Shanghai Bolex Food Technology (603170) 光大证券·2024-10-31 12:31Investment Rating - The report maintains a "Buy" rating for Baoli Food (603170 SH) [4] Core Views - Baoli Food's Q3 2024 revenue reached 660 million yuan, up 4 1% YoY, but net profit attributable to shareholders declined by 13 4% YoY to 60 million yuan [1] - The company's light cooking business continues to grow, driven by the strong performance of its Kongke pasta product line [2] - Future growth is expected from the company's expansion into central kitchen and bakery businesses [4] Financial Performance Revenue - Total revenue for the first three quarters of 2024 was 1 93 billion yuan, a 9 7% YoY increase [1] - Q3 2024 revenue breakdown by product: compound seasoning (350 million yuan, +0 7% YoY), light cooking (250 million yuan, +9 6% YoY), beverage and dessert ingredients (30 million yuan, +1 9% YoY) [2] Profitability - Q3 2024 gross margin was 31 3%, down 1 1 percentage points YoY [3] - Net profit margin attributable to shareholders was 9 9% in Q3 2024, a 2 0 percentage point decrease YoY [3] Regional Performance - East China region maintained growth with 512 million yuan in Q3 2024 revenue, up 5 5% YoY [2] - North China region saw a 19 9% YoY decline in Q3 2024 revenue to 33 million yuan [2] Business Development - The company added 51 new distributors in Q3 2024, bringing the total to 496 [2] - Baoli Food launched a new product, Kongke Juicy Pure Meat Sausage, in September 2024 to expand its product portfolio [3] Valuation and Forecast - 2024-2026 EPS forecasts: 0 57 yuan, 0 68 yuan, and 0 80 yuan respectively [4] - Current PE ratios: 23x for 2024, 19x for 2025, and 16x for 2026 [4] - 2024-2026 revenue growth forecasts: 8 57%, 13 41%, and 13 02% respectively [5]