大华股份：Q3归母净利润同比增长19.75%，看好公司AI to B未来落地前景

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [3][10]. Core Views - The company reported a year-on-year growth of 19.75% in net profit attributable to the parent company for Q3, despite a slight decline in revenue [1]. - The company is focusing on AI to B applications, which are expected to enhance its competitive edge and expand market opportunities [1]. - The integration of AI and IoT is driving industrial upgrades, particularly in the power industry, where the company has developed smart solutions for over 10,000 substations and 1,000 power plants [1]. - The automotive networking business is progressing, with the launch of an autonomous driving data closed-loop platform in collaboration with Huawei [1]. Financial Summary - For the first three quarters of 2024, the company achieved revenue of 22.45 billion yuan, a year-on-year increase of 0.77%, while net profit decreased by 1.74% to 2.545 billion yuan [1]. - R&D expenses reached 2.963 billion yuan in the first three quarters, reflecting a year-on-year increase of 7.86% [1]. - The company forecasts net profits attributable to the parent company of 3.388 billion yuan, 3.808 billion yuan, and 4.127 billion yuan for 2024, 2025, and 2026, respectively [1][2].