Jiajiayue(603708) 国泰君安·2024-11-06 05:23Investment Rating - The investment rating for the company is "Accumulate" with a target price of 14.36 CNY, up from the previous forecast of 10.86 CNY [3][5]. Core Views - The company's supermarket operations are performing well, and it is steadily advancing its new business layout, focusing on the "big and small reform" plan for stores, which is expected to further improve profitability [4][5]. - The company has adjusted its EPS forecasts for 2024, 2025, and 2026 to 0.32, 0.34, and 0.35 CNY respectively, up from previous estimates of 0.23, 0.24, and 0.25 CNY [5]. - The company achieved a revenue of 141.2 billion CNY in the first three quarters, representing a year-on-year increase of 1.78%, while the net profit attributable to shareholders was 1.88 billion CNY, down 12.03% [5]. Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 47.65 billion CNY, a decrease of 0.49% year-on-year, and a net profit of 0.18 billion CNY, down 33.71% [5]. - The company’s gross margin for Q3 2024 was 22.65%, slightly down by 0.1 percentage points compared to H1 2024, with the gross margin for direct stores at 19.78%, an increase of 0.18 percentage points year-on-year [5]. Business Strategy - The company is focusing on the "big and small reform" of its stores, with 13 new direct stores and 30 new franchise stores opened in Q3 2024, while 36 stores were closed due to network optimization, bringing the total number of stores to 1,103 [5]. - The company is also expanding its new business formats, with 21 new snack stores added in Q3 2024 [5]. Market Position - The company’s stock has a 52-week price range of 7.49 to 14.55 CNY, with a total market capitalization of 7,086 million CNY [7]. - The company’s net asset value per share is 3.95 CNY, with a current price-to-book ratio of 2.8 [8].