Jiahe Foods(605300) 华鑫证券·2024-10-24 01:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's revenue met expectations, but profits are under significant pressure due to rising oil prices affecting gross margins and increased marketing expenses [1][3] - Coffee sales showed stable growth, with a year-on-year increase of 7.17% in the first three quarters of 2024 and 13.19% in Q3 2024 [1][3] - The company is focusing on expanding its C-end coffee product matrix and has recently launched a new automatic roasting machine with an annual capacity of 27,000 tons [1][3] Financial Performance Summary - For the first three quarters of 2024, total revenue was 1.68 billion yuan, a decrease of 19.46% year-on-year, with a net profit attributable to shareholders of 83 million yuan, down 59.88% [1] - Q3 2024 revenue was 607 million yuan, down 20.06% year-on-year, with a net profit of 13 million yuan, down 81.25% [1] - The gross margin for Q3 2024 was 15.02%, a decrease of 6.92 percentage points year-on-year, primarily due to rising oil costs [1] Revenue and Profit Forecast - The company expects a revenue decline of 18.5% in 2024, followed by a recovery with growth rates of 15.5% in 2025 and 19.0% in 2026 [5] - The forecasted earnings per share (EPS) for 2024, 2025, and 2026 are 0.30 yuan, 0.45 yuan, and 0.61 yuan respectively, with corresponding price-to-earnings (PE) ratios of 40, 27, and 20 [3][5]