紫燕食品（603057）：收入增速转正，期待利润率改善

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Insights - The company's total revenue for Q1-Q3 2025 is 2.514 billion yuan, a decrease of 6.43% year-on-year, while the net profit attributable to shareholders is 194 million yuan, down 44.37% [2][4] - In Q3 2025, total revenue is 1.041 billion yuan, showing a growth of 1.75% year-on-year, but the net profit attributable to shareholders is 89.54 million yuan, down 40.66% [2][4] - The report highlights a positive trend in revenue growth, particularly in new business areas and regions, with significant growth in certain product categories and channels [11] Financial Performance Summary - For Q1-Q3 2025, the gross profit margin is 22.52%, down 3.69 percentage points year-on-year, and the net profit margin is 7.72%, down 5.27 percentage points [11] - The company expects net profits for 2025-2027 to be 213 million, 281 million, and 323 million yuan respectively, with corresponding EPS of 0.51, 0.68, and 0.78 yuan [11][17] - The current stock price is 18.76 yuan, with a PE ratio projected at 36, 28, and 24 times for the years 2025, 2026, and 2027 respectively [7][11] Revenue Breakdown - In Q3 2025, revenue by product category shows a decline in "Couple Lung Slice" and "Whole Poultry" by 13.71% and 6.67% respectively, while "Spicy Snacks" grew by 4.92% and "Other Fresh Goods" increased by 27.39% [11] - Revenue by channel indicates a decline in distribution channels by 7.32%, while direct sales increased by 69.82% [11] - Regionally, revenue in East China declined by 1.92%, while non-East China regions saw a growth of 3.70% and overseas revenue surged by 57.67% [11]