Bluetrum(SH:688332) Huafu Securities·2024-10-30 06:44Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [5][11]. Core Views - The company's revenue for Q1-Q3 2024 reached 1.25 billion yuan, a year-on-year increase of 19%, while the net profit attributable to shareholders was 210 million yuan, up 5% year-on-year. In Q3 2024 alone, revenue was 460 million yuan, reflecting a 15% year-on-year increase and a 7% quarter-on-quarter increase. However, net profit for Q3 2024 was 72 million yuan, down 15% year-on-year and 10% quarter-on-quarter [1]. - The gross margin showed improvement, reaching 24.50% in Q3 2024, up 0.07 percentage points year-on-year and 1.15 percentage points quarter-on-quarter. This marks a return to relatively high historical levels, second only to certain quarters in 2021 [2]. - The company is well-positioned to capitalize on the upcoming Q4 peak season in consumer electronics, with inventory levels being optimized and a significant reduction in inventory turnover days [2]. Summary by Sections Financial Performance - For Q3 2024, the company reported a net profit margin of 15.76%, down 5.65 percentage points year-on-year and 2.86 percentage points quarter-on-quarter. Sales and management expenses decreased compared to Q2, indicating effective cost control [2]. - The company expects to achieve net profits of 300 million yuan, 385 million yuan, and 459 million yuan for 2024, 2025, and 2026 respectively, corresponding to current PE ratios of 29, 23, and 19 times [5][9]. Market Positioning - The trend of consumers seeking higher cost-performance products is beneficial for the company, which has focused on this segment for years. The introduction of new products and partnerships with various brands enhances its market presence [3]. - The company has been actively developing its brand strategy since 2019, with new chip products being adopted by multiple clients, indicating a strong competitive position in the market [3]. Future Outlook - The report projects a continued positive trajectory for the company, with expectations of revenue growth rates of 34%, 25%, and 30% for 2023, 2024, and 2025 respectively [6][9].