Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Insights - The company reported a total revenue of 1.378 billion yuan for the first three quarters of 2025, a year-on-year increase of 1%. However, the net profit attributable to the parent company was 54 million yuan, down 34.06% year-on-year [2]. - In Q3 2025, the company achieved a total revenue of 492 million yuan, representing a year-on-year increase of 4.27%, marking a positive turnaround from a 3.12% decline in Q2 [3]. - The company is actively expanding its new retail channels, with significant contributions from clients like Hema, while also restructuring its distribution channels to improve client quality and reduce price competition [3][4]. Revenue Performance - The revenue growth in Q3 2025 was primarily driven by the direct sales channel, which outperformed the distribution channel. The company is focusing on enhancing its direct customer base and exploring new retail opportunities [3]. - The product categories showing strong revenue growth include baked goods and frozen prepared dishes, which are key areas for the company's direct and new retail channel strategies [3]. Profitability and Cost Management - The gross margin for Q3 2025 was 21.18%, down 1.26 percentage points year-on-year, influenced by pricing pressures in the small B-end and distribution model [4]. - The sales expense ratio was 4.72%, slightly down year-on-year, while the net profit margin improved to 3.64% compared to 3.43% in Q2 2025, indicating effective cost management strategies [4]. Earnings Forecast and Valuation - The net profit forecasts for 2025-2027 have been revised down to 81 million, 98 million, and 117 million yuan, respectively, reflecting a decrease of 18.5%, 11.7%, and 6.6% from previous estimates [5]. - The current stock price corresponds to a P/E ratio of 47, 39, and 33 for the years 2025, 2026, and 2027, respectively [5][6].
千味央厨（001215）：单季营收增幅转正，积极拓展新零售渠道：——千味央厨（001215.SZ）2025年三季报点评