宝立食品：Q3主业增长放缓，盈利端有所承压

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [10]. Core Views - The company's revenue for the first three quarters of 2024 reached 1.93 billion yuan, a year-on-year increase of 9.72%, while the net profit attributable to shareholders decreased by 28.01% to 173 million yuan [1]. - The third quarter saw revenue of 657 million yuan, up 4.06% year-on-year, but net profit fell by 13.45% to 65 million yuan [1]. - The company is focusing on product innovation and expanding its customer base to counteract the pressures from a soft downstream restaurant consumption environment and increased competition [4]. Summary by Sections Financial Performance - The company's gross margin in Q3 was 31.28%, down 1.06 percentage points year-on-year, with total expenses increasing by 1.01 percentage points [3]. - The net profit margin for Q3 was 9.9%, a decrease of 2 percentage points year-on-year, primarily due to increased minority interests [3]. Business Segments - In Q3, revenue growth varied by product: compound seasoning saw a 0.70% increase, light cooking solutions grew by 9.64%, while beverage and dessert ingredients declined by 5.69% [2]. - The light cooking segment showed strong growth, attributed to improved sales of consumer products, while the compound seasoning business faced challenges due to weak demand from large B-end customers [2]. Market Expansion - The company is actively developing new products and customers to find new growth opportunities, particularly in the light cooking segment and baking products [4]. - The report highlights the company's efforts to maintain its market share with existing large clients while also targeting new customer segments [4]. Earnings Forecast - The profit forecasts for 2024-2026 have been adjusted downwards, with expected net profits of 214 million yuan, 251 million yuan, and 288 million yuan respectively, reflecting a significant decrease in 2024 [4].