LHG(600186) 华鑫证券·2024-11-03 01:31Investment Rating - The report maintains a "Buy" rating for Lianhua Holdings (600186.SH) [1] Core Views - The company continues to show an upward trend in profitability, with a share buyback plan reflecting management's confidence in future growth [1] - For Q1-Q3 2024, the company achieved revenue of 1.935 billion yuan, a year-on-year increase of 20%, and a net profit attributable to shareholders of 165 million yuan, up 75% year-on-year [1] - The gross profit margin for Q3 2024 increased by 6 percentage points to 23.77%, attributed to proactive raw material inventory management [1][3] - The company is actively expanding its distribution channels, particularly in the family segment for monosodium glutamate, and has seen a 50% increase in revenue from compound seasoning products [1][2] Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 713 million yuan, a year-on-year increase of 11%, and a net profit of 64 million yuan, up 45% year-on-year [1] - The company plans to repurchase shares worth 110-150 million yuan at a price not exceeding 6.07 yuan per share, representing 1.01%-1.38% of total shares [1] Market Expansion - The company is focusing on developing new channels and expanding its presence in underdeveloped areas, with a notable increase in online sales [1][2] - The number of distributors increased to 2,807, a net addition of 71 since the beginning of the year [1] Profitability Forecast - The report adjusts the EPS forecast for 2024-2026 to 0.13, 0.19, and 0.26 yuan respectively, with corresponding PE ratios of 37, 25, and 19 times [3] - The company is expected to maintain a strong growth trajectory, with a projected revenue growth rate of 25% for 2024 and a net profit growth rate of 80.1% [5]