周大生：公司季报点评：3Q24电商逆势增长，金价急涨影响加盟商补货意愿

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company reported a revenue of 10.809 billion yuan for the first three quarters of 2024, a year-on-year decrease of 13.49%, with a net profit attributable to the parent company of 855 million yuan, down 21.95% year-on-year [4][5] - The company opened 474 new stores in the first three quarters of 2024, resulting in a net increase of 129 stores [6] - The company is focusing on quality development and enhancing brand strength while adjusting product structure and increasing marketing efforts [6] Financial Performance Summary - For 1-3Q24, the revenue from franchise business was 7.66 billion yuan, a decrease of 19.75% year-on-year, while self-operated offline business revenue increased by 9.77% to 1.354 billion yuan [5] - E-commerce revenue grew by 5.94% to 1.653 billion yuan, with significant growth in embedded and silver jewelry products [5] - The company expects net profits for 2024-2026 to be 1.06 billion, 1.15 billion, and 1.32 billion yuan respectively, with a projected PE ratio of 12-15 times for 2024 [8] Store Expansion and Strategy - The total number of stores as of September was 5,235, with 4,886 being franchise stores and 349 self-operated stores [6] - The company aims to enhance product development and marketing strategies to adapt to market changes [6] Valuation and Market Comparison - The estimated market value range for the company is between 12.8 billion and 16 billion yuan, corresponding to a reasonable value range of 11.65 to 14.57 yuan per share [8] - Compared to peers, the company's 2024 PE ratio is projected at 12-15 times, indicating a competitive valuation [9]