Event Overview: the company released its quarterly report for 24 years, and 24Q1 achieved revenue of 10%.Liveasiaworldcupqualifiers.100 million yuan / yoy+10Liveasiaworldcupqualifiers.0%Liveasiaworldcupqualifiers; return to the mother net profit of 0.7 billion yuan / yoy+2.2%; deduction of non-net profit of 70 million yuan / + 1.2%. Revenue side: moon cakes frozen year-on-year decline, steady growth in catering. Sub-products: 24-year Q1 moon cakes / quick-frozen / catering / itsLiveasiaworldcupqualifiersHis income is 0.3 billion yuan, 3.0 million yuan, 3.0 billion yuan, 3.0 million yuan, and 27.6 percent, respectively. Sub-channel: 24-year Q1 direct sales / distribution revenue of 190 million yuan, yoy+9.0%/+9.0%. In terms of the number of dealers, the number of 24Q1 dealers decreased by 42 to 1030, including a net decrease of 15 to 559 in Guangdong Province, 28 to 445 outside Guangdong Province, and a net increase of 1 to 26 abroad. Sub-region: 24 years of steady growth in and outside the province of Q1. In 24 years, the income of Q1 in Guangdong Province / outside Guangdong Province / outside Guangdong Province was 4.5 billion yuan, yoy+6.6%/+13.7%/+70.5%, respectively. Profit side: ① 's 24-year Q1 main gross profit margin decreased from 2.6pct to 29.8% ② 24-year Q1 sales / management / R & D / financial expense rates were 9.8%, 8.4%, 1.8%, 0.7%, 0.7%, 0.7%, 0.7%, 0.7%, 0.7%, 0.7%, 0.7%, 0.7%, 0.7%, 0.7%, 0.7%, 0.7%, 0.7%, 0.7%, 0.7%, 0.1 and 1.3 pct, respectively. Profit forecast and investment advice: in the long run, mooncakes are expected to maintain steady growth, with the industry becoming more and more standardized or more concentrated; quick-frozen market demand is developing rapidly, the company expects to continue to enrich its categories and channels on the basis of capacity expansion in the future. It is estimated that the company's 2024-26 net profit to the mother is 6.0 billion yuan (in line with previous forecasts). The current share price maintains a "buy" rating corresponding to the annual PE of 17x16x14X in 24-25-26. Risk hint: food safety risks, competition exacerbates risks, capacity expansion is lower than expected [disclaimer] this article only represents the views of third parties, does not represent the position of Hexun. Investors operate accordingly, at their own risk.
[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.