Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2]. Core Views - The company has entered a growth phase in the adult incontinence products sector, with its proprietary brands expected to benefit from increasing disposable income and heightened health awareness among consumers, alongside the aging population trend [1][3]. - The company has improved its gross margin to 21.52% in the first three quarters of 2024, reflecting a year-on-year increase of 3.07 percentage points, despite a decline in net profit [1][3]. Financial Summary - For the first three quarters of 2024, the company reported revenue of 789 million yuan, a year-on-year decrease of 2.19%, and a net profit attributable to shareholders of 22.07 million yuan, down 18.87% year-on-year [1]. - In Q3 2024, the company achieved revenue of 268 million yuan, representing a year-on-year increase of 9.86%, but reported a net loss of 1.14 million yuan, a decline of 121.51% year-on-year [1]. - The company anticipates revenue growth from 2024 to 2026, projecting revenues of 1.094 billion yuan, 1.170 billion yuan, and 1.255 billion yuan, with year-on-year growth rates of 1.2%, 7.0%, and 7.3% respectively [3]. - The forecasted net profit for the same period is expected to be 21.57 million yuan, 45.93 million yuan, and 52.16 million yuan, with growth rates of 6.9%, 113.0%, and 13.6% respectively [3]. Cost Management and Profitability - The company has focused on brand enhancement and raw material cost control, leading to an increase in gross margin [1]. - The sales, management, and R&D expense ratios for the first three quarters of 2024 were 11.99%, 3.33%, and 4.16%, reflecting changes of +3.47 percentage points, -0.02 percentage points, and +0.04 percentage points year-on-year respectively [1].
可靠股份：2024年三季报点评：Q3收入增速转正，降本增效毛利率提升