销售费用率提升幅度较大，公司盈利水平下滑。毛利率：2024Q1-Q3/Q3单季度同比-1.84pct/-1.25pct 至47.36%/44.56%。费率端：2024Q1-Q3销售/管理/研发/财务费率同比+2.99pct/-1.49pct/-0.23pct/+1.12pct 至28.72%/8.72%/5.93%/-0.20%；Q3 单季度销售/管理/研发/财务费率同比+6.88pct/-2.09pct/-0.68pct/+1.54pct 至29.23%/7.49%/5.42%/1.38%。净利率：2024Q1-Q3/Q3 单季度同比-3.41pct/-5.98pct 至7.68%/3.78%，盈利水平有所下滑。Event: The company publishes its report for the third quarter of 2024. The company achieved operating income of 0.506 billion yuan in the first three quarters of 2024, +7.19% year-on-year; realized net profit of 0.039 billion yuan, or -25.74% year-on-year.
Net profit after deducting non-return to mother was 0.034 billion yuan, -25.20% YoY. Looking at a single quarter, Q3 achieved revenue of 0.184 billion yuan, +22.04% year over year; net profit to mother 0.007 billion yuan, or -52.70% year over year; net profit after deducting non-return to mother 0.006 billion yuan, or -53.81% year over year.
Our own brands are expanding rapidly overseas, the OEM business continues to grow, and domestic revenue is accelerating. 1) Beiding Overseas achieved revenue of 0.044 billion yuan in 2024Q1-Q3, +67.05%; in a single quarter, Q3 achieved revenue of 0.019 billion yuan, +172.02% year-on-year. 2) The OEM/ODM business achieved revenue of 0.133 billion yuan in 2024Q1-Q3, +20.10%; in a single quarter, revenue of 0.059 billion yuan, or +7.92% year-on-year. 3) Beiding China achieved revenue of 0.33 billion yuan in 2024Q1-Q3, or -1.73%; in a single quarter, revenue of 0.107 billion yuan, +19.08% year over year.
The sales expense ratio has increased significantly, and the company's profit level has declined. Gross profit margin: -1.84pct/-1.25pct to 47.36%/44.56% year-on-year in a single quarter of 2024q1-Q3/Q3. Rate side: 2024Q1-Q3 sales/management/R&D/finance rate YoY +2.99pct/-1.49pct/-0.23pct to 28.72%/8.72%/5.93%/-0.20%; Q3 single quarter sales/management/R&D/finance rate +6.88pct/-2.09pct/-0.68pct/+1.54pct to 29.23%/7.49%/5.42%/1.38%. Net interest rate: 2024Q1-Q3/Q3 single quarter -3.41pct/-5.98pct year-on-year to 7.68%/3.78%, profit level declined.
Profit forecasting and investment advice. Due to sluggish domestic consumption and increased competition in the industry, the company's profit performance is expected to remain under pressure. We expect the company's net profit to be 0.055/0.064/0.072 billion yuan in 2024-2026, respectively, -22.6%/+15.0%/+13.9% year-on-year, maintaining a “buy” rating.
Risk warning: Tuopin falls short of expectations, market competition is fierce, and raw material prices fluctuate.
