JONJEE(600872) Guolian Securities·2024-10-29 02:12Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a slight decrease in revenue for the first three quarters of 2024, with a total revenue of 3.946 billion yuan, down 0.17% year-on-year, while the net profit attributable to shareholders was 576 million yuan. In Q3 2024, the company achieved revenue of 1.328 billion yuan, an increase of 2.23% year-on-year, and a net profit of 226 million yuan, up 32.90% year-on-year [2][6] - The company experienced growth in its chicken essence and soy sauce products, with significant regional variations in performance. In Q3 2024, soy sauce, chicken essence, cooking oil, and other products generated revenues of 741 million, 181 million, 130 million, and 147 million yuan, respectively, with year-on-year changes of 0.47%, 13.99%, -9.16%, and -9.05% [6] - The company's gross profit margin improved by 4.96 percentage points year-on-year to 38.82% in Q3 2024, attributed to cost benefits, declining material prices, and the effectiveness of supply chain reforms. The sales expense ratio decreased by 1.86 percentage points to 6.26%, while the net profit margin increased by 4.90 percentage points to 18.94% [6] - The company forecasts revenue for 2024-2026 to be 5.453 billion, 5.894 billion, and 6.535 billion yuan, with year-on-year growth rates of 6.11%, 8.08%, and 10.87%, respectively. The net profit attributable to shareholders is expected to be 707 million, 873 million, and 988 million yuan, with year-on-year growth rates of -58.34%, 23.47%, and 13.14% [6][7] Summary by Sections Financial Data and Valuation - For 2024E, the company is projected to have a revenue of 5.453 billion yuan, with a growth rate of 6.11%. The net profit is expected to be 707 million yuan, reflecting a significant decline of 58.34% year-on-year. The EPS is projected to be 0.90 yuan per share [7] - The company’s P/E ratio for 2024E is estimated at 26.0, while the P/B ratio is 3.5 [7] Revenue Breakdown - In Q3 2024, the revenue from different products showed varied performance, with soy sauce and chicken essence performing well, while cooking oil and other products saw declines [6] - The company’s distribution channels also exhibited differences, with distribution sales declining by 0.90% year-on-year, while direct sales increased by 22.60% [6] Regional Performance - The company added a total of 84 distributors across different regions, with the eastern region showing the best performance, generating 2.94 billion yuan in revenue, an increase of 8.57% year-on-year [6]