比音勒芬：主品牌韧性突出，新品牌成长可期

Investment Rating - The report maintains a "Buy" rating for the company [1][6][8] Core Views - The company achieved a revenue of 3 billion RMB in the first three quarters of 2024, representing a growth of 7.3%, and a net profit attributable to shareholders of 762 million RMB, up by 0.55% [1] - The third quarter of 2024 saw a revenue decline of 4.37% to 1.064 billion RMB and a net profit drop of 17.32% to 283 million RMB, attributed to increased expenses from new brand investments [1] - The company’s gross margin remained stable at 76.4%, while net profit margin decreased by 1.71 percentage points to 25.4% [1] - The new brand KENT&CURWEN launched in September 2024, with both online and offline stores opening, is expected to contribute positively to revenue [1] - The company is projected to achieve net profits of 921 million RMB, 1.061 billion RMB, and 1.217 billion RMB for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 13, 11, and 10 [1] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 3 billion RMB and a net profit of 762 million RMB, with a gross margin of 76.4% [1][3] - The company’s management expenses increased by 43.49% to 268 million RMB, primarily due to new brand promotional costs [1] - The company’s cash and cash equivalents decreased by 44.18% to 1.21 billion RMB, mainly due to increased investments in financial products [1] Brand Development - The KENT&CURWEN brand was launched in London in September 2024, with a flagship store opening on Tmall in October and seven offline stores established in various regions [1] - The company aims to enhance brand recognition and sales performance, expecting significant revenue contributions from the new brand [1] Future Outlook - The company is expected to continue expanding its main brand and improve store efficiency, with a focus on internationalization and high-end market positioning [1] - The projected net profits for 2024 to 2026 indicate a steady growth trajectory, supported by ongoing brand diversification and digital transformation efforts [1][3]