OPPLE(SH:603515) Changjiang Securities·2024-11-11 05:53Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company reported a revenue of 5.068 billion yuan for the first three quarters of 2024, a year-on-year decline of 8.09%, with a net profit attributable to shareholders of 621 million yuan, down 5.68% year-on-year [4]. - The company is facing pressure on revenue due to industry challenges, but it has improved its gross margin significantly through product structure optimization, focusing on high-end intelligent products [4][5]. - The company is actively upgrading its product offerings and optimizing its domestic and international channel layouts to meet diverse consumer demands [5]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 1.702 billion yuan, a year-on-year decline of 13.62%, and a net profit of 237 million yuan, down 9.69% year-on-year [4]. - The gross margin for Q3 improved by 1.11 percentage points year-on-year, driven by an increase in the sales proportion of high-margin products [4]. - The operating profit for Q3 was 220 million yuan, a decline of 20.03% year-on-year, influenced by rising sales and management expenses [4]. Market Strategy - The company is focusing on upgrading its mid-to-high-end products and enhancing its market coverage and store upgrades in the consumer segment [5]. - In the B2B segment, the company is establishing brand effects and competitive barriers in the commercial lighting market, with growth in large projects such as factories and hotels [5]. - The company is expected to maintain stable growth in overseas markets while domestic recovery is anticipated with the rebound in second-hand housing transactions and overall consumer confidence [5]. Future Projections - The company is projected to achieve net profits of 876 million yuan, 942 million yuan, and 1.014 billion yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 15.5, 14.4, and 13.4 times [5].