Sichuan Teway Food (SH:603317) Guotai Junan Securities·2024-10-25 01:23Investment Rating - The report maintains an "Accumulate" rating for the company [1][7] Core Views - The company's performance exceeded expectations, with a significant trend of structural optimization [1] - The long-term excess returns are anticipated due to product structure improvements driving profitability [7] Financial Summary - For Q3 2024, the company achieved revenue of 2.364 billion yuan, a year-on-year increase of 5.84%, and a net profit attributable to shareholders of 432 million yuan, up 34.96% [7] - The Q3 single-quarter revenue was 897 million yuan, reflecting a year-on-year growth of 10.93%, with a net profit of 186 million yuan, up 64.79% [7] - The gross margin for Q3 2024 improved by 0.77 percentage points to 38.83%, while the net margin reached 21.19%, an increase of 7.33 percentage points [7] Product and Channel Performance - In Q3 2024, revenue from hot pot base, Chinese cuisine seasonings, and sausage and cured meat seasonings grew by 1.1%, 18.1%, and 19.7% year-on-year, respectively [7] - Online channel revenue surged by 55.4% year-on-year, driven by the growth of the 2B brand "Shicui," while offline channels saw a 6% increase, indicating a recovery trend [7] Future Earnings Forecast - The EPS forecast for 2024 has been raised to 0.55 yuan, a year-on-year increase of 28% [7] - The target price remains at 21.90 yuan, with adjustments made to the EPS forecasts for 2025 and 2026 [7] Market Position - The company is positioned to benefit from the increasing penetration of the seasoning industry, with a focus on health-oriented and regional products for the consumer market [7]