顾家家居：公司信息更新报告：2024Q3内销阶段承压，看好以旧换新驱动回暖

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing pressure in domestic sales during Q3 2024, but there is optimism for recovery driven by the "old-for-new" policy [3] - Revenue for Q1-Q3 2024 reached 13.8 billion yuan, a year-on-year decrease of 2.4%, while net profit attributable to shareholders was 1.36 billion yuan, down 9.5% [3] - The forecast for net profit attributable to shareholders for 2024-2026 has been adjusted to 1.873 billion, 2.036 billion, and 2.195 billion yuan respectively, with corresponding EPS of 2.28, 2.48, and 2.67 yuan [3] Financial Performance - For Q3 2024, the company reported revenue of 4.89 billion yuan, a decline of 6.9%, and a net profit of 460 million yuan, down 19.9% [3] - The gross margin for Q1-Q3 2024 was 31.9%, a decrease of 0.5 percentage points, while the net profit margin was 10.1%, down 0.5 percentage points [4] - The operating cash flow for Q1-Q3 2024 was 1.56 billion yuan, reflecting a robust cash flow performance [4] Revenue Breakdown - Domestic sales continue to face challenges due to a cooling real estate market, but the "old-for-new" policy is expected to boost downstream demand [5] - The company maintains strong performance in foreign trade, with revenue expected to continue growing in Q3 2024 [5] - The company's channel strategy, including the integration of large stores and comprehensive store formats, is progressing steadily, contributing to revenue recovery [5]