FLYCO(603868) 开源证券·2024-11-04 02:44Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in Q3 2024 remains under pressure, with expectations for revenue recovery driven by new product launches [1][2] - The company has experienced a decline in revenue and net profit, with a year-on-year revenue drop of 16.9% and a net profit decrease of 43.8% for the first three quarters of 2024 [1] - The brand's product structure is continuously upgrading, with the Bole brand showing rapid growth, while the Feike brand faces challenges due to product line adjustments [2] Financial Performance Summary - For Q3 2024, the company's revenue was 10.0 billion yuan, down 24.1% year-on-year, with a net profit of 1.5 billion yuan, a decrease of 31.8% [1] - The gross margin for Q3 2024 improved slightly to 56.9%, compared to 54.1% in Q2 2024, indicating a narrowing decline [3] - The company’s operating income for 2024 is projected to be 44.82 billion yuan, reflecting a year-on-year decline of 11.4% [4] Product Performance - The Feike brand's online sales in Q3 2024 decreased by 16%, while the average price increased by 8% [2] - The Bole brand's online sales grew by 50% year-on-year, with significant increases in sales for blow dryers and shavers [2] Profitability Metrics - The company's net profit margin for Q3 2024 was 14.5%, down from 20.2% in the previous year [3] - The projected EPS for 2024 is 1.49 yuan, with a P/E ratio of 24.9 times [4]