Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's profit benefited from the decline in egg prices, with a 26% year-on-year increase in net profit attributable to the parent company for Q1-Q3 2024 [1] - Revenue for Q1-Q3 2024 was 674 million yuan, a decrease of 8% year-on-year, while net profit was approximately 50.96 million yuan, an increase of 26.14% year-on-year [1] - The company maintains its profit forecast for 2024-2026, expecting net profits of 58 million, 66 million, and 80 million yuan, respectively, corresponding to EPS of 0.28, 0.32, and 0.39 yuan per share [1] Financial Performance Summary - The company's gross margin improved due to the decrease in raw material prices and an increase in the proportion of high-margin products, with gross and net margins for Q1-Q3 2024 at 19.29% and 7.56%, respectively, compared to 14.43% and 5.51% in the same period of 2023 [2] - The company is gradually releasing production capacity, with expectations for continued growth from its subsidiary in Guangdong and a new subsidiary in Sichuan [2] - The company is expanding into higher value-added markets through geographic expansion and product innovation, including a new production line for food-grade lysozyme expected to produce 150 tons annually [3] Financial Projections - Projected revenue growth from 2022 to 2026 shows an increase from 892 million yuan in 2022 to 1.326 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 14.9% [4] - The projected net profit is expected to grow from 36 million yuan in 2022 to 80 million yuan in 2026, reflecting a CAGR of approximately 20.9% [4] - The company's P/E ratio is projected to decrease from 39.3 in 2022 to 17.5 in 2026, indicating an improving valuation over time [4]
欧福蛋业：北交所信息更新：利润端受益于蛋价下行，2024Q1-Q3归母净利润+26%