李子园：公司信息更新报告：2024Q3业绩改善，毛利率大幅提升优化盈利能力

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2] Core Views - The company reported an improvement in Q3 2024 performance, with a significant increase in gross margin enhancing profitability. The revenue for Q1-Q3 2024 was 1.064 billion yuan, a year-on-year decrease of 0.5%, while the net profit attributable to shareholders was 157 million yuan, down 16.8% year-on-year. In Q3 alone, revenue reached 385 million yuan, up 4.5% year-on-year, and net profit was 62 million yuan, an increase of 13.9% year-on-year [2][4] - The company is a leading player in the neutral flavored milk beverage sector, leveraging regional advantages from key markets and expanding steadily from East China to nationwide distribution [2][4] Financial Performance Summary - For Q3 2024, the company achieved a gross margin of 40.95%, up 5.24 percentage points year-on-year, primarily due to lower raw material prices and improved capacity utilization. The net profit margin for Q3 was 16.15%, an increase of 1.34 percentage points year-on-year [4] - The company expects to maintain stable gross margins in Q4 2024, with sales expense ratios improving as the company enters its peak sales season [4] - The projected net profit for 2024-2026 is estimated at 238 million, 274 million, and 323 million yuan, respectively, with corresponding EPS of 0.60, 0.70, and 0.82 yuan. The current stock price corresponds to P/E ratios of 16.4, 14.3, and 12.1 times for the respective years [2][5] Regional and Channel Performance - Q3 revenue growth was driven by effective channel adjustments, with flavored milk beverages generating 370 million yuan in revenue, a year-on-year increase of 1.8%. The core East China region saw a 4.9% year-on-year growth, while other regions showed varied performance [3] - The e-commerce channel performed exceptionally well, with a year-on-year growth of 107.9%, attributed to enhanced investment and focus on this channel [3]