Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [6]. Core Insights - The company reported a revenue of 5.728 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 38.5%. However, the net profit attributable to shareholders decreased by 3.1% to 278 million yuan [6][7]. - In Q3 2024, the company achieved a revenue of 2.007 billion yuan, a year-on-year increase of 34.5%, with a net profit of 106 million yuan, up 5.4% year-on-year [6]. - The company has focused on new product promotion and marketing, which has positively impacted sales, particularly in the North American market [6]. - Price adjustments in Q3 helped mitigate the impact of rising shipping costs, leading to a slight improvement in profitability [6]. - The company is enhancing its brand and product competitiveness through localized marketing and supply chain optimization [6]. Financial Data Summary - Total revenue for 2024 is projected to be 7.946 billion yuan, with a year-on-year growth rate of 30.8% [7]. - The net profit for 2024 is forecasted to be 376 million yuan, reflecting a decrease of 9.0% compared to the previous year [7]. - The gross margin for the first three quarters of 2024 was 35.1%, down 1.8 percentage points year-on-year [6]. - The company’s earnings per share for 2024 is estimated at 0.94 yuan, with a projected PE ratio of 21 times [7][8].
致欧科技：2024年三季报点评：收入端延续高增，Q3提价部分对冲海运压力