丸美股份：3Q24业绩超预期、经营提质，大单品升级&上新、看好双十一表现

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported revenue, net profit attributable to shareholders, and net profit excluding non-recurring items for the first three quarters of 2024 at 1.952 billion, 239 million, and 226 million RMB, respectively, representing year-on-year increases of 27.07%, 37.38%, and 44.09% [1] - In Q3 2024, revenue reached 600 million RMB, up 25.79% year-on-year, with net profit attributable to shareholders at 62.27 million RMB, a 44.32% increase year-on-year, and net profit excluding non-recurring items at 59.99 million RMB, up 56.06% year-on-year, indicating strong performance in a traditionally weak season [1] - The company continues to deepen its focus on major product strategies, with gross margin improving year-on-year, and a slight decrease in sales expense ratio, leading to enhanced profitability [1] Summary by Sections Revenue and Profitability - The company achieved a gross margin of 74.52% in Q3 2024, an increase of 2.07 percentage points year-on-year, while the sales expense ratio decreased by 0.2 percentage points to 58.9% year-on-year [1] - The net profit margin attributable to shareholders increased by 1.4 percentage points to 10.4% year-on-year [1] Product Performance - The dual collagen series saw an increase in proportion, driving significant price increases in skincare products, while eye care and cleansing categories experienced both volume and price growth [1] - Q3 2024 revenue from the eye care category was 124 million RMB, up 22% year-on-year, while skincare revenue was 215 million RMB, up 15% year-on-year [1] Future Outlook - The company is optimistic about its performance during the Double Eleven shopping festival, with new product launches and upgrades planned to drive growth [1] - Profit forecasts for 2024-2026 are set at 352 million, 458 million, and 582 million RMB, respectively, with corresponding price-to-earnings ratios of 34, 26, and 21 times [1]