仲景食品24Q3点评：葱油及电商高增

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 301 million yuan in Q3, representing a year-on-year increase of 9.6%, while the net profit attributable to shareholders was 49 million yuan, down 3.0% year-on-year [1] - For the first three quarters, the company achieved a revenue of 839 million yuan, up 14.2% year-on-year, and a net profit attributable to shareholders of 149 million yuan, an increase of 10.5% [1] - The report highlights strong growth driven by scallion oil and e-commerce channels, with a focus on expanding B-end channels in Henan [1] Revenue Analysis - The revenue growth is primarily driven by scallion oil and e-commerce, with a stable increase in mushroom sauce and other condiments [1] - Online e-commerce channels continue to show high growth, while adjustments in offline distributor channels are ongoing [1] Profit Analysis - In Q3, the gross profit margin decreased by 2.2 percentage points year-on-year to 40.9% due to rising raw material costs [1] - The report indicates that the financial expense ratio decreased year-on-year to 17.8%, contributing to a gross profit margin improvement to 42.8% [1] Earnings Forecast - The company is expected to achieve revenues of 1.124 billion yuan, 1.264 billion yuan, and 1.411 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 13.1%, 12.4%, and 11.6% [2][4] - The net profit attributable to shareholders is projected to be 190 million yuan, 219 million yuan, and 250 million yuan for the same years, with growth rates of 10.4%, 15.1%, and 14.1% respectively [2][4] Financial Ratios - The report indicates a projected P/E ratio of 20.73 for 2024, decreasing to 15.78 by 2026 [2] - The gross margin is expected to improve to 43.2% in 2024 and further to 43.9% by 2026 [2][4]