银都股份：公司信息更新报告：Q3收入稳健、净利受汇兑拖累，发力连锁客户明后年增长可期

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported steady revenue growth in Q3, with a strategic focus shifting towards large chain customers, which is expected to drive growth in the coming years [1] - Q3 revenue increased by 1.75% year-on-year, achieving a net profit attributable to the parent company of 479 million yuan, reflecting a year-on-year increase of 3.13 percentage points [1] - The decline in net profit in Q3 was primarily due to foreign exchange losses and reduced interest income, while the operating profit margin remained stable [1] - The company anticipates a recovery in profit margins in Q4 as the USD to RMB exchange rate rebounds from its lows [1] - The company maintains its profit forecasts for 2024-2026, expecting net profits of 641 million, 735 million, and 844 million yuan, representing year-on-year growth of 25.5%, 14.6%, and 14.9% respectively [1] Financial Performance Summary - Q3 gross margin was 45.44%, up 1.07 percentage points year-on-year and 0.35 percentage points quarter-on-quarter [3] - The sales expense ratio in Q3 was 11.64%, down 1.34 percentage points year-on-year, while the management expense ratio was 6.45%, up 1.33 percentage points year-on-year [3] - The company reported a significant sales increase in Europe, with Q3 sales growing by 35.63% year-on-year, and the European subsidiary turning profitable [4] - The company plans to enhance its market penetration in the chain restaurant sector, expecting breakthroughs in the next three years [4] Financial Projections - Revenue projections for 2024-2026 are 2,941 million, 3,308 million, and 3,722 million yuan, with year-on-year growth rates of 10.9%, 12.5%, and 12.5% respectively [5] - The projected earnings per share (EPS) for 2024-2026 are 1.52, 1.75, and 2.01 yuan [5] - The company’s price-to-earnings (P/E) ratios are projected to be 16.5, 14.4, and 12.5 for 2024, 2025, and 2026 respectively [5]