Investment Rating - The report maintains an "Accumulate" rating for the company [2][3] Core Views - The company's net profit attributable to shareholders in Q3 2024 increased by 38.6% year-on-year, although it decreased by 34.7% quarter-on-quarter, indicating strong year-on-year growth but pressure on profitability in the recent quarter [3] - The company is actively developing precision components for humanoid robots, which is expected to create a second growth curve for the company as AI technology advances [3] - The company has shown significant performance compared to the CSI 300 index, with returns of 18.0% over the past month, 22.6% over three months, and 45.4% over the past year [3] Financial Performance Summary - In Q3 2024, the company achieved revenue of 187 million yuan, a year-on-year increase of 31.2% and a quarter-on-quarter increase of 2.6% [2] - The net profit attributable to shareholders was 27 million yuan, with a year-on-year increase of 38.6% but a quarter-on-quarter decrease of 34.7% [2] - The company’s gross margin decreased by 2.95 percentage points quarter-on-quarter, and the management expense ratio (excluding R&D) increased by 1.77 percentage points [3] - The company is projected to achieve total revenue of 771 million yuan, 970 million yuan, and 1.155 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 30%, 26%, and 19% [3][6] - The net profit attributable to shareholders is expected to reach 159 million yuan, 201 million yuan, and 241 million yuan for the same years, with growth rates of 54%, 26%, and 20% [3][6] - The earnings per share (EPS) is projected to be 0.66 yuan, 0.83 yuan, and 0.99 yuan for 2024, 2025, and 2026, respectively [3][6]
肇民科技：2024年Q3季报点评：2024年Q3归母净利润同比高增，人形机器人业务未来可期