NovelBeam Technology(SH:688677)2024-10-25 10:42Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its order recovery and profitability forecasts [4]. Core Views - The company's Q3 performance met market expectations, with a revenue of 319 million yuan for the first three quarters, a 15% year-on-year decline, and a net profit of 97 million yuan, down 18% year-on-year [4]. - The gross margin improved significantly, reaching 65.74% for the first three quarters, compared to 64.10% in the same period last year, driven by an increase in high-margin products [4]. - The report expresses optimism about the recovery of orders, anticipating a significant improvement in performance starting from Q4 due to inventory clearance and new product contributions [4]. Financial Data and Profit Forecast - Total revenue for 2023 is projected at 471 million yuan, with a slight decline expected in Q1-Q3 2024 to 319 million yuan, followed by a recovery to 521 million yuan in 2024 [5]. - The net profit for 2023 is estimated at 146 million yuan, with a forecasted increase to 166 million yuan in 2024, representing a 13.7% year-on-year growth [5]. - The report projects earnings per share to rise from 1.20 yuan in 2023 to 1.37 yuan in 2024, reflecting a positive trend in profitability [5].