歌力思：国内营收保持增长

Investment Rating - The report maintains a "Buy" rating with a target price of 7.51 CNY, indicating an expected relative return of 10%-20% over the next six months [9][22]. Core Insights - The company reported a 4% year-on-year increase in revenue for the first three quarters of 2024, reaching 2.2 billion CNY, while net profit attributable to shareholders decreased by 84% to 20 million CNY [3][5]. - Domestic revenue growth was approximately 11.5% year-on-year, driven by an increase in the number of direct-operated stores, although this also led to higher related expenses [3][4]. - The company's multi-brand strategy has effectively driven revenue growth, particularly in the domestic market, which saw a 5.3% increase [6]. Revenue Breakdown - Revenue by brand for the first three quarters of 2024 shows ELLASSAY at 820 million CNY (up 14%), Laurèl at 280 million CNY (up 21%), Ed Hardy and Ed Hardy X at 180 million CNY (down 20%), IRO at 470 million CNY (down 17%), and self-portrait at 360 million CNY (up 18%) [4][6]. - Online sales revenue increased by 48%, with notable performances from ELLASSAY (69%), self-portrait (85%), Laurèl (61%), and IRO (50%) in the Chinese market [6]. Financial Performance - The gross profit margin for the first three quarters of 2024 was 68.2%, an increase of 1.3 percentage points, while the net profit margin decreased by 5.6 percentage points to 1% [5]. - The company adjusted its earnings forecast, projecting EPS of 0.2 CNY for 2024 and 2025, and 0.3 CNY for 2026, with corresponding P/E ratios of 50X, 36X, and 26X [5][12].