Investment Rating - The investment rating for the company is upgraded to "Accumulate" [1][7]. Core Views - The company is focusing on promoting its old-for-new business model through multiple dimensions, including product development, channel expansion, and service enhancement [6]. - The sales of light smart toilets have shown significant growth, while full smart toilets have performed relatively weakly due to cautious consumer spending [2][3]. - The company has adjusted its earnings forecast for 2024-2026, expecting EPS of 0.1 yuan, 0.1 yuan, and 0.2 yuan respectively, with corresponding P/E ratios of 73X, 60X, and 50X [4]. Financial Performance Summary - For the first three quarters of 2024, the company's gross margin was 26.42%, a decrease of 3 percentage points year-on-year, primarily due to a slowdown in consumer demand and declining product prices [1]. - The company's revenue for Q3 2024 was 1.7 billion yuan, a decrease of 5.6% year-on-year, while the net profit attributable to the parent company was -0.06 billion yuan, down 105% [5]. - The total revenue for the first three quarters of 2024 was 4.8 billion yuan, a decrease of 8% year-on-year, with a net profit of 0.3 billion yuan, down 89% [5]. Product and Service Development - The company is committed to developing both light smart and full smart toilets, aiming to meet the increasing demand for high-quality living standards and benefiting from government policies and consumer stimulus measures [3]. - The company is enhancing its service capabilities for distributors, providing comprehensive training and support for renovation services, which includes installation and removal services [4].
箭牌家居：多维度推行以旧换新业务