涪陵榨菜：24Q3业绩超预期，多措并举动销改善

Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company's Q3 2024 performance exceeded expectations, with revenue of 6.6 billion yuan, a year-on-year increase of 6.8%, and a net profit of 2.2 billion yuan, up 17.9% year-on-year [1][3] - The improvement in sales is attributed to increased marketing expenses during the consumption peak, adjustments in organizational structure, and timely product launches based on regional demand [2] - The gross margin improved to 56.2%, a year-on-year increase of 10.5 percentage points, primarily due to the use of low-cost raw materials [3] - The company is expected to see a recovery in performance throughout the year, with projected net profits of 8.9 billion yuan, 9.6 billion yuan, and 10.3 billion yuan for 2024, 2025, and 2026 respectively [3] Financial Summary - Revenue for 2024 is estimated at 25.93 billion yuan, with a year-on-year growth rate of 5.9% [1] - The net profit for 2024 is projected to be 8.88 billion yuan, reflecting a growth rate of 7.4% year-on-year [1] - The company's return on equity (ROE) is expected to be 10.1% in 2024, slightly improving in subsequent years [1] - The earnings per share (EPS) for 2024 is forecasted at 0.77 yuan, with a gradual increase to 0.89 yuan by 2026 [1][3]