LHG(600186) 华鑫证券·2024-10-16 03:00Investment Rating - The report maintains a "Buy" rating for the company [5] Core Viewpoints - The company's supply chain cost reduction and efficiency improvements have led to sustained profitability growth [3] - The company's condiment sales have significantly increased, and its computing power business is steadily progressing [4] - The company's internal reforms and market share expansion in the condiment business, along with the development of its computing power business, are expected to continue driving profit growth [5] Financial Performance - The company's estimated net profit for Q1-Q3 2024 is 160-170 million yuan, a year-on-year increase of 69%-80% [3] - The estimated net profit for Q3 2024 is 59-69 million yuan, a year-on-year increase of 33%-56% [3] - The company's condiment sales and revenue have seen substantial growth due to successful retail channel expansion and increased marketing efforts [4] - The computing power business has secured new customer orders with a total contract value of approximately 1.18 million yuan [4] Profit Forecast - The company's EPS for 2024-2026 is projected to be 0.13/0.17/0.23 yuan, with corresponding P/E ratios of 25/19/15 [5] - The company's net profit is expected to grow from 235 million yuan in 2024 to 406 million yuan in 2026 [7] - The company's ROE is forecasted to increase from 15.3% in 2024 to 18.8% in 2026 [7] Business Strategy - The company is focusing on its "brand revival strategy" and optimizing its marketing network to strengthen its competitive advantage in the condiment business [4] - The company is actively developing its computing power business as a second growth curve, with stable progress in server procurement and order delivery [4] Market Performance - The company's stock price has shown significant volatility, with a 52-week range of 2.99-7.73 yuan [1] - The company's daily average trading volume is 412.12 million yuan [1]