曲美家居：国内外共振改善，化债加速可期

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company reported a revenue of 834 million yuan in Q3 2024, a year-on-year increase of 15.2%, while the net profit attributable to shareholders was a loss of 21 million yuan, narrowing from a loss of 49 million yuan in Q3 2023 [1]. - Domestic revenue declined by approximately 20% in Q3 2024, with expectations of pressure on retail but growth in engineering [1]. - The company is focusing on product upgrades, organizational optimization, and cost reduction, which are expected to drive improvements in domestic operations and profitability, with a forecast of achieving profitability in 2025 [1]. - Overseas, the Ekornes brand saw a revenue decline of 10.6% in Q3 2024, primarily due to short-term production constraints, but is expected to show improvement in Q4 2024 [2]. - The company is accelerating debt restructuring to optimize its financial structure and reduce interest expenses, with expectations of lower financial costs in the coming year [2]. - The profit forecast for 2024-2026 has been adjusted to -150 million yuan, 160 million yuan, and 310 million yuan respectively, with corresponding P/E ratios of 14.4X and 7.4X for 2025-2026 [2]. Summary by Sections Domestic Performance - The company is implementing significant cost reductions in management, sales, and R&D expenses, with reductions of 8.71 million, 25.01 million, and 5.62 million yuan respectively in Q3 2024 [1]. - The focus on flagship stores and new product launches is aimed at enhancing brand image and expanding market channels [1]. Overseas Performance - The revenue from Ekornes in Europe and North America accounted for 44.4% and 36.5% of total overseas revenue respectively, with Europe showing a recovery while North America continues to face challenges [2]. - The company anticipates a positive turnaround in overseas revenue in Q4 2024 due to order improvements and inventory management [2]. Financial Outlook - The financial metrics for 2024E show a projected revenue of 3.696 billion yuan, with a net profit forecast of -150 million yuan [4]. - The company’s P/E ratio is expected to improve significantly by 2026, indicating a potential recovery in profitability [4].