GOLDENHOME(603180) 天风证券·2024-12-02 01:16Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [3][5][17]. Core Views - The company reported a revenue of 896 million in Q3 2024, a decrease of 13.91% year-on-year, and a net profit attributable to the parent company of 50 million, down 44.22% year-on-year. The decline is attributed to pressures in the real estate sector, increased interest expenses from convertible bonds, and ongoing investments in new retail and overseas strategies [1][5]. - The company has seen a 70% increase in terminal orders in Xiamen due to the implementation of a "trade-in" subsidy policy, which has positively impacted market demand [4]. - The company is expected to achieve net profits of 230 million, 240 million, and 250 million for the years 2024, 2025, and 2026 respectively, reflecting a downward adjustment from previous estimates [5]. Financial Performance Summary - For the first three quarters of 2024, the company's revenue was 2.416 billion, a decrease of 5.15% year-on-year, with a net profit of 120 million, down 28.09% year-on-year [1]. - The gross margin for Q1-3 2024 was 27.30%, a decrease of 1.6 percentage points, and the net profit margin was 4.75%, down 1.65 percentage points [2]. - The company's total assets increased from 4.864 billion in 2022 to an estimated 5.831 billion in 2024 [10]. Market and Strategic Insights - The company is actively engaging with local governments to expedite the rollout of subsidy policies and is enhancing its online presence through platforms like Tmall and JD.com to maximize customer participation [4]. - The new retail and overseas strategies are beginning to show benefits, with expectations for sustained growth in performance [1][5].