倍轻松：单季度营收承压，毛利率有所改善

Investment Rating - The investment rating for the company is "Buy" and is maintained [3]. Core Insights - The company reported a revenue of 837 million yuan for the first three quarters of 2024, a year-on-year decline of 11.16%. However, the net profit attributable to the parent company improved to 13.10 million yuan, an increase of 29.43 million yuan year-on-year. The net profit after deducting non-recurring items was 9.18 million yuan, an increase of 30.94 million yuan year-on-year [3][4]. - In Q3 2024, the company achieved a revenue of 233 million yuan, down 31.92% year-on-year, with a net profit of -13.03 million yuan, a decrease of 22.04 million yuan year-on-year. The net profit after deducting non-recurring items was -14.92 million yuan, down 22.36 million yuan year-on-year [3][4]. Financial Performance Summary - The company experienced a decline in revenue due to industry pressure, but the gross margin improved year-on-year, reaching 66.80% in Q3 2024, an increase of 2.94 percentage points. This improvement is attributed to adjustments in sales strategy and the recovery of offline store operations [4]. - The company's operating profit decreased by 26.19 million yuan in Q3 2024, with a net profit margin of -5.59%, down 8.23 percentage points year-on-year [4]. - The company is a pioneer in the massage device industry, focusing on eye and head massage devices, and has received multiple national and regional honors for its innovation and design [5]. Future Outlook - The company is expected to achieve net profits of 28.50 million yuan, 61.13 million yuan, and 90.69 million yuan for the years 2024, 2025, and 2026, respectively. The company is actively launching new products and optimizing channel strategies, which are anticipated to drive high-quality growth [6].