爱美客：高端消费景气度回落拖累Q3增速，保持高净利率

Investment Rating - The investment rating for the company is "Buy" and is maintained [2][4] Core Views - The company reported a revenue of 2.38 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 9.5%, with a net profit attributable to the parent company of 1.59 billion yuan, up 11.8% year-on-year. However, the Q3 performance was below expectations, with revenue of 720 million yuan, a year-on-year increase of only 1.1%, and a net profit of 460 million yuan, up 2.1% year-on-year [2][3] - The revenue growth has been slowing down due to a decline in the consumption sentiment in the mid-to-high-end market, increased competition, and changes in market dynamics. The revenue growth rates for Q1, Q2, and Q3 of 2024 were 28.4%, 2.4%, and 1.1%, respectively [3] - The gross margin for the first three quarters of 2024 was 94.8%, a decrease of 0.5 percentage points year-on-year, with Q3 gross margin at 94.6%, also down 0.5 percentage points year-on-year. The company has optimized its expense ratios, with a net profit margin of 66.7% for the first three quarters, up 1.4 percentage points year-on-year [4] Financial Forecast and Investment Suggestions - The company is expected to face growth slowdown due to changes in the mid-to-high-end consumption sentiment and increased competition. However, with its industry position and future product pipeline, it is anticipated to catch up in the future. The profit forecast for 2024-2026 is adjusted to 2.06 billion yuan, 2.47 billion yuan, and 2.94 billion yuan, respectively, corresponding to P/E ratios of 32x, 27x, and 22x [4][5]