QIANHE(603027) Soochow Securities·2024-11-01 14:41Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported a revenue of 2.288 billion in the first three quarters of 2024, a year-on-year decrease of 1.85%, and a net profit attributable to shareholders of 352 million, down 9.19% year-on-year [2][3] - The company faced pressure on soy sauce revenue due to proactive inventory control and price upgrades, leading to a 13.8% year-on-year decline in soy sauce revenue for Q3 2024 [2] - The southern region showed resilience, with a stable performance, while the overall dealer count decreased as the company focused on optimizing its dealer network [2] - The gross margin improved to 37.54% in Q3 2024, up 0.67 percentage points year-on-year, attributed to lower raw material costs [3] - The company expects accelerated growth in Q4 2024 following the completion of channel adjustments and the introduction of new products [3] Financial Forecasts and Valuation - The revenue forecast for 2024-2026 has been adjusted to 32 billion, 36 billion, and 39 billion respectively, with a year-on-year growth of 1%, 11%, and 9% [4] - The net profit forecast for the same period has been revised to 5.2 billion, 5.8 billion, and 6.5 billion, reflecting a year-on-year change of -3%, +13%, and +11% [4] - The corresponding P/E ratios for 2024-2026 are projected to be 25, 22, and 20 times [4]