LONGDA(002726) 兴业证券·2024-11-07 07:30Investment Rating - The report maintains an "Accumulate" rating for the company [5][11]. Core Insights - The company reported a total revenue of 8.014 billion yuan for the first three quarters of 2024, a year-on-year decrease of 20.70%, while achieving a net profit of 73 million yuan, reversing from a loss of 649 million yuan in the same period last year [2][7]. - The pre-prepared food segment showed a significant recovery, with Q3 revenue reaching 536 million yuan, a quarter-on-quarter increase of 34.61%, driven by improved demand during the restaurant peak season [3][10]. - The gross profit margin for the first three quarters improved to 4.84%, up 4.42 percentage points year-on-year, indicating enhanced profitability due to better cost management and product mix optimization [4][9]. Summary by Sections Financial Performance - For Q3 2024, the company reported total revenue of 2.970 billion yuan, down 12.12% year-on-year, but net profit was 15 million yuan, reversing from a loss of 24 million yuan in Q3 2023 [2][7]. - The gross profit margin for Q3 was 4.60%, reflecting a year-on-year increase of 1.44 percentage points [4][9]. Business Strategy - The company continues to focus on its core food business while expanding its B-end customer base in the pre-prepared food sector, which has shown stable growth despite overall revenue decline [3][8]. - The company has optimized its business structure and improved cost efficiency, contributing to enhanced profitability [4][9]. Future Outlook - Revenue projections for 2024-2026 are estimated at 11.139 billion, 12.172 billion, and 13.211 billion yuan, with expected net profits of 86 million, 186 million, and 242 million yuan respectively [5][11]. - The company is expected to benefit from its strategic focus on pre-prepared foods, with significant growth potential in both product development and market expansion [10].