绝味食品：收入承压，毛利率改善显著

Investment Rating - The report maintains a "Recommended" rating for the company [2][6] Core Views - The company reported a revenue of 5.015 billion yuan for the first three quarters of 2023, a year-on-year decrease of 10.95%, while the net profit attributable to shareholders increased by 12.53% to 438 million yuan [3] - The gross margin improved significantly to 30.56% for the first three quarters of 2024, up 6.41 percentage points year-on-year, primarily due to a decrease in raw material costs [4] - The company is experiencing pressure on fresh goods sales, while packaged products have seen substantial growth, with packaged product revenue increasing by 79.66% year-on-year [4] Financial Summary - For the first three quarters of 2023, the company achieved a net profit margin of 8.43%, an increase of 1.86 percentage points year-on-year [4] - The company’s revenue forecast for 2024 is adjusted to 6.539 billion yuan, reflecting a 10% decline from 2023, with expected net profits of 543 million yuan, a 57.6% increase [5] - The projected earnings per share (EPS) for 2024 is 0.88 yuan, with a price-to-earnings (P/E) ratio of 20.5 [5][9] Product Performance - Revenue from fresh goods decreased to 3.868 billion yuan, a decline of 13.31%, while packaged products generated 355 million yuan, marking a significant increase [4] - The company is focusing on optimizing store operations to address the challenges faced in the fresh goods segment [4] Regional Performance - Revenue from various regions showed mixed results, with the North China region experiencing growth, while other regions faced declines [4]