公司发布2024 年前三季度报告。Core views
In the first three quarters, the company achieved revenue of 19.069 billion yuan, a year-on-year increase of 19.53%; net profit to mother reached 3.736 billion yuan, an increase of 24.29% year-on-year. In the third quarter of a single quarter, revenue was 5.263 billion yuan, up 13.36% year on year; net profit to mother was 1.174 billion yuan, up 13.6% year on year. The performance shows that the company's product structure continues to rise, and the cost investment continues to be efficient. In 2024, the company will adhere to the high-ranking, nationalization, and sub-high-end strategy. Continue to deepen the “Three Link Project”, establish the implementation path of “planting flags, drilling wells, and nurturing households”, accelerate the nationalization process, and accelerate the development of markets outside the province. High-end and nationalized, we continue to be optimistic about the future of the company.
occurrences
The company released its report for the first three quarters of 2024.
In the first three quarters, the company achieved revenue of 19.069 billion yuan, a year-on-year increase of 19.53%; net profit to mother reached 3.736 billion yuan, an increase of 24.29% year-on-year. In the third quarter of a single quarter, revenue was 5.263 billion yuan, up 13.36% year on year; net profit to mother was 1.174 billion yuan, up 13.6% year on year.
Brief review
Gross margin declined slightly, and cost investment continued to be more efficient.
In terms of profitability, the Q3 company's gross profit margin was 77.87%, a year-on-year decrease of 1.55pct, or related to the company actively controlling the delivery growth rate of high-end products. The sales expense ratio was 23.01%, down 5.32pct year on year, and the management expense ratio was 6.07%, down 0.14pct year on year. It shows that the company's expense rate is properly managed and controlled. Net profit margin was 22.3%, up 0.05pct year over year. In terms of cash flow, the company achieved sales revenue of 5.46 billion yuan in the third quarter, up 24.58% year on year, and net operating cash flow of 1.334 billion yuan, up 34.55% year on year, all of which maintained a good growth rate.
Contract debt at the end of the third quarter was 1.94 billion yuan, a year-on-year decrease of 41.6%.
Nationalization+high-end, Furui can look forward to the future.
In 2024, the company will adhere to the high-ranking, nationalization, and sub-high-end strategy. Continue to deepen the “Three Link Project”, establish the implementation path of “planting flags, drilling wells, and nurturing households”, accelerate the nationalization process, and accelerate the development of markets outside the province. Accurate layout to cultivate market vitality. Brand resonance and deepening the marketing model. Strengthen terminals and strengthen consumer development. Deepen marketing system construction, continuously upgrade brand, quality and cultural vitality, continuously expand brand influence, and enhance brand reputation. In 2024, the company plans to achieve operating income of 24.45 billion yuan, an increase of 20.72% over the previous year; in 2024, it plans to achieve a total profit of 7.95 billion yuan, an increase of 25.55% over the previous year.
Profit forecast.
The profit forecast was lowered based on the results of the first three quarters. The company is expected to achieve revenue of 24.3/28.7/33.3 billion yuan in 2024-2026 and achieve net profit of 5.7/7.2/9.1 billion yuan. The corresponding PE is 17X/14X/11X, maintaining a “buy” rating.
Risk warning:
The expansion of markets outside the province fell short of expectations. Gujing Gongjiu's current strategy is to expand nationally. If Gujing Gongjiu's expansion outside the province falls short of expectations, especially in regions other than East China, it may affect the performance of Gujing Gongjiu.
Product upgrades fall short of expectations. Gujing Gongjiu Company currently focuses on high-end products of Gu 16 and above. If the development of this product is limited due to a slowdown in industry development, etc., it will seriously affect the revenue growth and profit level of Gujing Gongjiu.
Food safety risks. In recent years, food safety issues have always been a hot topic of consumers' attention. As a food manufacturer, all aspects of the company's production and sales involve food quality and safety.
