LHG(600186) 太平洋·2024-11-13 08:07Investment Rating - The report assigns a rating of "Accumulate" to the company with a target price of 5.28, compared to the last closing price of 4.86 [1][3]. Core Insights - The company reported strong performance in Q3 2024, with revenue reaching 1.9135 billion, a year-on-year increase of 19.84%, and a net profit of 165 million, up 74.58% year-on-year [3]. - The company is actively repurchasing shares, indicating confidence in its future growth [3]. - The growth in revenue is driven by the performance of its mushroom-flavored products and the rapid expansion in the North China market [3]. Financial Performance Summary - For Q3 2024, the company achieved revenue of 713 million, a year-on-year increase of 11.28%, and a net profit of 64 million, up 44.72% year-on-year [3]. - The gross margin for Q3 2024 was 23.77%, an increase of 6.36 percentage points year-on-year, attributed to the expansion of its computing power business [3]. - The company expects revenue growth rates of 22%, 25%, and 21% for 2024, 2025, and 2026 respectively, with net profit growth rates of 71%, 29%, and 23% for the same years [3][4]. Revenue Breakdown - The revenue from amino acid seasonings and compound seasonings for Q1-Q3 2024 was 1.418 billion and 249 million respectively, with year-on-year growth of 16% and 28% [3]. - Online sales saw a significant increase, with revenue of 1.1 billion for Q1-Q3 2024, up 159% year-on-year, while offline sales reached 1.823 billion, up 16% year-on-year [3]. - By region, revenue from North China, East China, South China, and other areas showed varied growth, with North China experiencing a 64% increase [3].