CHACHA FOOD CO.,LTD(002557) 华龙证券·2024-11-09 08:36Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [1]. Core Views - The report highlights that the release of cost benefits has led to profit growth outpacing revenue growth. For Q3 2024, the company achieved operating revenue of 1.859 billion yuan, with a profit of 289 million yuan, representing a year-on-year growth of 21.40% and 22.24% respectively [1][2]. - The company is expected to continue its growth trajectory, with projected revenues of 7.524 billion yuan, 8.339 billion yuan, and 9.314 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 10.55%, 10.84%, and 11.68% [2][4]. Summary by Sections Recent Performance - In Q3 2024, the company reported operating revenue of 1.859 billion yuan, a year-on-year increase of 21.40%, and a net profit of 289 million yuan, with a growth rate of 22.24% [1]. - For the first three quarters of 2024, the company achieved operating revenue of 4.758 billion yuan and a net profit of 626 million yuan, with year-on-year growth rates of 23.79% and 31.44% respectively [1]. Market Data - The company’s revenue showed marginal improvement in Q3 2024, with a quarter-on-quarter growth of 3.72% compared to Q2 2024. The company is focusing on high-end nut gift boxes and cost-effective gift boxes [1]. - The current stock price is 33.18 yuan, with a 52-week price range of 23.67-38.72 yuan [1]. Financial Projections - The company’s gross margin for Q3 2024 was 33.11%, an increase of 6.31 percentage points year-on-year, attributed to revenue growth and a decrease in raw material costs [1][2]. - The report forecasts net profits of 978 million yuan, 1.141 billion yuan, and 1.333 billion yuan for 2024, 2025, and 2026 respectively, with corresponding year-on-year growth rates of 21.78%, 16.68%, and 16.88% [2][4]. Comparable Company Analysis - The report includes a comparison with similar companies, indicating that the company’s P/E ratios for 2024, 2025, and 2026 are projected to be 17.2X, 14.7X, and 12.6X respectively, which are favorable compared to industry averages [3][4]. Key Financial Ratios - The report outlines key financial ratios, including a projected ROE of 16.30% for 2024, increasing to 17.88% by 2026 [5]. - The company’s debt-to-equity ratio is projected to improve, indicating a strengthening balance sheet [5].