Zhongjing Food(SZ:300908) Shengang Securities·2024-10-24 09:39Investment Rating - The investment rating for the company is "Buy" [4] Core Insights - The company reported a revenue of 839 million yuan for the first three quarters of 2024, representing a year-on-year growth of 14.21%. The net profit attributable to shareholders was 149 million yuan, up 6.57% year-on-year, while the net profit excluding non-recurring items was 145 million yuan, reflecting a growth of 10.51% [2][3] - In Q3 2024, the revenue was 301 million yuan, showing a year-on-year increase of 9.57%. However, the net profit attributable to shareholders decreased by 2.97% to 49 million yuan, while the net profit excluding non-recurring items slightly increased by 0.14% [2][3] - The company is focusing on product innovation and expanding its sales channels, particularly in the e-commerce sector, which saw a revenue increase of 87.61% year-on-year, contributing to 22.31% of total revenue [3][6] - The company is well-positioned to benefit from economic recovery and consumption promotion policies, which are expected to drive demand for seasoning products [3][6] Financial Summary - The projected revenues for 2024, 2025, and 2026 are 1.124 billion yuan, 1.264 billion yuan, and 1.427 billion yuan, respectively, with corresponding net profits of 185 million yuan, 211 million yuan, and 244 million yuan [6][7] - The earnings per share (EPS) are expected to be 1.85 yuan, 2.11 yuan, and 2.44 yuan for the years 2024, 2025, and 2026, respectively, with price-to-earnings (PE) ratios of 15.55X, 13.63X, and 11.76X [3][6][7]