Investment Rating - The report maintains a "Buy" rating for the company, with a target price set above the current price of 61.05 CNY [6][4]. Core Insights - The company demonstrated strong revenue growth in Q3 2024, with revenue reaching 640 million CNY, a year-on-year increase of 26.1%, and a net profit of 150 million CNY, up 19.9% [1]. - For the first three quarters of 2024, total revenue was 1.85 billion CNY, reflecting a 27.1% increase year-on-year, while net profit rose by 33.6% to 430 million CNY [1]. - The company has successfully expanded its retail customer base, with 81.75% of its retail customers in the U.S. and sales to these customers accounting for 57.78% of total revenue [2]. - The establishment of over 150 in-store displays in U.S. retail locations is part of the company's strategy to enhance brand recognition and drive sales growth [3]. Financial Performance - The company reported a gross margin of 33.7% in Q3 2024, an increase of 1.7 percentage points year-on-year, and a net profit margin of 23.3%, up 1.1 percentage points [1]. - The projected net profits for 2024, 2025, and 2026 are 540 million CNY, 640 million CNY, and 750 million CNY, respectively, with corresponding P/E ratios of 19, 16, and 14 [5][8]. - The company’s revenue is expected to grow from 1.92 billion CNY in 2023 to 2.39 billion CNY in 2024, representing a growth rate of 24.54% [8][11]. Customer and Market Expansion - The company added 68 new retail customers in the U.S. during the first nine months of 2024, with 10 of these being among the top 100 furniture retailers in the country [2]. - The company aims to establish nearly 500 MOTO Gallery displays by Q1 2025, enhancing its brand presence and customer engagement [3]. Valuation Metrics - The company’s total market capitalization is approximately 10.16 billion CNY, with a circulating market value of about 2.54 billion CNY [6]. - The earnings per share (EPS) for 2024 is projected to be 3.23 CNY, with a P/E ratio of 18.89 [8][11].
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