CTG DUTY-FREE(601888) 光大证券·2024-10-31 07:00Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company reported a revenue of 11.76 billion yuan in Q3 2024, with a net profit of 640 million yuan, reflecting a year-on-year decline in both revenue and profit [1]. - The company is increasing marketing investments and enhancing its tourism retail format, particularly in the duty-free sector [2][3]. - Despite a challenging consumption environment, the company is focusing on expanding its marketing and discount efforts, which has led to a decrease in gross margin [2]. - The company is exploring new retail models, including partnerships with domestic brands for overseas sales and the establishment of exclusive stores in key tourist areas [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a total revenue of 43.021 billion yuan, down 15.38% year-on-year, and a net profit of 3.92 billion yuan, down 24.72% year-on-year [1]. - In Q3 2024, the gross margin was 32.0%, with a year-on-year decline of 2.4 percentage points [2]. - The company’s sales, management, and R&D expense ratios were 18.4%, 4.0%, and 0.1%, respectively, with year-on-year increases [2]. Market Expansion - The company is deepening its focus on the tourism retail sector and enhancing the role of duty-paid consumption [3]. - A new exclusive store for a domestic liquor brand opened in Sanya, indicating the company's strategy to innovate within the duty-free market [3]. - The company is also expanding its overseas channels, such as opening a duty-free store in Tokyo [3]. Profit Forecast - The report maintains profit forecasts for 2024, 2025, and 2026 at 6.69 billion yuan, 7.66 billion yuan, and 8.76 billion yuan, respectively, with corresponding EPS of 3.23 yuan, 3.70 yuan, and 4.23 yuan [4].