洽洽食品2024三季报点评：业绩弱改善，旺季值得期待

Investment Rating - The report maintains a "Buy" rating and raises the target price to 37.33 CNY from the previous 32.59 CNY [3][10]. Core Views - The company's Q3 2024 revenue performance was slightly below expectations, while profit performance exceeded expectations due to declining costs. The upcoming peak season is expected to boost revenue [2][10]. - The company is projected to achieve EPS of 1.92 CNY, 2.47 CNY, and 2.81 CNY for 2024-2026, respectively, reflecting a valuation recovery in the snack food sector [3][10]. Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 1.859 billion CNY, a year-on-year increase of 3.72%, and a net profit of 289 million CNY, up 21.40% year-on-year [12]. - The Q3 gross margin improved by 6.3 percentage points to 33.1%, primarily due to lower raw material costs. The net profit margin increased by 2.3 percentage points to 15.6% [10]. Revenue and Profitability - The company's revenue showed a weak improvement quarter-on-quarter but was slightly below expectations, mainly due to pressure on nut gift box sales during the gifting season [3][10]. - The sales and management expense ratios remained stable, with a slight decrease of 0.5 percentage points and 0.4 percentage points, respectively [10]. Future Outlook - The company is expected to benefit from the upcoming peak season in Q4 2024, with a low comparative base from the previous year and strong incentives in place to drive revenue growth [3][10].