涪陵榨菜：收入环比加速，成本红利兑现

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [2][5]. Core Insights - The company achieved a revenue of 1.962 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 0.56%. The net profit attributable to the parent company was 671 million yuan, up 1.74% year-on-year [2]. - In Q3 2024, the company reported a revenue of 657 million yuan, a year-on-year increase of 6.81%, and a net profit of 223 million yuan, which is a 17.88% increase year-on-year [2]. - The gross margin for Q3 2024 was 56.17%, an increase of 10.48 percentage points year-on-year, primarily due to a decrease in raw material costs [2]. - The report indicates an upward adjustment in profit forecasts for 2024-2026, with expected revenues of 2.484 billion, 2.707 billion, and 2.945 billion yuan, and net profits of 852 million, 988 million, and 1.066 billion yuan respectively [2]. Financial Projections - The company's earnings per share (EPS) are projected to be 0.74 yuan in 2024, 0.86 yuan in 2025, and 0.92 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 19.8, 17.1, and 15.8 [2][4]. - The report highlights a gradual stabilization in revenue, with profit elasticity expected to accelerate due to the utilization of low-cost raw materials [2]. Market Position - The company has increased its market investment, leading to a rise in sales expense ratio, which is expected to contribute to revenue growth in Q3 2024 [2]. - The report notes that the company’s stock price as of October 29, 2024, was 14.60 yuan, with a market capitalization of approximately 16.847 billion yuan [2].