Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4]. Core Insights - The company's revenue and profit are steadily increasing, with a 10% year-on-year growth in the number of platform sellers. For Q3 2024, the company reported a revenue of 416 million yuan, an 8.50% increase year-on-year, and a net profit attributable to shareholders of 124 million yuan, up 14.88% year-on-year [2][3]. - Cost reduction and efficiency improvements have significantly enhanced profit elasticity, with a gross margin of 79.81% in Q3, an increase of 116 basis points year-on-year. The sales expense ratio decreased by 66 basis points, while the R&D expense ratio fell by 118 basis points [2][3]. - Operational reforms have led to improved cash collection speed, with cash received from sales and services reaching 426 million yuan, a 12.72% increase year-on-year [3]. - The company is focusing on refined operations to enhance buyer retention and monetization levels through service optimization and AI-assisted features [3]. - The launch of a new AI platform is expected to open new opportunities, connecting with major e-commerce platforms and potentially increasing the number of paid AI users significantly [3]. Financial Forecast and Valuation - The company is projected to achieve revenues of 17.66 billion yuan, 21.10 billion yuan, and 24.54 billion yuan for the years 2024 to 2026, respectively. Net profits attributable to shareholders are expected to be 5.04 billion yuan, 6.61 billion yuan, and 7.84 billion yuan for the same period [4]. - The current price corresponds to a P/E ratio of 18.98, 14.45, and 12.19 for the years 2024, 2025, and 2026, respectively, indicating that the company is undervalued compared to its growth potential [4].

证券代码：002315 证券简称：焦点科技 焦点科技股份有限公司投资者关系活动记录表 | --- | --- | --- | |------------------------------------------|---------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 股票研究 /[Table_Date] 2024.11.01 ——焦点科技 2024 年三季报点评 | --- | |-----------------------------------| | | | | | | | [table_Authors] 刘越男 ( 分析师 ) | | 021-38677706 | | liuyuenan@gtjas.com | | 登记编号 S0880516030003 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|--------------------------|-------|-------|-------|------------------------------|-------|-------|-------|-------|-------| | | | | | | | | | | | ...

Financial Performance - The company's revenue for Q3 2024 reached ¥416,468,669.19, an increase of 8.50% compared to the same period last year[2]. - Net profit attributable to shareholders was ¥124,010,261.11, reflecting a growth of 14.88% year-over-year[2]. - The net profit after deducting non-recurring gains and losses was ¥122,407,096.44, up by 13.23% from the previous year[2]. - The basic earnings per share for the period was ¥0.3912, representing a 12.93% increase compared to the same quarter last year[2]. - Total operating revenue for Q3 2024 reached ¥1,212,180,457.04, an increase of 7.8% compared to ¥1,124,687,762.91 in Q3 2023[16]. - Net profit for Q3 2024 was ¥350,176,798.69, up from ¥293,859,553.53 in Q3 2023, reflecting a growth of 19.2%[17]. - The net profit attributable to the parent company's shareholders for Q3 2024 was ¥357,714,192.07, compared to ¥297,668,026.11 in Q3 2023, representing an increase of approximately 20.2%[18]. - The total comprehensive income attributable to the parent company's owners for Q3 2024 was ¥411,851,376.92, up from ¥365,018,575.47 in Q3 2023, reflecting a growth of about 12.9%[18]. - The basic and diluted earnings per share for Q3 2024 were both ¥1.1297, compared to ¥0.9554 in Q3 2023, indicating an increase of approximately 18.2%[18]. Assets and Liabilities - Total assets at the end of the reporting period were ¥3,754,207,522.51, a decrease of 3.92% from the end of the previous year[2]. - Total assets decreased to ¥3,754,207,522.51 from ¥3,907,505,055.56, a decline of 3.9% year-over-year[16]. - Total liabilities decreased to ¥1,337,550,325.78 from ¥1,417,109,426.72, a reduction of 5.6%[16]. - The company's total equity attributable to shareholders decreased by 2.56% to ¥2,404,031,257.36 compared to the end of the previous year[2]. - The company's equity attributable to shareholders decreased to ¥2,404,031,257.36 from ¥2,467,137,354.98, a drop of 2.6%[16]. Cash Flow - The company's cash flow from operating activities for the year-to-date was ¥273,559,800.40, an increase of 23.17% year-over-year[2]. - The net cash flow from operating activities for Q3 2024 was ¥273,559,800.40, an increase from ¥222,107,550.67 in Q3 2023, representing a growth of approximately 23.2%[20]. - Cash inflows from operating activities for Q3 2024 totaled ¥1,379,601,392.83, compared to ¥1,279,261,356.13 in Q3 2023, marking a rise of about 7.8%[20]. - The net cash flow from investing activities improved by 97.47%, reaching -¥10,665,758.43, attributed to increased cash inflows from maturing bank deposits and financial products[8]. - The net cash flow from investing activities for Q3 2024 was -¥10,665,758.43, an improvement from -¥420,872,467.14 in Q3 2023, indicating a reduction in cash outflow[21]. - The net cash flow from financing activities for Q3 2024 was -¥498,714,135.19, compared to -¥249,570,864.05 in Q3 2023, showing an increase in cash outflow[21]. - The cash and cash equivalents at the end of Q3 2024 were ¥733,928,011.35, down from ¥1,174,430,773.51 at the end of Q3 2023, reflecting a decrease of approximately 37.6%[21]. - As of September 30, 2024, the company had cash and cash equivalents of 1,076,176,099.41 RMB, down from 1,684,998,228.16 RMB at the beginning of the period[14]. Operational Metrics - The company reported a significant increase in accounts receivable by 127.46%, amounting to ¥59,603,276.04, primarily due to increased sales volume from its subsidiary inQbrands Inc[6]. - Accounts receivable increased to ¥59,603,276.04 from ¥26,204,227.17, a significant rise of 127.5%[15]. - The total cost of operations for Q3 2024 was ¥853,471,937.44, compared to ¥833,254,444.32 in Q3 2023, an increase of 2.1%[17]. - Research and development expenses for Q3 2024 were ¥113,531,406.46, slightly down from ¥116,006,627.44 in Q3 2023[17]. - Inventory decreased to ¥2,369,705.75 from ¥5,700,421.33, a decline of 58.4%[15]. - The company experienced a 44.49% increase in other income, totaling ¥7,265,175.48, mainly due to increased government subsidies[7]. - The company reported a financial income of ¥40,612,781.94, up from ¥33,939,889.45 in the previous year, indicating a growth of 19.7%[17]. Shareholder Information - The top shareholder, Shen Jinhua, holds 46.42% of the company's shares, totaling 147,247,358 shares[10]. - The company issued 351,218 shares under the 2020 stock option incentive plan during Q3 2024, with a total of 11,735,869 shares issued since the plan's inception[12]. - The company has no preferred shareholders or significant changes in the top 10 shareholders participating in margin trading[11]. Market and Strategic Developments - The company has not disclosed any new product developments or market expansion strategies in this report[11]. - There are no significant mergers or acquisitions reported during this quarter[11]. - The company reported a significant decrease in cash equivalents due to exchange rate fluctuations, impacting overall liquidity[11]. - The company's trading financial assets decreased from 153,027,090.63 RMB to 61,335,002.99 RMB during the reporting period[14]. - The number of paid members on the Made-in-China.com platform increased by 934 to a total of 26,668 members as of the end of the reporting period[13].

证券代码：002315 证券简称：焦点科技 公告编号：2024-031 焦点科技股份有限公司 2024 年半年度权益分派实施公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 焦点科技股份有限公司（以下简称"公司"）2024 年半年度权益分派方案已获 2024 年 9 月 18 日召开的 2024 年第二次临时股东大会审议通过，现将权益分派事宜 公告如下： 一、股东大会审议通过利润分配情况 2024 年 9 月 18 日，公司 2024 年第二次临时股东大会审议通过了《关于公司 2024 年半年度利润分配预案的议案》，以 2024 年 6 月 30 日总股本 316,884,651 为基 数，向全体股东按每 10 股派发现金股利人民币 5.50 元（含税）。本次利润分配预 案披露之日起至实施权益分派股权登记日期间总股本发生变动的，公司按照分配比 例不变的原则，以分红派息股权登记日股本总数为基数，依法重新调整分配总额后 进行分配。 因公司股票期权激励计划行权原因，公司总股本由预案中的 316,884,651 股增 至 317,235,869 股，新增股本 35 ...

国浩律师（南京）事务所 法律意见书 国浩律师（南京）事务所 关 于 焦点科技股份有限公司 2024 年第二次临时股东大会 之 法律意见书 中国江苏省南京市汉中门大街 309 号 B 座 5、7、8 层（210036） 5,7,8/F, Block B, 309 Hanzhongmen Dajie, Nanjing, China, 210036 电话/Tel: +86-25-89660900 传真/Fax: + 86-25-89660966 网址/Website:http://www.grandall.com.cn 2024 年 9 月 国浩律师（南京）事务所 法律意见书 国浩律师（南京）事务所 关于焦点科技股份有限公司 2024 年第二次临时股东大会之法律意见书 致：焦点科技股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共 和国证券法》（以下简称"《证券法》"）和中国证券监督管理委员会《上市公司 股东大会规则》（以下简称"《股东大会规则》"）的规定，国浩律师（南京）事 务所（以下简称"本所"）接受焦点科技股份有限公司（以下简称"公司"）董事会 的聘请，指派周峰律师、谭美玲律师 ...

证券代码：002315 证券简称：焦点科技 公告编号：2024-030 焦点科技股份有限公司 2024 年第二次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 一、特别提示： 1、本次股东大会未出现否决议案的情形。 2、本次股东大会未涉及变更前次股东大会决议。 二、会议召开和出席情况： 1、召开日期和时间：2024 年 9 月 18 日下午 2:00 2、召开地点：南京市江北新区丽景路 7 号公司会议室 3、会议召开方式：现场与网络相结合的方式 4、召集人：董事会 5、主持人：董事迟梦洁 6、本次股东大会会议的召开符合《中华人民共和国公司法》《深圳证券交 易所股票上市规则》和《公司章程》的有关规定。 7、出席情况： 出席本次大会的股东及股东代理人共189名，代表股份178,372,678股，占公 司有表决权股份总数的56.2271%。其中：通过现场投票的股东6人，代表股份 152,427,558股，占公司有表决权股份总数的48.0487％；通过网络投票的股东183 人，代表股份25,945,120股，占公司有表决权股份总数的8.1785％ ...

证券代码：002315 证券简称：焦点科技 | --- | --- | --- | |-------------------------------|---------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | ...

证券研究报告·公司点评报告·互联网电商 焦点科技（002315） 2024Q2 业绩点评：付费商户保持稳健增长， 公司积极改革有望迎来拐点 2024 年 09 月 02 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 1475 | 1527 | 1766 | 2110 | 2454 | | 同比（ % ） | 0.00 | 3.51 | 15.66 | 19.51 | 16.28 | | 归母净利润（百万元） | 300.40 | 378.87 | 503.58 | 661.39 | 783.91 | | 同比（ % ） | 22.60 | 26.12 | 32.92 | 31.34 | 18.52 | | EPS- 最新摊薄（元 / 股） | 0.95 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 证 券 研 究 报 告 -36% -27% -18% -9% -1% 8% 2023-08 2023-12 2024-04 4400528 本报告导读： [Table_Market] 交易数据 投资要点： [Table_PicQuote] 52周股价走势图 焦点科技 深证成指 [Table_Report] H1 业绩增长 23%，AI 麦可渗透率提升 焦点科技(002315) 批零贸易业[Table_Industry] /可选消费品 | --- | --- | --- | |--------------------------------|------------|-------| | | | | | [Table_Invest] 评级： | | 增持 | | | 上次评级 : | 增持 | | [Table_Target] 目标价格： | | 37.50 | | | 上次预测 : | 37.50 | | [ 当前价格： Table_CurPrice] | | 25. ...