ZBOM(603801) China Post Securities·2024-11-05 02:30Investment Rating - The report maintains a "Buy" rating for the company [2][6] Core Views - The company is experiencing short-term operational pressure, with expectations for demand recovery [3][4] - The domestic market is under pressure, while overseas business shows significant growth [4] - Profitability is declining, with increased sales expenses [5][6] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 3.675 billion yuan, a year-on-year decrease of 6.46%, and a net profit of 266 million yuan, down 23.80% [3] - In Q3 alone, revenue was 1.463 billion yuan, a decline of 10.14%, with net profit at 117 million yuan, down 30.93% [3] - Revenue from various product lines for the first three quarters includes: kitchen cabinets (1.662 billion yuan, -5.18%), custom wardrobes (1.504 billion yuan, -10.22%), wooden doors (240 million yuan, +0.46%), and others (269 million yuan, +2.77%) [4] - The overall gross margin for the first three quarters was 36.83%, down 1.58 percentage points year-on-year [5] Future Outlook - The company expects a gradual recovery in domestic market demand due to government incentives for home renovation and increased market expansion efforts [4] - Projected net profits for 2024-2026 are 439 million yuan, 482 million yuan, and 523 million yuan, respectively, with corresponding P/E ratios of 14, 13, and 12 [6][8]