ZBOM(603801) EBSCN·2024-10-30 04:40Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Views - The company experienced pressure on domestic operating performance in the first three quarters, while overseas business showed strong growth [2][5] - The company’s revenue for the first three quarters of 2024 was 3.68 billion yuan, a year-on-year decrease of 6.5%, with a net profit of 270 million yuan, down 23.8% year-on-year [3][5] - The report highlights the impact of weak real estate sales on the kitchen cabinet and wardrobe business, while the overseas business grew rapidly [5][8] Revenue Performance - Kitchen cabinets, wardrobes, and wooden doors generated revenues of 1.66 billion, 1.50 billion, and 240 million yuan respectively in the first three quarters, with year-on-year changes of -5.2%, -10.2%, and +0.5% [5] - The company’s overseas business achieved revenue of 130 million yuan in the first three quarters, reflecting a year-on-year increase of 35.2% [5] Profitability Analysis - The overall gross margin for the first three quarters was 36.8%, a decrease of 1.6 percentage points year-on-year [5] - The gross margins for kitchen cabinets, wardrobes, and wooden doors were 41.6%, 37.8%, and 20.8%, with year-on-year changes of -2.0, -1.0, and +2.8 percentage points respectively [5] Future Outlook - The report projects a recovery in the home furnishing industry due to recent supportive policies in real estate and consumer subsidies [8] - Revenue forecasts for 2024-2026 have been adjusted to 5.53 billion, 6.25 billion, and 6.98 billion yuan, with corresponding net profit forecasts of 460 million, 550 million, and 640 million yuan [8]