地素时尚：静待需求回暖

Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company reported a revenue of 480 million yuan in Q3 2024, a decrease of 19% year-on-year, and a net profit attributable to shareholders of 60 million yuan, down 47% year-on-year, primarily due to weak terminal demand and channel optimization adjustments [2] - For the first three quarters of 2024, the company's revenue totaled 1.61 billion yuan, a decrease of 13% year-on-year, with various brand performances showing declines [2] - The company is focusing on enhancing its membership operations and exploring omnichannel marketing strategies to improve customer experience and drive sales [3] Financial Performance Summary - The company's revenue for 2022 was 2,400.37 million yuan, with a growth rate of -17.16%, while the projected revenue for 2024 is 2,397.18 million yuan, indicating a further decline of 9.50% [6][9] - The net profit attributable to the parent company for 2022 was 384.55 million yuan, with a significant decrease of 44.23% year-on-year, and a projected net profit of 355.79 million yuan for 2024, reflecting a continued decline of 27.92% [6][9] - The company's gross profit margin for the first three quarters of 2024 was 74.82%, showing a slight increase of 0.01 percentage points year-on-year [2] Store and Brand Performance - As of Q3 2024, the company operated a total of 936 stores, including 261 direct-operated stores and 675 franchised stores [2] - The revenue breakdown by brand for the first three quarters of 2024 shows DAZZLE at 850 million yuan (down 15%), DIAMOND DAZZLE at 89 million yuan (down 14%), d'zzit at 640 million yuan (down 10%), and RAZZLE at 26 million yuan (down 5.7%) [2] Profit Forecast Adjustment - The report adjusts the earnings per share (EPS) forecast for 2024-2026 to 0.8, 0.9, and 1.0 yuan respectively, down from previous estimates of 1.0, 1.1, and 1.1 yuan [4]