Investment Rating - The report maintains an "Accumulate" rating for the company [4]. Core Views - The company's Q3 2024 performance was under pressure, with a revenue decline of 14% year-on-year and a net profit drop of 53%. However, the overall revenue for the first three quarters increased by 14% year-on-year, with net profit remaining stable [2][4]. - The company is expected to maintain rapid growth in its main business, particularly in the IoT device sector, and has opportunities for growth through electronic price tags [6]. Summary by Sections Basic Conditions - The total share capital is 81.52 million shares, with a circulating share capital of 29.22 million shares. The market price is 37.70 CNY, resulting in a market capitalization of approximately 3,073.23 million CNY [3]. Financial Performance - In Q3 2024, the company achieved a revenue of 47.07 million CNY, down 14% year-on-year, and a net profit of 4.08 million CNY, down 53% year-on-year. For the first three quarters, the revenue was 158 million CNY, up 14% year-on-year, with a net profit of 21.97 million CNY, roughly stable compared to the previous year [2][4]. Growth Analysis - The company’s revenue for 2024 is projected to reach 227 million CNY, with a year-on-year growth rate of 20%. The net profit is expected to be 30 million CNY, reflecting a 12% growth [4][6]. Profitability Analysis - The gross profit margin for the first three quarters of 2024 was 45.81%, an increase of 1.87 percentage points year-on-year. However, the net profit margin decreased to 13.94%, down 1.78 percentage points year-on-year [4]. Cash Flow and Operational Capability - The operating cash flow for the first three quarters of 2024 was 17.50 million CNY, maintaining a positive cash flow. Inventory and accounts receivable turnover days improved to 80 and 8 days, respectively [5]. Employee Incentives - The company launched an employee stock ownership plan in April 2024, investing up to 6.74 million CNY to incentivize 73 employees, aiming for significant revenue growth targets from 2024 to 2026 [5]. Earnings Forecast - The forecast for net profit for 2024-2026 is 30.40 million CNY, 37.10 million CNY, and 47.47 million CNY, respectively, with corresponding P/E ratios of 101, 83, and 65 [6].
云里物里：2024Q3点评报告：Q3业绩整体承压，股权激励激发团队活力