24Q3 食萃收入保持高增。根据24 年三季报，拆分子公司看，预计24Q3 食萃贡献收入0.6 亿，同比增长超40%，净利润约0.1 亿，贡献归母净利润约0.05 亿。分渠道看，24Q3公司线下与线上渠道收入分别为7.6 亿与1.4 亿，分别同比增长6%与55.4%，其中线上主要受益于食萃收入高增；分品类看，24Q3 公司火锅调料、中式菜品调料及香肠腊肉分别实现收3 亿、3.9 亿与1.9 亿，分别同比增长1.1%、18%与19.7%，其中1）中式菜品调料受益于食萃收入高增，2）香肠腊肉表现主要受益于旺季前置铺货。经销商方面，24Q3公司环比24Q2 净减少21 家至3129 家。Key points of investment:
Incident: The company released its 2024 three-quarter report. In the first three quarters of 24, the company achieved operating income of 2.36 billion yuan, a year-on-year increase of 5.8%, and net profit to mother of 0.43 billion, an increase of 35% over the previous year, after deducting non-return net profit of 0.39 billion yuan, an increase of 38.1% year-on-year. It is estimated that in a single quarter of 24Q3, the company achieved operating income of 0.897 billion, a year-on-year increase of 10.9%, net profit of 0.186 billion yuan, a year-on-year increase of 65%, after deducting non-return net profit of 0.179 billion yuan, a year-on-year increase of 73.4%. Revenue and profit exceeded expectations.
Investment rating and valuation: Taking into account cost improvements and cost refinement, the profit forecast was raised to forecast net profit to be 0.59 billion, 0.67 billion, and 0.76 billion (0.53 billion, 0.595 billion, 0.66 billion) in 2024-26, with year-on-year increases of 28.5%, 13.4%, and 14%, respectively. The latest stock price corresponding to 2024-26 PE is 25x, 22x, and 20x, respectively, maintaining an increase rating. In the long run, we believe that since its listing, the company's strategic planning and operating efficiency have been gradually clarified and optimized, comprehensively sorted out and improved in terms of talent building, remuneration incentives, marketing structure, brand category strategy, etc., gradually transitioning from extensive use in the past to refined operation, and in an improvement channel. It is recommended to seize external competitive trends and marginal layout opportunities for internal operating efficiency.
Food extract revenue remained high during 24Q3. According to the 2014 three-quarter report, looking at the subsidiary company, it is estimated that 24Q3 Food Extract will contribute 0.06 billion yuan in revenue, an increase of more than 40% over the previous year, net profit of about 0.01 billion yuan, and a contribution of about 0.005 billion yuan to the mother's net profit. By channel, 24Q3's offline and online channel revenue was 0.76 billion and 0.14 billion respectively, with year-on-year increases of 6% and 55.4%, respectively. Among them, online mainly benefited from high food extract revenue growth; by category, 24Q3 achieved 0.3 billion, 0.39 billion and 0.19 billion respectively, year-on-year increases of 1.1%, 18%, and 19.7%, respectively. Of these, 1) Chinese cuisine seasoning benefited from high food extract revenue Add, 2) The performance of sausage and bacon mainly benefits from pre-season sales. In terms of dealers, 24Q3 companies had a net month-on-month decrease of 21 to 3129 compared to 24Q2.
Cost improvements and cost intensity adjustments drove 24Q3 profits to exceed expectations. According to the Q3 2014 report, the 24Q3 company achieved a gross profit margin of 38.8%, an increase of 0.8 pct over the previous year. It is expected that 1) the cost pressure has improved markedly, and 2) the high-margin sausage and bacon seasoning will drive the category structure. However, due to 24Q3 channel payment and fee policy adjustments, which reduced revenue, the improvement in 24Q3 gross margin was limited. In terms of cost ratios, 24Q3 sales/management/ R&D/ finance rates were 7.8%/5.2%/1.3%/-0.06%, respectively, with year-on-year changes of -7.8/-0.7/+0.2/+0.3 pct, respectively. 1) The sales expense ratio declined sharply, mainly due to a shift in the form of company expenses from market cost support to full reduction, while reducing advertising and further refining cost delivery, and 2) the reduction in management expenses is expected to be mainly due to a reduction in equity incentive expenses. Overall, the company's net interest rate for 24Q3 was 20.7%, an increase of 6.8pct over the previous year.
A catalyst for stock price performance: new product performance exceeded expectations, 2B expansion exceeded expectations? Core hypothetical risks: food safety issues, increased industry competition, and a decline in industry sentiment
