恒顺醋业：锚定目标，持续发力

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a revenue of 1.531 billion yuan for the first three quarters of 2024, a year-on-year decrease of 6.51%, with a net profit attributable to shareholders of 120 million yuan, down 13.08% year-on-year [1] - In Q3 2024, the company achieved a revenue of 527 million yuan, an increase of 5.64% year-on-year, and a net profit of 26 million yuan, up 79.99% year-on-year [1] - The company is focusing on its core business and implementing incentive plans to boost employee motivation, which is expected to enhance overall performance [3][4] Summary by Sections Financial Performance - For Q1-Q3 2024, revenue from vinegar, wine, and sauce series was 976 million, 263 million, and 136 million yuan, with year-on-year changes of -5.19%, +2.18%, and -10.13% respectively [2] - The gross margin in Q3 2024 increased by 9.47 percentage points to 35.61%, attributed to product mix adjustments and declining raw material costs [3] - The net profit margin for Q3 2024 increased by 2.07 percentage points to 5.02% due to the improvement in gross margin [3] Regional Performance - Revenue growth varied by region, with East China and Central China showing positive growth in Q3 2024, while North China experienced a significant decline of 24.5% [2] Future Outlook - The company expects revenue growth of 4.2%, 8.3%, and 8.2% for 2024, 2025, and 2026 respectively, with net profit growth projected at 93.1%, 41.8%, and 19.7% for the same years [4] - The company is preparing for increased sales ahead of the 2025 Spring Festival, which is anticipated to further improve revenue [4]