Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company has shown significant revenue growth, with a 320.63% year-on-year increase in revenue for the first three quarters of 2024, amounting to 20.613 billion yuan [2]. - The net profit attributable to shareholders reached 84 million yuan, reflecting a 248.64% increase year-on-year [2]. - The rapid expansion of snack retail stores has contributed to the company's revenue growth, with over 10,000 stores expected by the end of Q3 2024 [4]. - The company has optimized its cost structure, leading to improved profit margins, with a gross margin of 10.32% in Q3 2024, up 2.65 percentage points year-on-year [4]. - The acquisition of minority stakes has further enhanced profitability, with net profit attributable to shareholders significantly increasing to 83 million yuan in Q3 2024 [5]. Summary by Sections Recent Performance - In Q3 2024, the company achieved revenue of 9.698 billion yuan, a year-on-year increase of 261.32% [2]. - The snack retail business generated revenue of 9.554 billion yuan in Q3 2024, with year-on-year and quarter-on-quarter growth of 284.4% and 59.8%, respectively [4]. Market Data - As of October 31, 2024, the company's stock price is 71.00 yuan, with a market capitalization of approximately 12.743 billion yuan [3]. - The stock has shown a strong performance over the past year, with a 12-month return of 91.6%, significantly outperforming the CSI 300 index [4]. Financial Projections - The company is projected to achieve revenues of 30.622 billion yuan, 48.796 billion yuan, and 59.845 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 229%, 59%, and 23% [7]. - The net profit attributable to shareholders is expected to reach 203 million yuan, 521 million yuan, and 760 million yuan for the same years, with growth rates of 344%, 157%, and 46% [7].
万辰集团：2024年三季报点评：加速拓店，规模效应下盈利逐步释放