味知香：积极拓展渠道客户，期待经营改善-20250225

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [5][16]. Core Views - The company is actively expanding its product line to cater to younger consumers, moving beyond stir-frying to include frying, steaming, and other cooking methods. This includes launching new ready-to-eat and freshly prepared products [1]. - The company is expected to improve its overall business capabilities and market share through increased investment in product development, expansion of retail channels, optimization of distribution stores, and support for distributors in developing wholesale channels and catering clients [3]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 511 million yuan, a year-over-year decrease of 17.5%, and a net profit attributable to the parent company of 68 million yuan, down 36.83% year-over-year. The revenue for Q3 2024 was 183 million yuan, a decrease of 9.19% year-over-year, with a net profit of 25 million yuan, down 21.81% year-over-year [1]. - Revenue projections for 2024-2026 have been adjusted to 897.32 million yuan, 1,054.39 million yuan, and 1,240.79 million yuan, respectively, with net profit estimates of 165.44 million yuan, 222.37 million yuan, and 304.50 million yuan for the same period [3][10]. - The company’s earnings per share (EPS) is projected to be 1.20 yuan in 2024, increasing to 2.21 yuan by 2026 [10]. Channel Development - The company is focusing on expanding its retail channels, which include franchise and distribution stores. Plans include opening more stores, enhancing management efficiency through information systems, and collaborating with online teams to integrate O2O channels [9]. - A dedicated supermarket division has been established to enhance product presence in various supermarkets, with future plans for further expansion based on product quality, R&D capabilities, and supply chain management [9]. - The company aims to assist distributors in developing more clients and deepening cooperation with major customers, while also engaging with catering channel clients [9].