Semir(SZ:002563) Tianfeng Securities·2024-11-03 05:23Investment Rating - The report maintains a "Buy" rating for the company [5][4] Core Views - The company's retail performance has improved since October, with a notable increase in sales across all channels [2] - The company reported a revenue of 3.4 billion in Q3 2024, a year-on-year increase of 3%, while net profit attributable to the parent company decreased by 36% to 200 million [1] - The company has opened 1,172 new stores in the first three quarters of 2024, with a net increase of 326 stores [2] - The inventory structure has shown significant improvement, with a healthy inventory age for new products [3] Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 9.4 billion, representing a 5.6% year-on-year increase, while net profit attributable to the parent company decreased by 9.25% to 800 million [1] - The gross profit margin for the first three quarters was 44.77%, an increase of 0.64 percentage points year-on-year [1] - The company expects EPS for 2024, 2025, and 2026 to be 0.42, 0.48, and 0.55 respectively, with corresponding PE ratios of 14X, 12X, and 11X [3] Retail Growth and Market Outlook - The company experienced a retail growth of 2.08% in the first three quarters, with online sales growing by 12.28% while offline sales decreased by 2.09% [2] - The fourth quarter is expected to see strong sales due to traditional peak shopping seasons and government measures to boost consumption [2] - The company’s total inventory as of September 30, 2024, was 4.17 billion, an increase of 5.15 billion from the previous year, indicating proactive inventory management to meet anticipated sales [2]