SPZP(300616) 天风证券·2024-11-20 00:17Investment Rating - The investment rating for the company is "Increase" (maintained) [1] Core Views - The company has adopted AI technology as a core driver for development, enhancing productivity across marketing, design, production, and logistics [1] - The company reported a revenue of 1 billion yuan in Q3 2024, a decrease of 29% year-on-year, with a net profit attributable to the parent company of -0.08 billion yuan, down 112% year-on-year [1] - The "old-for-new" home decoration subsidy policy is being implemented effectively, stimulating market confidence and consumer activity [1] - The company is actively expanding its domestic and overseas market presence, with a focus on lower-tier cities and international markets [1][3] Financial Performance Summary - For the first three quarters of 2024, the company's revenue was 2.7 billion yuan, a decrease of 22% year-on-year, with a net profit of -1.14 billion yuan, down 2905% year-on-year [1] - The gross margin for the first three quarters of 2024 was 31.93%, a decrease of 2.6 percentage points year-on-year, while the net margin was -4.18%, down 4.30 percentage points year-on-year [1] - The company expects EPS for 2024-2026 to be -0.6 yuan, 0.2 yuan, and 0.3 yuan respectively, with PE ratios for 2025-2026 projected at 57 and 40 times [3][4] Market Strategy - The company has launched various product packages to stimulate home renovation activities, including direct subsidies and live-streaming promotions [1] - The company is enhancing its channel layout domestically and has initiated overseas expansion efforts, particularly in the Middle East, Southeast Asia, and Africa [1][3]