Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 642 million yuan in Q3 2024, representing a year-on-year increase of 26.1%, and a net profit attributable to shareholders of 146 million yuan, up 19.9% year-on-year [1] - The growth in revenue is attributed to an increase in market share from existing customers and the expansion of new customers and store-in-store formats [1][2] - The company has seen a significant increase in orders from its top customers, with 9 out of the top 10 customers increasing their purchase amounts [2] - The store-in-store model has exceeded expectations, with over 150 store-in-store setups completed in the U.S. and plans to expand to over 500 by Q1 2025 [3] Financial Performance - For Q3 2024, the gross margin was 34.7%, an increase of 1.6 percentage points year-on-year, while the net profit margin was 22.7% [3] - The company’s operating cash flow for Q3 2024 was 190 million yuan, reflecting a year-on-year increase of 17 million yuan [4] - The forecast for net profit attributable to shareholders for 2024-2026 is 540 million, 650 million, and 760 million yuan, respectively, with corresponding P/E ratios of 17.2X, 14.3X, and 12.3X [4] Customer and Market Dynamics - The company added 68 new customers in the first three quarters of 2024, including 10 from the U.S. top 100 retailers, with a significant portion of revenue now coming from U.S. retailers [2] - The company’s products are primarily exported from Vietnam, with 89.9% of products sold in the U.S., indicating a strong international presence [3] Operational Efficiency - The company has demonstrated excellent cost control, with a period expense ratio of 11.2% in Q3 2024, despite fluctuations in financial expenses due to exchange rate impacts [3] - The turnover days for accounts receivable, accounts payable, and inventory were 44.96, 57.89, and 54.74 days, respectively, indicating efficient operational management [4]
匠心家居：店中店超预期放量，盈利中枢上行