中科创达：三季报收入维持平稳，毛利率边际回暖带来经营改善

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company reported a revenue of 3.694 billion yuan for the first three quarters of 2024, a year-on-year decrease of 4.7%, while the net profit attributable to shareholders was 152 million yuan, down 74.92% year-on-year [1]. - Despite the slight decrease in revenue, the company demonstrated stable revenue-generating capabilities in the smart IoT sector amid the current global economic environment [1]. - The gross profit margin for Q3 2024 reached 35.82%, reflecting a nearly 2 percentage point increase from Q2 2024, indicating operational improvement [1]. - The R&D expense ratio for Q3 2024 was 22.29%, significantly higher than the same period in 2023, which, while exerting short-term pressure on profits, lays a solid technical foundation for long-term development in the smart IoT field [2]. Financial Summary - Revenue (in million yuan): - 2022A: 5,445 - 2023A: 5,242 - 2024E: 5,280 - 2025E: 5,709 - 2026E: 6,261 - Year-on-year growth rates: - 2022: 32.0% - 2023: -3.7% - 2024E: 0.7% - 2025E: 8.1% - 2026E: 9.7% [3][11]. - Net profit (in million yuan): - 2022A: 769 - 2023A: 466 - 2024E: 331 - 2025E: 413 - 2026E: 527 - Year-on-year growth rates for net profit: - 2022: 18.8% - 2023: -39.4% - 2024E: -29.0% - 2025E: 24.6% - 2026E: 27.7% [3][11]. - Earnings per share (EPS): - 2022A: 1.67 - 2023A: 1.01 - 2024E: 0.72 - 2025E: 0.90 - 2026E: 1.15 [3][11].