Guilin Sanjin(002275) Tianfeng Securities·2024-11-07 00:30Investment Rating - The report assigns a rating of "Accumulate" (downgraded) for the company [4][5] Core Views - The company's core products are gradually recovering growth, while second-line products are showing stable expansion. The sales of key products like Sanjin Pian and Xigua Shuang have experienced fluctuations due to national policy adjustments, but the company has implemented targeted measures to stabilize sales [2][4] - The company's overall profitability remains stable, with a gross margin of 74.84%, an increase of 1.27 percentage points year-on-year. The operating cash flow has also improved by 1.45% year-on-year [3][4] Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 1.575 billion yuan, a year-on-year decrease of 3.49%, and a net profit attributable to the parent company of 384 million yuan, down 3.28% year-on-year. However, in Q3 alone, the revenue was 506 million yuan, up 15.71% year-on-year, and the net profit attributable to the parent company was 82.9 million yuan, a significant increase of 377.72% year-on-year [1][4] - The company has adjusted its revenue forecasts for 2024-2025, lowering the expected operating revenue from 2.714 billion yuan and 3.148 billion yuan to 2.208 billion yuan and 2.407 billion yuan, respectively [4][5] Key Financial Metrics - The company reported a gross margin of 74.84% for the first three quarters of 2024, with a period expense ratio of 45.78%, which is an increase of 2.28 percentage points year-on-year. The sales expense ratio increased by 3.79 percentage points to 31.84% [3][4] - The company's total market capitalization is approximately 8.701 billion yuan, with a circulating market capitalization of about 8.279 billion yuan [5]