Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company has shown a significant revenue growth in Q3, with a year-on-year increase of 11.88% to reach 527 million yuan, while the net profit for the same period was 173 million yuan, reflecting a decrease of 5.16% [4] - The company is focusing on strong R&D efforts, with R&D expenses increasing by 100% year-on-year to 31 million yuan, which supports the rapid introduction of new products [4] - The online sales channel is driving performance, with notable growth during promotional events, such as a 26% increase in GMV on Tmall and a 103% increase on Douyin during the pre-sale period [5] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 1.466 billion yuan, representing a 9.47% increase, with a gross margin of 81.65% [4] - The net profit for the first three quarters was 514 million yuan, down 4.20% year-on-year, with a net profit margin of 35.03% [4] - The company expects revenues of 2.130 billion yuan, 2.387 billion yuan, and 2.658 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 10.2%, 12.1%, and 11.3% [5][6] Product Development and Market Strategy - The company is actively expanding its product matrix, launching multiple new products in Q3, including various masks and serums that utilize advanced technology [4] - The company is enhancing its product development capabilities, with ongoing research on innovative ingredients and formulations, such as humanized collagen products [4] - The report highlights the company's strategic focus on e-commerce, which is expected to provide substantial growth opportunities [5]
敷尔佳：业绩符合预期，看好强研发驱动快推新