江山欧派：24Q1-3代理商渠道保持成长

Investment Rating - The report maintains a "Buy" rating for the company with a target price indicating an expected return of over 20% within the next six months [5][17]. Core Insights - The company reported a revenue of 800 million yuan in Q3 2024, a decrease of 26% year-on-year, with a net profit attributable to the parent company of 60 million yuan, down 61% [1]. - For the first three quarters of 2024, the total revenue was 2.3 billion yuan, a decline of 17%, and the net profit attributable to the parent company was 160 million yuan, down 44% [1]. - The company has seen growth in its agency channel, with revenue increasing by 5% to 895 million yuan, while other channels such as direct engineering and distribution experienced declines [1][2]. Financial Performance Summary - The gross profit margin for the company in Q1-3 2024 was 20%, a decrease of 4 percentage points compared to the previous year [1]. - The net profit margin for the same period was 7.3%, down 3.4 percentage points year-on-year [4]. - The company has adjusted its earnings per share (EPS) forecast for 2024-2026 to 1.5, 1.7, and 1.9 yuan respectively, reflecting the impact of the macroeconomic environment and real estate sales pressure [3]. Revenue Breakdown - In Q1-3 2024, the revenue from the agency channel was 895 million yuan, while the direct engineering channel generated 580 million yuan, both showing significant declines [1]. - The revenue from various product categories included 1.27 billion yuan from laminated doors, 375 million yuan from solid wood composite doors, and 149 million yuan from cabinet products [1]. Market Position and Strategy - The company has approximately 1,000 agents and is expanding its service offerings to new sectors such as hotels, schools, hospitals, and apartments, contributing to the growth of the agency channel [2]. - The company has a total of 57,895 franchise dealers as of September 30, 2024, having added 21,000 new dealers in the first three quarters of the year [4].