Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3]. Core Views - The company is actively expanding its market presence in Southeast Asia and the United States, with a notable increase in export orders from European clients [4]. - For the first three quarters of 2024, the company achieved a revenue of 575 million yuan, representing a year-on-year growth of 15%, and a net profit of 59.28 million yuan, also up by 15% year-on-year [3]. - The company forecasts a net profit increase of 55%-65% for 2023 [1]. Financial Performance Summary - Revenue for 2024 is projected to be 825 million yuan, with a year-on-year growth of 18.5% [6]. - The net profit for 2024 is estimated at 77 million yuan, with a year-on-year growth of 13.1% [6]. - The company’s gross margin is expected to be 19.7% in 2024, with a net margin of 9.4% [6]. - The earnings per share (EPS) for 2024 is projected to be 0.75 yuan, with a price-to-earnings (P/E) ratio of 17.6 times [6]. Market Expansion Efforts - The company is focusing on developing markets in Russia and Southeast Asia, where the growth rate is high and similar to the early development stage of the pet industry in China [4]. - There has been a significant increase in prepaid orders from overseas clients in Southeast Asia and India, with contract liabilities rising by 64.4% year-on-year [4]. - The company plans to leverage existing customer resources in the U.S. and enhance order acquisition through exhibitions and online platforms [4]. Marketing and Brand Promotion - The company has increased its sales expenses by 66.98% year-on-year to 27.18 million yuan for the first three quarters of 2024, focusing on both offline and online channels [5]. - The brand promotion strategy includes the operation of a Douyin IP "Da Lu and Si Si," which aims to enhance brand visibility through animated content related to pet behaviors and emotions [5].
路斯股份：北交所信息更新：东南亚市场高增+欧洲客户订单增加，2024Q1-3净利润+15%