Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported steady and rapid growth in revenue for Q3 2024, with a strong product matrix [3] - Online sales continue to outperform offline sales, with e-commerce revenue growing over 20% year-on-year [3] - The company has successfully expanded its offline store count and area, contributing to improved store efficiency [3] - New product launches have enhanced brand competitiveness, with several innovative products introduced in recent months [3] - The company is expected to achieve net profits of 1.13 billion, 1.33 billion, and 1.55 billion RMB for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 7, 6, and 5 [3] Revenue and Profit Forecast - Total revenue is projected to grow from 8.52 billion RMB in 2023 to 10.03 billion RMB in 2024, reflecting a year-on-year growth of 17.72% [2] - Net profit is expected to increase from 961.43 million RMB in 2023 to 1,131.34 million RMB in 2024, with a growth rate of 17.67% [2] - The latest diluted EPS is forecasted to rise from 0.46 RMB in 2023 to 0.55 RMB in 2024 [2] Market Performance - The company's stock closed at 4.12 HKD, with a market capitalization of approximately 8.52 billion HKD [6] - The price-to-book ratio stands at 0.91, indicating potential undervaluation [6] Financial Ratios - The company maintains a healthy debt-to-asset ratio of 27.10% [7] - The return on equity (ROE) is projected to improve from 10.59% in 2023 to 11.82% in 2026 [12]
361度：24Q3流水点评：流水保持稳健较快增长，产品矩阵持续夯实