Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Insights - The company's Q3 2024 performance slightly underperformed expectations, with total revenue for the first three quarters at 188 million yuan, a year-on-year increase of 8.11%, and net profit attributable to shareholders at 31 million yuan, a year-on-year increase of 7.20% [2] - The company significantly increased its R&D investment to 10.2 million yuan, a year-on-year growth of 14.46%, but faced challenges in Q3 with revenue of 6.1 million yuan, down 8.74% year-on-year, and net profit of 800,000 yuan, down 14.58% year-on-year, primarily due to a slowdown in the new energy vehicle sector and some foreign exchange losses [2] - The new energy vehicle market in China is projected to grow significantly, with a market size of 11.5 trillion yuan in 2023, expected to reach 23.1 trillion yuan by 2025, indicating strong demand [2] - The smart home appliance sector is also showing stable growth, with the market size expected to reach 810 billion yuan in 2024 [2] - The company's home appliance business has maintained high growth, focusing on small appliances like irons and vacuum cleaners, with a strong sales presence in the European and American markets [2] - The company is expanding into emerging fields such as flying cars and robotics, with ongoing projects in small-scale production and collaboration with clients [2] Financial Forecasts - The revised revenue forecasts for 2024-2026 are 270 million, 324 million, and 391 million yuan respectively, with net profits of 45 million, 55 million, and 70 million yuan [3] - The projected P/E ratios for 2024-2026 are 42.72, 35.09, and 27.57 respectively, reflecting the company's growth potential in future sectors [3]
威贸电子：2024年三季报点评：业绩略低于预期，新领域赛道前景广阔