味知香：Q3业绩继续承压，静待改善

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 183 million yuan in Q3 2024, a decrease of 9.19% year-on-year, and a net profit attributable to shareholders of 25.44 million yuan, down 21.81% [1] - The revenue decline has narrowed compared to the first half of the year, but the company still faces significant operational pressure across most markets [1] - The gross margin slightly decreased to 25.9%, while the sales expense ratio improved to 4.1% [1] - The company expects performance improvement through new product launches and channel diversification in the future [1] Summary by Sections Financial Performance - Q3 2024 revenue breakdown: meat and poultry revenue of 130 million yuan (up 7.86% YoY), aquatic products revenue of 48 million yuan (down 7.17% YoY) [1] - Revenue by region for 2024: East China 169.26 million yuan (down 9.59% YoY), Central China 59.9 million yuan (down 5.52% YoY), North China 13.6 million yuan (down 16.28% YoY), South China 0.4 million yuan (down 61.92% YoY), Southwest 4.02 million yuan (up 7.09% YoY), Northwest 0.25 million yuan (not comparable), Northeast 0.05 million yuan (down 50.16% YoY) [1] - Q3 2024 net profit attributable to shareholders was 25.44 million yuan, with a net profit margin of 13.86% [1] Cost and Expenses - The comprehensive gross margin for Q3 2024 was 25.9%, a decrease of 0.34 percentage points [1] - The sales expense ratio improved to 4.1%, down 2.3 percentage points year-on-year, while the management expense ratio increased to 7.2% [1] Future Outlook - The company anticipates a net profit of 86 million yuan in 2024, 87 million yuan in 2025, and 93 million yuan in 2026, corresponding to P/E ratios of 34, 33, and 31 times respectively [1]