Entive(300911) 天风证券·2024-10-29 09:39Investment Rating - The investment rating for the company is "Accumulate" with a downward adjustment [3][6]. Core Views - The company has faced operational pressure due to the ongoing downturn in the real estate sector, impacting the kitchen appliance market. However, there is potential for improvement in Q4 driven by policy support and market recovery [2][3]. - The company's revenue for Q3 2024 was 110 million yuan, a year-on-year decrease of 67.57%, with a net loss attributable to shareholders of 28.65 million yuan, a year-on-year decline of 159.52% [1][3]. - The company is expected to see a gradual recovery in sales, particularly in the integrated stove category, as new policies encouraging trade-ins have been implemented since August [2][3]. Financial Summary - For the first three quarters of 2024, the company reported total revenue of 450 million yuan, down 52.45% year-on-year, and a net loss of 11.04 million yuan, a decline of 106.30% year-on-year [1][3]. - The gross margin for Q3 2024 decreased by 22.2 percentage points to 23.9%. The expense ratios for sales, management, R&D, and financial costs increased significantly due to the sharp decline in revenue [3]. - The projected net profit for 2024-2026 is expected to be -10.46 million yuan, 31.79 million yuan, and 74.17 million yuan respectively, reflecting a downward adjustment in revenue and profit expectations due to continued demand pressure [3][5]. Market Position - The company holds a market share of approximately 14% in online sales and 11% in offline sales for the integrated stove category, with sales figures of 0.7 million yuan online and 0.1 million yuan offline in Q3 2024 [2][3]. - The company has launched new products on major e-commerce platforms to participate in the trade-in program, offering discounts and subsidies to stimulate sales during the upcoming shopping events [2][3].