Investment Rating - The investment rating for the company is "Buy (Maintain)" [3] Core Views - The company reported a revenue of 808 million yuan for the first three quarters of 2024, representing a year-on-year increase of 23.52%, and a net profit attributable to shareholders of 72 million yuan, up 169.76% year-on-year [1] - The growth in revenue is driven by the expansion of brand operation services and brand incubation, with significant contributions from new high-end brands introduced during the period [1] - The gross margin improved to 50.02% in Q3 2024, an increase of 20.29 percentage points year-on-year, while the overall expense ratio rose to 50.12% [1] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 264 million yuan, a year-on-year increase of 32.27%, and a net profit of 5 million yuan, compared to a loss of 15 million yuan in the same period last year [1] - The company expects to achieve revenues of 1.253 billion yuan, 1.512 billion yuan, and 1.733 billion yuan for the years 2024, 2025, and 2026 respectively, with net profits projected at 152 million yuan, 220 million yuan, and 283 million yuan [2] Business Strategy - The company is focused on providing comprehensive e-commerce services globally, with a strong emphasis on brand operation services and a robust client base in the apparel sector [1] - Future growth is anticipated through the expansion of top-tier brand clients in the apparel sector and increased investment in brand incubation, particularly in the health and pet food sectors [1] Valuation Metrics - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.64 yuan, 2.38 yuan, and 3.06 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 25.5X, 17.7X, and 13.7X [2]
青木科技：代运营品牌+渠道双线拓展，品牌孵化延续高增