YouYou Foods(SH:603697) Huaxin Securities·2024-10-28 15:02Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has accelerated revenue growth quarter-on-quarter, with a marginal improvement in profitability [1] - For Q1-Q3 2024, the company achieved revenue of 887 million yuan, a year-on-year increase of 17%, and a net profit attributable to shareholders of 121 million yuan, up 14% [1] - The third quarter of 2024 saw revenue of 357 million yuan, a year-on-year increase of 28%, and a net profit of 45 million yuan, up 75% [1] - The gross margin for Q3 2024 increased by 2 percentage points to 28.90%, while the net profit margin rose by 3 percentage points to 12.63% [1] Revenue and Profitability - The company’s revenue for Q3 2024 from various products includes: - Spicy Chicken Feet: 228 million yuan (+4%) - Pig Skin Jelly: 22 million yuan (+17%) - Bamboo Shoots: 14 million yuan (-3%) - Chicken Wings: 11 million yuan (+25%) - Dried Tofu: 6 million yuan (-4%) - Peanuts: 4 million yuan (+11%) - Other products: 72 million yuan (+1593%) [1] - Online and offline revenue for Q3 2024 was 22 million yuan and 335 million yuan, respectively, with increases of 401% and 23% year-on-year [1] Forecasts - The company’s EPS for 2024-2026 is adjusted to 0.34, 0.37, and 0.41 yuan, respectively, with corresponding PE ratios of 22, 20, and 18 times [1][2] - The projected main revenue for 2024 is 1,129 million yuan, reflecting a growth rate of 16.9% [2][3] - The forecasted net profit for 2024 is 145 million yuan, with a growth rate of 25.2% [2][3]