伊力特：疆内消费承压，疆外招商推进

Investment Rating - The investment rating for the company is "Recommended" (maintained) [1][5] Core Views - The company is experiencing pressure in domestic consumption while making progress in external market recruitment. The revenue from domestic and external markets in Q3 2024 was 2.3 billion and 0.9 billion respectively, showing a year-on-year decline of 33% and an increase of 32% [4][5] - The company's gross margin continues to improve, reaching 59.8% in Q3 2024, an increase of 9.2 percentage points year-on-year, attributed to the rapid growth of direct sales channels and the resilience of high-end liquor [4][5] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 1.65 billion, a year-on-year increase of 0.6%, and a net profit attributable to the parent company of 240 million, up 5.3% year-on-year. However, Q3 2024 revenue was 320 million, down 23.3% year-on-year, with a net profit of 43 million, down 17.8% year-on-year [3][4] - The company has adjusted its net profit forecast for 2024-2026 to 350 million, 400 million, and 440 million respectively, down from previous estimates of 380 million, 450 million, and 520 million [5][6] Market Dynamics - The company is actively recruiting distributors outside its home province, with a total of 52, 12, and 212 distributors in provincial, external, and brand operation companies respectively, indicating a significant increase in external recruitment [5][6] - The sales channels are undergoing reform, with direct sales, wholesale agents, and online sales in Q3 2024 generating 130 million, 170 million, and 30 million respectively, showing year-on-year changes of +42%, -43%, and -11% [4][5] Profitability Metrics - The company's net profit margin in Q3 2024 was 13.3%, an increase of 0.9 percentage points year-on-year. The tax and additional charges accounted for 15.7% of revenue, down 2.2 percentage points year-on-year [4][5] - The forecasted gross margin for the upcoming years is expected to improve, with estimates of 49.3%, 50.0%, and 50.7% for 2024, 2025, and 2026 respectively [6][11]