Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1][2] Core Views - The company has shown continuous high revenue growth, with Q1-Q3 revenue reaching 5.73 billion yuan, a year-on-year increase of 38.5%. The net profit attributable to shareholders for the same period is 280 million yuan, a decrease of 3.1% year-on-year, while the non-recurring profit is 260 million yuan, down 17.4% year-on-year [2][4] - In Q3 alone, the company achieved a revenue of 2.01 billion yuan, up 34.5% year-on-year, driven by successful new product expansions and increased marketing efforts [2][4] - The company is expected to benefit from trends such as consumer downgrading in Europe and America and the online retail shift, with revenue growth anticipated to continue [2][4] Financial Performance Summary - Revenue for 2024-2026 is projected to be 8.27 billion yuan, 10.32 billion yuan, and 12.27 billion yuan respectively, with corresponding net profits of 420 million yuan, 590 million yuan, and 710 million yuan [2][4] - The company's Q3 gross margin is 35.4%, a year-on-year decrease of 2.3 percentage points but a quarter-on-quarter increase of 1.6 percentage points, indicating significant marginal improvement [2][4] - The company’s Q3 net profit margin is 5.3%, down 1.5 percentage points year-on-year but up 1.5 percentage points quarter-on-quarter [2][4] Cost and Expense Analysis - The company’s Q3 expense ratio is 29.4%, an increase of 0.6 percentage points year-on-year, primarily due to increased brand marketing investments [2][4] - Sales expense ratio increased by 1.7 percentage points year-on-year, while management expenses rose by 0.1 percentage points, and R&D expenses decreased by 0.1 percentage points [2][4] Valuation Metrics - The projected PE ratios for 2024, 2025, and 2026 are 19, 13, and 11 times respectively, indicating a favorable valuation outlook [2][4]
致欧科技：收入高增持续，Q3净利润增速转正