Investment Rating - The report maintains a rating of "Buy" for the company [4][10]. Core Views - The company has shown high revenue growth and significant profit improvement in Q3, with expectations for strong performance in Q4 [3]. - Revenue for the first three quarters reached 5.73 billion yuan, a year-on-year increase of 38.5%, while net profit attributable to the parent company was 278 million yuan, a decrease of 3.11% [3]. - The report forecasts EPS for 2024-2026 to be 0.93, 1.35, and 1.75 yuan, with growth rates of -10%, 45%, and 30% respectively, and maintains a target price of 22 yuan [3][4]. Financial Performance Summary - Q3 revenue was 2.01 billion yuan, up 34.5% year-on-year, with net profit of 106 million yuan, an increase of 5.44% [3]. - The gross margin for the first three quarters was 35.1%, a decrease of 1.76 percentage points, while the net margin was 4.85%, down 2.08 percentage points [3]. - Operating cash flow improved to 883 million yuan, a year-on-year increase of 19.8% [3]. Dividend and Future Outlook - The company plans to distribute approximately 40.15 million yuan in dividends, with a payout ratio of about 34% based on the distributable profits as of Q3 [3]. - The appointment of a new COO is expected to enhance operational efficiency and profitability [3]. - The company anticipates that Q4 will account for about 32% of its annual revenue, driven by the holiday shopping season in Europe and the US [3]. Market Data - The current stock price is 19.13 yuan, with a target price of 22 yuan, indicating potential upside [4][5]. - The company has a total market capitalization of 7.681 billion yuan [5]. Financial Forecasts - Projected revenues for 2024, 2025, and 2026 are 7.953 billion yuan, 9.988 billion yuan, and 12.077 billion yuan, respectively, reflecting growth rates of 30.9%, 25.6%, and 20.9% [10]. - The net profit for 2024 is expected to be 373 million yuan, with a decrease of 9.7% compared to 2023 [10].
致欧科技2024年三季报点评：Q3改善，期待旺季表现