Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company's performance is under short-term pressure but has positive long-term growth prospects. The revenue for the first three quarters of 2024 reached 1.364 billion RMB, a year-on-year increase of 2.70%, while the net profit attributable to shareholders was 82 million RMB, a decrease of 13.49% year-on-year [3][5]. Revenue and Profit Analysis - In Q3 2024, the company achieved a revenue of 472 million RMB, down 1.17% year-on-year, and a net profit of 22 million RMB, down 42.08% year-on-year. The non-recurring net profit was 23 million RMB, down 23.54% year-on-year [3][4]. - The company is facing pressure on revenue from large B customers due to weak external demand and reduced growth momentum. However, it maintains a solid foundation in the small B segment through brand and channel advantages [3][4]. Margin and Expense Analysis - The gross margin for Q1-Q3 2024 was 24.3%, an increase of 1.31 percentage points year-on-year, while Q3 2024 gross margin was 22.4%, an increase of 0.03 percentage points year-on-year. However, expenses have increased, with the sales expense ratio rising to 5.3% and the management expense ratio remaining at 9.3% [4][5]. Forecast and Valuation - The company is expected to achieve revenues of 1.97 billion RMB, 2.14 billion RMB, and 2.35 billion RMB for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 3%, 9%, and 10%. The net profit attributable to shareholders is projected to be 118 million RMB, 135 million RMB, and 162 million RMB for the same years, with corresponding P/E ratios of 24, 21, and 17 [5][7].
千味央厨：业绩短时承压，中长期成长向好