Jiajiayue(603708) 长江证券·2024-11-15 01:07Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company reported a revenue of 14.13 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 1.8%. However, the net profit attributable to the parent company was 190 million yuan, down 12.0% year-on-year. In the third quarter alone, revenue was 4.76 billion yuan, a slight decline of 0.5% year-on-year, with a net profit of 18.31 million yuan, down 33.7% year-on-year [4][5][6]. Summary by Sections Revenue and Profit Performance - For the first three quarters of 2024, the company achieved a revenue of 14.13 billion yuan, with a year-on-year increase of 1.8%. The net profit attributable to the parent company was 190 million yuan, reflecting a 12.0% decline year-on-year. In Q3, the revenue was 4.76 billion yuan, showing a 0.5% decrease year-on-year, while the net profit was 18.31 million yuan, down 33.7% year-on-year [4][5]. Store Optimization and New Business Models - The company made slight adjustments to the number of stores in its main supermarket business while continuing to open new stores in emerging formats. As of Q3, the total number of stores was 1,103, including 973 direct-operated stores and 130 franchise stores. The company closed 5 comprehensive supermarkets but opened 14 community fresh food supermarkets and 21 snack stores, contributing to stable revenue despite the overall slight decline [5][6]. Gross Margin and Expenses - The overall gross margin for Q3 was 22.7%, a slight decrease of 0.1 percentage points year-on-year, with a gross profit of 1.08 billion yuan, down 0.8% year-on-year. The increase in expenses was attributed to store optimization and logistics costs, leading to a total expense of 1.05 billion yuan, which was a 2.5% increase year-on-year. The net profit margin for Q3 was 0.38%, down 0.12 percentage points year-on-year [6][7]. Future Earnings Projections - The company is expected to achieve earnings per share (EPS) of 0.36 yuan, 0.41 yuan, and 0.47 yuan for the years 2024, 2025, and 2026, respectively. The company maintains a "Buy" rating based on its strong market position and ongoing optimization efforts [7][8].