ZBOM(603801) 国盛证券·2024-11-05 00:43Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 1.463 billion yuan in Q3 2024, a year-on-year decrease of 10.1%, and a net profit attributable to shareholders of 117 million yuan, down 30.9% year-on-year, primarily due to a weak real estate and consumer environment [1] - The company is increasing market incentives, which has led to short-term pressure on gross and net profit margins [1] - The company is expected to benefit from the "old-for-new" policy, which may drive a recovery in sales [3] Revenue and Profitability - In Q3 2024, revenue from cabinets, wardrobes, wooden doors, and others was 700 million, 580 million, 100 million, and 90 million yuan respectively, with year-on-year changes of -7.1%, -16.5%, -7.2%, and +11.7% [2] - The gross margins for cabinets, wardrobes, wooden doors, and others were 45.5%, 32.8%, 25.7%, and 12.1%, showing year-on-year declines of 3.9 percentage points, 5.6 percentage points, and increases of 7.7 percentage points and 2.1 percentage points respectively [2] - The company’s overall gross margin in Q3 2024 was 37.0%, down 3.6 percentage points year-on-year, with a net profit margin of 8.0%, down 2.4 percentage points year-on-year [4] Operational Performance - The company’s cash flow from operating activities in Q3 2024 was 285 million yuan, a decrease of 15 million yuan year-on-year [4] - As of the end of Q3 2024, the inventory turnover days were 161 days, an increase of 13 days year-on-year, while accounts receivable turnover days were 20 days, up 7 days year-on-year [4] Future Earnings Forecast - The forecast for net profit attributable to shareholders for 2024, 2025, and 2026 is 490 million, 534 million, and 580 million yuan respectively, with corresponding P/E ratios of 12.8X, 11.8X, and 10.8X [4][7]