Investment Rating - The report gives an "Outperform" rating for the company, with a target price of RMB 43.49, corresponding to a 2025 PE of 19x, PS of 2.68x, and PEG of 1.53x [3][13]. Core Insights - In the first three quarters of 2024, the company achieved revenue of RMB 3.878 billion, a year-on-year increase of 1.90%, and a net profit attributable to shareholders of RMB 522 million, up 0.76%. However, in Q3 alone, revenue was RMB 1.249 billion, down 11.19% year-on-year, with net profit of RMB 149 million, down 8.29% [1][10]. - The gross profit margin remained stable, with slight decreases in expense ratios. For the first three quarters of 2024, the sales net profit margin and gross profit margin were 13.47% and 50.80%, respectively [2][11]. - The introduction of a policy to support the replacement of old products with new ones is expected to benefit leading home furnishing brands, including the company, as it aims to enhance consumer spending on home products [3][12]. Financial Performance Summary - The company’s revenue for 2024 is projected to be RMB 5.847 billion, with a year-on-year growth of 4.8% in 2024, and further growth expected in subsequent years [5][6]. - Net profit forecasts for 2024, 2025, and 2026 are RMB 814 million, RMB 916 million, and RMB 1.022 billion, with growth rates of 1.5%, 12.5%, and 11.6%, respectively [3][13]. - The company’s gross profit margin is expected to improve slightly from 50.3% in 2023 to 51.2% by 2026 [8].
慕思股份：公司季报点评：首次覆盖：24Q1-3收入保持正增长，以旧换新有望促进业绩增长