周大生：金价上涨影响终端及加盟商拿货需求，门店扩张仍在积极推进

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][8] Core Views - The company's performance in the third quarter faced pressure due to a rapid increase in gold prices, which suppressed terminal demand and the enthusiasm of franchisees to purchase products. Despite this, the company is actively expanding its store network [1][5][8] - For the first three quarters of 2024, the company achieved revenue of 10.809 billion yuan, a year-on-year decrease of 13.49%, and a net profit attributable to the parent company of 855 million yuan, down 21.95% year-on-year. The third quarter alone saw revenue of 2.612 billion yuan, a decline of 40.91% year-on-year [1][5][6] - The company reported a gross margin of 27.48% in the third quarter, an increase of 9.7 percentage points year-on-year, attributed to a higher proportion of high-margin embedded products [6][8] Summary by Sections Financial Performance - The company’s revenue for the first three quarters of 2024 was 10.809 billion yuan, down 13.49% year-on-year, with a net profit of 855 million yuan, down 21.95% year-on-year. The third quarter alone saw revenue of 2.612 billion yuan, a decline of 40.91% year-on-year [1][5][6] - The company’s self-operated offline business generated revenue of 1.354 billion yuan, up 9.77% year-on-year, while e-commerce revenue was 1.653 billion yuan, up 5.94% year-on-year. Franchise business revenue decreased by 19.75% to 760 million yuan [5][6] Store Expansion - The company opened a net of 129 new stores in the first three quarters, bringing the total number of stores to 5,235 [1][5][6] Cash Flow and Margins - The company reported a gross margin of 27.48% in the third quarter, an increase of 9.7 percentage points year-on-year. The operating cash flow for the first three quarters was 1.315 billion yuan, a significant increase of 1310% year-on-year [6][8] - The sales expense ratio for the third quarter was 11.29%, an increase of 6.31 percentage points year-on-year, primarily due to rising costs in salaries, rent, advertising, and e-commerce channels [6][8] Profit Forecast - The company’s net profit forecasts for 2024-2026 have been adjusted to 1.183 billion yuan, 1.325 billion yuan, and 1.435 billion yuan respectively, with corresponding P/E ratios of 10.2, 9.1, and 8.4 times [1][8]