绝味食品：多措并举盈利修复，静待收入端改善

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the market benchmark index within the next six months [7]. Core Views - The company has implemented multiple measures for profit recovery and is awaiting improvements in revenue [1]. - The revenue for Q3 2024 was 1.675 billion yuan, a year-on-year decrease of 13.29%, while the net profit attributable to the parent company was 143 million yuan, down 3.33% year-on-year [1]. - The company is expected to optimize its profit margins through refined management and cost advantages, despite a generally weak demand environment [1]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved a total revenue of 5.015 billion yuan, a decrease of 10.95% year-on-year, with a net profit of 438 million yuan, an increase of 12.53% year-on-year [1]. - The gross profit margin for Q1-Q3 2024 was 30.56%, an increase of 6.41 percentage points compared to the same period last year [1]. - The net profit margin for Q1-Q3 2024 was 8.74%, up 1.82 percentage points year-on-year [1]. Product Revenue Breakdown - Fresh products and packaged products generated revenues of 3.868 billion yuan and 355 million yuan respectively for Q1-Q3 2024, with year-on-year changes of -13.31% and +79.66% [1]. - In Q3 2024, fresh products and packaged products generated revenues of 1.256 billion yuan and 158 million yuan respectively, with year-on-year changes of -15.99% and +152.62% [1]. Regional Performance - Revenue from various regions for Q1-Q3 2024 showed a significant decline in the Northwest region (-51.20%), while the North China region experienced growth (+6.06%) [1]. - In Q3 2024, the Northwest region's revenue decreased by 36.75%, indicating a notable decline compared to other regions [1]. Profitability and Cash Flow - The company reported a significant increase in cash flow from operating activities, with a net cash flow of 925 million yuan for Q1-Q3 2024, a year-on-year increase of 277.46% [1]. - The report highlights that the company is expected to continue improving its profitability through management iterations and cost advantages [1].