JONJEE(600872) 长城证券·2024-11-08 06:25Investment Rating - The investment rating for the company is "Buy" with a maintained rating [1][6]. Core Views - The company has shown improvement in revenue and profit on a quarter-on-quarter basis, indicating the initial effects of adjustments [1]. - The company achieved a revenue of 3.95 billion yuan in the first three quarters of 2024, with a year-on-year decrease of 0.17%, and a net profit attributable to shareholders of 580 million yuan, reflecting a year-on-year increase of 19.3% [1][2]. - The gross profit margin has continued to improve, reaching 38.8% in Q3 2024, up by 5.0 percentage points year-on-year, primarily due to decreases in material procurement prices and production costs [3]. - The company is focusing on its core seasoning business and is expected to continue releasing performance elasticity through ongoing reforms [3][4]. Financial Summary - For 2024E, the company is projected to achieve a revenue of 5.602 billion yuan, with a year-on-year growth rate of 9.0% [1][9]. - The net profit attributable to shareholders is expected to be 726 million yuan in 2024E, with a year-on-year decrease of 57.2% [1][9]. - The company's EPS is projected to be 0.93 yuan in 2024E, increasing to 1.41 yuan by 2026E [1][9]. - The company has a total market capitalization of approximately 18.32 billion yuan [1]. Segment Performance - In Q3 2024, the company’s revenue from soy sauce, chicken essence, and chicken powder reached 740 million yuan, 180 million yuan, and 130 million yuan respectively, with year-on-year changes of 0.5%, 14.0%, and -9.2% [2]. - The company has increased its number of distributors to 2,395, with a net increase of 311 distributors this year, mainly in the central and northern regions [2]. Cost Management - The sales expense ratio, management expense ratio, and R&D expense ratio were 6.3%, 7.0%, and 2.8% respectively, showing improvements in cost management [3].