Investment Rating - The report maintains an "Add" rating for the company [3][4]. Core Views - The company achieved a revenue of 6.798 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 7.10%. The net profit attributable to shareholders was 131 million yuan, up 12.24% year-on-year [3]. - In Q3 2024, the company reported a revenue of 2.278 billion yuan, a year-on-year increase of 4.11%, with a net profit of 53 million yuan, up 8.66% year-on-year [3]. - The company has formed a joint venture with XinXuan to enhance its live e-commerce capabilities, which is expected to expand its online customer base [3]. - Store upgrades and franchise models are progressing well, with over 40 stores upgraded by the end of September 2024, and plans to reach 10 franchise stores by the end of the year [3]. - The company has seen significant growth in its proprietary brands, with revenue from differentiated supply chains increasing over 40% year-on-year [3]. Financial Summary - Revenue projections for 2024-2026 are adjusted to 9.711 billion, 10.442 billion, and 11.602 billion yuan, respectively, with net profit forecasts of 217 million, 314 million, and 423 million yuan [4]. - The gross margin for 2024 is projected at 29.7%, with a return on equity (ROE) of 5.1% [4]. - The earnings per share (EPS) for 2024 is estimated at 0.17 yuan, with corresponding price-to-earnings (PE) ratios of 74.2, 51.4, and 38.0 for 2024, 2025, and 2026, respectively [4].
孩子王：线上携手辛选发力，线下升级及加盟顺利推进