Jiahe Foods(SH:605300) Minsheng Securities·2024-10-25 01:30Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company reported a revenue of 1.68 billion yuan for the first three quarters of 2024, a year-on-year decrease of 19.5%. The net profit attributable to shareholders was 80 million yuan, down 59.9% year-on-year [2]. - The plant-based cream segment continues to face pressure, while the coffee segment shows steady growth. In Q3 2024, revenue from plant-based cream, coffee, plant-based products, and others was 250 million, 80 million, 20 million, and 160 million yuan respectively, with year-on-year changes of -50.7%, +13.2%, -22.1%, and +65.1% [2]. - The company is actively adjusting its product and market strategies, maintaining its leading position in the plant-based cream sector, and expanding its coffee business across the entire industry chain [2]. Financial Summary - For Q3 2024, the company achieved a gross margin of 15.0%, down 3.9 percentage points year-on-year, primarily due to rising raw material costs and increased competition [2]. - The projected revenues for 2024, 2025, and 2026 are 2.31 billion, 2.61 billion, and 2.97 billion yuan respectively, with year-on-year changes of -18.8%, +13.1%, and +13.7% [5]. - The net profit attributable to shareholders for the same years is expected to be 100 million, 120 million, and 140 million yuan, with year-on-year changes of -62.3%, +22.5%, and +21.3% [5].