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闺秀 迷路的龙_如何成为年轻人追捧的潮流风向标!
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  出品:新浪财经上市公司研究院

  作者:浪头饮食/郝显

  2024年有友食品实现营收 11.82亿元,同比增长22.37%,实现归母净利润1.57亿元,同比增长35.44%。一举扭转了2022年以来营业收入连续下滑的趋势,管理层甚至抛出2025年度营业收入增长不低于的20%预期。

  有友食品业绩下滑从2021年开始,期间净利润连续下滑了三年,营业收入则连续下滑两年。去年增长主因是进入了山姆等会员制商超渠道,公司是否迎来拐点呢?

  有友食品迎来拐点?

  有友食品是一家休闲食品公司,主要产品为泡椒凤爪为主,此外还有猪皮晶、豆干、花生、竹笋等休闲食品。2024年公司最大的变量的是:山姆。

  去年下半年,有友食品与山姆、costco等合作进入会员制商超渠道。有友食品为山姆推出了新品脱骨鸭掌,该单品上线后获得快速放量,成为山姆的爆品。

  反映在财报上,2024年“其他泡卤风味肉制品”大增840.69%规模从1621万元增至1.52亿元,成为贡献营收增量的主要因素。

  根据东吴证券研报信息,除山姆之外,有友食品还与盒马合作推出乌鸡爪定制产品,针对costco推出素食记忆(含山椒笋尖、莲藕、海带)、泡凤爪(山椒味和酸菜味)等产品。

  会员制商超渠道的爆发,给了管理层抛出2025年度营业收入增长不低于20%目标的底气,也开始重塑市场关于有友食品增长逻辑的看法。

  有友食品的营收下滑从2022年开始,净利润则从2021年已经开始下滑。而核心大单品泡椒凤爪销量2019年就开始下滑,2024年销量仍低于2020年。

  有友食品面临的问题与其他休闲食品企业类似,品牌老化,渠道失守。过于依赖大单品泡椒凤爪,在泡椒凤爪遇到增长瓶颈时,没有能力顺应消费趋势进行产品创新。

  从渠道端来看,有友食品产品终端渠道为连锁超市、大卖场、食杂店、杂货店或者餐饮渠道,以小型经销商为主,单个经销商销售金额并不大。从2016年以来,有友食品经销商数量一直维持在600-800家之间,2022年一度减少至589家。

  在传统渠道萎缩的同时,公司未能抓住多元化渠道崛起的风口,导致陷入增长停滞。与此同时,竞争对手纷纷进入卤味食品赛道,进一步加剧了竞争。

  2024年与山姆的合作,意味着有友食品在新渠道上开始破局。除了会员制商超,有友食品还在零食量贩渠道及线上电商渠道展开了布局。目前来看,新渠道发展势头良好,如果能够保持持续增长,有望带领有友食品重回增长轨道。

  新品放量增长背后的隐忧

  值得注意的是,新品放量增长背后仍有隐忧。

  有友食品传统业务毛利率较高,2024年泡凤爪及皮晶类产品毛利率分别达到32%及39%,但是新品鸡翅类及其他泡卤产品毛利率仅为18%及17%,随着新品收入占比的提升,可能会拉低公司整体毛利率。

  毛利率较低有两方面的原因,一是去年鸡副产品价格上涨,导致成本上涨;另一个原因可能与新渠道有关,差异化定价策略及薄利多销的运营模式使其毛利率低于传统渠道,从年报来看,2024年公司加大了广告宣传及促销活动费用。

  此外,去年有友食品还出现了应收账款及应付账款激增的问题。其中应收账款从379.48万元增长到7461.45万元,导致应收账款周转天数大幅增加,应付票据及应付账款则从2214.54万元增至1.35亿元。

  在去年11月底的投资者活动中,管理层回应表示,应收账款的增加,主要系公司直营渠道客户销售规模扩大所致。这意味着直营渠道客户相比传统经销商拥有更长的账期,应付票据及应付账款激增则说明公司拉长了供应商的账期。

  值得一提的是,有友食品进入山姆会员店也并非一劳永逸,山姆的选品较为严格,每年会对商品进行淘汰,这对公司的持续创新能力以及对消费趋势的把握能力提出挑战。

  再来看传统业务,2024年传统核心产品泡凤爪类营业收入增长8.63%,销量则增长14.22%,吨价下滑约5%。2024年泡凤爪类销量仅相当于2020年的71%。

  2022年以来,有友食品对产品进行过几次提价,但是从下滑的销量看,提价很难说获得了成功。

  由于销量下滑,公司产量也停滞不前。2021年总产量为3.29万吨,与2018年持平,2024年为2.63万吨,以2018年的产能估算,产能利用率约为71%。

  2019年有友食品IPO时募资6.26亿元,主要投入了两个项目,有友食品产业园项目和营销网络建设及品牌推广项目。其中有友食品产业园项目为扩产能项目,完全达产后将新增泡卤类休闲食品产能3.08万吨。

  从财报来看,2021年有友食品进入转固期,固定资产从2.8亿元左右最高增至3.95亿元,近两年的“固定资产折旧、油气资产折耗、生产性生物资产折旧“金额达到2700万元左右。

  有友食品能否靠新品和新渠道实现突破,还有待观察。

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