洽洽食品2024年三季报点评：收入稳健增长，盈利能力加速修复

Investment Rating - The investment rating for the company is "Buy" and is maintained [7][9]. Core Views - The company has shown steady revenue growth, with total operating revenue for the first three quarters of 2024 reaching 4.758 billion yuan, a year-on-year increase of 6.24%. The net profit attributable to shareholders was 626 million yuan, up 23.79% year-on-year, and the net profit after deducting non-recurring gains and losses was 558 million yuan, reflecting a 31.44% increase [3][5]. - In Q3 2024, the total operating revenue was 1.859 billion yuan, representing a year-on-year growth of 3.72%, while the net profit attributable to shareholders was 289 million yuan, up 21.4% year-on-year [3][6]. - The company is expected to benefit from improved profitability due to the gradual release of cost pressures and the scale effect, with the net profit margin for the first three quarters of 2024 increasing by 1.87 percentage points to 13.16% [6][7]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported total operating revenue of 4.758 billion yuan, a 6.24% increase year-on-year. In Q3 2024, the revenue was 1.859 billion yuan, up 3.72% year-on-year [3][5]. - The net profit attributable to shareholders for the first three quarters was 626 million yuan, a 23.79% increase year-on-year, while the net profit for Q3 was 289 million yuan, reflecting a 21.4% increase [3][6]. Cost and Profitability - The company experienced a significant improvement in profitability, with the net profit margin increasing by 1.87 percentage points to 13.16% for the first three quarters of 2024. The gross profit margin also improved by 4.81 percentage points to 30.25% [6][7]. - In Q3 2024, the net profit margin rose by 2.27 percentage points to 15.57%, and the gross profit margin increased by 6.31 percentage points to 33.11% [6][7]. Future Outlook - The company plans to enhance its channel diversification for its seed business and strengthen cooperation with emerging channels such as catering and convenience stores. The cost pressure is expected to ease further, and the profitability is anticipated to improve during the peak season in Q4 [7]. - The company has a strong cash position, which allows for potential increases in dividend payouts in the future. The projected net profits for 2024 and 2025 are 990 million yuan and 1.25 billion yuan, respectively, with corresponding EPS of 1.95 yuan and 2.46 yuan [7][8].