, 0.969 billion yuan in 2025, and 1.134 billion yuan in 2026, with growth rates of 6.1%, 13.9%, and 17.0% respectively [4]. - The earnings per share are expected to be 1.68 yuan in 2024, 1.91 yuan in 2025, and 2.24 yuan in 2026 [4].

Investment Rating - The report maintains a "Recommended" rating for the company [5][3]. Core Views - The company achieved a revenue of 7.131 billion yuan in 2024, representing a year-on-year growth of 4.79%, and a net profit attributable to shareholders of 0.852 billion yuan, up 6.19% year-on-year [1]. - The company is focusing on long-term strategic goals, emphasizing product quality and innovation to adapt to market changes, while expanding its distribution channels and enhancing its market presence [1][2]. - The company is expected to see revenue growth of 4.9%, 11.0%, and 11.3% for the years 2024, 2025, and 2026, respectively, with net profits projected to grow by 6.1%, 13.9%, and 17.0% in the same period [3][4]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 2.374 billion yuan, a 2.00% increase year-on-year, but a net profit of 0.226 billion yuan, which is a decline of 23.79% year-on-year [1]. - The net profit margin for Q4 2024 was 9.53%, down 3.23 percentage points compared to the previous year [1]. Strategic Initiatives - The company is enhancing its terminal coverage and expanding into new channels such as snack wholesale stores and membership stores, while also making strides in overseas markets [1]. - The company is increasing its investment in high-end products and innovative nut offerings, which have contributed to overall performance growth [1][2]. Future Projections - Revenue forecasts for 2024, 2025, and 2026 are 71.4 billion yuan, 79.2 billion yuan, and 88.2 billion yuan, respectively [4]. - The projected net profits for the same years are 8.5 billion yuan, 9.7 billion yuan, and 11.3 billion yuan [4].

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Insights - The company achieved a revenue of 7.131 billion yuan in 2024, representing a 5% year-on-year increase, while the net profit attributable to shareholders was 852 million yuan, up 6% year-on-year [5] - The company is experiencing pressure on profit margins due to high costs, particularly from rising raw material prices for sunflower seeds, although there is a slight downward trend in costs [5] - The company is expanding its overseas market presence, with an estimated revenue of around 600 million yuan from international operations in 2024, and expects growth in overseas markets to outpace domestic growth [6] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 2.374 billion yuan, a 2% increase year-on-year, but a 24% decrease in net profit attributable to shareholders [5] - The company’s earnings per share (EPS) forecasts for 2024-2026 have been adjusted to 1.68, 1.80, and 2.05 yuan respectively, with corresponding price-to-earnings (PE) ratios of 16, 15, and 13 times [7] Market Strategy - The company is focusing on product diversification by developing new categories such as nut milk, fresh-cut potato strips, and peanut products, while also enhancing its high-end product line "Kuaizhen" [6] - The company is actively penetrating lower-tier markets and expects to see increased sales through channels like Sam's Club and Hema [6] Growth Projections - The company anticipates steady revenue growth, with projections of 7.613 billion yuan in 2025 and 8.211 billion yuan in 2026, reflecting growth rates of 6.8% and 7.9% respectively [11] - The net profit is expected to reach 915 million yuan in 2025 and 1.041 billion yuan in 2026, with growth rates of 7.4% and 13.7% respectively [11]

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Insights - The company achieved a revenue of 7.131 billion yuan in 2024, representing a 5% year-on-year increase, while the net profit attributable to shareholders was 852 million yuan, up 6% [5] - The company is experiencing pressure on profit margins due to high costs, particularly from rising raw material prices for sunflower seeds, although there is a slight downward trend in costs [5] - The company is expanding its overseas market presence, with an estimated revenue of around 600 million yuan from international operations in 2024, and expects growth in overseas markets to outpace domestic growth [6] Summary by Sections Revenue and Profitability - In Q4 2024, the company reported a revenue of 2.374 billion yuan, a 2% increase year-on-year, but a 24% decrease in net profit attributable to shareholders at 226 million yuan [5] - The company is adjusting its procurement strategy in response to market conditions to manage costs effectively [5] Product and Market Development - The company is focusing on new product categories such as nut milk, fresh-cut potato strips, and peanut products to explore growth opportunities [6] - The high-end sunflower seed product "Kuaizhen" is gaining market share, and the company is actively penetrating lower-tier markets [6] Earnings Forecast - The earnings per share (EPS) estimates for 2024-2026 have been adjusted to 1.68, 1.80, and 2.05 yuan respectively, with corresponding price-to-earnings (PE) ratios of 16, 15, and 13 times [7] - The company is expected to maintain a stable growth trajectory with a focus on both sunflower seeds and nuts, while optimizing its product mix [7]