XIANGPIAOPIAO(603711) 光大证券·2024-11-03 09:11Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a revenue of 1.94 billion yuan for the first three quarters of 2024, a decrease of 2% year-on-year, while the net profit attributable to the parent company was 20 million yuan, an increase of 409% year-on-year [1] - The ready-to-drink segment showed a revenue increase of 7.9% year-on-year, primarily driven by growth in the Meco fruit tea brand [1] - The company is focusing on product innovation and channel expansion, with new product launches aimed at attracting younger consumers [1] Revenue and Profitability - For Q3 2024, the company achieved a revenue of 760 million yuan, down 6.1% year-on-year, with a net profit of 50 million yuan, a decrease of 0.6% year-on-year [1] - The gross margin for the first three quarters of 2024 was 34.6%, an increase of 2.4 percentage points year-on-year, attributed to cost reduction and stable raw material prices [1] - The company’s net profit margin for the first three quarters of 2024 was 0.9%, up 0.74 percentage points year-on-year [1] Segment Performance - The brewing segment generated 1.11 billion yuan in revenue for the first three quarters of 2024, down 8.3% year-on-year, mainly due to a cautious inventory approach from distributors [1] - The ready-to-drink segment's revenue for the first three quarters was 801 million yuan, with significant growth in specific channels such as campus and family packaging [1] - The company’s core markets, including East China, Southwest, and Central China, reported revenues of 800 million, 250 million, and 285 million yuan respectively, with East China showing a stable growth of 4.4% year-on-year [1] Future Outlook - The company is expected to enter a peak season for brewing products in Q4 2024, with anticipation of increased distributor stocking ahead of the early Chinese New Year in 2025 [1] - The company has introduced two new products aimed at health-conscious and younger demographics, which are expected to enhance revenue potential [1] - The forecast for the company's net profit for 2024 has been adjusted to 286 million yuan, reflecting a 9.5% downward revision from previous estimates [1][2]