可靠股份：自主品牌加大投入，产品持续迭代

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within six months [5][14]. Core Insights - The company reported a revenue of 790 million yuan for the first three quarters of 2024, a year-on-year decrease of 2.2%, and a net profit attributable to shareholders of 20 million yuan, down 18.9% year-on-year [1]. - In Q3 2024, the company achieved a revenue of 270 million yuan, an increase of 9.9% year-on-year, but reported a net loss of 1.14 million yuan, a decline of 121.5% year-on-year [1]. - The gross profit margin for Q3 2024 was 20.72%, a slight increase of 0.1 percentage points year-on-year, while the net profit margin attributable to shareholders was -0.5%, down 2.6 percentage points year-on-year [1]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 790 million yuan, with a net profit of 20 million yuan and a non-recurring net profit of 20 million yuan, reflecting declines of 18.9% and 35.3% year-on-year respectively [1]. - The Q3 2024 revenue was 270 million yuan, with a net loss of 1.14 million yuan and a non-recurring net loss of 468 thousand yuan, marking significant declines year-on-year [1]. - The report adjusts profit forecasts for 2024-2026, estimating net profits of 28.35 million yuan, 36.61 million yuan, and 43.99 million yuan respectively [4]. Business Strategy - The company is focusing on its own brand development, with product upgrades including innovations in adult incontinence products and the introduction of women's health and child care products [2]. - It is enhancing channel operations through content marketing and new retail models, achieving breakthroughs in e-commerce platforms like Douyin and Kuaishou [2]. - The company is also expanding its core talent pool and increasing R&D investments, with positive results from recent innovations [2]. Market Positioning - The company is making strides in international markets by selling its own brand products through the TEMU platform, although current transaction volumes are still low [3]. - The report highlights the company's strategic cooperation with Jin Xin Fu Xing in the health care industry, aiming to develop selected health care products [2].