2024 年前三季度，公司鲜货产品、预包装及其他产品、包材、“加盟费、门店管理费、信息系统使用费”收入分别为22.59、2.65、0.70、0.51 亿元，同比-5.67%、-0.37%、+0.59%、+8.37%，24Q3 分别同比-4.37%、-8.11%、-6.01%、+10.39%，“加盟费、门店管理费、信息系统使用费”增长加快；鲜货产品中，前三季度夫妻肺片、整禽类、香辣休闲、其他鲜货产品收入分别为8.04、6.45、2.29、5.81 亿元，同比-8.83%、-8.49%、-10.08%、+4.98%，24Q3 同比-6.36%、-6.77%、+20.55%、-8.42%。occurrences
The company announced its 2024 three-quarter report. In the first three quarters of 2024, the company achieved total revenue of 2.687 billion yuan (-4.60%), net profit due to mother 0.349 billion yuan (+2.19%), and net profit not attributable to mother of 0.302 billion yuan (+2.93%). In the 24Q3 quarter, the company achieved total revenue of 1.023 billion yuan (-4.61%), net profit of 0.151 billion yuan (-6.78%), and net profit of non-return to mother of 0.139 billion yuan (-8.18%).
Store expansion is relatively steady. Revenue from franchise fees, store management fees, and information system usage fees increased 10% in Q3 1) Revenue from “franchise fees, store management fees, and information system usage fees” also increased 10% in Q3, +6% compared to Q2.
In the first three quarters of 2024, the company's revenue for fresh goods, pre-packaging and other products, packaging materials, “franchise fees, store management fees, and information system usage fees” was 22.59, 0.265, 0.07, 0.051 billion yuan, respectively, -5.67%, -0.37%, +8.37%, and 24Q3, -4.37%, -8.11%, -6.01%, and +10.39%. “Franchise fees, store management fees, and information system usage fees” grew faster in the first three quarters; in fresh goods, couples accelerated in the first three quarters. Revenue from lung fillets, whole poultry, spicy and leisure products was 8.04, 0.645, 0.229, and 0.581 billion yuan, respectively, -8.83%, -8.49%, -10.08%, +4.98%, and -6.36%, -6.77%, +20.55%, and -8.42% year-on-year in 24Q3.
2) The revenue growth rate of the East China base improved month-on-month in Q3. In the first three quarters of 2024, the company's revenue in East China, Central China, Southwest China, South China, Northwest China and Northeast China was 18.29, 3.12, 2.56, 1.25, 0.062, 0.037, 0.015 billion yuan respectively, -5.82%, -0.41%, +1.88%, +5.14%, -6.37%, -7.83%, -39.25%, and 24Q3 were -2.84%, -1.90%, -0.69%, -8.98%, -28.66%, -9.08, respectively %, -48.90%
3) Dealers are more stable. At the end of 2024Q3, the company had 112 dealers, a net decrease of 1 in Q3.
Profitability is relatively stable
1) Profitability is stable. In the first three quarters of 2024, the company's gross margin was 26.22%, +2.02pct year on year, and the net profit margin was 12.99%, +0.86pct year on year; Q3 gross margin was 28.54%, -0.64pct year on year. The slight decrease in gross margin was mainly due to the high operating base under 23Q3 raw material costs, and the net profit margin was 14.75% and -0.34pct year on year.
2) The sales expense ratio has decreased, and the management expense ratio has increased. 2024Q3, the company's sales, management, R&D, and financial expense ratios were 5.04%, 4.77%, 0.42%, and 0.20%, respectively. The year-on-year ratio was -0.41, +0.87, +0.20 pct, and +0.20pct. The increase in management expenses was mainly due to the increase in employee wages and benefits and the impact of equity incentive expenses.
Investment advice
We expect the company's net profit to be 0.351, 0.381, and 0.408 billion yuan in 2024, 2025, and 2026, respectively, with growth rates of 5.74%, 8.68%, and 7.15%, corresponding to 20, 18, and 17 times PE (market value 6.9 billion yuan) on October 25, maintaining an “increase” rating.
Risk warning
Food safety risks, raw material price increases, single-store repairs falling short of expectations.
