2）经销渠道增长稳健。2024 年前三季度，公司经销商、直销（含团购）、线上渠道收入分别为38.11、2.12、0.41 亿元，同比+12.83%、+4.02%、-17.54%，24Q3 收入分别为15.20、0.83、0.09 亿元，同比+6.07%、+8.65%、-28.42%。occurrences
The company announced its 2024 three-quarter report. In the first three quarters of 2024, the company achieved total revenue of 4.088 billion yuan (+6.29%), net profit due to mother of 0.556 billion yuan (+33.00%), and net profit of 0.518 billion yuan (+34.28%). With 2024Q3, the company achieved total revenue of 1.618 billion yuan (+0.26%), net profit attributable to mother 0.252 billion yuan (+25.17%), and deducted non-return net profit of 0.24 billion yuan (+22.51%).
The product structure continues to be optimized, and the growth rate of products over 100 yuan is leading 1) The product structure continues to be optimized, and the growth rate of products above 100 yuan is leading. In the first three quarters of 2024, the company's revenue from products above 100 yuan and below 100 yuan (including 100 yuan) was 2.044 billion yuan and 2.02 billion yuan, +15.71% and +8.35%, respectively. 24Q3 revenue was 0.791 and 0.821 billion yuan, respectively, +9.95% and +2.29%.
2) Distribution channels are growing steadily. In the first three quarters of 2024, the company's dealer, direct sales (including group purchases), and online channel revenue was 3.811, 0.212, and 0.041 billion yuan, respectively, +12.83%, +4.02%, and -17.54%. 24Q3 revenue was 1.52, 0.083, and 0.009 billion yuan, respectively, +6.07%, +8.65%, and -28.42%.
3) The Hebei base market is growing steadily. In the first three quarters of 2024, the company's revenue in Hebei, Shandong, Anhui, Hunan, other provinces and overseas regions was 23.43, 1.42, 4.57, 0.807, 0.301, 0.013 billion yuan, +9.12%, +33.62%, +4.67%, +13.34%, +41.11%, -9.98%, 24Q3, +1.63%, +30.38%, -7.09%, +18.22%, +27.15%, and +0.68%, respectively.
At the end of 24Q3, the number of the company's dealers in Hebei, Shandong, Anhui, Hunan, other provinces and overseas regions was 1901, 196, 200, 8485, 3, 698, respectively, with a net increase of 49, 11, 9, -23, 1, and 13 in Q3.
The decline in expense ratios led to an increase in profit margins in the first three quarters
1) The decline in expense ratios led to an increase in profit margins in the first three quarters. In the first three quarters of 2024, the company's gross margin was 66.21%, -0.54 pct year on year, and the net profit margin was 13.61%, +2.73 pct year on year, mainly due to a decrease in the cost ratio. The sales and management expenses ratio was -2.24 and -1.07pct year over year to 26.32% and 6.92%.
2) Profitability continued to improve in Q3. In 24Q3, the company's gross margin was 66.77%, +0.60pct year on year, and the net profit margin to mother was 15.57%, +3.10pct year over year, mainly due to increased gross margin and reduced taxes and surcharges.
Investment advice
We expect the company's net profit to be 0.83, 0.996, and 1.176 billion yuan respectively in 2024, 2025, and 2026, up 24.62%, 20.04%, and 18.02% year-on-year, corresponding to PE 23, 19, and 16 times (market value 18.8 billion yuan) on October 31, respectively, maintaining a “buy” rating.
Risk warning
Risk of fluctuations in consumption scenarios, risk of excessive competition, risk of policy adjustments.
