RICHEN(SH:603755) Changjiang Securities·2024-11-07 06:18Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a total revenue of 297 million yuan for the first three quarters of 2024, representing a year-on-year increase of 11.78%. The net profit attributable to the parent company was 54.43 million yuan, up 30.88% year-on-year, and the net profit after deducting non-recurring items was 52.46 million yuan, an increase of 35.38% year-on-year [4][6]. - In Q3 2024 alone, the company achieved a revenue of 110 million yuan, a year-on-year increase of 6.45%, with a net profit of 25.70 million yuan, up 44.52% year-on-year, and a net profit after deducting non-recurring items of 25.03 million yuan, which is a 49.39% increase year-on-year [4][6]. - The restaurant segment maintained rapid growth, while the food processing segment faced margin pressure. The revenue from the restaurant segment for Q1-Q3 2024 was 148 million yuan, up 24.08% year-on-year, while the food processing segment generated 101 million yuan, a slight increase of 0.68% year-on-year [4][6]. Financial Performance - The gross profit margin remained stable, with the net profit margin for Q1-Q3 2024 increasing by 2.67 percentage points to 18.31%. The gross profit margin decreased by 0.68 percentage points to 38.49%, and the expense ratio decreased by 3.93 percentage points to 17.05% [5][6]. - In Q3 2024, the net profit margin increased by 6.17 percentage points to 23.41%, with a gross profit margin of 39.04%, an increase of 0.61 percentage points year-on-year [5][6]. - The company is expected to achieve net profits of 77 million yuan and 86 million yuan in 2024 and 2025, respectively, with corresponding EPS of 0.78 yuan and 0.87 yuan, leading to PE ratios of 31 and 28 times [6].