洽洽食品：公司事件点评报告：业绩延续增势，开启备战年货节

Investment Rating - The report maintains a "Buy" investment rating for the company [2]. Core Views - The company continues to show growth momentum, with a focus on preparing for the upcoming year-end festival [1]. - The company reported a revenue of 4.758 billion yuan for the first three quarters of 2024, representing a 6% year-on-year increase, and a net profit of 626 million yuan, up 24% year-on-year [1]. - The gross profit margin improved by 6 percentage points to 33.11%, attributed to scale effects and a decrease in raw material costs [1]. - The company is strategically balancing costs and promotional efforts to stabilize gross margins while maintaining a focus on brand investment and sales incentives for the fourth quarter [1]. Summary by Sections Performance Overview - For Q3 2024, the company achieved a revenue of 1.859 billion yuan, a 4% year-on-year increase, and a net profit of 289 million yuan, up 21% year-on-year [1]. - The company has effectively controlled sales and management expense ratios, which decreased by 1 percentage point and 0.4 percentage points to 7.86% and 3.94%, respectively [1]. Product and Channel Strategy - The company is preparing for the year-end festival by introducing high-end gift boxes priced at 150 yuan and value-for-money gift boxes under 100 yuan [1]. - The company is expanding its product offerings in the seed and nut categories, optimizing product structures, and enhancing brand visibility through partnerships and endorsements [1]. - The company is exploring new channels, including dining and night market scenes, while also enhancing its online presence through e-commerce and live streaming [1]. Financial Forecast - The report adjusts the earnings per share (EPS) forecast for 2024-2026 to 1.94, 2.20, and 2.48 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 17, 15, and 13 [1]. - The company is expected to maintain a revenue growth rate of 10% in 2024, with net profit growth projected at 22.8% [4].