2）分渠道看：2024 年前三季度，公司经销、直营收入分别为27.35、3.59亿元，同比+22.03%、-14.34%，24Q3 收入分别同比+33.94%、-28.21%。occurrences
The company announced its 2024 three-quarter report. In the first three quarters of 2024, the company achieved total revenue of 3.594 billion yuan, a year-on-year net profit of -9.40%, a net profit of 0.085 billion yuan, a year-on-year increase of 571.67%, after deducting non-return net profit of 0.062 billion yuan, and a year-on-year loss (-0.002 billion yuan for the same period last year). In 24Q3, the company achieved total revenue of 1.217 billion yuan, a year-on-year net profit of -6.74%, a year-on-year net profit of 0.014 billion yuan, a year-on-year reversal of losses (-0.005 billion yuan in the same period last year) and a year-on-year loss of 0.005 billion yuan after deducting non-return net profit of 0.005 billion yuan (-0.005 billion yuan for the same period last year).
It also shows an increase in revenue and profit, and the decline in the Q3 cheese business narrows 1). It also shows an increase in revenue and profit, and the decline in the Q3 cheese business narrows. In the first three quarters of 2024, the company's cheese, liquid milk, and trade revenue was 2.812, 0.281, and 0.362 billion yuan, respectively, +16.40%, +15.38%, -11.07%, and 24Q3 revenue was +23.52%, +18.24%, and -9.55%, respectively. Cheese revenue growth was mainly affected by consolidation factors, excluding consolidation factors (the revenue for the same period of 23 was adjusted to the revenue of the consolidated table). The company's cheese business revenue for the first three quarters and Q3 was about -14.99% year-on-year, respectively. -10.71%.
2) By channel: In the first three quarters of 2024, the company's distribution and direct operating revenue were 2.735 and 0.359 billion yuan respectively, +22.03% and -14.34% year-on-year, while 24Q3 revenue was +33.94% and -28.21%, respectively.
3) By region: In the first three quarters of 2024, the company's revenue for North District, Central District, and South District was 1.384, 1.349, and 0.722 billion yuan respectively, +11.52%, +19.42%, and +3.77%. 24Q3 revenue was +19.41%, +18.06%, and +15.60%, respectively.
4) Dealer situation: At the end of 2024Q3, the company had 7,648 dealers, a net increase of 348 in Q3, and a net increase of 339 in the first three quarters.
Increased gross margin drove the company's Q3 net profit to reverse losses
In the first three quarters of 2024, the company's gross margin was 28.93%, +3.82pct year on year, and the net profit margin to mother was 2.37%, +2.05pct year over year, mainly due to an increase in gross margin and a decrease in sales expenses. In 24Q3, the company's gross margin was 22.45%, +5.91 pct year on year, and the net profit margin was 0.49%, and +1.33pct year on year. Improved gross margin led to an increase in net interest rate.
Investment advice
We expect the company's net profit to be 0.11/0.2/0.231 billion yuan in 24/25/26, respectively, with a growth rate of 73.62%/81.81%/15.15%, corresponding to 75/41/36 times PE on November 1 (market value 8.3 billion yuan), maintaining a “buy” rating.
Risk warning
Food safety risks, increased market competition risks, and raw material price fluctuations.
