Investment Rating - The investment rating for the company is "Buy" (maintained) [7][15]. Core Views - The company reported strong performance in Q3 2024, with revenue of 1.849 billion yuan, a year-on-year increase of 27.13%, and a net profit of 431 million yuan, up 33.56% year-on-year [3][4]. - The company is recognized as a leader in the "home furnishing export" sector, demonstrating resilience in growth with an increase in gross margin by 1.68 percentage points [3][4]. - The company has established long-term stable relationships with international clients, with significant growth in orders from major customers [4][5]. - The company is expanding its "store-in-store" model, with over 150 locations established in the U.S. and plans to exceed 500 by Q1 2025, enhancing brand visibility and sales [5][6]. - The company has effectively managed costs, with gross and net profit margins improving, despite challenges such as currency fluctuations and rising shipping costs [6][7]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved revenue of 1.849 billion yuan, a 27.13% increase year-on-year, and a net profit of 431 million yuan, reflecting a 33.56% growth [3][4]. - The gross margin for Q1-Q3 2024 was 33.72%, up 1.68 percentage points year-on-year, while the net margin was 23.30% [6][10]. Customer Relationships - The company has seen a significant increase in orders from its top 10 customers, with 9 out of 10 reporting procurement growth ranging from 4.33% to 316.62% [4]. - The company added 68 new retail customers in Q1-Q3 2024, including 10 from the top 100 furniture retailers in the U.S., which now account for 57.78% of the company's revenue [4]. Strategic Initiatives - The company is advancing its overseas brand development, with a focus on building a recognizable brand presence through the MOTO Gallery concept [5]. - The strategic layout in Vietnam has allowed the company to mitigate tariff risks and achieve significant export volumes, with 80% of revenue coming from this region in 2023 [5]. Future Projections - Revenue forecasts for 2024-2026 are set at 2.482 billion yuan, 2.980 billion yuan, and 3.469 billion yuan, representing year-on-year growth rates of 29.17%, 20.08%, and 16.41% respectively [7][9]. - Expected net profits for the same period are projected at 547 million yuan, 660 million yuan, and 760 million yuan, with growth rates of 34.22%, 20.69%, and 15.20% respectively [7][9].
匠心家居：24Q3业绩亮眼，店中店开拓渐入佳境