24Q1-Q3 综合毛利率为13.63%，同减1.2pct。期间费用率为8.34%，同增0.29pct 。其中， 销售/ 管理/ 研发/ 财务费用率分别为6.70%/1.30%/1.19%/-0.85%，同比变化+0.5pct/-0.4pct/-0.2pct/+0.3pct。Key points of investment:
Incident: The company released its three-quarter report. 24Q1-Q3 achieved operating income of 1.789 billion yuan, an increase of 15.14%; net profit to mother of 0.083 billion yuan, a decrease of 13.61%; and net profit of non-return to mother of 0.074 billion yuan, a decrease of 11.45%.
Looking at a single quarter, 24Q3 achieved revenue of 0.712 billion yuan, an increase of 37.79%; net profit to mother of 0.027 billion yuan, a decrease of 37.71%; and net profit of non-return to mother of 0.025 billion yuan, a decrease of 32.10%.
24Q1-Q3's consolidated gross margin was 13.63%, or 1.2pct. The cost rate for the period was 8.34%, an increase of 0.29pct. Among them, the sales/management/ R&D/ finance ratio was 6.70%/1.30%/1.19%/-0.85%, respectively, with a year-on-year change of +0.5pct/-0.4pct/-0.2pct/+0.3pct.
On the sales channel side, the company continues to expand and maintain traditional offline sales business. Every year, it actively participates in various product fairs at home and abroad to provide customers with diverse products to maintain existing customers and actively develop new customers. While further expanding overseas markets, the company vigorously develops online sales and independent brand business, and develops B2B and B2C businesses through various cross-border e-commerce platforms such as AMAZON, eBay, AliExpress, and Shrimpskin. Furthermore, by building its own online sales platform, the company has created a professional online trade fair for bicycles and derivatives to strengthen the online sales business.
Profit forecast and rating: We expect the company's net profit for 24-25 to be 0.12/0.14 billion yuan, respectively, an increase of 15.6%/14.4% year-on-year. Referring to comparable companies, a PE valuation of 21-23 times over 24 years was given. The corresponding reasonable value range was 11.1-12.1 yuan, giving a “superior to the market” rating.
Risk warning: shipping risk, international trade risk, market competition risk, supply chain mismanagement risk, exchange rate fluctuation.