Investment Rating - Adjusted to "Hold" rating due to uncertain macroeconomic environment and export tariff uncertainties [6] Core Views - The company's Q3 2024 revenue reached 230 million, a year-on-year increase of 38%, but net profit attributable to the parent company was -14 million, with adjusted net profit at -17 million [1] - For the first three quarters of 2024, the company's revenue was 982 million, up 11% year-on-year, while net profit attributable to the parent company was 30 million, down 6.55% year-on-year, and adjusted net profit was 36 million, down 33% year-on-year [1] - The company's gross margin for the first three quarters of 2024 was 26.49%, up 0.05 percentage points year-on-year, while the net margin was 3.21%, down 0.06 percentage points year-on-year [1] - The company has established a robust presence in the European and American markets through subsidiaries, local sales teams, and showrooms, which helps in long-term stable development in these regions [2][5] - The company is actively expanding its market share through cross-border e-commerce, with its self-owned brands "ABBA PATIO," "SORARA," and "MIRADOR" being sold on platforms like Amazon and Wayfair in the US and Europe [2] Financial Performance and Forecast - The company's revenue for 2024E is projected to be 1,232.97 million, with a growth rate of 13.00% [7] - EBITDA for 2024E is forecasted to be 96.95 million, with a significant increase in net profit attributable to the parent company to 57.57 million, up 240.52% year-on-year [7] - EPS for 2024E is expected to be 0.52 yuan, with a P/E ratio of 51.17 [7] - The company's gross margin is projected to remain stable at 26.50% from 2024E to 2026E, with net margins increasing to 9.41% by 2026E [13] Market and Strategic Positioning - The company has a well-established sales network in Europe and the US, with stable partnerships with large chain supermarkets like Walmart and Costco, enhancing its market reputation and customer satisfaction [5] - The company is gradually developing regional sales channels, including brand merchants, to provide high-quality products and services to a broader consumer base [2] Valuation and Financial Ratios - The company's P/E ratio for 2024E is 51.17, expected to decrease to 18.77 by 2026E [7] - The company's P/B ratio is projected to decline from 2.57 in 2024E to 2.22 in 2026E [7] - The EV/EBITDA ratio is expected to decrease from 23.77 in 2024E to 15.37 in 2026E [7]
浙江正特：跨境电商助力海外拓展