aiyingshi(603214) 长江证券·2024-11-18 02:33Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company achieved a revenue of 774 million yuan in Q3 2024, representing a year-on-year growth of 2.6%. The net profit attributable to shareholders was 5.46 million yuan, with a year-on-year increase of 0.78%. However, the non-recurring net loss expanded to 7.39 million yuan, worsening by 4.61 million yuan year-on-year [3][4]. - The company is undergoing store adjustments and optimizations, maintaining stability in offline store revenue and overall income. In Q1-Q3 2024, the company opened 39 new stores and closed 45, ending the period with 463 stores. Store sales grew by 0.65% year-on-year, while e-commerce channels saw a 12.32% increase. Supplier service revenue declined by 5.38%, impacting revenue growth [3][4]. - The report highlights that the milk powder category experienced a positive growth of 7.78% in the first half of the year, while food and supplies categories saw single-digit declines. The cotton and toy categories faced double-digit declines. The overall gross margin for Q1-Q3 was 26.07%, down by 1.32 percentage points year-on-year [3][4]. Summary by Sections Financial Performance - In Q3 2024, the company's revenue growth improved sequentially, with year-on-year changes of 6.42%, -2.3%, and 2.6% for Q1, Q2, and Q3 respectively. The gross margin for Q1-Q3 showed a decline of 1.07 percentage points in Q3, while sales and management expense ratios decreased by 0.2 percentage points each, and financial expense ratio decreased by 0.1 percentage points year-on-year [4]. - The report projects EPS for 2024-2026 to be 0.77, 0.84, and 0.96 yuan respectively, indicating a gradual improvement in profitability as the company optimizes its store count and product structure [4]. Market Position - The company is positioned to gradually enter a phase of quality improvement and efficiency enhancement, supported by the integration of dual brands and refined operations [4]. Store Operations - The company opened 20 new stores and closed 20 in Q3 2024, maintaining a balance in store operations during this period [4].