KORRUN(300577) 华安证券·2024-10-30 22:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2] Core Views - The company reported significant growth in its Q3 2024 performance, with a revenue increase of 32.48% year-on-year, reaching 3.025 billion yuan, and a net profit attributable to shareholders of 321 million yuan, up 164.63% year-on-year [1] - The acquisition of Shanghai Jiale has been integrated into the company's consolidated financial statements, contributing positively to revenue growth, while also leading to a temporary decline in gross margin due to restructuring efforts [1] - The company is expanding into the textile and apparel contract manufacturing market, which presents substantial growth opportunities [1] Summary by Relevant Sections Financial Performance - For the first three quarters of 2024, the company achieved a gross margin of 23.16%, a year-on-year increase of 0.37 percentage points, while the gross margin for Q3 2024 was 21.96%, a decrease of 3.20 percentage points year-on-year [1] - The company’s operating income for Q3 2024 was 1.193 billion yuan, representing a year-on-year growth of 64.36%, with a net profit of 72 million yuan, up 57.52% year-on-year [1] - The company’s net profit margin for the first three quarters of 2024 was 10.60%, an increase of 5.29 percentage points year-on-year [1] Future Projections - Revenue projections for 2024, 2025, and 2026 are 4.242 billion yuan, 5.183 billion yuan, and 6.068 billion yuan, respectively, with year-on-year growth rates of 36.6%, 22.2%, and 17.1% [4] - The net profit attributable to shareholders is projected to be 403 million yuan, 364 million yuan, and 476 million yuan for 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of 248.4%, -9.7%, and 30.8% [4] Cost Structure and Efficiency - The company has seen a decrease in sales, management, R&D, and financial expense ratios, indicating improved operational efficiency [1] - The sales expense ratio for Q3 2024 was 4.82%, down 1.43 percentage points year-on-year, while the management expense ratio was 6.15%, down 0.74 percentage points year-on-year [1] Strategic Initiatives - The acquisition of Shanghai Jiale is expected to enhance the company's capabilities in the textile and apparel sector, leveraging Jiale's established relationships with global brands like Uniqlo [1] - The company is focusing on expanding its own brand offerings and enhancing its product lineup to capture the recovering consumer spending in travel [1]