Investment Rating - The investment rating for the company is "Buy" [1]. Core Views - The company reported a revenue of 1.213 billion yuan in Q3 2024, representing a year-on-year increase of 14.04%. However, it experienced a net loss attributable to shareholders of 69 million yuan, a shift from profit to loss compared to the previous year [1]. - The revenue for the first three quarters of 2024 reached 4.018 billion yuan, up 17.09% year-on-year, while the net profit attributable to shareholders decreased by 29.39% to 415 million yuan [1]. - The integration of the new brand, Yujing, contributed significantly to revenue growth, but changes in brand structure led to a decline in gross margin year-on-year [1]. - The gross margin for Q3 2024 was 76.35%, down 2.37 percentage points year-on-year but up 3.44 percentage points quarter-on-quarter [1]. - The increase in sales expenses was a major factor contributing to the net loss in Q3 2024, with sales, management, R&D, and financial expense ratios at 60.41%, 13.55%, 7.04%, and 0.21%, respectively [1]. - The company is expected to achieve stable growth through self-incubation and acquisitions, maintaining a positive outlook despite the current challenges [1]. Financial Summary - For 2024, the company is projected to have a net profit attributable to shareholders of 735 million yuan, a decrease of 2.9% year-on-year, with further projections of 1.011 billion yuan and 1.179 billion yuan for 2025 and 2026, respectively [2]. - The gross margin is expected to decline slightly to 72.6% in 2024 and stabilize at 72.7% in the following years [2]. - The company's P/E ratio is projected to be 30.81 in 2024, decreasing to 19.19 by 2026 [2].
贝泰妮：24Q3点评：销售费用率提升致24Q3盈利承压