Investment Rating - The investment rating for the company is "Outperform the Market" [4][2][12] Core Views - The company has shown strong revenue growth, with a 38.5% increase in revenue for the first three quarters of 2024, reaching 5.73 billion [1] - The net profit for the same period is 280 million, reflecting a slight decline of 3.1% year-on-year, while the adjusted net profit decreased by 17.4% to 260 million [1] - The third quarter revenue was 2.01 billion, up 34.5% year-on-year, with a net profit of 106 million, marking a 5.4% increase [1] - The company plans to distribute a cash dividend of 1 yuan per 10 shares, totaling 40.15 million [1] - New product launches are expected to continue performing well, contributing over 10% to annual revenue [1] - The company is expanding its market presence on platforms like OTTO, Temu, and Shein, alongside traditional markets [1] Financial Summary - Revenue for 2024 is projected to be 7.82 billion, a 28.7% increase from 2023 [3] - The forecasted net profit for 2024 is 388 million, a decrease of 6.0% compared to 2023, with subsequent years showing significant growth [2][3] - The company's gross margin for Q3 2024 is reported at 35.4%, down 2.3 percentage points year-on-year, while the net profit margin decreased by 1.5 percentage points to 5.3% [1] - The company has enhanced its local fulfillment capabilities, with over 350,000 square meters of overseas self-operated warehouse space established [1] - The company is also migrating its supply chain to Southeast Asia to reduce costs and mitigate tariff risks [1]
致欧科技：2024年三季报点评：收入延续高增，盈利环比改善