JINZAI FOOD GROUP CO.(SZ:003000) Haitong Securities·2024-10-27 06:45Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][7]. Core Views - The company reported a revenue of 1.772 billion yuan for the first three quarters of 2024, representing a year-over-year increase of 18.65%. The net profit attributable to shareholders reached 215 million yuan, up 61.20% year-over-year [5][6]. - In Q3 2024, the company achieved a revenue of 642 million yuan, a year-over-year increase of 12.94%, with a net profit of 71 million yuan, reflecting a 42.58% increase year-over-year [5][6]. - The company continues to focus on its "big single product, all-channel" strategy, emphasizing quality and brand development while expanding its market presence both domestically and internationally [6]. Financial Performance Summary - For the first three quarters of 2024, the gross profit margin improved by 3.81 percentage points year-over-year, leading to a gross profit increase of 35.76% [5]. - The company expects revenues of 2.485 billion yuan in 2024, with net profits projected at 312 million yuan, corresponding to an EPS of 0.69 yuan [7][9]. - The gross margin is expected to reach 30.9% in 2024, with a net profit margin of 12.5% [9][10]. Future Projections - Revenue is projected to grow to 2.985 billion yuan in 2025 and 3.597 billion yuan in 2026, with net profits expected to reach 387 million yuan and 487 million yuan respectively [7][9]. - The company is valued at a PE ratio of 20-25 times for 2024, with a reasonable price range estimated between 13.80 and 17.25 yuan per share [7][9].