洽洽食品：2024年第三季度业绩点评：业绩环比显著改善，积极展望春节旺季

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company reported a significant improvement in performance for Q3 2024, with revenue reaching 4.76 billion yuan, a year-on-year increase of 6.2%, and a net profit attributable to shareholders of 630 million yuan, up 23.8% year-on-year [1]. - The company has successfully implemented multiple adjustments, leading to a return to positive revenue growth in Q3 2024, despite a still subdued terminal demand [1]. - The cost advantages from raw materials continue to enhance profitability, with a net profit margin of 15.6% in Q3 2024, an increase of 2.3 percentage points year-on-year [1]. - The company is expected to benefit from the upcoming peak season in Q4, particularly during the Spring Festival, with anticipated continued price declines in raw materials [1]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 4.76 billion yuan, with a net profit of 630 million yuan and a non-recurring net profit of 560 million yuan, reflecting year-on-year growth rates of 6.2%, 23.8%, and 31.4% respectively [1]. - In Q3 2024, revenue was 1.86 billion yuan, a 3.7% increase year-on-year, with a net profit of 290 million yuan, up 21.4% year-on-year [1]. Strategic Initiatives - The company has adopted several strategies to address industry challenges, including promotional activities for its blue bag product line, enhancing product distribution in bulk channels, and expanding its overseas market presence [1]. - The company is focusing on balancing high quality, strong branding, and cost-effectiveness, which is expected to yield positive results in the upcoming festive season [1]. Profitability Outlook - The gross profit margin for Q3 2024 was 33.1%, an increase of 6.3 percentage points year-on-year, primarily due to a significant drop in raw material prices [1]. - The report forecasts net profits for 2024, 2025, and 2026 to be 1.0 billion yuan, 1.15 billion yuan, and 1.3 billion yuan respectively, with corresponding EPS of 2.0 yuan, 2.3 yuan, and 2.6 yuan [2][7].