Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [1]. Core Views - The company's Q3 performance showed a decline, with revenue of 605.66 million yuan, down 8.7% year-on-year and quarter-on-quarter. The net profit attributable to shareholders was 84.14 million yuan, a decrease of 14.6% year-on-year and 34.6% quarter-on-quarter. Overall, the performance was slightly below expectations [1][3]. - The company has a strong project pipeline and is actively exploring emerging fields such as flying cars and robotics, which are expected to drive future growth [2][3]. - The company is increasing its R&D investment, with R&D expenses rising by 14.5% year-on-year, reflecting its commitment to product quality as a core competitive advantage [2]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 190 million yuan, up 8.1% year-on-year, and a net profit of 30.6 million yuan, up 7.2% year-on-year. The adjusted net profit was 27.1 million yuan, up 1.7% year-on-year [1]. - The Q3 revenue was 605.66 million yuan, down 8.7% year-on-year and quarter-on-quarter, with a net profit of 84.14 million yuan, down 14.6% year-on-year and 34.6% quarter-on-quarter [1][3]. Cost and Expenses - Sales expenses decreased by 33.6% year-on-year to 2.569 million yuan, primarily due to reduced technical service fees. The sales expense ratio was 1.4%, down 0.9 percentage points from the previous year [2]. - R&D expenses increased to 10.203 million yuan, representing a 14.5% year-on-year growth, with an R&D expense ratio of 5.4%, up 0.3 percentage points from the previous year [2]. Future Outlook - The company is expected to see steady growth in net profit, with projections of 453 million yuan, 546 million yuan, and 697 million yuan for 2024, 2025, and 2026 respectively, reflecting a CAGR of 21.3% [3][4]. - The company is focusing on expanding its presence in the automotive, home appliance, and industrial sectors, with ongoing projects in electric vehicles and robotics [2][3].
威贸电子：2024年三季报点评：三季度业绩短期承压，看好在手项目逐步放量