索菲亚：Q3收入&利润承压，以旧换新表现亮眼

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported Q3 2024 revenue of 2.726 billion yuan, a year-on-year decrease of 21.1%, and a net profit of 357 million yuan, also down 21.2% year-on-year, indicating pressure on revenue and profit due to high base effects and operational challenges [1] - The company has successfully implemented a comprehensive strategy across multiple product categories, leading to an increase in average transaction value at the factory level [2] - The company is actively expanding its integrated home customization model and exploring new channels to capture market share, particularly in the renovation and old-for-new markets [3] Summary by Sections Financial Performance - Q3 2024 gross margin and net margin were 35.9% and 13.1%, respectively, showing stable profitability despite revenue pressures [4] - The company expects net profits for 2024-2026 to be 1.2 billion yuan, 1.3 billion yuan, and 1.41 billion yuan, with corresponding P/E ratios of 15X, 14X, and 13X [4][5] Brand Performance - The Sofia brand generated 2.447 billion yuan in Q3 2024, down 21.5% year-on-year, with a decrease in the number of dealers and stores [2] - Milan's revenue was 128 million yuan in Q3 2024, down 15.8% year-on-year, but it has been expanding its store presence [2] Channel Development - The company is enhancing its direct sales and dealer collaboration to penetrate the integrated home customization market, with a 26.3% year-on-year increase in revenue from the integrated channel in Q1-Q3 2024 [3] - The company has established 277 partnerships with construction companies across 196 cities, indicating a strong push into the integrated home market [3] Cash Flow and Operational Efficiency - The net operating cash flow for Q3 2024 was 464 million yuan, reflecting stable cash flow management [4] - Inventory turnover days were 31 days, accounts receivable turnover days were 36 days, and accounts payable turnover days were 76 days, indicating efficient operational management [4]