Juewei Food (603517) 浙商证券·2024-11-06 08:10Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company experienced continued revenue pressure in Q3 2024, with a notable improvement in gross margin, indicating ongoing optimization of profitability [3] - For the first three quarters of 2024, the company achieved revenue of 5.015 billion, a year-on-year decline of 10.95%, while net profit attributable to shareholders was 438 million, a year-on-year increase of 12.53% [3] - The gross margin for Q3 2024 was 31.12%, up 5.35 percentage points year-on-year, primarily due to a decrease in raw material prices [4] - The company adjusted its previous profit forecasts, expecting revenues of 6.680 billion, 6.890 billion, and 7.179 billion for 2024-2026, with corresponding net profits of 510 million, 628 million, and 669 million [5] Financial Summary - In Q3 2024, the company reported revenue of 1.675 billion, a year-on-year decrease of 13.29%, and a net profit of 143 million, a year-on-year decline of 3.33% [3] - The sales of marinated food products generated revenue of 4.22 billion in the first three quarters, down 9.4% year-on-year [3] - The company’s net profit margin for Q1-Q3 2024 was 8.43%, an increase of 1.86 percentage points year-on-year [4] - The projected earnings per share (EPS) for 2024-2026 are 0.82, 1.01, and 1.08, with corresponding price-to-earnings (P/E) ratios of 23.58, 19.17, and 17.97 [5]