兔宝宝：经营向好，成长逻辑持续兑现

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company achieved a total revenue of 6.46 billion with a year-on-year increase of 12.8% and a net profit attributable to shareholders of 0.482 billion, reflecting a year-on-year growth of 5.5% [4][5]. - The third quarter alone saw a revenue of 2.556 billion, up 3.6% year-on-year, and a net profit of 0.238 billion, which is a significant increase of 41.5% year-on-year [4][5]. - The company continues to show stable profitability with a gross margin of 17.3% for the first three quarters, although it decreased by 1.5 percentage points year-on-year, primarily due to the impact of revenue recognition from AB [4][5]. - The company is actively expanding its distribution channels, particularly in the small B sector, which is expected to provide substantial growth momentum in the future [6][7]. Summary by Sections Financial Performance - For the first three quarters, the company reported a gross profit margin of 17.3%, with a net profit margin of 7.5%, down 0.5 percentage points year-on-year [4]. - The third quarter's gross margin was 17.1%, with a net profit margin of 9.3%, an increase of 2.5 percentage points year-on-year [5]. Growth Strategy - The company is focusing on channel expansion, particularly in traditional retail and small B channels, which have shown promising results in recent quarters [6]. - As of mid-2024, the company has partnered with over 20,000 custom furniture enterprises, increasing the share of revenue from furniture factory channels to approximately 36% [6]. Valuation - The company is considered undervalued with a projected net profit of 0.69 billion and 0.85 billion for 2024 and 2025, respectively, corresponding to a PE ratio of 15 and 12 times [7].