罗莱生活：Q3利润降幅收窄，需求波动下持续推动运营优化

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's Q3 2024 revenue decreased by 16% year-on-year, with a net profit attributable to shareholders declining by 22%. The revenue for Q3 2024 was 1.096 billion yuan, with a gross margin increase of 1.1 percentage points to 44.2% [1] - The company is facing challenges in both domestic home textile demand and overseas furniture business, leading to a projected revenue decline of 13% and a net profit drop of 31% for the full year 2024 [3] - The company is actively working on inventory reduction in its franchise business while closing underperforming stores to improve overall channel quality [2] Financial Performance Summary - For Q3 2024, the company's revenue was 1.096 billion yuan, down 15.6% year-on-year, and the net profit was 103 million yuan, down 21.7% year-on-year [1] - Cumulative revenue for the first three quarters of 2024 was 3.2 billion yuan, a decrease of 14.7% year-on-year, with a net profit of 260 million yuan, down 37.1% year-on-year [1] - The company’s inventory at the end of Q3 was approximately 1.2 billion yuan, a decrease of 17.2% year-on-year, with inventory turnover days improving to 198 days [3] Earnings Forecast and Investment Recommendations - The company is projected to have revenues of 3.93 billion yuan, 4.76 billion yuan, and 5.35 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 393 million yuan, 476 million yuan, and 535 million yuan [3] - The current price corresponds to a 2024 P/E ratio of 15 times, maintaining the "Buy" rating [3]