锦浪科技：2024三季报点评：24 Q3出货略低于预期，

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q3 2024 revenue was 5.16 billion yuan, a year-on-year increase of 11%, while net profit attributable to shareholders was 669 million yuan, a year-on-year decrease of 11%. The gross margin was 33.7%, an increase of 2.1 percentage points [2] - Q3 shipments remained stable, with an estimated total of 300,000 inverters shipped, maintaining the same level as the previous quarter. The company expects to ship approximately 1.2 million inverters for the entire year, representing a year-on-year increase of over 50% [2][3] - The company's expense ratio decreased to 19.2% in Q3 2024, down 6.2 percentage points year-on-year, primarily due to reduced management expenses. Operating cash flow at the end of Q3 2024 was 800 million yuan, an increase of 700 million yuan compared to the same period last year [2] Financial Forecasts and Valuation - The report adjusts profit forecasts downward, estimating net profits for 2024-2026 at 1.01 billion, 1.44 billion, and 1.90 billion yuan, respectively, with corresponding growth rates of 29%, 43%, and 33%. The price-to-earnings ratio is projected at 29, 21, and 16 times for the respective years [3] - Given the sustained high growth of the company's inverters, a target price of 90 yuan is set for 2025, corresponding to a price-to-earnings ratio of 25 times [3]