家家悦：省外盈利持续改善，积极优化门店质量

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company has shown continuous improvement in profitability outside its home province and is actively optimizing store quality [3] - The company reported a total revenue of 14.127 billion yuan for the first three quarters of 2024, a year-on-year increase of 1.78%, while the net profit attributable to the parent company decreased by 12.03% [6] - The company is focusing on enhancing operational efficiency through store layout adjustments and has closed 36 stores in the third quarter of 2024, which is an increase from previous quarters [6] - The gross margin for the first three quarters of 2024 was 23.26%, a slight decrease of 0.36 percentage points year-on-year, with the gross margin for the third quarter being 22.65% [6] - The company is expanding its new business formats, with steady revenue growth across various formats, although the gross margin for direct stores has slightly declined [6] Summary by Sections Market Data - Closing price: 10.99 yuan - One-year high/low: 15.08/7.40 yuan - Price-to-book ratio: 2.9 - Dividend yield: 1.73% - Market capitalization: 6,587 million yuan [3] Financial Performance - Revenue for Q1-Q3 2024: 141.27 billion yuan, up 1.78% year-on-year - Net profit for Q1-Q3 2024: 188 million yuan, down 12.03% year-on-year - Q3 2024 revenue: 47.65 billion yuan, down 0.49% year-on-year - Q3 2024 net profit: 18 million yuan, down 33.71% year-on-year [6] Store Operations - Total number of stores as of Q3 2024: 1,103 (973 direct stores, 130 franchise stores) - New direct stores opened: 13; new franchise stores opened: 30 - Stores closed in Q3 2024: 36 [6] Profitability Metrics - Gross margin for Q1-Q3 2024: 23.26% - Q3 2024 gross margin: 22.65% - Net profit margin for Q1-Q3 2024: 1.33% [6] Future Projections - Revised net profit estimates for 2024-2026: 1.96 billion, 2.44 billion, and 2.81 billion yuan respectively - Corresponding price-to-earnings ratios: 36, 29, and 25 [6]