冲焊件销量不佳、产能仍在爬坡、冲回坏账准备减少，长华集团前三季净利降逾三成

Core Insights - Longhua Group reported a revenue of 1.502 billion yuan for the first three quarters of the year, a year-on-year decrease of 9.46% [1] - The net profit attributable to shareholders was 60.9323 million yuan, down 32.28% year-on-year [1] - The net profit excluding non-recurring gains and losses was 49.47 million yuan, a decline of 37.18% year-on-year [1] Financial Performance - In Q3, the company achieved a revenue of 552 million yuan, an increase of 9.60% year-on-year [1] - The net profit attributable to shareholders in Q3 was 27.5739 million yuan, a decrease of 1.66% year-on-year [1] - The net profit excluding non-recurring gains and losses for Q3 was 24.80 million yuan, an increase of 1.77% year-on-year [1] Reasons for Profit Decline - The decline in net profit is attributed to three main factors: poor sales from Japanese clients, underperformance of some fundraising projects still in the capacity ramp-up phase, and a smaller decrease in accounts receivable compared to the previous year [2] - The net cash flow from operating activities decreased by 30.03%, primarily due to reduced production and sales scale and lower customer payments [2] Industry Context - Longhua Group specializes in the research, development, production, and sales of automotive metal components [3] - The company reported a revenue of 950 million yuan for the first half of the year, a year-on-year decline of 17.77% [3] - The net profit attributable to shareholders for the first half was 33.3584 million yuan, down 46.14% year-on-year [3]