Investment Rating - The report assigns a "Cautious Accumulate" rating to the company, down from a previous "Accumulate" rating [3][11]. Core Views - The company's Q3 revenue has shown a sequential recovery, but profitability is under pressure due to rising raw material costs and increased R&D expenses. The earnings per share (EPS) forecasts for 2024-2026 have been revised down to 1.60, 1.85, and 2.20 respectively, reflecting a decrease of 13%, 22%, and 22% from previous estimates [2][11]. Summary by Sections 1. Performance Overview - For the first three quarters of 2024, the company achieved a revenue of 431 million yuan, a year-on-year increase of 6.6%, while the net profit attributable to shareholders was 55 million yuan, a decrease of 13.88% year-on-year. In Q3 2024, the revenue was 168 million yuan, up 11.78% year-on-year, with a net profit of 24 million yuan, down 5.73% year-on-year [2][13]. 2. Revenue Analysis - Domestic business performance remained stable, while overseas business showed recovery due to reduced payment cycle disruptions in the Russian region and the South American sales peak. Q4 revenue growth is expected to further recover as the impact from Russia diminishes [2][14]. 3. Profitability Analysis - The company's gross margin for the first three quarters of 2024 was 26.01%, down 2.84 percentage points year-on-year, while the net margin was 12.68%, up 3.02 percentage points year-on-year. In Q3 2024, the gross margin was 27.9%, down 1.07 percentage points year-on-year but up 3.53 percentage points sequentially [2][15]. 4. Cash Flow and Financial Health - As of Q3 2024, the company had cash and cash equivalents plus trading financial assets totaling 605 million yuan, a decrease of 21.94% year-on-year. The net cash flow from operating activities was 5 million yuan, down 69.6% year-on-year, while cash inflow from sales was 121 million yuan, up 12.36% year-on-year [2][16].
英华特24Q3季报点评：Q3收入环比修复，盈利能力有所承压