Zhejiang Yiming Food (605179) 华鑫证券·2024-10-24 05:38Investment Rating - The investment rating for the company is "Buy" (maintained) [3][6] Core Views - The company experienced revenue pressure in Q3 2024 due to increased store closures, but focused on optimizing expenses to enhance profitability [4][5] - The online channel showed significant growth, with a 27% increase in revenue, indicating a strategic shift towards digital sales [5] - The company aims to improve store efficiency and profitability through store renovations and transitioning to freshly baked products [5] Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved revenue of 2.058 billion yuan, a 5% year-on-year increase, and a net profit of 37 million yuan, up 4% year-on-year [4] - In Q3 2024, revenue was 686 million yuan, a 0.4% decrease compared to the previous year, primarily due to store closures [4] - The gross margin for Q3 2024 decreased by 1 percentage point to 28.72%, while the net profit margin increased slightly to 1.52% [4] Store Performance - Revenue from direct stores, franchise stores, and online channels showed varied performance, with direct store revenue down 15% and online channel revenue up 27% [5] - As of Q3 2024, the company had 495 direct stores and 1,507 franchise stores, with a net change of 123 and 67 stores respectively since the beginning of the year [5] Earnings Forecast - The earnings per share (EPS) forecast for 2024-2026 has been adjusted to 0.11, 0.15, and 0.20 yuan respectively, with corresponding price-to-earnings (PE) ratios of 89, 66, and 51 times [6]