公司开启投资并购，加速整合资源。公司发布公告，1）全资子公司安徽一件事创业投资有限公司拟合计投资不超过3.6 亿元，与爱零食、爱折扣、致养食品达成深度合作。2）拟增加投资不超过2 亿元，进一步完善华东零食产业园（芜湖）、北区供应链集约基地（天津）、西南供应链集约基地（简阳）等的建设。3）公司拟向子公司投资不超过1 亿元，加大投资如超大腕、蜻蜓教练、东方颜究生、巧可果等新子品牌，分别聚焦方便速食、健康轻食、滋补食养、巧克力等品类，以实现现有优势及资源在新领域的转化，贡献新增长。Event: The company released its 2024 three-quarter report, and 2024Q1-3/3Q2024 achieved revenue of 71.69/ 2.095 billion yuan, +56.46%/24.03% YoY; net profit to mother 0.341/0.052 billion yuan, +101.15%/221.89% YoY.
Revenue side: The company consolidated the D+N channel approach, focused on distributing 105 Japanese products to create and complete the first round of marketing. The market response was good, and omnichannel revenue continued to grow. We expect online channels to contribute the main growth momentum and maintain rapid growth. In addition, the company firmly believes in the new position of Fawn Blue and Blue's “high-end healthy snacks for children” and continues to maintain both revenue and profit growth.
Profit side: 2024Q1-3/3Q2024 The company achieved a gross profit margin of 25.44%/24.46%, +0.70pcts year-on-year. The gross margin remained stable, mainly due to cost contributions and strengthened supply chain management. 2024Q1-3/3Q2024 The company achieved a net profit margin of 4.76%/2.46%, +1.06/+1.51 pcts year over year. The 2024Q1-3 sales/management/R&D/finance cost rates were 18.05%/2.11%/0.25%/0.09%, respectively, with year-on-year changes of +0.06/-1.44/ -0.16/+0.03 pcts; the 3Q2024 sales/management/R&D/finance expenses rates were 19.08%/2.52%/0.28%/0.07%, respectively, with year-on-year changes of -0.21/-0.45/-0.08/+0.03 pcts, respectively. On the cost side, the scale effect led to continuous optimization of cost efficiency, and sales and management expense ratios declined year-on-year.
The company began investment and mergers and acquisitions to accelerate the integration of resources. The company issued an announcement, 1) Anhui One Thing Venture Capital Co., Ltd., a wholly-owned subsidiary, plans to invest no more than 0.36 billion yuan in total to reach in-depth cooperation with iSnack, Ai Discount, and Health Food. 2) It is proposed to increase investment by no more than 0.2 billion yuan to further improve the construction of the East China Snack Industrial Park (Wuhu), the North District Supply Chain Intensive Base (Tianjin), and the Southwest Supply Chain Intensive Base (Jianyang). 3) The company plans to invest no more than 0.1 billion yuan in subsidiaries to increase investment in new sub-brands such as superstar, Coach Dragonfly, Oriental Yan Jiusheng, and Coco Guo, focusing on convenient fast food, healthy and light food, nourishing nutrition, chocolate, etc., to transform existing advantages and resources into new fields and contribute to new growth.
Investment advice: The company's 2024-2026 revenue is expected to be 10.64/13.91/18.03 billion yuan, +49.6%/30.7%/29.6% YoY, net profit to mother 0.41/0.57/0.77 billion yuan, +86.4%/35.6% YoY, corresponding PE is 27/19/14x, maintaining a “buy” rating.
Risk warning: food safety risks, fluctuating raw material prices, and the recovery in consumption power falls short of expectations
