BIYI(603215) 国盛证券·2024-10-25 12:15Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company reported a significant increase in revenue for Q3 2024, with a year-on-year growth of 51.60%, reaching 619 million yuan. However, the net profit for the same quarter decreased by 30.61% to 34 million yuan, indicating pressure on profitability despite revenue growth [1]. - The overall revenue for the first three quarters of 2024 was 1.48 billion yuan, up 17.46% year-on-year, while the net profit dropped by 42.08% to 102 million yuan [1]. - The report highlights that the air fryer industry in China has faced challenges, with online sales down 30.07% in revenue and 20.81% in volume from January to September 2024, reflecting a competitive and soft market demand [1]. - The gross margin has been under pressure, decreasing by 5.56 percentage points year-on-year to 16.17% for the first three quarters of 2024, and further down to 15.25% in Q3 [1]. - The report projects that the company's net profit for 2024-2026 will be 135 million, 173 million, and 199 million yuan respectively, with a forecasted decline of 33.3% in 2024, followed by growth of 28.3% and 15.2% in the subsequent years [2]. Financial Summary - For 2024, the company is expected to achieve a revenue of 1.827 billion yuan, reflecting a growth rate of 17.1% year-on-year. The net profit is projected to be 135 million yuan, down 33.3% from the previous year [2]. - The earnings per share (EPS) for 2024 is estimated at 0.71 yuan, with a price-to-earnings (P/E) ratio of 21.8 [2]. - The return on equity (ROE) is expected to decrease to 11.0% in 2024, before recovering to 12.9% and 13.6% in 2025 and 2026 respectively [2].