xilinmen(603008) 中国银河·2024-10-30 03:31Investment Rating - The report maintains a "Recommended" rating for the company, which is a leader in the mattress industry, indicating a positive outlook for future growth [3][6]. Core Views - The company reported a revenue of 5.98 billion yuan for the first nine months of 2024, a year-on-year decrease of 1.5%, and a net profit attributable to shareholders of 380 million yuan, down 3.9% year-on-year. In Q3 2024, revenue was 2.02 billion yuan, a decline of 10.8%, and net profit was 140 million yuan, down 15.9% year-on-year [2][3]. - The company is facing pressure on offline retail demand due to weak market conditions but is actively expanding its e-commerce channels through partnerships with major platforms like Tmall, JD.com, and Douyin. The company expects to continue enhancing its self-owned brand competitiveness through various strategies [2][3]. - The international OEM business is experiencing strong growth, particularly in regions like Latin America and Europe, with expectations of double-digit growth in Q3. The cross-border e-commerce segment has seen a slowdown due to high base effects and increased shipping costs, but the long-term market potential remains promising [3]. - The gross profit margin improved to 35.3% for the first nine months of 2024, up 1.1 percentage points year-on-year, while the net profit margin for Q3 was 7.0%, down 0.4 percentage points year-on-year [3]. Financial Forecasts - The company is projected to achieve revenues of 91.81 billion yuan in 2024, with a growth rate of 5.79%, and net profits of 498.71 million yuan, reflecting a profit growth rate of 16.28%. The EPS for 2024 is estimated at 1.32 yuan, with a PE ratio of 15.42 [5][3]. - For the years 2025 and 2026, revenues are expected to reach 100.36 billion yuan and 110.22 billion yuan, respectively, with corresponding EPS of 1.53 yuan and 1.73 yuan [5][3].