By-health(300146) 国盛证券·2024-10-27 04:11Investment Rating - The investment rating for the company is maintained at "Accumulate" [2][4]. Core Views - The company reported a revenue of 5.73 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 26.3%. However, the net profit attributable to shareholders decreased by 54.3% to 870 million yuan, and the net profit after deducting non-recurring gains and losses fell by 55.1% to 810 million yuan. In Q3 2024, the revenue was 1.12 billion yuan, down 48.8% year-on-year, with a net profit of -20 million yuan, a decline of 106.3% [1][2]. - The decline in revenue is attributed to weak consumer demand, intensified price competition, and the need to digest old inventory of key products. The main brand and Lifespace experienced significant revenue declines of 54.4% and 62.6% respectively in Q3 2024 [1]. - The gross margin in Q3 2024 decreased by 2.6 percentage points to 65.3%, primarily due to increased price competition and rising raw material costs. The company’s selling, administrative, R&D, and financial expense ratios increased year-on-year, reflecting the impact of declining revenue [1]. - Looking ahead to Q4 2024, the company expects reduced revenue growth pressure as old inventory is digested, and new product launches may help clarify the profit chain across channels. The company is also focusing on optimizing its expense allocation model to improve efficiency [1]. Financial Summary - For the years 2024 to 2026, the company is projected to achieve net profits of 810 million yuan, 1.21 billion yuan, and 1.40 billion yuan respectively, with year-on-year changes of -53.6%, +48.9%, and +15.7% [2][3]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.48 yuan, 0.71 yuan, and 0.82 yuan respectively [3][4]. - The company’s price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are estimated at 28, 19, and 16 times respectively [2][3].