Shanghai Bolex Food Technology (603170) 华创证券·2024-10-30 04:12Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 15.8 CNY [1][2]. Core Insights - The company reported a revenue of 1.93 billion CNY for the first three quarters of 2024, reflecting a year-on-year increase of 9.7%, while the net profit attributable to shareholders decreased by 28.0% to 170 million CNY [1][2]. - In Q3 2024, the revenue was 660 million CNY, up 4.1% year-on-year, but the net profit attributable to shareholders fell by 13.4% to 60 million CNY [1][2]. - The company is facing profit pressure but is focused on maintaining customer share, with expectations of better performance compared to peers due to strong enterprise capabilities and new product reserves [2][3]. Financial Performance Summary - Total revenue for 2023 is projected at 2.369 billion CNY, with a growth rate of 16.3%. For 2024, the revenue is expected to be 2.562 billion CNY, reflecting an 8.2% growth rate [3][8]. - The net profit attributable to shareholders is forecasted to decline to 227 million CNY in 2024, a decrease of 24.5% compared to 2023 [3][8]. - Earnings per share (EPS) for 2024 is estimated at 0.57 CNY, with subsequent years projected at 0.63 CNY for 2025 and 0.73 CNY for 2026 [3][8]. Business Segment Analysis - The compound seasoning revenue in Q3 2024 grew by 0.8% year-on-year, impacted by a slowdown in the restaurant sector and reduced new product launches from major clients [2]. - The light cooking solutions segment saw a year-on-year increase of 9.7%, mainly driven by growth in emerging business areas targeting large B-end clients [2]. - The beverage ingredient business experienced a negative growth of 5.7% year-on-year in Q3 2024 [2]. Regional Performance - Revenue growth varied by region, with East China showing a stable growth of 5.5%, while South China and North China experienced declines of 18.2% and 19.9%, respectively [2]. - Emerging markets such as Southwest and Northwest China showed significant growth, with increases of 69.5% and 90.5% year-on-year, respectively [2].