味知香2024年三季报点评：压力环比减少，积极拓展渠道客户

Investment Rating - The report maintains a rating of "Add" for the company [1] Core Views - The company reported a total revenue of 511 million yuan for the first three quarters of 2024, a year-on-year decrease of 17.50%, with a net profit attributable to the parent company of 68 million yuan, down 36.83% year-on-year [1] - In Q3 2024, the company achieved total revenue of 183 million yuan, a year-on-year decline of 9.19%, and a net profit of 25 million yuan, down 21.81% year-on-year [1] - The company is actively expanding its channel customers, with a slight optimization in the number of franchise stores [1] Revenue Breakdown - Revenue from meat, poultry, and aquatic products for the first three quarters of 2024 was 339 million yuan, 137 million yuan, and 28 million yuan respectively, with year-on-year declines of 17.62%, 18.57%, and 6.63% [1] - In Q3 2024, the revenue from these segments showed a narrowing decline, with year-on-year changes of -7.86%, -7.17%, and -37.17% respectively [1] - The East China region accounted for 94.21% of total revenue, with a year-on-year decline of 17.55% for the first three quarters of 2024 [1] Channel Performance - The retail (franchise, distribution), supermarket, wholesale, direct sales, and e-commerce channels reported revenues of 341 million yuan, 25 million yuan, 133 million yuan, 4 million yuan, and 1 million yuan respectively, with year-on-year changes of -16.29%, +7.58%, -20.09%, -64.75%, and -27.20% [1] - In Q3 2024, these channels experienced year-on-year changes of -8.66%, +9.18%, -8.50%, -92.15%, and -27.79% respectively [1] Financial Metrics - The gross profit margin for the first three quarters of 2024 was 25.23%, a decrease of 0.93 percentage points year-on-year, while the net profit margin was 13.26%, down 4.06 percentage points year-on-year [2] - The report forecasts net profits for 2024, 2025, and 2026 to be 88.20 million yuan, 90.80 million yuan, and 94.85 million yuan respectively, with year-on-year growth rates of -34.86%, 2.94%, and 4.46% [2][3] - The company’s market capitalization is estimated at 2.8 billion yuan, with corresponding P/E ratios of 32, 31, and 30 for the years 2024, 2025, and 2026 respectively [2]