绝味食品：门店延续优化，关注单店拐点

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported Q3 2024 earnings with total revenue of 5.015 billion yuan, a year-on-year decrease of 10.95%, and a net profit attributable to shareholders of 438 million yuan, an increase of 12.53% year-on-year [1] - The main business is under pressure, but store optimization continues, with a slight narrowing of the year-on-year decline in same-store sales expected [1] - The company is focusing on brand rejuvenation and strengthening franchisee trust, which may help it gradually emerge from the current pressure phase [1] Financial Performance Summary - For Q3 2024, the company achieved revenue of 1.675 billion yuan, a year-on-year decrease of 13.29%, and a net profit attributable to shareholders of 143 million yuan, a year-on-year decrease of 3.33% [1] - The gross margin for Q3 2024 was 31.1%, an increase of 5.3 percentage points year-on-year, due to lower raw material costs [1] - The company expects earnings per share (EPS) for 2024, 2025, and 2026 to be 0.90 yuan, 1.00 yuan, and 1.15 yuan respectively [2][3] Regional Performance Summary - In Q3 2024, revenue changes by region were as follows: Central China -24.3%, East China -15.6%, South China -8.7%, Southwest -6.1%, North China +9.7%, Northwest -36.8% [1] - North China showed positive growth, while major regions like Central and East China experienced further declines [1] Cost and Profitability Summary - The company increased its expense ratio in Q3 2024, with a sales expense ratio of 9.7% and a management expense ratio of 6.7% [1] - The net profit margin for Q3 2024 was 8.5%, an increase of 0.9 percentage points year-on-year, indicating some improvement in profitability [1]