BIEM(002832) Tianfeng Securities·2024-11-03 06:07Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating an expected return of over 20% within the next six months [7]. Core Insights - The company reported a revenue of 1.1 billion in Q3 2024, a decrease of 4% year-on-year, and a net profit attributable to shareholders of 280 million, down 17% year-on-year [1]. - For the first three quarters of 2024, the company achieved a revenue of 3 billion, an increase of 7% year-on-year, with a net profit of 760 million, reflecting a slight increase of 0.6% [1]. - The company is focusing on internationalization, high-end positioning, youth engagement, and standardization as part of its new strategic direction for the next decade [1]. - The company has upgraded its brand image and store designs, enhancing the shopping experience and increasing brand awareness [2][3]. Financial Performance - The company's gross margin for the first three quarters of 2024 was 76.4%, a decrease of 0.2 percentage points, while the net profit margin was 25.4%, down 1.7 percentage points [1]. - The financial forecast for 2024-2026 estimates earnings per share (EPS) of 1.7, 1.9, and 2.3 respectively, with corresponding price-to-earnings (P/E) ratios of 11X, 10X, and 8X [5][6]. - The projected revenue for 2024 is approximately 3.93 billion, with a growth rate of 11.1% [6][10]. Brand Development - The company has launched a new image for its brand, enhancing the quality of life experience for consumers with new display areas and interactive spaces [3]. - The sub-brands are actively engaging in community operations related to outdoor activities, significantly boosting brand influence [4]. - The KENT & CURWEN brand has successfully launched its new autumn/winter collection, receiving positive feedback from media and industry professionals [4].