XIANGPIAOPIAO(603711) 天风证券·2024-11-12 03:17Investment Rating - The report maintains a "Buy" rating for the company with a target price indicating an expected return of over 20% within the next six months [4][13]. Core Insights - The company reported a revenue of 1.938 billion yuan for the first three quarters of 2024, a year-on-year decrease of 2.05%, while the net profit attributable to the parent company was 18 million yuan, showing a significant increase of 408.98% year-on-year [1]. - In Q3 2024, the revenue was 759 million yuan, down 6.10% year-on-year, with a net profit of 47 million yuan, a decrease of 0.62% year-on-year [1]. - The company continues to reduce inventory in its brewing segment while seeing good growth in its fruit tea products, with Q3 brewing and ready-to-drink revenues down 14.9% and up 17.8% year-on-year, respectively [1]. - The gross profit margin increased by 2.4 percentage points in Q3, indicating stable profitability despite rising sales expenses due to new product launches [2]. Financial Performance Summary - For the first three quarters of 2024, the company’s brewing and ready-to-drink revenues were 1.11 billion yuan and 800 million yuan, respectively, reflecting year-on-year changes of -8.3% and +7.9% [1]. - The report forecasts revenue growth rates of 0%, 11%, and 10% for 2024 to 2026, with corresponding net profit growth rates of 8%, 17%, and 17% [2]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.74 yuan, 0.87 yuan, and 1.01 yuan, respectively [3][9]. Market Position and Strategy - The company is actively exploring gift channels and improving its frozen lemon tea product, while maintaining stable growth in its ready-to-drink segment [2]. - The introduction of two new product lines in September aims to enhance market presence and drive future sales growth [2].