洽洽食品：2024Q3业绩点评：利润率显著改善，收入端环比改善

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 4.758 billion yuan in Q1-Q3 2024, representing a year-on-year increase of 6.2%. The net profit attributable to the parent company was 626 million yuan, up 23.8% year-on-year [2] - In Q3 2024, the company reported a revenue of 1.859 billion yuan, a year-on-year increase of 3.7%, and a net profit of 289 million yuan, up 21.4% year-on-year [2] - The profit margin showed significant improvement due to scale effects and cost reduction efforts, with a gross margin of 33.1% in Q3 2024, up 6.3 percentage points year-on-year [2] - The company slightly adjusted its profit forecast for 2024-2026, expecting revenues of 75.45 billion yuan, 82.23 billion yuan, and 89.20 billion yuan, with net profits of 1.00183 billion yuan, 1.14565 billion yuan, and 1.28154 billion yuan respectively [2] Summary by Sections Financial Performance - Total revenue for 2022 was 6.883 billion yuan, with a year-on-year growth of 15.01%. In 2023, revenue decreased slightly to 6.806 billion yuan, a decline of 1.13%. The forecast for 2024 is 7.545 billion yuan, reflecting a growth of 10.87% [1][8] - The net profit attributable to the parent company was 976.19 million yuan in 2022, decreasing to 802.74 million yuan in 2023, but expected to rise to 1.00183 billion yuan in 2024, marking a growth of 24.80% [1][8] Profitability Metrics - The latest diluted EPS for 2023 is 1.58 yuan per share, with projections of 1.98 yuan, 2.26 yuan, and 2.53 yuan for 2024, 2025, and 2026 respectively [1][8] - The P/E ratio based on the current price and latest diluted EPS is 20.96 for 2023, expected to decrease to 16.79 in 2024 and further to 14.68 in 2025 [1][8] Market Data - The closing price of the stock is 31.11 yuan, with a market capitalization of approximately 15.77 billion yuan [4] - The company has a price-to-book ratio of 2.89 [4]