Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Insights - The company reported Q3 revenue and net profit attributable to shareholders of +4.3% and -19.1% year-on-year, respectively, indicating a recovery in sales momentum compared to previous quarters [1][6] - The performance of the large B channel and new retail channels was better than that of the small B channel, with expectations for improvement in sales for both large and small B channels in Q4 and next year [1][6] - The gross margin slightly decreased due to product structure and competitive pressures, leading to a short-term pressure on profitability [1][6] - The company anticipates further improvement in profitability through precise expenditure management and targeted investments [1][6] Financial Data Summary - Total revenue for 2023 is projected at 1901 million, with a year-on-year growth of 28%, followed by a slight decline of 2% in 2024 [2][13] - Operating profit is expected to decrease from 161 million in 2023 to 98 million in 2025, reflecting a -19% growth rate [2][14] - Net profit attributable to shareholders is forecasted to decline from 134 million in 2023 to 77 million in 2025, with an expected -8% growth rate [2][14] - Earnings per share (EPS) are projected to be 0.80, 0.95, and 1.12 yuan for 2025, 2026, and 2027, respectively [2][14] Market Performance - The current stock price is 39.1 yuan, with a market capitalization of 3.8 billion [3][6] - The company has a price-to-earnings (PE) ratio of 41x for 2026 [1][3] Channel Performance - The large B channel's growth is primarily driven by hot pot and baking customers, with ongoing discussions for new products in the baking and dish categories [1][6] - The new retail channel is expected to achieve double-digit growth for the year, supported by active customer acquisition and product launches [1][6]
千味央厨（001215）：Q3动销环比改善，新零售渠道持续增长