Milkground(600882) 国元证券·2024-11-04 09:00Investment Rating - The report maintains a "Buy" rating for the company [4][10]. Core Insights - The company announced its Q3 2024 results, reporting total revenue of 3.594 billion yuan for the first three quarters, a year-on-year decrease of 9.40%, while net profit attributable to shareholders reached 85 million yuan, a significant increase of 571.67% year-on-year [1]. - Cheese business revenue growth was primarily driven by consolidation effects, with adjusted revenue showing declines of approximately 14.99% and 10.71% for the first three quarters and Q3 respectively [2]. - The company's gross margin improved to 28.93% for the first three quarters, up 3.82 percentage points year-on-year, contributing to a net profit margin of 2.37%, an increase of 2.05 percentage points [3]. Summary by Sections Financial Performance - For Q3 2024, the company achieved total revenue of 1.217 billion yuan, a decrease of 6.74% year-on-year, with net profit turning positive at 14 million yuan compared to a loss of 5 million yuan in the same period last year [1]. - The company's cheese, liquid milk, and trading revenues for the first three quarters were 2.812 billion yuan, 281 million yuan, and 362 million yuan, reflecting year-on-year growth of 16.40%, 15.38%, and a decline of 11.07% respectively [2]. Revenue Breakdown - By channel, the company's distribution and direct sales revenues for the first three quarters were 2.735 billion yuan and 359 million yuan, showing year-on-year growth of 22.03% and a decline of 14.34% respectively [2]. - Regionally, revenues from the northern, central, and southern regions for the first three quarters were 1.384 billion yuan, 1.349 billion yuan, and 722 million yuan, with year-on-year growth of 11.52%, 19.42%, and 3.77% respectively [2]. Profitability Metrics - The gross margin for Q3 2024 was reported at 22.45%, an increase of 5.91 percentage points year-on-year, leading to a net profit margin of 0.49%, up 1.33 percentage points [3]. - The report forecasts net profits for 2024, 2025, and 2026 to be 110 million yuan, 200 million yuan, and 231 million yuan, with growth rates of 73.62%, 81.81%, and 15.15% respectively [4].