Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 5.73 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 38.5%. However, the net profit attributable to shareholders decreased by 3.1% to 278 million yuan, and the net profit after deducting non-recurring items fell by 17.4% to 258 million yuan [2] - The revenue growth is attributed to successful product expansion and increased marketing efforts. However, profit margins are under pressure due to rising shipping costs and other macroeconomic factors [2] - The company has enhanced its core capabilities in branding, product offerings, logistics, and channel expansion, which are expected to drive future growth [2] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 2.01 billion yuan, up 34.5% year-on-year, with a net profit of 110 million yuan, reflecting a 5.4% increase year-on-year. The net profit after deducting non-recurring items was 100 million yuan, down 1.5% year-on-year [2] - The gross margin and net profit margin for Q3 2024 were 35.44% and 5.28%, respectively, down 2.25 percentage points and 1.46 percentage points year-on-year [2] Profit Forecast and Valuation - The profit forecast for 2024 has been adjusted downwards due to the impact of shipping costs, with net profit expectations revised to 4.1 billion yuan for 2024, 5.5 billion yuan for 2025, and 6.4 billion yuan for 2026, reflecting a year-on-year growth of 0% for 2024, 33% for 2025, and 16% for 2026 [2] - The corresponding P/E ratios based on the closing price on October 23 are 19x for 2024, 14x for 2025, and 12x for 2026 [2]
致欧科技：2024年三季报点评：营收同比+38.5%，海运等宏观变量仍影响利润率