报喜鸟2024Q3点评：销售费用拖累净利率表现，底部正值布局时

Investment Rating - The report maintains a "Buy" rating for the company [6][5][4] Core Views - The company's Q3 and full-year profit adjustments are driven by negative factors such as retail pressure, rising expense ratios, and unclear subsidy expectations, but the current position shows defensive value [5][4] - The expected net profit for the company from 2024 to 2026 is projected to be 600 million, 660 million, and 710 million yuan, with corresponding PE ratios of 10, 9, and 9 times [5][4] Revenue Summary - In Q3, the company reported revenues of 1.056 billion yuan, a year-on-year decrease of 12%, with net profit and non-recurring net profit down 52% and 60% respectively [4] - For the first three quarters, total revenue was 3.536 billion yuan, with a year-on-year change of -4% [4] Profitability Analysis - The overall gross margin remained stable at 62.9%, with a slight year-on-year increase of 0.1 percentage points [5] - The increase in expense ratios was 7.6 percentage points year-on-year, primarily due to higher sales expenses driven by increased brand promotion and direct market expansion efforts [5] Operational Quality - Inventory increased by 8% year-on-year and 22% quarter-on-quarter to 1.31 billion yuan, attributed to passive accumulation in a weak retail environment [5] - The company's operating cash flow net amount decreased by 98% year-on-year due to increased expenditures on goods procurement, salaries, and brand promotion [5]