JONJEE(600872) 长江证券·2024-11-04 07:22Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company reported a total revenue of 3.946 billion yuan for Q1-Q3 2024, a slight decrease of 0.17% year-on-year, while the net profit attributable to the parent company was 576 million yuan, indicating a turnaround from losses [4][6]. - The company's main product line, "Meiwei Xian," generated a revenue of 3.808 billion yuan in the same period, reflecting a year-on-year increase of 0.46% [4]. - In Q3 2024, the total revenue reached 1.328 billion yuan, up 2.23% year-on-year, with a net profit of 226 million yuan, marking a significant increase of 32.9% [4][6]. Revenue Breakdown - Revenue from soy sauce for Q1-Q3 2024 was 2.299 billion yuan, down 2.4% year-on-year, but showed a recovery in Q3 with a growth of 0.47% [4]. - Revenue from chicken essence and powder was 508 million yuan, up 4.48% year-on-year, with Q3 growth of 13.99% [4]. - Revenue from edible oil was 345 million yuan, a slight increase of 1.94% year-on-year, but decreased by 9.16% in Q3 [4]. - The company expanded its distribution channels, with a total of 2,395 distributors by the end of Q3 2024, an increase of 110 from the previous quarter [4]. Profitability Improvement - The company's net profit margin for Q1-Q3 2024 improved by 46.79 percentage points to 14.6%, with a gross margin increase of 4.79 percentage points to 37.36% [5]. - In Q3 2024, the net profit margin rose by 3.94 percentage points to 17.05%, with a gross margin of 38.82%, reflecting effective cost control measures [5]. - The company has implemented cost reduction and efficiency improvement strategies, contributing to enhanced profitability [5]. Future Outlook - The company expects net profits of approximately 999 million yuan and 998 million yuan for 2024 and 2025, respectively, with an estimated EPS of 1.27 yuan for both years [6]. - The PE valuation is projected to be 18 times for both years, indicating a stable outlook for the company's financial performance [6].