良信股份：2024年三季报点评：加大研发投入，回购彰显信心

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 7.18 CNY per share [1]. Core Views - The company is a leading player in the low-voltage electrical industry with a clear market positioning and strong R&D capabilities. It is currently undergoing a critical transformation period, and the report is optimistic about its future development, especially with the expected improvement in market conditions for new energy and data centers [1][2]. - The company has increased its R&D investment and has implemented share buybacks to demonstrate confidence in its value and shareholder rights [1][2]. Financial Performance Summary - For Q3 2024, the company reported a revenue of 31.24 billion CNY, a year-on-year decrease of 25.06%, and a net profit attributable to shareholders of 2.69 billion CNY, down 24.76% year-on-year [1]. - The gross profit margin for the first three quarters of 2024 was 21.54%, showing a slight year-on-year decline of 0.04 percentage points [1]. - The company’s net profit margin was 9.94%, reflecting a decrease of 2.25 percentage points, attributed to market competition and previous increases in raw material prices [1][2]. Revenue and Profit Forecast - The projected revenues for 2024, 2025, and 2026 are 4.395 billion CNY, 5.494 billion CNY, and 6.902 billion CNY, respectively, with growth rates of -4.1%, 25.0%, and 25.6% [2]. - The net profit attributable to shareholders is expected to be 416 million CNY in 2024, 493 million CNY in 2025, and 599 million CNY in 2026, with growth rates of -18.5%, 18.4%, and 21.5% [2]. Share Buyback Details - The company has initiated two share buyback plans, with a total buyback amount not less than 400 million CNY, aimed at employee stock ownership plans and maintaining company value [1][2]. - As of September 30, 2024, the company has repurchased a total of 18,950,300 shares, accounting for a significant portion of its total share capital [1].