喜临门：毛利率改善，有望受益旧换新

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [5][3]. Core Views - The company reported a revenue of 2.02 billion yuan in Q3 2024, a year-on-year decrease of 10.8%, and a net profit attributable to the parent company of 140 million yuan, down 15.8% year-on-year. The gross margin improved to 36.5%, up 4 percentage points year-on-year, indicating operational efficiency despite declining revenues [1][3]. - The company is expected to benefit from government subsidies for home renovation and the upcoming promotional season, which may lead to marginal improvements in operations [1][3]. - The company has established a comprehensive online and offline marketing network, with 5,535 offline stores as of Q3 2024, and has strengthened partnerships with major furniture retailers, enhancing its market presence [2][3]. Financial Summary - For the first three quarters of 2024, the company achieved a total revenue of 5.98 billion yuan, a slight decline of 1.5% year-on-year, with a net profit of 380 million yuan, down 3.9% year-on-year [1][3]. - The report projects net profits for 2024, 2025, and 2026 to be 498.41 million yuan, 568.22 million yuan, and 663.62 million yuan respectively, with corresponding P/E ratios of 15X, 13X, and 11X [3][8]. - The company’s total assets are projected to be 8.83 billion yuan in 2024, with a debt ratio of 53.74% [5][7]. Market Position - The company ranks first in mattress sales on major e-commerce platforms during the Double Eleven shopping festival, showcasing its strong market position [2][3]. - The company continues to invest in product development and brand positioning, aiming to enhance its reputation in the sleep industry [2][3]. Future Outlook - The report anticipates that the company's operations will improve marginally due to the implementation of national subsidies and the upcoming promotional activities [1][3]. - The company is focusing on optimizing operational quality and expanding its market reach through innovative marketing strategies [2][3].