CHACHA FOOD CO.,LTD(002557) 国海证券·2024-10-28 15:02Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has shown improvement in revenue growth year-on-year and quarter-on-quarter, with a focus on cost optimization leading to enhanced profitability [2][4] - The company achieved a revenue of 47.58 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 6.24%, and a net profit attributable to shareholders of 6.26 billion yuan, up 23.79% year-on-year [2] - The third quarter of 2024 saw a revenue of 18.59 billion yuan, a year-on-year increase of 3.72%, and a net profit of 2.89 billion yuan, up 21.4% year-on-year [2] Financial Performance Summary - The company's gross margin improved significantly in Q3 2024, reaching 33.11%, an increase of 6.31 percentage points year-on-year, driven by lower raw material costs and increased sales scale [4] - The sales and management expense ratios for Q3 2024 were 7.86% and 3.94%, respectively, showing a year-on-year optimization [4] - The net profit margin for Q3 2024 was 15.57%, up 2.27 percentage points year-on-year, indicating a significant enhancement in profitability [4] Market Performance - The company's stock has outperformed the CSI 300 index, with a 1-month performance of 17.9% and a 3-month performance of 29.0% [2] - As of October 25, 2024, the stock price was 33.18 yuan, with a 52-week price range of 23.67-38.72 yuan [2] Future Outlook - The company is well-positioned for growth in the upcoming year, with expectations for strong performance during the New Year festival due to good channel inventory and planned marketing investments [2] - The company is projected to achieve revenues of 75.41 billion yuan, 81.71 billion yuan, and 87.78 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 11%, 8%, and 7% [5][6]