XIANGPIAOPIAO(SH:603711) Soochow Securities·2024-11-04 11:00Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's performance in the first three quarters of 2024 met expectations, with a total revenue of 1.938 billion yuan, a year-on-year decrease of 2.05%, and a net profit attributable to shareholders of 18 million yuan, a year-on-year increase of 408.98% [2] - The core business of instant products is under pressure, while ready-to-drink products are steadily growing. The revenue from the instant business in Q3 2024 was 496 million yuan, down 14.9% year-on-year, while ready-to-drink products achieved revenue of 254 million yuan, up 17.8% year-on-year [2][3] - The company is focusing on product innovation and channel expansion, particularly in the ready-to-drink segment, with expectations for improved performance in the peak season of Q4 [3] Summary by Sections Financial Performance - For Q3 2024, the company reported a net profit margin of 6.22%, an increase of 0.34 percentage points year-on-year, primarily due to an increase in gross margin [3] - The gross margin for Q3 2024 was 40.94%, up 2.41 percentage points year-on-year, attributed to a decrease in raw material costs [3] Revenue Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 has been adjusted to 293 million, 337 million, and 385 million yuan respectively, with year-on-year growth rates of 5%, 15%, and 14% [4] - The corresponding price-to-earnings (P/E) ratios are projected to be 18, 16, and 14 times for the years 2024, 2025, and 2026 respectively [4] Market Data - The closing price of the company's stock is 12.97 yuan, with a market capitalization of approximately 5.33 billion yuan [5][6] - The company has a price-to-book (P/B) ratio of 1.64 and a debt-to-asset ratio of 33.67% [6]