Investment Rating - The report assigns an "Outperform" rating to the company with a target price of RMB 63.54, based on a 2024 PE valuation of 20 times [5][20] Core Views - The company achieved revenue of RMB 1.85 billion in the first three quarters of 2024, a YoY increase of 27.13%, and net profit attributable to shareholders of RMB 431 million, a YoY increase of 33.56% [2][17] - Overseas business growth remains strong, with the top 10 customers being from the USA, and 70% being retailers. Except for one, all top 10 customers increased purchases by 4.33% to 316.62% [4][19] - The company plans to establish nearly or over 500 MOTO Gallery stores by Q1 2025 to enhance MotoMotion's brand influence and boost sales [4][19] Financial Performance - In 2024Q3, the company achieved revenue of RMB 642 million, up 26.12% YoY, and net profit attributable to shareholders of RMB 146 million, up 19.89% YoY [2][17] - The company's net profit margin and gross profit margin in the first three quarters of 2024 were 23.30% and 33.72%, up 1.13 and 1.68 percentage points YoY, respectively [3][18] - The company's sales, G&A, R&D, and finance expense ratios in the first three quarters of 2024 were 2.98%, 3.43%, 4.92%, and -2.63%, respectively [3][18] Business Segments - Smart electric sofas, as the core business, are expected to grow by 36.5%, 30.0%, and 23.6% YoY in 2024-2026, respectively [8] - Smart electric beds and accessories, as supplementary businesses, are expected to grow by 2.0%, 1.0%, and 0.0% YoY in 2024-2026, respectively [8] Industry Comparison - The company's 2024E PE ratio of 16.90 is lower than the average PE ratio of 17.0 for comparable companies in the industry [9] - Comparable companies include Qisheng Technology (603610.SH) with a 2024E PE of 18.8 and Henglin Co., Ltd. (603661.SH) with a 2024E PE of 9.4 [9]
匠心家居：首次覆盖：公司营收、利润双增，海外自主品牌建设持续推进