EDIFIER(002351) 国盛证券·2024-10-29 09:13Investment Rating - Maintains "Overweight" rating [3] Core Views - The company's Q3 2024 revenue reached 766 million yuan, a year-on-year increase of 13.76%, with net profit attributable to the parent company of 118 million yuan, up 14.60% year-on-year [1] - The company is strengthening brand building by signing a new spokesperson, Wang Yibo, which has significantly boosted brand engagement with over 1 million comments and 10 million likes on Weibo [1] - The company is actively expanding its product line in the open-ear headphone market, with 10 models already launched, and is closely following AI technology advancements, with several AI-related products under development [2] - The company has released an employee stock ownership plan, with performance targets set for 2024-2026, reflecting long-term confidence in growth [3] Financial Performance - Q3 2024 gross margin was 38.27%, a slight decrease of 0.14 percentage points year-on-year [1] - Sales expense ratio decreased by 0.13 percentage points to 10.78%, while management and R&D expense ratios increased slightly by 0.05 and 0.04 percentage points, respectively [1] - Forecasted revenue for 2024-2026 is 3.135 billion yuan, 3.600 billion yuan, and 4.135 billion yuan, with net profit attributable to the parent company expected to be 514 million yuan, 601 million yuan, and 702 million yuan, respectively [3] Product Innovation and Market Strategy - The company is focusing on the rapidly growing open-ear headphone market, with plans to launch products in various forms and price ranges [2] - AI technology integration is a key focus, with the company's "Edifier Summary Extraction Algorithm" and "Edifier Machine Translation Algorithm" already registered with the National Internet Information Office [2] Employee Incentives - The employee stock ownership plan involves up to 5.10 million shares, accounting for 0.57% of the company's total share capital [3] - The performance targets for the first unlocking period require cumulative net profit growth of 60% or more from 2024 to 2026 [3]