麒盛科技：海内外市场齐头发展

Investment Rating - The report maintains an "Overweight" rating for the company [5][6] Core Views - The company's Q3 2024 revenue was 760 million, down 11.5% YoY, while net profit attributable to the parent company increased by 2% YoY to 70 million [1] - For the first three quarters of 2024, the company's revenue was 2.2 billion, down 7% YoY, and net profit attributable to the parent company was 150 million, down 19% YoY [1] - The company's gross margin for the first three quarters of 2024 was 33.57%, down 1.52 percentage points YoY, and the net margin was 6.77%, down 1 percentage point YoY [1] Product Development - The company's "Sofit" smart bed features include one-click sleep customization, intelligent snore reduction, and personalized health alerts based on sleep data [2] - The company leverages user feedback and online platforms to optimize products and enhance brand value [3] Production Expansion - The company's Vietnam (Binh Phuoc) factory, with a total investment of 20 million USD, is expected to start production in 2025, with a monthly capacity of 80,000 smart beds [4] Financial Forecasts - The company's EPS for 2024-2026 is forecasted to be 0.5, 0.6, and 0.6 yuan, respectively, with PE ratios of 20X, 17X, and 16X [5] - The company's revenue for 2024-2026 is projected to be 3.14 billion, 3.37 billion, and 3.72 billion yuan, with growth rates of 1.2%, 7.2%, and 10.5%, respectively [8] - The company's net profit attributable to the parent company for 2024-2026 is expected to be 180.66 million, 203.92 million, and 228.76 million yuan, respectively [8] Financial Ratios - The company's gross margin for 2024-2026 is forecasted to be 33%, 33%, and 33.5%, respectively [9] - The company's ROE for 2024-2026 is projected to be 5.19%, 5.55%, and 5.87%, respectively [9] - The company's net debt ratio for 2024-2026 is expected to be -28.89%, -40.82%, and -55.03%, respectively [10]