装修建材24Q3经营表现探讨：多数规模降幅扩大，部分经营质量提升

Investment Rating - The investment recommendation for the renovation and building materials industry is "Outperform the Market" (maintained) [4]. Core Insights - The report highlights that most of the 25 listed companies in the renovation and building materials sector are experiencing pressure on revenue and net profit growth, reflecting a continued bottoming out of demand. However, companies like Beixin Building Materials and Rabbit Baby have shown relatively good growth in both revenue and net profit [2][5]. - Overall, the industry is facing challenges due to weak real estate sales, leading to increased competition and pressure on demand. Some consumer-oriented companies have demonstrated resilience in revenue and profit growth [5][16]. - The report indicates a significant divergence in operational quality among companies, with some benefiting from product structure optimization and cost reduction measures [5][19]. Summary by Sections Overall Performance - In Q3 2024, the sample companies reported total revenue of 38.1 billion yuan, a year-on-year decrease of 11%, with a median growth rate of -15%. The net profit attributable to shareholders was 2.3 billion yuan, down 42% year-on-year, with a median growth rate of -48% [5][10]. - The overall gross margin for the sample companies in Q3 2024 was 27.5%, down 1.7 percentage points year-on-year, while the net profit margin was 6.0%, down 3.1 percentage points year-on-year [10][19]. Segment Analysis - Operational Scale: Most companies are experiencing a decline in scale, but consumer-oriented companies show resilience. For instance, Beixin Building Materials and Rabbit Baby have continued to grow in revenue and net profit [5][16]. - Profitability: Many companies are facing pressure on gross margins, with only a few, such as Keshun Co., Rabbit Baby, and Haixiang New Materials, showing improvements due to product structure optimization and cost reduction [19][23]. - Asset Turnover: The sample companies have maintained strict management of accounts receivable, but the turnover days have increased, indicating pressure on cash flow [13][14]. - Cash Flow: The median cash collection ratio for the sample companies has decreased, reflecting a significant divergence in performance among the companies [13][14]. Investment Recommendations - The report suggests that demand may stabilize, and it is important to monitor the progress of quality improvement and transformation among companies. It emphasizes focusing on companies with stronger consumer characteristics and those that have adjusted their client structures effectively [5][19].