Investment Rating - The investment rating for the company is "Hold" [1]. Core Insights - The company has achieved a revenue of 5.73 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 38.5%. The net profit attributable to shareholders is 280 million yuan, down 3.1% year-on-year, while the net profit after deducting non-recurring items is 260 million yuan, down 17.4% year-on-year. In Q3 alone, the company generated revenue of 2.01 billion yuan, up 34.5% year-on-year, with a net profit of 110 million yuan, an increase of 5.4% year-on-year [1][2]. Summary by Sections Revenue and Profitability - The company has adopted a market share enhancement strategy, leading to successful new product launches and increased contributions from European and American channels. The overall gross margin for the first three quarters is 35.1%, down 1.8 percentage points year-on-year, and the net profit margin is 4.9%, down 2.1 percentage points year-on-year. The total expense ratio is 29.8%, up 2 percentage points year-on-year [2][3]. Strategic Initiatives - The company plans to improve profitability in the second half of the year through several initiatives, including real-time monitoring of product sales conversion and market share, enhancing the proportion of self-dispatch from U.S. warehouses, increasing the shift of the supply chain to Southeast Asia, and negotiating lower shipping costs through long-term contracts [2][3]. Financial Forecast - The company is expected to achieve EPS of 1.02 yuan, 1.30 yuan, and 1.53 yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of 20x, 15x, and 13x. The company’s product cost-performance ratio is outstanding, and there is ample room for market share growth, leading to a maintained "Hold" rating [3][4]. Market Performance - The company’s stock has shown relative performance against the market, with a current price of 20.01 yuan and a market capitalization of 8.034 billion yuan. The stock price has fluctuated between 16.36 yuan and 29.6 yuan over the past 52 weeks [5][6].
致欧科技：2024年三季报点评：收入延续高增，利润端环比改善