Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [4] Core Views - The company reported a revenue of 5.728 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 38.49%. However, the net profit attributable to shareholders was 278 million yuan, a decrease of 3.11% year-on-year, primarily due to high shipping costs and increased marketing expenditures to enhance market share [2][6] - The company is expected to achieve revenues of 7.951 billion yuan, 9.709 billion yuan, and 11.662 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 30.90%, 22.10%, and 20.12%. The net profit attributable to shareholders is projected to be 389 million yuan, 497 million yuan, and 635 million yuan for the same years, with growth rates of -5.76%, 27.69%, and 27.75% [2][6] Summary by Sections Financial Performance - For Q3 2024, the company reported a revenue of 2.007 billion yuan, a year-on-year increase of 34.49%. The net profit attributable to shareholders was 106 million yuan, an increase of 5.44% year-on-year, while the non-recurring net profit was 99 million yuan, a decrease of 1.46% year-on-year [6] - The gross margin for the first three quarters of 2024 was 35.10%, down 1.76 percentage points year-on-year, and the net margin was 4.85%, down 2.08 percentage points year-on-year. The company faced pressure on profitability due to high shipping costs and increased marketing investments [6][2] Market Position and Strategy - The company continues to experience high revenue growth, attributed to successful product launches and expansion into emerging platforms such as Temu, Shein, and TikTok Shop. The company is expected to gain market share as larger cross-border sellers continue to capture market share from smaller sellers [6] - The company has sufficient inventory, amounting to 1.365 billion yuan as of the end of Q3, an increase of 84.21% year-on-year, indicating readiness for the upcoming promotional season [6] Future Outlook - The company is expected to maintain its growth trajectory despite facing challenges such as high shipping costs and increased market competition. The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.97 yuan, 1.24 yuan, and 1.58 yuan, respectively [6][7] - The price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 20x, 16x, and 12x, respectively, supporting the "Accumulate" rating [6][7]
致欧科技：Q3收入延续高增，利润承压系海运费影响