兔宝宝：收入增长有韧性，Q3归母净利润同比大增42%

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [4][6]. Core Insights - The company reported a resilient revenue growth of 12.79% year-on-year for the first three quarters, with a significant increase in net profit attributable to the parent company by 42% in Q3 [1][4]. - The improvement in operating quality is highlighted by a reduction in expense ratios and an increase in investment income [1][2]. - The company has adjusted its profit forecast downwards due to slow recovery in real estate sales affecting board demand, projecting net profits of 660 million, 760 million, and 870 million for 2024-2026 [4][5]. Financial Performance Summary - For Q1-Q3, the company achieved a revenue of 6.46 billion, with net profits of 482 million and 427 million, reflecting year-on-year increases of 5.55% and 14.14% respectively [1]. - The gross margin for Q1-Q3 was 17.3%, a decrease of 1.54 percentage points year-on-year, while Q3 gross margin improved slightly to 17.07% [2]. - The net profit margin for Q1-Q3 was 7.62%, down 0.60 percentage points year-on-year, but Q3 saw a significant increase to 9.53% [3]. Financial Data and Valuation - The company’s projected revenue for 2024 is 10.06 billion, with a growth rate of 10.97% [5]. - The estimated net profit for 2024 is 655.77 million, with a corresponding P/E ratio of 16.05 [5]. - The company’s cash dividend for the first half of 2024 was 230 million, reflecting a high payout ratio of 94.21% [4].