QIANHE(603027) EBSCN·2024-11-01 00:07Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company continues to face pressure in Q3 performance, with a decline in profitability [3][5] - Revenue for the first three quarters of 2024 reached 2.29 billion yuan, down 1.9% year-on-year, while net profit attributable to shareholders was 350 million yuan, down 9.2% year-on-year [3] - The company is actively adjusting its operational strategy, focusing on channel and brand development, and expanding its zero-additive product line [5][6] Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 700 million yuan, a decrease of 12.6% year-on-year, and a net profit of 100 million yuan, down 22.6% year-on-year [3] - For the first three quarters of 2024, soy sauce and vinegar revenues were 1.435 billion yuan and 287 million yuan, respectively, with year-on-year declines of 2.4% and 10.4% [3] - The company’s gross margin for the first three quarters of 2024 was 36.2%, a decrease of 1.6 percentage points year-on-year [5] Regional Performance - Revenue changes by region for the first three quarters of 2024 showed East/South/Central/North/West regions with year-on-year changes of -3.7%/+13.7%/-3.1%/+3.2%/-5.8% [4] - In Q3 2024, the South region's revenue remained stable, while other regions experienced declines [4] Channel Performance - For the first three quarters of 2024, revenue from distribution and direct sales channels changed by -3.5% and +1.9%, respectively [4] - In Q3 2024, distribution channel revenue decreased by 17.3% year-on-year, influenced by last year's high base [4] Profitability and Forecast - The company’s net profit forecast for 2024-2026 has been adjusted to 515 million, 594 million, and 679 million yuan, respectively, reflecting a downward revision of 9.2%, 8.8%, and 7.6% [6] - The current stock price corresponds to a PE ratio of 25x for 2024, 21x for 2025, and 19x for 2026 [6]