顾家家居：乐观展望以旧换新催化

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set above the current price of 33.15 CNY [6]. Core Views - The company reported a revenue of 4.89 billion CNY for Q3 2024, a year-on-year decrease of 6.9%, and a net profit attributable to shareholders of 460 million CNY, down 19.9% year-on-year [2]. - The decline in revenue is attributed to slow domestic recovery and the impact of divesting Tianxi [2]. - The company has actively responded to national policies by launching a trade-in subsidy program, which is expected to improve operations in Q4 [2]. - The company is enhancing its foreign trade operations by improving internal value chain integration and exploring self-owned brand exports [3]. - In domestic trade, the company is promoting a "double subsidy" initiative to encourage trade-in, which is expected to enhance operational performance [4]. Financial Data Summary - Revenue projections for 2024-2026 have been adjusted to 18.5 billion CNY, 20.5 billion CNY, and 23.0 billion CNY respectively, reflecting a decrease from previous estimates [5]. - The company’s net profit for 2024 is projected at 1.85 billion CNY, with a corresponding P/E ratio of 15X [5]. - The company’s gross margin for Q3 2024 was reported at 29.8%, a decrease of 4 percentage points year-on-year [2]. - The company’s total assets are projected to reach 21.32 billion CNY by 2026, with a debt ratio of 38.03% [6][9].