Zhongjing Food(300908)2024-11-06 01:59Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Insights - The company reported a revenue increase of 9.57% year-on-year in Q3 2024, with total revenue for the first three quarters reaching 839 million yuan, a 14.21% increase year-on-year. The net profit attributable to shareholders was 149 million yuan, up 6.57% year-on-year [4][5] - The gross profit margin for Q3 2024 decreased by 2.22 percentage points year-on-year, primarily due to rising costs of raw materials [5] - The company plans to distribute a cash dividend of 2 yuan per 10 shares, totaling 29 million yuan [4] Financial Performance - For the first three quarters of 2024, the company achieved a gross margin of 42.75%, an increase of 1.18 percentage points year-on-year, while the net profit margin was 17.29%, a decrease of 0.58 percentage points year-on-year [5] - The company expects to maintain stable growth in its seasoning products, with core products like mushroom sauce and Shanghai scallion oil leading the market [6] - Earnings per share (EPS) forecasts for 2024-2026 are 1.25, 1.48, and 1.66 yuan respectively, with a projected price-to-earnings (PE) ratio of 25-30 for 2024 [6][9] Market Comparison - The company’s stock price closed at 34.65 yuan on November 5, 2024, with a market capitalization of 5.059 billion yuan [2] - The stock has shown a price fluctuation range of 21.64 to 48.29 yuan over the past 52 weeks [2] - Compared to its peers, the company is positioned favorably with a projected PE ratio lower than some competitors, indicating potential for growth [8]