OPPLE(SH:603515)2024-11-01 00:44Investment Rating - The investment rating for the company is "Buy" (maintained) [6][8]. Core Views - The overall performance in Q3 is in line with expectations, with total revenue for the first three quarters reaching 5.068 billion yuan, a year-on-year decrease of 8.09%, and net profit attributable to shareholders at 621 million yuan, down 5.68% year-on-year [6]. - The company is continuously advancing its multi-channel layout, enhancing offline store experiences, expanding circulation channels, and optimizing e-commerce strategies to capture user needs [7]. - The platform-based cost reduction measures have shown significant effects, with a gross profit margin of 40.19% for the first three quarters, an increase of 1.05 percentage points year-on-year, and a net profit margin of 12.29%, up 0.25 percentage points year-on-year [8]. Financial Summary - For 2024, the company is projected to achieve a total revenue of 7.170 billion yuan, with a year-on-year growth rate of -8.0% [10]. - The net profit for 2024 is estimated at 866 million yuan, reflecting a year-on-year decrease of 6.3% [10]. - The earnings per share for 2024 is expected to be 1.16 yuan [10].