伊力特：疆内景气承压，直销疆外拓展再推进

Investment Rating - The report maintains an "Accumulate" rating for the company [1][2][7]. Core Views - The company has faced pressure in its domestic market, but it is actively expanding its direct sales outside the region [1]. - The third quarter of 2024 saw a significant decline in revenue and net profit compared to the previous year, indicating challenges in the current market environment [1]. - Despite the challenges, the company is focusing on optimizing its product structure and expanding its distribution network, particularly in Sichuan, where the number of cooperative distributors has increased [1]. Revenue and Profit Analysis - For the first three quarters of 2024, the company achieved revenue of 1.65 billion yuan, a year-on-year increase of 0.6%, and a net profit of 240 million yuan, up 5.3% year-on-year [1]. - In Q3 2024, revenue was 320 million yuan, down 23.3% year-on-year, and net profit was 40 million yuan, down 17.8% year-on-year [1]. - Revenue from high-end, mid-range, and low-end products for the first three quarters of 2024 was 1.12 billion, 400 million, and 120 million yuan, respectively, with year-on-year changes of +2%, +3%, and -4% [1]. Regional Performance - Revenue from the domestic market for the first three quarters of 2024 was 1.23 billion yuan, down 6% year-on-year, while revenue from outside the region was 410 million yuan, up 33% year-on-year [1]. - In Q3 2024, domestic revenue was 230 million yuan, down 33% year-on-year, while revenue from outside the region was 90 million yuan, up 32% year-on-year [1]. Cost and Margin Analysis - The company's net profit margin increased by 0.9 percentage points to 13.3% in Q3 2024, driven by an improved product mix that raised the gross margin by 9.2 percentage points [1]. - The sales expense ratio increased by 4.5 percentage points, and the management expense ratio rose by 3.7 percentage points [1]. Future Earnings Forecast - The report projects a 7% downward adjustment in net profit for 2024 and 2025, with expected revenues for 2024, 2025, and 2026 to be -1.8%, +7.7%, and +11.7%, respectively [2]. - The estimated net profits for 2024, 2025, and 2026 are 360 million, 400 million, and 480 million yuan, respectively, with corresponding EPS of 0.76, 0.86, and 1.01 yuan [2].