Breo(688793) 国盛证券·2024-10-30 03:14Investment Rating - The investment rating for the company is "Accumulate" (downgraded) [3] Core Views - The company reported a significant decline in revenue and profit in Q3 2024, with a total revenue of 2.33 billion yuan, down 31.92% year-on-year, and a net profit of -0.13 billion yuan, down 244.58% year-on-year. The overall revenue for the first three quarters of 2024 was 8.37 billion yuan, a decrease of 11.16% year-on-year, while the net profit increased by 180.21% to 0.13 billion yuan [1][2] - The report highlights that the domestic consumption recovery is slow, and the industry remains highly competitive, putting pressure on the company's revenue and profit performance in the single quarter [1] Financial Performance Summary - For Q1-Q3 2024, the gross profit margin increased by 1.79 percentage points to 63.21%, while the net profit margin decreased by 8.23 percentage points to -5.59% in Q3 2024 [2] - The company has adjusted its profit forecast for 2024, expecting net profits of 0.23 billion yuan, 0.52 billion yuan, and 0.97 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 146.0%, 122.1%, and 86.2% [2][6] - The company's total market capitalization is approximately 2,751.97 million yuan, with a closing price of 32.02 yuan as of October 29, 2024 [3] Stock Performance - The stock has shown a significant decline, with a drop of 40% from October 2023 to October 2024 compared to the CSI 300 index [4]