Shanghai Bolex Food Technology (603170) 长江证券·2024-11-04 07:40Investment Rating - The investment rating for the company is "Buy" and it is maintained [8]. Core Views - The company reported a total revenue of 1.93 billion yuan for Q1-Q3 2024, representing a year-on-year increase of 9.72%. However, the net profit attributable to shareholders decreased by 28.01% to 173 million yuan [4][5]. - The pressure on B-end operations is increasing, while C-end growth remains stable. The revenue from compound seasoning was 348 million yuan (+0.70%), light cooking solutions 252 million yuan (+9.64%), and beverage dessert ingredients 35 million yuan (-5.69%) in Q3 2024 [4][5]. - The company is facing increased demand pressure, leading to higher expense inputs. The net profit margin for Q1-Q3 2024 decreased by 4.71 percentage points to 8.99%, and the gross margin fell by 2.10 percentage points to 31.8% [5]. Summary by Sections Financial Performance - For Q3 2024, the total revenue was 657 million yuan (+4.06%), with a net profit of approximately 64.99 million yuan (-13.45%) and a non-recurring net profit of 59.39 million yuan (-14.95%) [4]. - The company’s net profit margin for Q3 2024 decreased by 2 percentage points to 9.90%, and the gross margin fell by 1.06 percentage points to 31.28% [5]. Business Segments - The revenue from direct sales was 519 million yuan (+4.16%), while non-direct sales reached 116 million yuan (+1.48%) in Q3 2024 [4]. - The revenue growth of compound seasoning products has been slowing down over the past three quarters, reflecting the current pressure on restaurant consumption [4]. Shareholder Engagement - A minority stake in the company’s brand was transferred to executives, enhancing employee engagement and potentially incentivizing management [6]. Profit Forecast - The company forecasts net profits for 2024-2026 to be 230 million, 255 million, and 282 million yuan respectively, with corresponding EPS of 0.57, 0.64, and 0.71 yuan [6].