xilinmen(603008) 国泰君安·2024-10-31 17:36Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The company's performance meets expectations, and the nationwide promotion of the old-for-new policy is expected to enhance terminal consumption elasticity [4] - The report maintains profit expectations and the "Accumulate" rating, forecasting EPS for 2024-2026 to be 1.38, 1.59, and 1.88 CNY respectively [4] - The target price has been raised to 23.83 CNY based on a 15X PE for 2025, reflecting the company's brand recognition and international market expansion potential [4] Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 2.02 billion CNY, a year-on-year decrease of 10.9% [4] - The domestic retail segment's revenue for the first three quarters of 2024 was 3.6 billion CNY, down over 10% year-on-year [4] - Online channel revenue for the first three quarters of 2024 was over 1.2 billion CNY, an increase of 4% year-on-year [4] - The company's gross profit margin in Q3 2024 was 36.5%, an increase of 4.0 percentage points year-on-year [4] Business Segments - The company's offline channel revenue decreased by over 16% year-on-year, with a significant drop of 25% in Q3 alone [4] - The OEM business saw revenue of 1.76 billion CNY in the first three quarters of 2024, a year-on-year increase of over 13% [4] - International OEM business grew at approximately 30%, with cross-border revenue reaching 240 million CNY, an increase of over 11% [4] Strategic Initiatives - The nationwide old-for-new policy is being rolled out, with positive feedback from terminal sales expected to drive a rebound in Q4 performance [4] - The company is focusing on improving store operation quality and enhancing the coverage of franchisees through various strategies [4]