Jiajiayue(SH:603708) Haitong Securities·2024-11-15 00:32Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company reported a revenue of 4.765 billion yuan in Q3 2024, a year-on-year decrease of 0.49%, and a net profit attributable to shareholders of 18.31 million yuan, down 33.71% year-on-year [4][9] - The company has opened 13 new direct-operated stores in Q3 2024, while closing 36 stores, resulting in a total of 1,103 stores at the end of the period [5] - The company is focusing on optimizing its store layout and supply chain, which is expected to stabilize same-store sales and improve profitability in the future [9] Summary by Sections Financial Performance - In Q3 2024, the company achieved a gross margin of 19.49%, an increase of 0.26 percentage points year-on-year [6] - The total revenue for the first three quarters of 2024 was 14.1 billion yuan, a year-on-year increase of 1.78% [5] - The company’s gross margin for the first three quarters was 23.26%, a decrease of 0.36 percentage points year-on-year [6] Business Segments - Revenue from the community fresh food supermarkets increased by 7.64% year-on-year, while revenue from rural supermarkets decreased by 8.52% [5][12] - The company’s gross margin for the community fresh food supermarkets decreased by 0.45 percentage points year-on-year, while the gross margin for the comprehensive supermarkets increased by 0.18 percentage points [6][12] Cost Structure - The company’s expense ratio increased by 0.65 percentage points in Q3 2024, with the sales expense ratio rising to 18.79% [7] - The management expense ratio slightly decreased to 1.93%, while the financial expense ratio increased to 1.31% [7] Future Outlook - The company is expected to achieve net profits of 182 million yuan, 211 million yuan, and 256 million yuan for 2024, 2025, and 2026, respectively, with growth rates of 33.4%, 15.9%, and 21.4% [10] - The current market capitalization corresponds to a PE ratio of 39 times for 2024, 33 times for 2025, and 28 times for 2026 [10]