DEHUA TB(002043) 东方财富·2024-10-28 05:23Investment Rating - The report assigns a rating of "Accumulate" to the company [3]. Core Views - The company reported a revenue of 6.464 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 12.79%, with a net profit attributable to shareholders of 482 million yuan, up 5.55% year-on-year [2]. - The growth in revenue is driven by rapid expansion in the furniture factory and rural channels, with the decorative materials business revenue reaching 5.366 billion yuan, a year-on-year increase of 17.65% [2]. - The company has improved its cost control, with a decrease in the expense ratio to 6.56%, down 1.86 percentage points year-on-year, primarily due to reduced management and financial expenses [2]. - The cash flow situation is healthy, with a net operating cash flow of 420 million yuan, although it reflects a decrease of 52% year-on-year due to increased cash payments for goods and services [2]. Summary by Sections Financial Performance - For Q3 alone, the company achieved a revenue of 2.556 billion yuan, a year-on-year increase of 3.56%, and a net profit of 238 million yuan, up 41.5% year-on-year [2]. - The company expects net profits for 2024-2026 to be 661 million, 795 million, and 908 million yuan respectively, with corresponding P/E ratios of 15.92, 13.25, and 11.60 [4]. Business Development - The furniture factory channel has seen significant growth, with retail distribution channel business accounting for approximately 49.7% of total sales, and the furniture factory channel's share rising from single digits in 2018 to 36.8% [2]. - The company has opened 1,001 new stores in rural areas in the first three quarters, enhancing customer value and profit through supplementary sales [2]. Future Outlook - The report expresses optimism about the company's channel expansion, particularly in the context of increasing demand for small B and C-end markets and renovation needs [2].