Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a revenue of 1.85 billion RMB for the first three quarters of 2024, representing a year-on-year increase of 27.1%, and a net profit attributable to shareholders of 430 million RMB, up 33.6% year-on-year [2] - In Q3 2024, the company achieved a revenue of 640 million RMB, with a year-on-year growth of 26.1%, and a net profit of 150 million RMB, reflecting a 19.9% increase [2] - The company has expanded its customer base significantly, adding 68 new retail clients by the end of September 2024, with 19 new clients added in Q3 alone [2] - The gross margin for Q1-Q3 2024 increased by 1.7 percentage points to 33.7%, with Q3 gross margin at 34.7%, up 1.6 percentage points year-on-year [2] - The company is actively promoting its overseas brand development, with plans to establish approximately 500 MOTO Gallery stores by Q1 2025 [2] Summary by Sections Performance Overview - Revenue for 2024 is projected to reach 2.464 billion RMB, with a growth rate of 28.22% [5] - Net profit for 2024 is expected to be 539 million RMB, reflecting a growth rate of 32.24% [5] - The diluted earnings per share (EPS) for 2024 is estimated at 3.24 RMB [5] Financial Metrics - The company’s return on equity (ROE) is projected to increase from 13.56% in 2023 to 15.96% in 2024 [5] - The price-to-earnings (P/E) ratio is expected to be 17.30 for 2024, decreasing to 11.70 by 2026 [5] Business Strategy - The company is focusing on enhancing its brand influence and product innovation, which is expected to drive long-term growth [2] - The establishment of the store-in-store model is progressing well, with over 300 applications received from clients [2]
匠心家居：Q3延续优异表现，店中店模式有望加速跑通