BIYI(SH:603215)2024-10-25 01:42Investment Rating - The investment rating for the company is "Outperform" [2] Core Views - The company's Q3 revenue exceeded expectations, driven by high order growth and capacity ramp-up, although net profit declined due to low margins from new product categories [2][3] - The company is expanding its product categories and customer base, with ongoing overseas capacity construction to enhance growth potential [2][3] - A slight downward adjustment in profit forecasts has been made, with expected net profits for 2024-2026 being 182 million, 212 million, and 246 million respectively, reflecting a year-on-year decrease of 10% in 2024 [2][3] Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved a revenue of 1.48 billion, a year-on-year increase of 17%, while net profit was 102 million, a decrease of 42% [2][3] - In Q3 alone, revenue reached 619 million, up 52% year-on-year, but net profit fell by 31% to 34 million [2][3] - The gross margin for Q3 was 15.25%, down 6.69 percentage points, primarily due to low margins from new product launches [2][3] Product and Market Development - The company is actively expanding its air fryer segment and has launched new products such as coffee machines and ice makers to meet diverse market demands [2][3] - Collaborations with major clients like Versuni (Philips) and other global brands have been established, leading to orderly deliveries [2][3] Profit Forecasts - The profit forecasts for 2024-2026 have been slightly reduced, with expected net profits of 182 million, 212 million, and 246 million, corresponding to a price-to-earnings ratio of 16x, 14x, and 12x respectively [2][3]