Investment Rating - The report maintains a "Buy" investment rating for the company [2][4]. Core Insights - The company's performance is under marginal pressure, with revenue for Q1-Q3 2024 reaching 1.364 billion yuan, a 3% year-on-year increase, while net profit attributable to shareholders decreased by 13% to 82 million yuan [2][3]. - In Q3 2024, the company reported revenue of 472 million yuan, down 1% year-on-year, and a significant decline in net profit by 42% to 22 million yuan [2][3]. - The gross profit margin for Q3 2024 increased slightly by 0.04 percentage points to 22.44%, attributed to improved cost procurement optimization [2][3]. Revenue and Profit Forecast - The company is expected to face challenges in customer order renewals and promotional pressures, but it is actively participating in bidding to secure market share [4]. - The forecast for earnings per share (EPS) for 2024-2026 has been adjusted to 1.21, 1.45, and 1.68 yuan respectively, with corresponding price-to-earnings (PE) ratios of 26, 22, and 19 times [4][6]. Market Position and Strategy - The company is focusing on consolidating its market share for existing products while actively responding to price competition by providing policy support [3]. - The pre-prepared food business is performing well, leveraging existing channel customer bases for product development [3]. - The company plans to expand along the supply chain through mergers and acquisitions, utilizing synergies for category expansion [3]. Financial Metrics - The company's revenue is projected to grow from 1.997 billion yuan in 2024 to 2.362 billion yuan in 2026, with growth rates of 5.1%, 8.4%, and 9.1% respectively [6][7]. - The net profit is expected to decrease to 120 million yuan in 2024, followed by a recovery to 144 million yuan in 2025 and 167 million yuan in 2026 [6][7].
千味央厨：公司事件点评报告：业绩边际承压，积极应对价格竞争