Semir(002563) 东吴证券·2024-11-01 22:00Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 9.4 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 5.62%, while the net profit attributable to shareholders was 755 million yuan, down 9.25% year-on-year [2] - In Q3, the company achieved revenue growth against a backdrop of weak domestic consumption, outperforming peers, although net profit declined significantly due to lower gross margins and increased expense ratios [2][4] - The company is in a new store opening cycle, with over 100 net new stores opened in Q3, focusing on optimizing channel structure and enhancing online sales performance [3] Financial Performance Summary - For Q3 2024, the gross margin decreased by 0.84 percentage points to 42.44%, attributed to increased discounts and rising costs, while the expense ratio rose by 2.04 percentage points to 30.93% [4] - The company's inventory at the end of Q3 was 4.17 billion yuan, up 14.1% year-on-year, with inventory turnover days decreasing by 48 days to 180 days [4] - The report slightly adjusts the net profit forecasts for 2024-2026 to 1.20 billion, 1.34 billion, and 1.48 billion yuan, respectively, corresponding to P/E ratios of 13, 12, and 11 [5]