Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company reported a revenue of 1.849 billion yuan for Q3 2024, representing a year-on-year increase of 27.13%. The net profit attributable to shareholders was 431 million yuan, up 33.56% year-on-year, and the non-recurring net profit was 391 million yuan, reflecting a 39.03% increase year-on-year [1] - The company's profitability continues to improve, although Q3 saw a decline in non-recurring net profit margin due to foreign exchange losses. The overall gross margin for the reporting period was 33.72%, an increase of 1.68 percentage points year-on-year [1] - The company is expanding its OEM client base and successfully advancing its proprietary brand store-in-store model, with over 150 store-in-store setups established in the U.S. retail sector [2] - The company is expected to achieve basic earnings per share of 3.26, 3.93, and 4.80 yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 19X, 15X, and 13X [2] Financial Summary - For 2023, the company is projected to have a revenue of 1.921 billion yuan, with a growth rate of 31.37%. By 2026, revenue is expected to reach 3.666 billion yuan, with a growth rate of 20.28% [4] - The net profit attributable to shareholders is forecasted to be 407 million yuan in 2023, increasing to 799 million yuan by 2026, with a profit growth rate of 21.76% in 2023 and 22.27% in 2026 [4] - The gross margin is expected to improve from 33.95% in 2023 to 34.95% in 2026 [4]
匠心家居：盈利持续向好，店中店模式加快推进