Investment Rating - The investment rating for the company is maintained as "Buy" [1][3]. Core Views - The company has shown impressive revenue growth in Q1-Q3 2024, achieving a revenue of 5.73 billion yuan, which is a year-on-year increase of 38.5%. However, the net profit attributable to the parent company decreased by 3.1% to 278 million yuan [3][4]. - The revenue for Q3 2024 reached 2.01 billion yuan, reflecting a growth of 34.5%, while the net profit for the same quarter increased by 5.4% to 110 million yuan [3][4]. - The company is expanding its product lines and channels, particularly in the home and pet sectors, and is actively exploring cross-border e-commerce platforms, which is expected to drive future growth [5]. Financial Performance Summary - For the period of Q1-Q3 2024, the gross profit margin was 35.1%, down by 1.8 percentage points year-on-year, while the net profit margin was 4.8%, a decrease of 2.1 percentage points [4]. - The company’s operating expenses increased due to higher marketing costs and foreign exchange losses, impacting profitability [4]. - The forecast for net profit attributable to the parent company for 2024-2026 is adjusted to 408 million, 541 million, and 717 million yuan respectively, with corresponding EPS of 1.02, 1.35, and 1.79 yuan [3][6]. Strategic Initiatives - The company is focusing on channel expansion and product diversification, with significant investments in R&D and marketing to mitigate external pressures from shipping costs and currency fluctuations [5]. - The company is enhancing its logistics and supply chain management to improve profitability and counteract adverse external factors [5]. Financial Projections - The projected revenue for 2024 is 7989 million yuan, with a year-on-year growth of 31.5%, and expected to reach 9730 million yuan in 2025 and 11854 million yuan in 2026 [6][8]. - The projected net profit for 2024 is 408 million yuan, with a slight decline of 1.2% year-on-year, followed by growth of 32.5% in 2025 and 32.6% in 2026 [6][8]. Valuation Metrics - The current price-to-earnings (P/E) ratio is projected at 19.3 for 2024, decreasing to 14.5 in 2025 and 11.0 in 2026, indicating a favorable valuation trend [3][6]. - The price-to-book (P/B) ratio is expected to decline from 2.4 in 2024 to 1.8 in 2026, suggesting improving value for investors [6][8].
致欧科技：公司信息更新报告：2024Q3收入增速亮眼，利润短期承压不改长期成长