Investment Rating - The report maintains a "Hold" rating for the company [1][2]. Core Views - The company has gradually improved its overseas sales layout and is awaiting an improvement in profitability [1]. - For the first three quarters of 2024, the company achieved revenue of 1.79 billion yuan, a year-on-year increase of 15.1%, but the net profit attributable to shareholders decreased by 13.6% to 82.59 million yuan [1]. - The company is focusing on enhancing its competitive edge through the development of its own brand and expanding its product matrix, particularly in the high-end light luxury segment [1][5]. Financial Performance Summary - Revenue for Q3 2024 was 710 million yuan, up 37.8% year-on-year, while net profit attributable to shareholders was 26.54 million yuan, down 37.7% year-on-year [1]. - The overall gross margin for the first three quarters of 2024 was 13.6%, a decrease of 1.2 percentage points year-on-year, with Q3 gross margin at 13.3%, down 3.7 percentage points year-on-year [1]. - The total expense ratio for the first three quarters was 8.3%, an increase of 0.3 percentage points year-on-year, with a net profit margin of 4.6%, down 1.5 percentage points year-on-year [1]. Business Strategy and Market Position - The company primarily operates under an ODM production model, with a focus on overseas sales, exporting to over 80 countries [1]. - It is actively expanding into domestic markets, particularly in the children's and adult electric bicycle sectors, aiming to build a high-end brand image [1]. - The company is enhancing its online sales capabilities through platforms like Amazon and eBay, as well as developing its own online sales platform [1]. Earnings Forecast - The projected EPS for 2024, 2025, and 2026 are 0.46 yuan, 0.55 yuan, and 0.61 yuan respectively, with corresponding PE ratios of 23, 19, and 17 [2][3]. - Revenue is expected to grow from 2.006 billion yuan in 2023 to 2.247 billion yuan in 2024, reflecting a year-on-year growth rate of 12.04% [3][5].
久祺股份：2024年三季报点评：逐步完善海外销售布局，静待盈利能力改善