百润股份24Q3点评：收入环比改善，新品上市蓄力

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that revenue has improved on a quarter-on-quarter basis, with new product launches expected to drive growth [1] - The company reported Q3 revenue of 760 million yuan, a decrease of 6.0%, and a net profit attributable to shareholders of 170 million yuan, down 22.2% [1] - For the first three quarters, the company achieved revenue of 2.39 billion yuan, a decline of 2.9%, and a net profit of 570 million yuan, down 13.7% [1] Revenue Analysis - The revenue decline has narrowed quarter-on-quarter, with specific product categories showing varied performance: pre-mixed drinks saw a decline of 6.6% year-on-year, while the main business of pre-mixed drinks is expected to continue high growth [1] - The strong demand for certain products has shifted from trial consumption to stable customer bases, indicating potential for recovery [1] Profit Analysis - The gross profit margin increased by 1.3 percentage points year-on-year to 70.2%, despite increased advertising expenses impacting net profit margins [1] - The report notes that the increase in sales expense ratio is due to heightened promotion efforts for key products [1] Earnings Forecast - The company is projected to achieve revenues of 3.264 billion yuan, 3.181 billion yuan, 3.594 billion yuan, and 4.028 billion yuan from 2024 to 2026, with year-on-year changes of -2.5%, +13.0%, and +12.1% respectively [3] - The net profit attributable to shareholders is expected to be 809 million yuan, 763 million yuan, 881 million yuan, and 1.003 billion yuan for the same period, with year-on-year changes of -5.7%, +15.4%, and +13.8% respectively [3]