Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Views - The company reported a revenue of 4.02 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 17.1%, while the net profit attributable to shareholders was 410 million yuan, a decrease of 28.4% year-on-year. In Q3 2024, revenue was 1.21 billion yuan, up 14.0% year-on-year, but the net profit was -70 million yuan, down from a profit in the same period last year [2][3]. - The revenue growth in Q3 was driven by the integration of Douyin and Yuejiang Investment, with Q1, Q2, and Q3 revenue growth rates of 27.1%, 13.5%, and 14.0% respectively. The main brand's online growth was supported by Douyin's promotional efforts, and the consolidation of Yuejiang Investment contributed an additional 380 million yuan in revenue [3]. - The gross margin decreased, and the expense ratio increased, leading to a decline in net profit margin. The gross margin for the first three quarters of 2024 was 73.7%, down 2.87 percentage points year-on-year, while the Q3 gross margin was 76.4%, up 2.4 percentage points year-on-year. The net profit margin for the first three quarters was 10.3%, down 6.6 percentage points year-on-year, and -5.7% in Q3, down 17.8 percentage points year-on-year [3][4]. - The company faces short-term pressure from rising traffic costs but is expected to expand its ceiling by launching new products while solidifying its position in the dermatology field. The profit forecast for 2024-2026 has been revised down, with expected net profits of 730 million yuan, 870 million yuan, and 1.01 billion yuan, corresponding to P/E ratios of 31x, 26x, and 22x respectively [3][4]. Financial Summary - For 2024E, the company is projected to achieve a revenue of 6.41 billion yuan, with a growth rate of 16.06%. The net profit attributable to shareholders is expected to be 730 million yuan, reflecting a decrease of 3.60% year-on-year [4][5]. - The earnings per share (EPS) for 2024E is estimated at 1.72 yuan, with a P/E ratio of 30.86 [4][5].
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