兔宝宝：Q3业绩同比增速亮眼，期间费用率明显下降

Investment Rating - The investment rating for the company is "Buy - A" with a 12-month target price of 13.95 CNY [2][4]. Core Insights - The company reported a strong performance in Q3 2024, with a year-on-year revenue increase of 12.79%, reaching 6.464 billion CNY, and a net profit of 482 million CNY, up 5.55% year-on-year [1][2]. - The company's operating income growth has shown resilience despite industry headwinds, with a notable improvement in the main business profitability and an increase in investment income [4]. - The company has adjusted its profit forecast for 2024, expecting revenues of 10.053 billion CNY, 11.087 billion CNY, and 12.094 billion CNY for 2024, 2025, and 2026 respectively, with corresponding net profits of 681.5 million CNY, 776.3 million CNY, and 882.4 million CNY [4][5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a gross margin of 17.31%, a decrease of 1.54 percentage points year-on-year, attributed to a decline in high-margin brand revenue [2]. - The net profit margin for the first three quarters was 7.62%, down 0.59 percentage points year-on-year, but improved by 0.67 percentage points compared to the first half of 2024 [2]. - The company’s operating cash flow for the first three quarters was 420 million CNY, a significant decrease of 454 million CNY year-on-year, primarily due to increased cash payments for goods and services [2]. Revenue and Profit Forecast - The company expects to maintain steady revenue growth despite industry challenges, with projected revenues of 10.053 billion CNY in 2024, 11.087 billion CNY in 2025, and 12.094 billion CNY in 2026, reflecting year-on-year growth rates of 10.92%, 10.29%, and 9.08% respectively [4][5]. - The forecasted net profits for the same years are 681.5 million CNY, 776.3 million CNY, and 882.4 million CNY, with slight declines in 2024 followed by growth in subsequent years [4][5]. Market Position and Strategy - The company is positioned as a leader in the high-end retail panel market, with ongoing efforts to expand into township markets and enhance its small B channel strategy [4]. - The company is expected to benefit from favorable real estate policies, which may enhance its valuation and long-term growth prospects [4].