Investment Rating - The investment rating for the company is "Buy" with a target price reflecting a potential upside of over 20% within the next six months [3][11]. Core Views - The company reported Q3 revenue of 527 million, representing a year-over-year increase of 11.88%, indicating steady growth [1]. - The company is expanding its medical beauty business, with a new product that has passed ethical review and is set to enter clinical trials, which is significant for market expansion and product line diversification [1]. - The company is expected to improve its market share due to its strong online and offline channel capabilities, alongside enhanced product, brand, and marketing strength [2]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 1.466 billion, a year-over-year increase of 9.47%, with a net profit of 514 million, down 4.2% year-over-year [1]. - The gross margin for Q3 2024 was 82.07%, up 0.5 percentage points year-over-year, while the gross margin for the first three quarters was 81.65%, down 0.7 percentage points year-over-year [1]. - Sales expenses increased by 38.5% year-over-year due to higher marketing and e-commerce investments, while R&D expenses surged by 100.8% as the company focuses on innovation [1]. Financial Forecasts - The projected net profit for 2024-2026 is 739.85 million, 805.43 million, and 897.80 million respectively, with corresponding P/E ratios of 20, 18, and 16 times [2][5]. - Revenue forecasts for 2024-2026 are 2.146 billion, 2.399 billion, and 2.694 billion respectively, with growth rates of 11%, 11.8%, and 12.3% [2][5]. - The company’s EBITDA for 2024-2026 is expected to be 978.67 million, 1.09586 billion, and 1.23051 billion respectively [2][5].
敷尔佳：Q3营收5.27亿yoy+11.88%，稳健增长