Investment Rating - The investment rating for the company is "Cautious Accumulate" [2] Core Views - The company experienced a shift from low revenue growth to negative growth in the third quarter of 2024, with revenue recorded at 4.72 billion yuan, a year-on-year decline of 1.17% [2][4] - The overall revenue for the first three quarters of 2024 was 13.64 billion yuan, reflecting a growth of 2.7%, which is a decrease of 26.18 percentage points compared to the same period last year [2] - The gross profit margin improved significantly to 24.25%, an increase of 1.31 percentage points year-on-year, attributed to enhanced pricing power and favorable cost conditions [2][4] - The company has broadened its customer base by including small and medium-sized restaurants, reducing reliance on large dining establishments, which has strengthened its pricing power [2] Financial Performance Summary - Revenue for 2024 is projected to be 19.81 billion yuan, with a growth rate of 4.20% [5] - Net profit for 2024 is expected to be 1.27 billion yuan, reflecting a decline of 5.25% [5] - Earnings per share (EPS) for 2024 is forecasted at 1.28 yuan, with corresponding price-to-earnings (P/E) ratios of 29.54, 25.52, and 24.11 for the years 2024, 2025, and 2026 respectively [5][8] - The company’s cash flow from operating activities is projected to be 2.09 billion yuan in 2024 [8] Key Financial Ratios - The gross margin is expected to be 24.40% in 2024, improving to 24.80% by 2026 [9] - The net profit margin is projected to be 6.42% in 2024, increasing to 7.19% by 2026 [9] - The asset-liability ratio is forecasted to decrease to 25.11% in 2024 [9]
千味央厨：2024年三季报点评：增长遇阻，但毛利率改善