味知香：积极拓展渠道客户，期待经营改善-20250226

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. 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. New product series such as ready-to-eat and freshly prepared items are being introduced [1]. - The company is enhancing its overall business capabilities and market share through increased investment in product development and expansion of retail channels, optimizing distribution stores, and helping distributors develop wholesale channels and connect with group meal 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. In Q3 2024 alone, revenue was 183 million yuan, a decline 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 years [3]. - The company’s earnings per share (EPS) is projected to be 1.20 yuan in 2024, 1.61 yuan in 2025, and 2.21 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 20.50, 15.25, and 11.14 [5][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 online and offline channels [9]. - The supermarket channel is a key development area, with a dedicated department established to expand product presence in various supermarkets, considering factors like product quality and supply chain management [9]. - The company is also working to enhance its wholesale business by assisting distributors in developing new clients and deepening cooperation with major customers, while also engaging with group meal clients [9].