公司发布关联交易预计额调整公告：1）调增关联交易额，公司将与SharkNinja香港、JS 环球及相关公司全年关联交易预计发生额上调至2.31 亿美元，上调184 万美元，调整后较去年实际发生额降低20.5%；2）新增提供研发服务管理交易，关联人为SharkNinja 欧洲，预计发生额为2400 万元。On October 30, the company released its 2024 three-quarter report.
The company released its 2024 three-quarter report. In the first three quarters of 2024, the company achieved operating income of 6.18 billion yuan, a year-on-year decrease of 8.8%, a year-on-year decrease of 98.06 million yuan, a year-on-year decrease of 73%, and net profit deducted from non-return to mother of 0.13 billion yuan, a year-on-year decrease of 62%; of these, a single Q3 achieved operating income of 1.8 billion yuan, a decrease of 27% year-on-year, and realized net profit to mother of -77.33 million yuan, which turned a year-on-year loss.
Looking at domestic and foreign sales: 1) On the domestic sales side, considering that the domestic macro consumption boom continued to be under pressure in Q3, we speculate that the company's Q3 domestic sales revenue will continue to be under pressure, but as several regions include some small household appliances in the trade-in subsidy list in October, we think the company's domestic sales business is expected to pick up in the fourth quarter; 2) On the export side, considering the significant increase in base pressure during the Q3 period, we believe that the overall export business of Q3 is under pressure.
The company issued an announcement on the adjustment of the estimated amount of related transactions: 1) To increase the amount of related transactions, the company will raise the estimated annual amount of related transactions with SharkNinja Hong Kong, JS Global and related companies to 0.231 billion US dollars, an increase of 1.84 million US dollars, a decrease of 20.5% compared to last year's actual amount after adjustment; 2) Added management transactions to provide R&D services. The relevant person is SharkNinja Europe, and the estimated amount is 24 million yuan.
It is proposed to sell Xiaowu. The company announced that it plans to sell all 68.5% of Shenzhen Beetle (Xiaowu Robotics) shares to Honeycomb Robotics (HK) for 0.169 billion yuan. The transaction is expected to achieve an investment income of 35 million yuan.
Profit side. The company's gross margin for Q3 was 21.9%, down 0.6 pct year on year. We speculate that it was mainly affected by increased competition in domestic business. On the cost side, the Q3 company's expense ratio was 27.9%, up 10.7 pct year on year. Among them, the sales expense ratio was affected by increased domestic business competition, and the increase in online traffic costs increased sharply by 8.1 pct year over year. The management and R&D expenses ratio increased 1.2 pct and 1.5 pct year over year, respectively, due to the weakening dilution effect due to the year-on-year decline in revenue, and the financial expenses ratio remained flat year on year. Taken together, the company's Q3 net margin decreased by 9.3pct year-on-year to -4.5%. In terms of cash flow, Q3's net operating cash flow was 0.19 billion yuan, an increase of 110% over the previous year.
Profit forecasting and investment ratings. Considering the continued pressure on the company's domestic sales business, we carefully downgraded the company's 2024-2026 revenue to 9.1 billion yuan, 10 billion yuan and 11 billion yuan respectively, with year-on-year changes of -6%, 10% and 10%, respectively, and lowered the company's net profit to mother in 2024-2026 to 0.18 billion yuan, 0.32 billion yuan and 0.4 billion yuan respectively, with year-on-year changes of -54%, +80%, and +25%, respectively. .
Risk warning: industry demand falls short of expectations, market competition intensifies
