Sichuan Teway Food (SH:603317) Guohai Securities·2024-10-25 06:53Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company's gross profit margin continues to improve, reaching 38.83% in Q3 2024, an increase of 0.77 percentage points year-on-year, driven by lower raw material costs, product structure upgrades, and strong growth in high-margin products [2][3][4] - The company achieved a revenue of 2.364 billion yuan in the first three quarters of 2024, a year-on-year increase of 5.84%, and a net profit attributable to shareholders of 432 million yuan, up 34.96% year-on-year [3][4] - The report anticipates strong performance in Q4 2024 and the full year, supported by product upgrades and channel optimization [4][6] Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 897 million yuan, a year-on-year increase of 10.93%, and a net profit of 186 million yuan, up 64.79% year-on-year [3][4] - The company expects revenues of 3.464 billion yuan in 2024, with a growth rate of 10%, and net profits of 573 million yuan, reflecting a 25% increase [7][9] Product and Market Analysis - The company’s performance in Chinese condiments and winter seasonings was strong, with online sales growing by 55% year-on-year in Q3 2024 [4][6] - The report notes that the company has successfully launched new products and upgraded existing ones to align with current consumer trends, contributing to high-quality growth [4][6] Future Outlook - The company is projected to achieve revenues of 3.881 billion yuan in 2025 and 4.301 billion yuan in 2026, with corresponding net profits of 663 million yuan and 750 million yuan, respectively [7][9] - The report maintains a positive outlook for the company, expecting continued growth driven by product innovation and channel efficiency improvements [6][9]