银河电子：2024年三季报点评：营收与利润表现分化，归母净利润保持稳健增长

Investment Rating - Buy (Maintained) [1] Core Views - Revenue and profit performance diverged, with net profit attributable to parent company showing steady growth despite a decline in revenue [1] - The company achieved revenue of 813 million yuan in the first three quarters of 2024, a year-on-year decrease of 3.46%, while net profit attributable to parent company was 142 million yuan, a year-on-year increase of 11.93% [1] - Cost control and improved profitability contributed to the growth in net profit despite the revenue decline [1] - The company faces short-term cost control pressures, with a significant decrease in sales expenses (down 38.58%) and financial expenses (down 479.74%) [1] Financial Performance - In Q3 2024, the company achieved revenue of 302 million yuan, a year-on-year increase of 10.68%, but net profit attributable to parent company was 6.07 million yuan, a year-on-year decrease of 74.84% [1] - Total assets as of Q3 2024 were 4.112 billion yuan, a year-on-year decrease of 3.54%, with current assets at 3.069 billion yuan, down 5.92% [2] - Total liabilities decreased by 21.51% year-on-year to 906 million yuan, with current liabilities down 22.07% [2] - Monetary funds decreased by 55.86%, while trading financial assets increased by 127.86% [2] Innovation and Development - The company focuses on innovation as its core driving force, with a 400+ R&D team and multiple research centers [3] - It has established professional R&D centers in its headquarters, Nanjing, and Hefei, supported by national and provincial research platforms [3] Profit Forecast and Valuation - The company is expected to achieve net profit attributable to parent company of 264 million yuan, 301 million yuan, and 346 million yuan in 2024-2026, with corresponding P/E ratios of 26x, 23x, and 20x [3] - Revenue is forecasted to grow to 1.454 billion yuan in 2024, 1.711 billion yuan in 2025, and 1.965 billion yuan in 2026 [1] - EPS is projected to be 0.23 yuan, 0.27 yuan, and 0.31 yuan for 2024-2026 [1] Market Data - The closing price was 5.97 yuan, with a one-year low/high of 3.46/6.62 yuan [5] - The P/B ratio was 2.10x, with a total market capitalization of 6.725 billion yuan [5] Financial Projections - Total assets are expected to grow to 5.654 billion yuan by 2026, with liabilities at 1.567 billion yuan [10] - Net profit attributable to parent company is forecasted to grow at a CAGR of 14.97% from 2024 to 2026 [10] - ROE is projected to increase from 7.68% in 2024 to 8.46% in 2026 [11]