Gaishi Food(836826) 开源证券·2024-11-01 03:30Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1][3]. Core Insights - The company reported a revenue of 387 million yuan for Q1-Q3 2024, representing a year-on-year increase of 8%, and a net profit attributable to the parent company of 31.22 million yuan, up 17% year-on-year [3]. - The company aims to expand its market presence both domestically and internationally, with a focus on new channels such as star-rated hotels and banquet services, while also benefiting from the trend of domestic catering enterprises going abroad [4]. - The company has entered a dual-factory phase, with the Jiangsu factory ramping up production capacity and the Dalian factory focusing on seaweed and seafood products, which are expected to enhance profitability [5]. Financial Performance Summary - For 2024, the company forecasts revenue of 542 million yuan, with a year-on-year growth of 10.6%, and a net profit of 40 million yuan, reflecting a 15.7% increase [6]. - The projected earnings per share (EPS) for 2024 is 0.29 yuan, with corresponding price-to-earnings (P/E) ratios of 32.4, 28.8, and 24.7 for the years 2024, 2025, and 2026 respectively [3][6]. - The company’s gross margin is expected to be 18.5% in 2024, with a net margin of 7.4% [6].