Investment Rating - The investment rating for the company is "Buy" [2][4]. Core Views - The company's Q3 2024 revenue met expectations, but profits are under short-term pressure due to increased price discounts and heightened promotional efforts targeting small B-end customers. The company is actively maintaining market share and expanding channels, with expectations for gradual recovery [3][4]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved revenue of 1.364 billion yuan, a year-on-year increase of 2.70%. The net profit attributable to the parent company was 82 million yuan, down 13.49% year-on-year. The net profit excluding non-recurring items was 81 million yuan, a decrease of 1.25% year-on-year. In Q3 2024 alone, revenue was 472 million yuan, down 1.17% year-on-year, with a net profit of 22 million yuan, down 42.08% year-on-year [4]. Cost and Margin Analysis - The gross margin for Q3 2024 remained stable at 22.4%. Despite price declines in large B-end products, cost reductions partially offset this impact, leading to a slight decrease in gross margin. The small B-end benefited from new product launches, resulting in a slight margin increase [4]. Market Strategy - The company is focusing on new product launches to drive sales growth and optimize product structure. In Q3 2024, the company successfully introduced new products in the small B-end market. The strategy includes actively expanding channel customers and stabilizing market share, with increased price discounts and enhanced promotion of new categories [4]. Earnings Forecast - The EPS forecasts for 2024-2026 have been revised down to 1.18 yuan (-0.30), 1.46 yuan (-0.25), and 1.81 yuan (-0.27) respectively. The target price has been raised to 36.60 yuan, based on a 25x PE for 2025, reflecting the company's strong recovery potential and future growth prospects in the industry [4].
千味央厨：2024年三季报点评：稳定份额为先，利润短期承压