Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2] Core Views - The company continues to experience high growth, with a strong performance in the US market [1] - In the first three quarters of 2024, the company achieved a revenue of 18.49 billion yuan, representing a year-on-year increase of 27.13%, and a net profit attributable to shareholders of 4.31 billion yuan, up 33.56% year-on-year [1] - The gross profit margin for the first three quarters of 2024 was 33.72%, an increase of 1.68 percentage points year-on-year [1] - The company is actively expanding its presence in the US market, with 89.89% of its products exported to the US [1] - The company has added 68 new retail customers, with 10 of them ranking among the top 100 furniture retailers in the US [1] Financial Performance Summary - For Q3 2024, the company reported a revenue of 6.42 billion yuan, a year-on-year increase of 26.12%, and a net profit of 1.46 billion yuan, up 19.89% year-on-year [1] - The net profit margin for the first three quarters of 2024 was 23.30%, an increase of 1.12 percentage points year-on-year [1] - The company expects revenues of 24.91 billion yuan, 32.03 billion yuan, and 38.61 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 29.7%, 28.6%, and 20.6% [2][3] - The projected net profits for the same years are 5.46 billion yuan, 6.58 billion yuan, and 7.65 billion yuan, with year-on-year growth rates of 34.1%, 20.5%, and 16.3% [2][3] Key Financial Metrics - The company's total assets are projected to grow from 3,561 million yuan in 2023 to 5,626 million yuan in 2026 [5] - The operating income is expected to increase from 1,921 million yuan in 2023 to 3,861 million yuan in 2026 [5] - The gross margin is expected to remain stable around 34% from 2024 to 2026 [3][6] - The earnings per share (EPS) are projected to rise from 3.18 yuan in 2024 to 4.60 yuan in 2026 [2][5]
匠心家居：24Q3业绩延续高增长，在美渠道布局持续深入