比音勒芬：第三季度收入下滑4%，持续表现好于行业

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][9] Core Views - The company has shown a revenue decline of 4% in the third quarter, yet it continues to perform better than its peers in the industry [1] - Despite a challenging macroeconomic environment, the company achieved a year-on-year revenue growth of 7.3% in the first three quarters of 2023, significantly outperforming other apparel brands [1] - The company is positioned in the high-end sports fashion segment, which is expected to have substantial growth potential as brand influence increases [8] Financial Performance Summary - For 2024, the company is projected to have a revenue of 37.23 billion yuan, with a year-on-year growth of 5.3% [2][10] - The net profit for 2024 is estimated at 9.23 billion yuan, reflecting a modest year-on-year increase of 1.3% [2][10] - The gross profit margin is expected to be 78.2% in 2024, slightly down from previous years [10] - The company’s management expense ratio is projected to rise to 9.0% in 2024, indicating increased operational costs [9][12] Inventory and Cash Flow Summary - As of the end of the third quarter, inventory increased by 28.2% year-on-year, amounting to 8.9 billion yuan, influenced by seasonal sales pressures [1] - The company’s cash flow from operating activities improved, with a net cash flow of 1.2 billion yuan in the third quarter [1] Market Position and Future Outlook - The company maintains a healthy channel inventory despite rising pressures, with a focus on sustainable growth through careful inventory management [1] - The company plans to continue opening new stores, although the pace of expansion is expected to slow down [1] - The target price has been adjusted to 22.6-24.2 yuan, reflecting a decrease from previous estimates due to revised profit forecasts [9]