润农节水：北交所信息更新：国资入主在即迎发展新机遇，2024Q3归母净利润+115.5%

Investment Rating - The investment rating for the company is upgraded to "Buy" [1] Core Views - The company has seen a significant increase in net profit for Q3 2024, with a year-on-year growth of 115.5% [3] - The company is positioned well in the water-saving irrigation industry, benefiting from a strong product line and ongoing project wins [3] - The entry of state-owned assets is expected to provide new development opportunities for the company [5] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 467 million yuan, a year-on-year increase of 3.63%, and a net profit of 21 million yuan, a decrease of 13.92% [3] - In Q3 2024 alone, the company reported revenue of 182 million yuan, up 38.95% year-on-year, and net profit of 11 million yuan, reflecting a significant recovery [3] - The company maintains its profit forecast for 2024-2026, expecting net profits of 40 million, 53 million, and 66 million yuan respectively, with corresponding EPS of 0.15, 0.20, and 0.25 yuan per share [3] Cost Management and R&D Investment - The company has demonstrated good cost control, with sales, management, financial, and R&D expense ratios of 2.2%, 6.3%, 0.8%, and 2.5% respectively for the first three quarters of 2024 [4] - Continuous investment in R&D is noted, with a focus on expanding the agricultural technology service sector [4] Shareholding Changes - On October 22, 2024, Hubei Xiangtou Group signed a share transfer agreement to acquire 18.01% of the company's shares, becoming the controlling shareholder [5] - This change is expected to enhance the company's development prospects in the high-standard farmland market due to the backing of state-owned assets [5]