理工能科：Q3毛利率环比提升，油色谱仪放量可期

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 611 million yuan for the first three quarters of 2024, a year-on-year increase of 0.25%, and a net profit attributable to shareholders of 187 million yuan, a year-on-year increase of 39.41% [2] - The gross margin improved in Q3 2024, with a gross margin of 70.45%, up 8.02 percentage points year-on-year, attributed to a higher proportion of high-margin software products [2] - The new oil chromatograph product is expected to drive growth, as it meets new requirements for online monitoring systems in substations, with a significant market potential given the number of transformers in China [2] - The company is projected to achieve revenues of 1.371 billion, 1.610 billion, and 1.855 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 324 million, 420 million, and 533 million yuan, corresponding to PE ratios of 17x, 13x, and 11x [2] Financial Performance Summary - For Q3 2024, the company reported a revenue of 208 million yuan, a year-on-year decrease of 23.04%, and a net profit of 44 million yuan, a year-on-year decrease of 30.41% [2] - The company’s operating income is projected to grow at rates of -12.53%, 12.98%, 25.15%, 17.41%, and 15.22% from 2022 to 2026 [5] - The net profit is expected to grow at rates of 201.91%, 14.64%, 31.82%, 29.70%, and 26.82% over the same period [5] - The company’s earnings per share (EPS) is projected to increase from 0.57 yuan in 2022 to 1.41 yuan in 2026 [5]