20231027-万联证券-绝味食品-603517.SH-点评报告_收入稳健增长_盈利持续修复_4页_838kb

报告摘要

Revenue and Profit Growth: In Q3 2023, the company achieved revenue of CNY 193.2 billion (up 826% YoY) and net profit attributable to shareholders of CNY 14.8 billion (up 2210% YoY). For the first nine months of 2023, revenue reached CNY 563.1 billion (+999% YoY) and net profit was CNY 39.0 billion (+7757% YoY).
Product Performance: Fresh products segment showed strong growth, with revenue from fresh items rising by 505% YoY in the first nine months, accounting for 80.98% of main business income. Packaging products also contributed significantly with revenue growth.
Profitability: Gross margin improved to 25.77% in Q3, supported by falling raw material costs, while net profit margin saw a substantial increase. Operating costs were controlled effectively, with sales expenses declining.
Future Outlook: The company is expected to see continued growth in its core halal food business, with plans for store expansion and cost reductions. Additional growth from investments is anticipated.
Investment Recommendation: Maintain "Hold" due to strong growth indicators and high future projections.
Risks: Potential industry competition, raw material cost uncertainties, food safety issues, and investment risks may impact performance.

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