值得买：主站业务稳健，积极推进AI战略与出海布局

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company has shown stable main site business performance while actively advancing its AI strategy and international expansion [1] - The company reported a revenue of 1.012 billion yuan for the first three quarters of 2024, a year-on-year increase of 5.54%, but a net profit attributable to shareholders of only 0.04 billion yuan, down 72.94% year-on-year [1] - The company is focusing on optimizing its GEN2 platform and expanding its overseas presence, with the Thai version "Zestbuy" launched in August 2024 [1] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 296 million yuan, a year-on-year increase of 5.19%, and a net profit of -4 million yuan, improving from -14 million yuan in the same period last year [1] - The average monthly active users for the first half of 2024 were 37.79 million, up 1.62% year-on-year, with a total content release of 15.44 million articles, an increase of 21.89% year-on-year [1] - The gross margin for Q3 2024 improved by 1.40 percentage points to 44.21%, attributed to operational cost optimization [1] Future Projections - The company expects revenues of 1.534 billion yuan in 2024, 1.764 billion yuan in 2025, and 1.982 billion yuan in 2026, with corresponding net profits of 0.078 billion yuan, 0.125 billion yuan, and 0.161 billion yuan respectively [2] - The report projects EPS of 0.39 yuan for 2024, 0.63 yuan for 2025, and 0.81 yuan for 2026, with P/E ratios of 71.7X, 44.8X, and 34.7X respectively [2]