BIYI(SH:603215) Tai Ping Yang·2024-10-28 01:00Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [6][7]. Core Insights - The company reported a total revenue of 1.48 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 17.46%, while the net profit attributable to shareholders decreased by 42.08% to 102 million yuan [2]. - In Q3 2024, the company achieved a revenue of 619 million yuan, a significant increase of 51.60%, driven by improved production efficiency and the gradual ramp-up of new products [2]. - The gross margin for Q3 2024 was 15.25%, down by 6.69 percentage points, attributed to lower profit margins on basic orders from major clients and initial low margins on new products [2]. - The report anticipates improvements in profitability due to the expected scaling of new products and an increase in the proportion of high-margin products [2]. Financial Summary - The company is projected to achieve revenues of 1.95 billion yuan in 2024, with a growth rate of 25.32%, followed by 2.27 billion yuan in 2025 and 2.60 billion yuan in 2026 [3]. - The net profit for 2024 is expected to be 184 million yuan, with a slight decline of 8.57%, followed by increases to 214 million yuan in 2025 and 266 million yuan in 2026 [3]. - The earnings per share (EPS) are projected to be 0.98 yuan in 2024, increasing to 1.14 yuan in 2025 and 1.41 yuan in 2026 [3]. Industry Outlook - The report highlights the potential for growth in the air frying industry driven by smart upgrades, and the coffee machine segment is identified as a promising area for future expansion [2]. - The company is expected to enhance its product competitiveness through the development of its AI smart platform and the acquisition of the Zhuolang brand to expand its beverage product offerings [2].