Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has shown robust revenue growth with a 38.5% year-on-year increase in revenue for the first three quarters of 2024, reaching 5.728 billion yuan, although net profit has slightly decreased by 3.1% to 278 million yuan [1] - The acceleration of new product iterations and the expansion of multi-channel strategies are driving growth, with new products expected to contribute over 10% of revenue in 2024 [1][2] - The company is optimizing its supply chain by shifting procurement to Southeast Asia to mitigate future trade friction risks, with expectations that Southeast Asia's shipments to the U.S. will reach 20% in Q4 [1] Financial Performance Summary - For Q3 2024, the company reported a revenue of 2.007 billion yuan, a 34.5% increase year-on-year, and a net profit of 106 million yuan, up 5.4% year-on-year [1] - The gross margin for Q3 2024 was 35.4%, showing a year-on-year decrease of 2.3 percentage points but an increase of 1.6 percentage points from the previous quarter [1] - The operating cash flow for Q3 2024 was 561 million yuan, reflecting a year-on-year increase of 212 million yuan, attributed to increased use of bank acceptance bills and expanded tax refunds [2] Earnings Forecast - The company is projected to achieve net profits of 390 million yuan, 630 million yuan, and 750 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 19.7X, 12.2X, and 10.2X [2][3]
致欧科技：量价齐升，盈利底部修复