XIANGPIAOPIAO(SH:603711) Southwest Securities·2024-11-04 04:30Investment Rating - The report maintains a "Buy" rating for the company, with a current price of 12.97 CNY and a target price not specified for the next six months [1]. Core Insights - The company reported a revenue of 1.94 billion CNY for the first three quarters of 2024, a decrease of 2% year-on-year, with a net profit attributable to shareholders of 20 million CNY [2]. - In Q3 2024, the revenue was 760 million CNY, down 6.1% year-on-year, while the net profit was 50 million CNY, a slight decline of 0.6% [2]. - The company is focusing on health-oriented new products and has seen significant growth in fruit tea, with Q3 revenue increasing by over 40% [2]. - The gross margin for the first three quarters of 2024 was 34.6%, an increase of 2.4 percentage points year-on-year, attributed to lower raw material costs and ongoing cost reduction efforts [3]. - The net profit margin in Q3 2024 was 6.2%, up 0.3 percentage points year-on-year [3]. - The company has expanded its stock option incentive program, granting 2.66 million stock options to 16 core employees, reflecting management's confidence in future growth [3]. Financial Summary - The company forecasts net profits of 310 million CNY, 370 million CNY, and 430 million CNY for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.75 CNY, 0.89 CNY, and 1.05 CNY [1][4]. - The projected dynamic PE ratios for 2024, 2025, and 2026 are 17x, 15x, and 12x respectively [1]. - The total market capitalization is 5.327 billion CNY, with total assets amounting to 4.893 billion CNY and a net asset value per share of 7.90 CNY [1].