FSM(002818)2024-11-15 09:41Group 1: Market Conditions and Policies - The Chinese government has implemented policies to promote the replacement of old home appliances, which has positively impacted retail sales in the home goods sector [1][2]. - In June and early July 2024, Sichuan Province sold 21,800 home appliances through the old-for-new program, indicating a significant increase in consumer activity [2]. - The real estate market in Chengdu has shown signs of recovery, with new housing transactions reaching 7,269 units in October 2024, a 36% increase month-on-month [2]. Group 2: Company Performance - In Q3 2024, the company reported a profit of 206.31 million yuan, a year-on-year increase of 10.04%, while the net profit excluding non-recurring items was 162.99 million yuan, up 1.59% [2][3]. - The company's focus on cost control and efficiency improvements, particularly in the engineering decoration business, has contributed to profit growth [2][3]. Group 3: Future Outlook - The company anticipates that ongoing government policies aimed at stabilizing the real estate market will create new opportunities for the home goods sector [3][4]. - With the urbanization rate increasing and a shift towards a dual structure of new and existing home sales, the company is well-positioned to capitalize on the growing demand for home improvement and renovation [3][4]. Group 4: Business Strategy - The company operates over 1.25 million square meters of self-operated retail space, focusing on high-end furniture and building materials [4]. - A commitment to continuous cash dividends has been established, with cumulative cash dividends exceeding 4.2 billion yuan since the company's IPO in 2016 [4].