恒顺醋业：收入环比改善，盈利能力修复

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown improvement in revenue and recovery in profitability, with a notable increase in gross margin [1] - The company’s revenue for the first three quarters of 2024 was 15.31 billion yuan, a year-on-year decrease of 6.51%, while the net profit attributable to the parent company was 1.20 billion yuan, down 13.08% year-on-year [1] - The third quarter of 2024 saw a revenue of 5.27 billion yuan, representing a year-on-year growth of 5.64%, and a net profit of 0.26 billion yuan, which is a significant increase of 79.99% [1] Financial Summary - Revenue (in million yuan): - 2022A: 2,139 (13% growth) - 2023A: 2,106 (-2% decline) - 2024E: 2,020 (-4% decline) - 2025E: 2,175 (8% growth) - 2026E: 2,324 (7% growth) [1] - Net Profit (in million yuan): - 2022A: 138 - 2023A: 87 (-37% decline) - 2024E: 146 (68% growth) - 2025E: 163 (12% growth) - 2026E: 178 (9% growth) [1] - Earnings Per Share (in yuan): - 2022A: 0.14 - 2023A: 0.08 - 2024E: 0.13 - 2025E: 0.15 - 2026E: 0.16 [1] - Price-to-Earnings (P/E) Ratio: - 2022A: 62.5 - 2023A: 99.3 - 2024E: 59.2 - 2025E: 52.9 - 2026E: 48.5 [1] - Price-to-Book (P/B) Ratio: - 2022A: 3.9 - 2023A: 2.6 - 2024E: 2.6 - 2025E: 2.5 - 2026E: 2.5 [1] Revenue Breakdown - The company’s main business of condiments achieved a revenue of 14.98 billion yuan in the first three quarters of 2024, with a year-on-year decrease of 7.30% [1] - The revenue from vinegar, wine, and sauce series in the third quarter showed respective year-on-year growths of 2.18%, -10.13%, and 9.76% [1] - Online and offline channels saw revenues of 1.96 billion yuan and 13.03 billion yuan respectively, with year-on-year growths of 1.53% and -8.50% [1] Profitability Metrics - The gross margin improved significantly, contributing to the recovery of profitability [1] - The report indicates that the company’s operating profit for 2024 is expected to show a notable increase, reflecting the effects of internal reforms [2]