Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company achieved a revenue of 436 million yuan in Q1-Q3 2024, representing a year-on-year increase of 19.3%, and a net profit attributable to shareholders of 62.06 million yuan, up 15.5% year-on-year. The non-recurring net profit saw a significant increase of 65.2% [3] - The company is transitioning from a raw material manufacturer to an application service provider, focusing on technological research and development to provide solutions and products for clients. The strategic direction for the next five years includes expanding applications in konjac powder and downstream product processing, particularly in jelly, meat products, tea drink ingredients, and konjac food [4] - The company is actively expanding its customer base, with stable orders from leading enterprises such as Mixue Ice City and Hou Shang Ayi, while also targeting second-tier brand clients. The production capacity is being increased to meet market demand, with a current full-load operation of production lines [5] Financial Summary - For the fiscal years 2022 to 2026, the company forecasts revenue growth from 447 million yuan in 2022 to 688 million yuan in 2026, with corresponding net profits expected to rise from 65 million yuan to 79 million yuan. The projected EPS for these years is 0.89, 0.72, 0.88, 0.97, and 1.07 yuan per share respectively [6][8] - The gross margin is expected to improve slightly from 21.0% in 2023 to 21.9% in 2024, while the net margin is projected to stabilize around 11.5% by 2026 [6][9]
一致魔芋：北交所信息更新：茶饮小料潜力大+全力拓展新客户，2024Q1-3扣非净利润+65%