洽洽食品：第三季度收入恢复正增长，盈利能力改善

Investment Rating - The investment rating for the company is "Outperform the Market" [3][6][8] Core Views - The company reported a recovery in revenue growth in Q3 2024, with total revenue reaching 18.59 billion yuan, a year-on-year increase of 3.72%. The net profit attributable to shareholders was 2.89 billion yuan, up 21.40% year-on-year [4][5] - The company has actively adjusted its product and channel strategies, anticipating improved revenue growth in Q4 due to the upcoming New Year sales season [5][6] Financial Performance Summary - For the first three quarters of 2024, the company achieved total revenue of 47.58 billion yuan, a year-on-year increase of 6.24%. The net profit attributable to shareholders was 6.26 billion yuan, up 23.79% year-on-year [4][5] - The gross margin for Q3 2024 was 33.1%, an increase of 6.3 percentage points year-on-year, benefiting from lower raw material prices and improved scale efficiency [5][6] - The company expects to achieve total revenues of 74.6 billion yuan, 81.9 billion yuan, and 89.7 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 9.7% for 2024 and 2025, and 9.6% for 2026 [6][8] Earnings Forecast - The forecast for net profit attributable to shareholders is 9.3 billion yuan for 2024, 10.5 billion yuan for 2025, and 11.7 billion yuan for 2026, reflecting year-on-year growth rates of 16.0%, 12.3%, and 12.0% respectively [6][8] - The earnings per share (EPS) are projected to be 1.84 yuan for 2024, 2.06 yuan for 2025, and 2.31 yuan for 2026 [6][8] Market Position - The company maintains a leading position in product quality and brand influence within the industry, supported by a solid channel foundation [6][8]