weizhixiang(605089) 国元证券·2024-11-05 06:10Investment Rating - The report maintains an "Accumulate" rating for the company [2][3]. 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 [2]. - 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 [2]. - The company is actively expanding its channel customers, with a notable improvement in the number of franchise stores and other channel clients [2]. Summary by Relevant Sections Revenue and Profitability - For the first three quarters of 2024, revenue from meat, poultry, and aquatic products 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% [2]. - 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 [3]. Regional Performance - The East China region accounted for 94.21% of total revenue, with a revenue of 475 million yuan in the first three quarters of 2024, reflecting a year-on-year decline of 17.55% [2]. 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 the supermarket channel showing positive growth of 7.58% year-on-year [2]. Future Projections - The company is projected to achieve net profits of 88.20 million yuan, 90.80 million yuan, and 94.85 million yuan for the years 2024, 2025, and 2026 respectively, with corresponding year-on-year growth rates of -34.86%, 2.94%, and 4.46% [3].