BAIRUN CORPORATION(SZ:002568) Zhongyuan Securities·2024-12-12 11:06Investment Rating - The investment rating for the company is "Cautious Accumulate" [16][17][29] Core Views - The company's revenue for the first three quarters of 2024 was 2.88% lower year-on-year, with a significant drop from 49.35% growth in the same period last year [16] - The gross profit margin increased by 3.25 percentage points to 70.11% due to a significant decrease in the cost of pre-mixed drinks [16][17] - Sales expenses rose by 27.48%, leading to a decline in net profit margin by 3.06 percentage points to 23.95% [17] Summary by Sections Market Data - Closing price: 27.80 yuan [2] - One-year high/low: 27.89/15.26 yuan [3] - Circulating market value: 199.16 billion yuan [6] Financial Performance - Revenue for the first three quarters of 2024: 2.388 billion yuan, down 2.88% year-on-year [16] - Gross profit margin: 70.11% [10] - Net profit margin: 23.95% [17] - Earnings per share (EPS) forecast for 2024, 2025, and 2026: 0.76, 0.80, and 0.86 yuan respectively [17] Financial Ratios - Price-to-earnings (P/E) ratio for 2024, 2025, and 2026: 36.71, 34.76, and 32.20 respectively [17][21] - Return on equity (ROE) forecast: 12.62% [11] - Asset-liability ratio: 42.54% [12] Future Projections - Projected revenue growth rates for 2024, 2025, and 2026: 3.60%, 4.50%, and 5.60% respectively [21][24] - Projected net profit for 2024, 2025, and 2026: 795 million, 839 million, and 906 million yuan respectively [21][24]