WLY(000858) 诚通证券·2024-11-14 08:18Investment Rating - The report maintains a "Strong Buy" rating for the company [3][5][16]. Core Views - The company reported a revenue growth of 8.60% year-on-year for the third quarter of 2024, with a total revenue of 679.16 billion yuan and a net profit of 249.31 billion yuan, indicating a slowdown in growth to single digits for the year [1][3]. - The company is focusing on enhancing sales and stabilizing prices to boost terminal consumer demand amidst a highly competitive market environment [2][3]. - The company has established a "1+3" product system and is committed to optimizing its product structure to meet diverse consumer needs [2][3]. Financial Performance Summary - For the third quarter of 2024, the company achieved a revenue of 172.68 billion yuan, with a net profit of 58.74 billion yuan, reflecting a growth of 1.39% and 1.34% respectively [1]. - The gross margin improved to 77.06%, up by 1.20 percentage points year-on-year, while the net profit margin was 38.20%, an increase of 0.08 percentage points [1][3]. - The company expects revenues of 891 billion yuan, 968 billion yuan, and 1,059 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 321 billion yuan, 347 billion yuan, and 384 billion yuan [3][9]. Market Strategy - The company is increasing investments in brand culture and consumer cultivation across multiple platforms to enhance brand strength and market presence [2]. - The marketing strategy emphasizes channel ecology and the construction of a stable market order through various initiatives, including promotional events and online engagement [2][3]. - The company is actively participating in high-profile events to elevate its brand visibility and consumer engagement [2].