QIANHE(603027) 长江证券·2024-11-12 03:00Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a total revenue of 2.288 billion yuan for the first three quarters of 2024, a year-on-year decrease of 1.85%. The net profit attributable to the parent company was 352 million yuan, down 9.19% year-on-year [3][4]. - In Q3 2024 alone, the company generated a total revenue of 699 million yuan, reflecting a year-on-year decline of 12.63%, with a net profit of 101 million yuan, down 22.58% year-on-year [3][4]. - The company is undergoing product and channel adjustments, which have led to an increased revenue decline. The revenue from soy sauce was 1.435 billion yuan (down 2.44% year-on-year), while vinegar revenue was 287 million yuan (down 10.41% year-on-year) [4][5]. - The company is positioned as a health-oriented brand, aligning with the trend of health upgrades in the condiment industry. It is expected to return to a growth trajectory as adjustments near completion [5]. Financial Performance Summary - For the first three quarters of 2024, the gross profit margin decreased by 1.6 percentage points to 36.2%, while the net profit margin fell by 1.24 percentage points to 15.36% [4]. - The company’s operating expenses increased, with the expense ratio rising by 0.56 percentage points to 18.65% [4]. - The forecast for net profit is 512 million yuan for 2024 and 596 million yuan for 2025, with corresponding EPS of 0.50 yuan and 0.58 yuan, respectively [5][10].