菲利华：2024年三季报点评：研发持续加码，产业链协同效应显著

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is facing operational pressure and market challenges, with a revenue decline of 12.11% year-on-year for the first three quarters of 2024, resulting in a net profit decrease of 42.82% [1][2] - The company is experiencing growth in inventory and accounts receivable, indicating an expansion in sales scale, with inventory increasing by 13.33% and accounts receivable by 4.86% [1] - The company is capitalizing on opportunities in the semiconductor field and aerospace market, with a significant increase in R&D investment, which rose by 28.54% year-on-year to 197 million yuan in the first three quarters of 2024 [2] - The earnings forecast has been adjusted downwards, with expected net profits for 2024-2026 being 447 million, 671 million, and 830 million yuan respectively, corresponding to P/E ratios of 53, 36, and 29 [2] Financial Performance Summary - For the first three quarters of 2024, the company achieved total revenue of 1.314 billion yuan, down from the previous year, and a net profit of 235 million yuan [1] - The company's total revenue is projected to be 2.033 billion yuan in 2024, with a year-on-year decline of 2.77% [8] - The company's net profit margin is expected to be 21.99% in 2024, down from 25.72% in 2023 [8] - The company's R&D expenses are projected to increase to 244 million yuan in 2024, reflecting a continued commitment to innovation [8]