Huakai Yibai(300592) 华创证券·2024-11-01 17:39Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 15.8 CNY per share [1][2]. Core Insights - The company achieved a revenue of 6.12 billion CNY in the first three quarters of 2024, representing a year-on-year growth of 28.8%. However, the net profit attributable to shareholders decreased by 36.7% to 190 million CNY [1]. - In Q3 alone, the company reported a revenue of 2.6 billion CNY, a significant increase of 47.7% year-on-year, but the net profit fell by 40.0% to 50 million CNY [1]. - The acquisition of Tongtuo Technology has been successfully integrated, contributing positively to the overall revenue and profit of the group [2]. - The company is actively expanding into new e-commerce platforms such as Temu and TikTok, generating revenues of 92 million CNY and 109 million CNY respectively in Q3 [2]. Financial Performance Summary - The gross margin for Q3 was 33.0%, down 4.1 percentage points year-on-year. The sales expense ratio increased to 24.7%, up 1.6 percentage points, while the management expense ratio decreased to 4.9% [2]. - The company’s inventory increased by 139.1% compared to the beginning of the year, leading to higher storage and rental costs [2]. - The forecast for net profit attributable to shareholders for 2024-2026 has been revised down to 340 million CNY, 430 million CNY, and 520 million CNY respectively [2]. - The company’s total revenue is projected to grow from 6.518 billion CNY in 2023 to 9.044 billion CNY in 2024, reflecting a growth rate of 38.8% [3].