牧高笛：静待市场回暖

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 21.13 CNY, expecting a market recovery in the future [1]. Core Viewpoints - The company reported a revenue of 250 million CNY in Q3 2024, a decrease of 17% year-on-year, while the net profit attributable to the parent company was 13 million CNY, an increase of 2.1% year-on-year. However, the net profit after deducting non-recurring items was a loss of 6 million CNY, down 152% year-on-year due to decreased revenue and increased investments in product strength, brand power, channel power, operational power, and organizational power [1]. - The company has established a multi-dimensional marketing network that enhances brand market penetration and improves consumer purchasing convenience. It is actively promoting a Direct-to-Consumer (DTC) offline retail and community business model, which is expected to enhance brand value and customer loyalty [1]. - The company launched the "A Journey Beyond the Edge" plan, aiming to create a hardcore outdoor brand in China, emphasizing environmental sustainability and cultural preservation [1]. Financial Performance Summary - For the first three quarters of 2024, the company's total revenue was 1.08 billion CNY, a decrease of 6.5% year-on-year. The revenue from self-owned brand business was 610 million CNY, down 8.9% year-on-year. The online revenue was 210 million CNY, down 16%, while offline revenue was 400 million CNY, down 5% [1]. - The gross profit margin for the first three quarters of 2024 was 28.59%, an increase of 0.28 percentage points year-on-year. The net profit margin was 8.56%, a decrease of 0.96 percentage points year-on-year [1]. - The company adjusted its profit forecast, expecting net profits attributable to the parent company to be 98 million CNY, 113 million CNY, and 134 million CNY for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.1 CNY, 1.2 CNY, and 1.4 CNY [1][3].