五洲新春：季报点评：Q3业绩承压，静待产品扩张释放利润

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company experienced revenue and net profit pressure in Q3 2024, with revenue at 721 million yuan, down 7.88% year-on-year, and net profit at 23 million yuan, down 41.62% year-on-year, primarily due to adverse international macroeconomic conditions affecting overseas subsidiaries [1] - The gross margin improved to 17.20% in the first three quarters of 2024, up from 15.84% in the same period of 2023, attributed to product structure optimization and cost control [1] - The company has made breakthroughs in the fields of new energy vehicle bearings and robot bearings, with accelerated layout in screw products, positioning itself for sustainable growth opportunities as the robot industry chain expands [2] Financial Summary - Revenue for 2024 is projected to be 3.272 billion yuan, with net profit expected to be 141 million yuan, reflecting a growth rate of 5.3% and 2.2% respectively [3] - The company’s earnings per share (EPS) for 2024 is estimated at 0.39 yuan, with a price-to-earnings (P/E) ratio of 47.1 times [3] - The financial indicators show a decrease in net profit margin and an increase in expense ratio, influenced by the acquisition of WJB Holdings [1][2] Future Outlook - The company is expected to benefit from the growth of the robot industry and the ongoing demand in the new energy vehicle and wind power roller businesses, supporting long-term growth [2] - Revenue forecasts for 2024-2026 are 3.272 billion, 4.075 billion, and 4.706 billion yuan respectively, with corresponding net profits of 141 million, 204 million, and 242 million yuan [2][3]