SFY(002572)2024-11-04 10:09Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [6][12]. Core Insights - The company reported a total revenue of 7.656 billion yuan for the first three quarters of 2024, a year-on-year decrease of 6.7%. The net profit attributable to shareholders was 922 million yuan, down 3.2% year-on-year [6][10]. - The integrated channel revenue grew by 26.3% year-on-year in the first three quarters, with a 6.8% increase in Q3, indicating robust growth despite external pressures [7]. - The retail channel faced challenges due to weakened consumer demand, with a 21.5% decline in Q3 revenue compared to the previous year, although the average transaction value remained stable [8]. - The company is actively responding to government policies promoting home renovation, which is expected to stimulate demand and improve order volumes in the future [12]. Financial Data Summary - For the first three quarters of 2024, the company achieved a gross margin of 35.8%, with a slight decrease in Q3 to 35.9% due to high baseline effects from previous periods [11]. - The projected net profit for 2024 is adjusted to 1.221 billion yuan, reflecting a 3.2% year-on-year decrease, with future estimates showing a recovery trend [12]. - The company’s earnings per share for 2024 is forecasted at 1.27 yuan, with a price-to-earnings ratio of 15 times [10][12].