YILI(SH:600887) China Post Securities·2024-11-01 08:30Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Insights - Revenue pressure has eased, and profit performance exceeded expectations. For the first three quarters of 2024, the company achieved total operating revenue of 89.039 billion yuan, a year-on-year decrease of 8.59%, while net profit attributable to shareholders increased by 15.87% to 10.868 billion yuan [4][6] - In Q3 2024, the company reported total operating revenue of 29.125 billion yuan, down 6.67% year-on-year, but net profit attributable to shareholders rose by 8.53% to 3.337 billion yuan [4][6] - The company's gross margin for the first three quarters was 35.03%, an increase of 1.91 percentage points year-on-year, and the net profit margin was 12.21%, up 2.58 percentage points [4][6] Financial Summary - For 2024-2026, the company is expected to achieve revenues of 119.791 billion yuan, 124.949 billion yuan, and 129.036 billion yuan, respectively, with a projected net profit of 12.168 billion yuan in 2024, reflecting a growth of 16.68% [6][7] - The earnings per share (EPS) for the next three years are forecasted to be 1.91 yuan, 1.78 yuan, and 1.96 yuan, corresponding to a price-to-earnings (P/E) ratio of 15, 16, and 14 times, respectively [6][7] - The current stock price corresponds to a projected dividend yield of 4.79% for 2024 [6]