公司2024Q1-Q3 实现营收2.97 亿元（同增12%），归母净利润0.54 亿元（同增31%），扣非归母净利润0.52 亿元（同增35%）。其中2024Q3 公司营收1.10 亿元（同增6%），归母净利润0.26 亿元（同增45%），扣非归母净利润0.25 亿元（同增49%）。盈利端，2024Q3 公司毛利率同增1pct 至39.04%，主要系原材料成本增加所致，销售/管理费用率分别同比+1pct/-8pct 至7.10%/0.28%，管理费用下降主要系公司严格执行降本增效，叠加终止股权激励计划影响计提的股份支付费用所致，净利率同增 6pct 至 23.41%。On October 28, 2024, Richen Co., Ltd. released its report for the third quarter of 2024.
Key points of investment
Revenue growth rate is steady, cost reduction and efficiency are greatly optimized
In 2024Q1-Q3, the company achieved revenue of 0.297 billion yuan (up 12%), net profit attributable to mother of 0.054 billion yuan (same increase of 31%), and net profit of 0.052 billion yuan after deducting non-return net profit of 0.052 billion yuan (same increase of 35%). Among them, in 2024Q3, the company's revenue was 0.11 billion yuan (same increase of 6%), net profit attributable to mother was 0.026 billion yuan (same increase of 45%), and net profit not attributable to mother was 0.025 billion yuan (same increase of 49%). On the profit side, 2024Q3's gross margin also increased by 1 pct to 39.04%, mainly due to the increase in raw material costs. The sales/management expenses ratio was +1pct/-8pct to 7.10%/0.28%, respectively. The decrease in management expenses was mainly due to the company's strict implementation of cost reduction and efficiency, compounded by the impact of the termination of the equity incentive plan on share payment expenses calculated. The net interest rate also increased by 6 pct to 23.41%.
Sauce products continued to grow. Catering customers contributed the main incremental revenue by product. 2024Q3's revenue for sauce seasonings/powder seasonings/food additives was 0.087/0.022/0.0005 billion yuan, respectively, +16%/-17%/-28%, respectively. Among them, the main sauce seasoning industry maintained steady growth. By channel, 2024Q3's catering/food processing/brand customization/direct market/direct e-commerce retail/dealer revenue was 0.58/0.37/0.14/0.0003/0.001/0.0005 billion yuan, respectively, +21%/-9%/-13%/+77%/-76%, respectively. The company's operations are still mainly on the B-side. The catering business continues to grow under pressure from the external environment. Major restaurant chain customers such as Xiabuxia bucked the trend and expanded with new customer guarantee channels. Stable release of orders. Looking at the subregions, the company's revenue in East China/ North China/ Northeast/ Central China/ South China in 2024Q3 was 0.76/0.20/0.003/0.004/0.007 billion yuan, respectively, +5%/+17%/-33%/-23%/+124%, respectively. The dominant market in East China expanded steadily.
Profit forecasting
We are optimistic that the company's product structure will continue to be optimized, that production capacity will be released in the short term to improve the company's ability to accept orders. Continued optimization of the medium- to long-term channel structure, stable development of medium-sized catering customers, and introduction of new categories are expected to provide solid support for the company's rising profit margin.
According to the three-quarter report, we adjusted the 2024-2026 EPS to 0.74/0.87/1.02 (previous value was 0.69/0.82/0.96). The current stock price corresponding to PE is 34/29/25 times, respectively, maintaining a “buy” investment rating.
Risk warning
Macroeconomic downturn, consumption recovery falls short of expectations, regional expansion falls short of expectations, C-side development falls short of expectations, capacity construction falls short of expectations, and risks that equity incentives cannot be completed.
