周大生：2024年三季报点评：前三季度门店净增129家，完善国家宝藏产品矩阵

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4][6]. Core Insights - The company reported a revenue decline of 13.49% year-on-year for the first three quarters of 2024, with a total revenue of 10.809 billion yuan and a net profit attributable to shareholders of 855 million yuan, down 21.95% year-on-year [1][4]. - The company has expanded its store count by 129 stores, reaching a total of 5,235 stores by the end of Q3 2024, enhancing its product matrix inspired by national treasures [3][4]. - The gross margin increased by 2.36 percentage points year-on-year to 20.58% for the first three quarters of 2024, with a significant rise in Q3 2024 to 27.48%, up 9.70 percentage points year-on-year [1][2]. Summary by Sections Financial Performance - For 1-3Q2024, the company achieved a revenue of 10.809 billion yuan, a decrease of 13.49% year-on-year, and a net profit of 855 million yuan, down 21.95% year-on-year [1]. - The company’s gross margin for 1-3Q2024 was 20.58%, an increase of 2.36 percentage points year-on-year, with Q3 2024 gross margin at 27.48%, up 9.70 percentage points year-on-year [1][2]. Expense Analysis - The expense ratio for 1-3Q2024 was 8.65%, an increase of 3.08 percentage points year-on-year, with Q3 2024 expense ratio at 12.62%, up 7.03 percentage points year-on-year [2]. Store Expansion and Product Development - As of the end of Q3 2024, the company had a total of 5,235 stores, including 4,886 franchise stores and 349 self-operated stores, marking a net increase of 129 stores since the beginning of 2024 [3]. - The company is enhancing its product offerings by developing new products inspired by national treasures, such as "Qinghua Porcelain Color" and "Dunhuang Color" themed products [3]. Earnings Forecast - The earnings per share (EPS) forecast for 2024, 2025, and 2026 has been revised down by 23%, 25%, and 26% respectively, to 0.99 yuan, 1.05 yuan, and 1.12 yuan [4].