平台化降本效果显著，盈利能力持续提升。公司前三季度实现销售毛利率40.19%，同比+1.05pcts，我们预计主要系平台化降本所致。期间费用率方面，销售费用率同比+1.22pcts至19.14%，管理费用率同比+0.84pct 至4.39%，财务费用率同比+0.59pct 至-0.99%，此外研发费用率同比-0.62pct 至4.67%，最终录得公司前三季度净利率12.29%，同比+0.25pct。Key points of investment:
Overall performance in Q3 was in line with expectations. The company released its three-quarter report for 2024. In the first three quarters, it achieved a total operating income of 5.068 billion yuan, -8.09% year on year, net profit attributable to shareholders of listed companies of 0.621 billion yuan, -5.68% year over year, and realized net profit of 0.502 billion yuan after deduction, or -11.05% year on year; of these, Q3 achieved operating income of 1.702 billion yuan, or -13.62% year on year, achieving net profit attributable to shareholders of listed companies 0.237 Billions of yuan, -9.69% year over year, achieved net profit of 0.181 billion yuan after deduction, or -15.57% year over year. The overall performance of the Q3 company was in line with our previous expectations in the performance outlook.
The multi-channel layout continues to advance. Looking at offline business, in terms of offline business, the company continues to upgrade its store image, create solution zones, enhance the in-store experience for consumers without headlights, and accelerate the retail channel layout; the distribution channel market expands further coverage, and the business trend is developing well. In terms of commercial licensing business, since this year, the company has won various projects such as the world-renowned solar technology company's photovoltaic module industrial park project and the Xiong'an New Area Telecom Smart City Industrial Park project to meet the high-quality lighting needs of different fields and scenarios. In terms of e-commerce business, the company accurately lays out hot spots, captures user pain points and potential needs, while continuously improving intelligent customer service, AI live streaming, etc., optimizing the user service system, and continuously optimizing the product structure. In terms of overseas business, the company continues to focus on key regions, expand the coverage of retail and distribution outlets, empower terminals with smart lighting technology and solutions, and win smart lighting projects such as smart homes in Myanmar, smart offices in Indonesia, the Royal Oman Conference Hall, and Amsterdam International Airport in the Netherlands. At the same time, it has also won solar street lighting projects and Ministry of Housing and Construction building projects in Africa, actively participating in infrastructure construction in countries along the “Belt and Road” and expanding the influence of overseas brands.
Platformization has achieved significant cost reduction results, and profitability continues to increase. The company achieved a gross sales margin of 40.19% in the first three quarters, +1.05 pcts year over year. We expect this is mainly due to platform-based cost reduction. In terms of the period expense ratio, the sales expense ratio was +1.22pcts to 19.14% year over year, the management expense ratio was +0.84pct to 4.39% year over year, and the financial expense ratio was +0.59pct to -0.99% year over year. In addition, the R&D expense ratio was -0.62 pcts year on year to 4.67%, which finally recorded the company's net interest rate of 12.29% for the first three quarters, +0.25pct year over year.
Maintain a “buy” investment rating. Considering the price competition situation in the industry, we lowered our profit forecast. We expect the company to achieve net profit of 0.866/0.929/0.988 billion yuan (previous value was 0.893/0.979/1.056 billion yuan) in 24-26, -6.3%/+7.3%/+6.4%, corresponding to the current price-earnings ratio of 15/14/13 times, respectively. The company's platform-based cost reduction measures have had remarkable results, and the net interest rate level continues to rise. At the same time, the company's dividend ratio increased to over 60% for the first time since listing, reaching 67.7%. Assuming the same dividend level of 0.85 yuan per share in '23, the current dividend rate is 4.8%, which has a long-term allocation cost ratio and maintains a “buy” investment rating.
Risk warning: risk of fluctuating raw material prices; industry competition increases risk.
