周大生：2024三季报点评：Q3收入端面临较大压力，静待Q4环比改善

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - In Q3 2024, the company faced significant pressure on revenue, with a year-on-year decline of 40.91% in revenue and a 28.7% drop in net profit [2][3] - The overall gross margin improved to 27.48%, up 9.7 percentage points year-on-year, while the net profit margin increased to 9.67%, up 1.65 percentage points year-on-year [3] - The company continues to expand its store network, with a total of 5,235 stores as of September 2024, an increase of 129 stores since the beginning of the year [4] Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 10.809 billion yuan, down 13.49% year-on-year, and a net profit of 855 million yuan, down 21.95% year-on-year [2] - Q3 2024 revenue was 2.612 billion yuan, with a net profit of 253 million yuan [2] - The company adjusted its net profit forecasts for 2024-2026 from 1.39 billion, 1.57 billion, and 1.74 billion yuan to 1.14 billion, 1.29 billion, and 1.41 billion yuan respectively [4] Channel Performance - Self-operated and e-commerce channels showed slight growth, with self-operated offline revenue at 1.354 billion yuan, up 9.77% year-on-year, while franchise revenue decreased by 19.75% [3] - E-commerce revenue reached 1.653 billion yuan, a year-on-year increase of 5.94% [3] Market Data - The closing price of the stock is 11.28 yuan, with a market capitalization of approximately 12.36 billion yuan [6] - The price-to-earnings ratio (P/E) for 2024 is projected at 10.82 times [1][11]