Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company reported a revenue of 1.249 billion yuan in Q3 2024, a year-on-year decrease of 11.2%, and a net profit attributable to shareholders of 149 million yuan, down 8.3% year-on-year. However, the non-recurring net profit increased by 17.1% year-on-year [1] - The company is experiencing a recovery driven by its "old-for-new" program, which is expected to boost performance in Q4 2024. The company launched the "Musi Renewal Season" in April 2024, offering high-cost performance new products and services [1] - The company has optimized its offline channels and achieved rapid growth in e-commerce, with over 5,700 offline stores established by the end of Q2 2024, covering major KA markets and advantageous locations [1] Financial Performance Summary - For 2024-2026, the company is projected to achieve net profits of 790 million, 860 million, and 950 million yuan, respectively, with corresponding P/E ratios of 19X, 18X, and 16X [1] - The gross margin for Q3 2024 was 49.9%, a decrease of 1.1 percentage points year-on-year, while the net profit margin was 11.9%, an increase of 0.4 percentage points year-on-year [1] - The company’s operating cash flow for Q3 2024 was 183 million yuan, showing a slight increase year-on-year [1] Key Financial Metrics - Revenue for 2022 was 5.813 billion yuan, with a year-on-year decline of 10.3%. The projected revenue for 2024 is 5.587 billion yuan, with a growth rate of 0.1% [2] - The net profit for 2022 was 708 million yuan, with a year-on-year growth of 3.2%. The projected net profit for 2024 is 792 million yuan, reflecting a year-on-year decrease of 1.3% [2] - The latest diluted EPS for 2023 is 2.01 yuan, with projections of 1.98 yuan for 2024, 2.15 yuan for 2025, and 2.38 yuan for 2026 [2][9]
慕思股份：电商渠道表现较好，以旧换新拉动回暖