Worldia(SH:688028) Southwest Securities·2024-10-30 08:00Investment Rating - The report maintains a "Hold" rating for the company [1][3]. Core Views - The company's revenue growth has slowed down in Q3 2024, with a year-on-year revenue decrease of 0.24% to 1.79 billion yuan, while the net profit dropped significantly by 39.65% year-on-year to 220 million yuan [1][2]. - The overall revenue for the first three quarters of 2024 reached 495 million yuan, representing a 17% increase compared to the previous year, with a net profit of 77 million yuan, up by 2.68% year-on-year [1][2]. - The decline in profit is attributed to weakening downstream demand, increased fixed costs from the completion of the Huizhou project, and rising sales, management, and R&D expenses [2][3]. Financial Summary - For Q1-Q3 2024, the company's gross margin was 45.60%, an increase of 0.79 percentage points year-on-year, while the net profit margin was 15.31%, a decrease of 2.30 percentage points year-on-year [2]. - In Q3 2024, the gross margin fell to 42.78%, down 4.66 percentage points year-on-year, and the net profit margin decreased to 12.29%, down 8.30 percentage points year-on-year [2]. - The company expects net profits for 2024-2026 to be 130 million, 160 million, and 190 million yuan respectively, with a compound annual growth rate of 26% [3][4]. Key Financial Metrics - Revenue for 2024 is projected at 602.92 million yuan, with a growth rate of 19.77% [4]. - The net profit for 2024 is estimated at 129.43 million yuan, reflecting a growth rate of 32.92% [4]. - The earnings per share (EPS) is forecasted to be 0.85 yuan in 2024, with a price-to-earnings (PE) ratio of 23 [4].