洽洽食品：营收改善利润增加，积极备战年货节

Investment Rating - The investment rating for the company is maintained at "Accumulate-A" [1] Core Views - The company reported a revenue of 4.758 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 6.24%, and a net profit attributable to shareholders of 626 million yuan, up 23.79% year-on-year [1] - The company is actively preparing for the upcoming New Year goods festival, with plans to enhance product offerings and channel investments [1] - The company has adjusted its revenue and profit forecasts for 2024-2026, expecting revenue to grow by 10.8%, 12.7%, and 13.7% respectively, and net profit to grow by 19.9%, 16.1%, and 17.3% respectively [1] Revenue Analysis - The company achieved a revenue of 18.59 billion yuan in Q3 2024, a year-on-year increase of 3.72%, with net profit reaching 289 million yuan, up 21.40% year-on-year [1] - The growth in revenue is attributed to promotional activities, particularly in the sunflower seed segment, while the nut category showed weaker performance [1] - The company is focusing on channel expansion and product innovation, with significant progress in e-commerce channels [1] Profit Analysis - The gross profit margin for Q3 2024 was 33.11%, an increase of 6.31 percentage points year-on-year, driven by increased sales volume and reduced procurement costs [1] - The net profit margin for Q3 2024 was 15.56%, up 2.26 percentage points year-on-year [1] - The company is expected to continue benefiting from economies of scale and improved profitability [1] Financial Data and Valuation - The company’s projected revenues for 2024, 2025, and 2026 are 7.540 billion yuan, 8.497 billion yuan, and 9.662 billion yuan respectively [3] - The projected net profits for the same years are 962 million yuan, 1.117 billion yuan, and 1.310 billion yuan respectively [3] - The company’s P/E ratio is projected to be 13.2 for 2024, decreasing to 9.7 by 2026 [3]