Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company has demonstrated a steady increase in revenue, with a year-on-year growth of 11.9% in Q3 2024, indicating a gradual enhancement of brand and product strength [2]. - The company is expected to achieve revenues of 2.133 billion, 2.359 billion, and 2.595 billion yuan for the years 2024, 2025, and 2026, respectively, reflecting growth rates of 10.3%, 10.6%, and 10.0% [3][6]. - The net profit attributable to the parent company is projected to be 714 million, 783 million, and 854 million yuan for the same years, with growth rates of -4.7%, 9.7%, and 9.0% [3][6]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 1.466 billion yuan, a year-on-year increase of 9.47%, and a net profit of 514 million yuan, a decrease of 4.20% [2]. - The gross margin for Q1-Q3 2024 was 81.65%, a decrease of 0.73 percentage points year-on-year, while the gross margin for Q3 2024 was 82.07%, an increase of 0.48 percentage points year-on-year [2]. - The net profit margin for Q1-Q3 2024 was 35.03%, down 5.00 percentage points year-on-year, and for Q3 2024, it was 32.91%, down 5.91 percentage points year-on-year [2]. Product and Market Strategy - The company is focusing on enhancing its competitive edge through a multi-dimensional approach involving product development, channel expansion, and marketing efforts [2]. - The company has successfully launched over ten new products in August 2024, including innovative skincare items utilizing advanced technology [2]. - The company is expanding its presence in both offline and online sales channels, ensuring comprehensive coverage across various platforms [2]. Future Outlook - The company is expected to continue increasing its market share in the functional skincare and medical device sectors, supported by ongoing investments in research and development [2]. - The report anticipates a steady growth trajectory for the company, with a focus on enhancing brand recognition and product offerings [2].
敷尔佳：2024年三季报点评：24Q3收入同比+11.9%，逐步沉淀品牌力与产品力