Investment Rating - The investment rating for the company is "Buy" (maintained) [4][6] Core Insights - The company reported a revenue of 110.77 billion yuan and a net profit of 10.47 billion yuan for the first three quarters of 2024, showing a year-on-year increase of 7.84% in revenue but a decline of 6.65% in net profit. In Q3 2024, revenue was 35.33 billion yuan with a net profit of 2.44 billion yuan, reflecting a year-on-year increase of 4.63% in revenue but a significant decline of 36.76% in net profit. Despite the competitive pressure affecting profitability, the company managed to maintain revenue growth in the current demand environment [2][6]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved a revenue of 110.77 billion yuan and a net profit of 10.47 billion yuan, with respective year-on-year changes of +7.84% and -6.65%. In Q3 alone, revenue was 35.33 billion yuan and net profit was 2.44 billion yuan, with year-on-year changes of +4.63% and -36.76% [6]. - The company's gross margin and net margin for the first three quarters were 22.64% and 9.59%, showing a year-on-year increase of 0.58 percentage points and a decrease of 1.51 percentage points, respectively [6]. Revenue Breakdown - Key product revenues in Q3 included frozen prepared foods (17.92 billion yuan), frozen dishes (11.28 billion yuan), and frozen rice and noodle products (5.32 billion yuan), with year-on-year changes of -0.12%, +24.12%, and -9.49%, respectively [6]. - Revenue from key channels in Q3 included distribution (29.78 billion yuan), supermarkets (1.71 billion yuan), specialty stores (1.88 billion yuan), and new retail (1.37 billion yuan), with year-on-year changes of +3.23%, +15.07%, -12.41%, and +95.93%, respectively, with new retail growth primarily driven by increased sales through Hema [6]. Future Projections - The company is projected to achieve revenues of 154.85 billion yuan, 170.15 billion yuan, and 185.48 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 10.25%, 9.88%, and 9.01%. Net profits are expected to be 14.79 billion yuan, 16.46 billion yuan, and 17.99 billion yuan for the same years, with growth rates of 0.07%, 11.26%, and 9.34%, respectively [6][7].

Investment Rating - The report maintains a "Recommend" rating for the company, citing its strategic adjustments and new business expansion as drivers for long-term performance improvement [4][6] Core Views - The company reported revenue of RMB 11.08 billion in the first three quarters of 2024, a YoY increase of 7.8%, but net profit attributable to shareholders declined by 6.7% YoY to RMB 1.05 billion [2] - In Q3 2024, revenue grew by 4.6% YoY to RMB 3.53 billion, while net profit attributable to shareholders dropped by 36.8% YoY to RMB 240 million [2] - The company's main business, frozen food, showed weak performance, but new businesses, particularly frozen vegetable products, maintained strong growth with a 24.1% YoY increase in Q3 2024 [3] - The company's gross margin in Q3 2024 was 19.9%, down 2.0 percentage points YoY, due to intensified industry competition and a shift to a "high-quality, mid-price" strategy [3] Business Performance Breakdown By Product Category - Frozen prepared foods: -0.1% YoY in Q3 2024 [3] - Frozen vegetable products: +24.1% YoY in Q3 2024 [3] - Frozen rice and flour products: -9.5% YoY in Q3 2024 [3] - Frozen agricultural products: -0.4% YoY in Q3 2024 [3] - Snack foods: -50.6% YoY in Q3 2024 [3] - Other products: -83.2% YoY in Q3 2024 [3] By Sales Channel - Distributors: +3.2% YoY in Q3 2024 [3] - Supermarkets: +15.1% YoY in Q3 2024 [3] - Specialized direct sales: -12.4% YoY in Q3 2024 [3] - E-commerce: +0.4% YoY in Q3 2024 [3] - New retail: +95.9% YoY in Q3 2024, driven by Hema [3] By Region - Northeast: -1.9% YoY in Q3 2024 [3] - North China: -5.4% YoY in Q3 2024 [3] - East China: +0.9% YoY in Q3 2024 [3] - South China: +11.8% YoY in Q3 2024 [3] - Central China: +40.0% YoY in Q3 2024 [3] - Northwest: +10.0% YoY in Q3 2024 [3] - Southwest: +33.8% YoY in Q3 2024 [3] Financial Forecasts - Revenue is expected to grow to RMB 15.20 billion in 2024, RMB 16.76 billion in 2025, and RMB 18.46 billion in 2026, with growth rates of 8.2%, 10.3%, and 10.1% respectively [5] - Net profit attributable to shareholders is projected to be RMB 1.43 billion in 2024, RMB 1.58 billion in 2025, and RMB 1.75 billion in 2026, with growth rates of -3.0%, 10.0%, and 10.7% respectively [4][5] - EPS is forecasted to be RMB 4.89 in 2024, RMB 5.38 in 2025, and RMB 5.95 in 2026 [5] Strategic Adjustments - The company is shifting from a "high-quality, mid-to-high price" strategy to a "high-quality, mid-price" strategy to boost sales and market share [4] - The company is focusing on "BC兼顾、全渠发力" (balancing B2B and B2C, full-channel development) to drive growth through new products and channels [4] - Localized R&D transformation is expected to enhance regional product development and contribute to revenue growth [4] - The company has launched a new round of equity incentives to strengthen core team cohesion and support long-term development [4] Valuation Metrics - The company's PE ratio is projected to be 18X in 2024, 16X in 2025, and 14X in 2026, indicating a clear valuation margin of safety [4][5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 99 yuan, reflecting an expected increase of over 15% relative to the market index in the next six months [1][3][8]. Core Views - The company reported a revenue of 11.08 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 7.8%, while the net profit attributable to shareholders was 1.05 billion yuan, down 6.7% year-on-year [1]. - In Q3 alone, the company achieved a revenue of 3.53 billion yuan, a 4.6% increase year-on-year, but the net profit dropped significantly by 36.8% to 240 million yuan [1]. - The report highlights that the company's key products continue to show stable growth, with specific segments like frozen prepared foods and frozen rice and noodles experiencing varied performance due to promotional pricing strategies [1]. Summary by Sections Financial Performance - The company’s revenue growth rate for 2023 is projected at 15.29%, with expected revenues of 15.24 billion yuan in 2024, 16.94 billion yuan in 2025, and 19.10 billion yuan in 2026 [4]. - The net profit for 2023 is estimated at 1.48 billion yuan, with a slight decline expected in 2024 to 1.45 billion yuan, followed by a recovery to 1.59 billion yuan in 2025 and 1.82 billion yuan in 2026 [4]. Product Performance - Q3 revenue from key product lines includes 1.79 billion yuan from frozen prepared foods, 530 million yuan from frozen rice and noodles, and 1.13 billion yuan from vegetable products, with the latter showing a strong growth of 24.1% year-on-year [1]. - The report notes that promotional activities have impacted the revenue of frozen rice and noodles, which saw a decline, while other products like the fresh-lock packaging are expected to maintain a growth rate of around 20% [1]. Market Outlook - The report anticipates a recovery in sales for Q4, driven by seasonal demand and the introduction of new products, despite a competitive pricing environment [1]. - The company is expected to focus on maintaining market share through promotional spending, with a forecasted revenue of 15.24 billion yuan for 2024, reflecting a cautious but optimistic outlook [1][3].

Investment Rating - The report maintains a "Buy" investment rating for the company [1][2]. Core Views - The company's revenue for Q1-Q3 2024 reached 11.077 billion yuan, an 8% year-on-year increase, while net profit attributable to shareholders decreased by 7% to 1.047 billion yuan [1]. - The company is expected to benefit from inventory stocking for the Spring Festival in Q4, leading to marginal revenue improvement despite a significant profit decline in Q3 due to various short-term factors [1][2]. - The report highlights that the company is actively participating in market price competition, with a focus on high-growth products like "locked fresh" packaging and premium offerings [1]. Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 3.533 billion yuan, a 5% increase year-on-year, but net profit attributable to shareholders fell by 37% to 244 million yuan [1]. - The gross profit margin decreased by 2 percentage points to 19.93%, primarily due to price competition in certain product categories [1]. - The report projects the company's EPS for 2024-2026 to be 4.99, 5.79, and 6.61 yuan respectively, with corresponding PE ratios of 17, 15, and 13 times [2]. Market Strategy - The company continues to expand its market presence through localized R&D and channel development, particularly in the B-end market [1]. - The report notes that the sales of "locked fresh" products maintained a growth rate of 20% in Q3, with stable high margins [1]. - The company aims to achieve significant sales targets in new product categories, including a projected 300 million yuan in revenue from grilled sausages and 150 million yuan from beef and lamb rolls for the year [1]. Future Outlook - The report expresses confidence in the company's ability to meet its annual revenue targets, supported by government subsidies and seasonal demand from the Spring Festival [2]. - The company is expected to navigate through current challenges, with a focus on maintaining stable operations and adjusting its business strategy according to market trends [1].

来源：公司年报、国金证券研究所 业绩简评 公司披露三季报，前三季度实现营业收入 110.77 亿元，同比 +7.84%；归母净利润 10.47 亿元，同比-6.65%；扣非归母净利润 10.01 亿元，同比-2.46%。23Q3 实现营业收入 35.33 亿元，同比 +4.63%；归母净利润 2.44 亿元，同比-36.76%；扣非归母净利润 2.29 亿元，同比-30.90%。 经营分析 Q3 表现承压，速冻菜肴表现亮眼。前三季度速冻调制食品/速冻米 面 制 品 / 速 冻 菜 肴 制 品 / 速 冻 农 副 产 品 实现收 入 56.25/18.24/33.37/2.68 亿 元 ， 分 别 同 比 +13.88%/-2.06%/+7.34%/-20.87% ， 单 Q3 分 别 实现收入 17.92/5.33/11.29/0.78 亿元， 分 别 同 比 -0.12%/-9.49%/+24.1%/-0.83%。由于行业在消费偏弱的背景下竞 争激烈，公司部分产品对渠道进行让利，Q3 整体表现略有承压。 分渠道看，前三季度经销商/商超/特通直营/新零售/电商渠道分 别实现营业收入 90.91/6.02/7. ...

Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Views - The company is experiencing short-term profit pressure but is expected to improve in the future due to proactive adjustments in response to external demand and industry changes [5]. - The company has a diversified product and channel layout, with ongoing localization transformation, which supports its growth potential [5]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 11.077 billion yuan, a year-on-year increase of 7.84%, and a net profit attributable to shareholders of 1.047 billion yuan, a decrease of 6.65% year-on-year [3]. - In Q3 2024, the company reported revenue of 3.533 billion yuan, a year-on-year increase of 4.63%, while the net profit attributable to shareholders was 244 million yuan, down 36.76% year-on-year [3]. - The gross profit margin for the first three quarters was 22.64%, with a decline in Q3 attributed to increased promotional discounts due to weak industry demand [4]. Product Performance Summary - In Q3 2024, the revenue from frozen prepared foods was 1.792 billion yuan, a slight decrease of 0.12% year-on-year, while frozen dishes saw a significant increase of 24.12% to 1.128 billion yuan [4]. - The new retail channel showed remarkable growth, with revenue reaching 137 million yuan, a year-on-year increase of 95.93% [4]. Channel Performance Summary - The company has expanded its new retail channels, with revenue from distributors, supermarkets, and e-commerce increasing by 3.23%, 15.07%, and 0.44% respectively in Q3 2024 [4]. - The total number of distributors increased by 105 to 2069 by the end of Q3 2024 [4]. Future Projections - Revenue projections for 2024, 2025, and 2026 are 15.221 billion yuan, 16.601 billion yuan, and 17.961 billion yuan, representing year-on-year growth rates of 8.4%, 9.1%, and 8.2% respectively [5][6]. - The net profit attributable to shareholders is expected to be 1.44 billion yuan in 2024, with a slight decrease of 2.6%, followed by growth of 14.4% and 9.9% in the subsequent years [5][6].

Investment Rating - The investment rating for the company is "Buy" and is maintained [2][4]. Core Views - The company reported a total revenue of 11.077 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 7.84%. However, the net profit attributable to the parent company was 1.047 billion yuan, a decrease of 6.65% year-on-year [2]. - In Q3 2024, the company achieved total revenue of 3.533 billion yuan, up 4.63% year-on-year, but the net profit attributable to the parent company fell by 36.76% to 244 million yuan [2][3]. - The growth in frozen dishes and the rapid development of new retail channels are highlighted as key drivers for the company's performance [3]. Summary by Relevant Sections Revenue Performance - For the first three quarters of 2024, revenue from various product categories was as follows: frozen prepared foods (5.625 billion yuan, +13.88%), frozen dishes (3.337 billion yuan, +7.34%), and frozen noodles and rice products (1.824 billion yuan, -2.06%) [3]. - In Q3 2024, the revenue from frozen prepared foods, frozen dishes, and frozen noodles was 1.792 billion yuan, 1.128 billion yuan, and 532 million yuan, respectively [3]. Regional Performance - Revenue growth was robust in regions such as South China, Southwest, and overseas markets, with year-on-year increases of 12.80%, 15.33%, and 35.77%, respectively, for the first three quarters of 2024 [3]. - In Q3 2024, the top revenue-generating regions were East China, North China, and Central China, with revenues of 1.456 billion yuan, 552 million yuan, and 440 million yuan, respectively [3]. Channel Performance - The company reported revenue from various sales channels: distributors (9.091 billion yuan, +9.24%), supermarkets (602 million yuan, +1.52%), and new retail channels (464 million yuan, +41.95%) for the first three quarters of 2024 [3]. - In Q3 2024, the new retail channel saw significant growth, primarily driven by contributions from Hema [3]. Profitability Metrics - In Q3 2024, the company's net profit margin was 6.92%, down 4.53 percentage points year-on-year, and the gross margin was 19.93%, down 2.04 percentage points [4]. - For the first three quarters of 2024, the net profit margin was 9.45%, a decrease of 1.47 percentage points year-on-year [4]. Financial Forecast - The company is expected to achieve net profits of 1.429 billion yuan, 1.628 billion yuan, and 1.827 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of -3.30%, 13.88%, and 12.25% [4][5].

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company has shown strong potential for new products, with operating pressures having peaked. The main business experienced steady growth in Q3, with certain product lines like frozen products and Kung Fu food showing significant growth. The company is expected to benefit from an earlier shipping schedule due to the upcoming 2025 Spring Festival [4][5] - The company has increased promotional policies and new product launches to address industry competition, which has led to fluctuations in profit margins. The gross margin and net profit margin for the first three quarters of 2024 were 22.64% and 9.45%, respectively, showing a year-on-year change of +0.58% and -1.47 percentage points [5][6] Financial Summary - For the first three quarters of 2024, the company achieved total revenue of 11.077 billion yuan, a year-on-year increase of 7.84%. The net profit attributable to shareholders was 1.047 billion yuan, a decrease of 6.65% year-on-year. In Q3 alone, total revenue was 3.533 billion yuan, with a net profit of 244 million yuan, reflecting a significant decline of 36.76% year-on-year [3][4] - The revised revenue forecasts for 2024-2026 are 15.271 billion yuan, 16.745 billion yuan, and 18.247 billion yuan, with expected growth rates of 8.73%, 9.65%, and 8.97%, respectively. The net profit attributable to shareholders is projected to be 1.413 billion yuan, 1.583 billion yuan, and 1.800 billion yuan for the same period [6][8] - The earnings per share (EPS) for the next three years are expected to be 4.82 yuan, 5.40 yuan, and 6.14 yuan, corresponding to price-to-earnings (P/E) ratios of 18, 16, and 14 times [7][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][8]. Core Views - The company reported a revenue of 11.077 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 7.84%. However, the net profit attributable to the parent company decreased by 6.65% to 1.047 billion yuan [1][3]. - The third quarter of 2024 saw a revenue of 3.533 billion yuan, up 4.63% year-on-year, but the net profit attributable to the parent company fell sharply by 36.76% to 244 million yuan [1][3]. - The company is facing pressure on short-term net profit margins due to intensified industry competition and increased expense allocation, with a gross profit margin of 19.93%, down 2.04 percentage points year-on-year [3][4]. Summary by Sections Financial Performance - For 2024, the company is projected to achieve revenues of 15.036 billion yuan, with a net profit of 1.470 billion yuan, reflecting a growth rate of 7% year-on-year [3][4]. - The earnings per share (EPS) for 2024 is estimated at 5.01 yuan, with a price-to-earnings (P/E) ratio of 18.3 [3][4]. Revenue Breakdown - In Q3 2024, the sales of frozen prepared foods and dishes increased by 24% year-on-year, while sales of rice and noodle products decreased by 9% [3][4]. - The new retail channel experienced significant growth, with a 96% increase year-on-year, primarily driven by the expansion of Shanghai Hema [3][4]. Future Outlook - The company plans to enhance its product development strategy by launching new products and improving the speed and success rate of new product introductions [4]. - The channel strategy focuses on expanding into lower-tier markets and maximizing channel potential, aiming to increase market share [4].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The report highlights that the company achieved a revenue of 11.077 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 7.84%. However, the net profit attributable to shareholders decreased by 6.65% to 1.047 billion yuan [6][8] - The report indicates that the company's gross profit margin for Q3 2024 was 19.93%, a decrease of 2.04 percentage points year-on-year, primarily due to increased expenses and a reduction in government subsidies [6][8] - The company is expected to have an EPS of 5.04 yuan in 2024, with a projected valuation range of 100.8 to 126 yuan based on a PE ratio of 20-25 times [8][11] Revenue and Profit Analysis - In Q3 2024, the company's revenue was 3.533 billion yuan, up 4.63% year-on-year, while the net profit attributable to shareholders fell by 36.76% to 244 million yuan [6] - The revenue from the dish products segment increased by 24.12% year-on-year, while the revenue from the new retail channel surged by 95.93% [7][8] - The company experienced a net increase of 105 distributors, bringing the total to 2,069 [8] Financial Forecast - The company is projected to achieve revenues of 15.251 billion yuan in 2024, with a net profit of 1.479 billion yuan, reflecting a slight increase of 0.1% year-on-year [9][11] - The gross profit margin is expected to improve gradually, reaching 23.9% by 2026 [11][12] Market Performance - The company's stock price closed at 88.88 yuan on October 29, 2024, with a 52-week price range of 68.20 to 130.99 yuan [2] - The report notes a relative performance comparison with the market index, indicating a decline of 7.6% over the past month [4]