公司持续优化营销策略与产品结构，逐步强化品牌影响，市场区域稳步扩大，三季度收入提速。2024Q3 公司收入+Δ合同负债5.68 亿元，同比+16.78%，回款略快于收入。2024Q3 销售收现6.10 亿元，同比+12.73%，销售收现略慢于收入。前三季度公司销售收现24.87 亿元，同比+12.81%。occurrences
The company released its report for the third quarter of 2024. In the first three quarters, the company achieved revenue of 2.328 billion yuan, +15.31% year over year; net profit to mother was 0.333 billion yuan, +22.17% year over year. 2024Q3 achieved revenue of 0.574 billion yuan, +15.77% YoY; net profit to mother 0.038 billion yuan, +108.84% YoY.
Q3 Revenue accelerated, sales revenue was slower than revenue
The company continued to optimize its marketing strategy and product structure, gradually strengthened its brand influence, steadily expanded its market area, and accelerated revenue in the third quarter. The 2024Q3 company's revenue +Delta contract debt was 0.568 billion yuan, +16.78% year over year, and repayment was slightly faster than revenue. 2024Q3's sales revenue was 0.61 billion yuan, +12.73% YoY. Sales revenue was slightly slower than revenue. The company's sales revenue for the first three quarters was 2.487 billion yuan, +12.81% year-on-year.
High-end products continue to grow rapidly, and markets outside the province are gaining strength
By product, 2024Q3 achieved revenue of 0.16/0.309/0.077 billion yuan for products above 300 yuan/100-300 yuan/100 yuan or less, respectively, of +42.06%/+14.92%/-24.33% compared with the same period. In the first three quarters, products above 300 yuan/100-300 yuan/100 yuan or less achieved revenue of 0.472/1.199/0.598 billion yuan, respectively, or +43.80%/+14.96%/-2.54% year-on-year, respectively. Looking at the subregion, revenue from outside the province accelerated in the third quarter, and 2024Q3 achieved revenue of 0.375/0.171 billion yuan respectively, up 4.40%/37.91% year-on-year respectively.
Q3 gross margin declined slightly, and the decline in the expense ratio led to an increase in the gross profit margin of the 2024Q3 company by 61.13%, -1.52 pct year on year. We expect this is mainly due to the company's increased discounts under market competition; sales expenses rate/ management expenses rate/ operating tax and additional ratios were 24.08%/13.10%/14.70%, respectively, -3.19/ -1.81/+0.01pct year over year, respectively. The company increased digital investment, focused on marketing channel BC linkage, and improved operational efficiency. The reduction in sales expenses and management expense ratios led to an increase in profitability. 2024Q3's net interest rate to mother was 6.63%, +2.95pct compared to the previous year.
Structural upgrades continue, maintaining a “buy” rating
We expect the company's 2024-2026 revenue to be 2.912/3.233/3.556 billion yuan, with year-on-year growth rates of 14.31%/11.02%/10.00%, respectively, and net profit to mother of 0.398/0.447/0.498 billion yuan, respectively, with year-on-year growth rates of 21.03%/12.32%/11.37%, corresponding to a three-year CAGR of 14.82%, corresponding to 2024-2026 PE valuations, respectively. In view of the continuation of the trend of upgrading the company structure and the steady performance of the base market, the market share in the province is expected to increase steadily and maintain the “buy” rating.
Risk warning: structural upgrades fall short of expectations, industry competition intensifies, macroeconomics fall short of expectations
