洽洽食品：营收表现承压盈利明显修复

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [6]. Core Views - The company reported a revenue of 4.758 billion yuan for the first three quarters of 2024, reflecting a year-on-year growth of 6.24%. The net profit attributable to shareholders reached 626 million yuan, up 23.79% year-on-year, and the net profit excluding non-recurring items was 558 million yuan, increasing by 31.44% [6]. - The revenue for Q3 2024 is estimated at 1.859 billion yuan, with a year-on-year growth of 3.72%, while the net profit attributable to shareholders is projected to be 289 million yuan, up 21.4% year-on-year [6]. - The company is expected to maintain its profit forecasts for 2024-2026, with projected net profits of 929 million yuan, 1.127 billion yuan, and 1.281 billion yuan, respectively, representing year-on-year growth rates of 16%, 21%, and 14% [6]. Summary by Relevant Sections Market Data - Closing price: 31.11 yuan - One-year high/low: 38.72/23.67 yuan - Market capitalization: 15,739 million yuan [2]. Financial Performance - The company achieved a gross margin of 33.11% in Q3 2024, an increase of 6.31 percentage points year-on-year and 8.13 percentage points quarter-on-quarter, primarily due to a decrease in raw material costs [6]. - The overall net profit margin improved by 2.25 percentage points to 15.56% in Q3 2024 [6]. Revenue and Profit Forecast - Total revenue for 2024 is projected to be 7.486 billion yuan, with a year-on-year growth rate of 10% [7]. - The earnings per share (EPS) for 2024 is estimated at 1.83 yuan, with a corresponding price-to-earnings (PE) ratio of 17 times [6][7].