经纬恒润：收入环比大幅提升，经营业绩转正可期

Investment Rating - The investment rating for the company is "Buy" [4] Core Insights - The company achieved a revenue of 1.52 billion yuan in Q3 2024, representing a year-on-year increase of 31% and a quarter-on-quarter increase of 34%. However, the net profit attributable to shareholders was -77 million yuan, indicating an expanded loss year-on-year but a significant reduction in loss quarter-on-quarter. The revenue increase is attributed to high-quality product offerings and improved cost management, with expectations for further revenue growth in Q4 due to favorable policies and seasonal demand [2][6]. Summary by Relevant Sections Financial Performance - In the first three quarters of 2024, the company reported a total revenue of 3.55 billion yuan, a year-on-year increase of 24%, with a net profit of -410 million yuan, indicating an expanded loss compared to the previous year. The Q3 revenue of 1.52 billion yuan shows strong growth, driven by successful product launches and improved sales from key clients such as Geely and Xiaomi [6][2]. Product and Market Dynamics - The significant revenue growth in Q3 is primarily due to the successful sales of high-quality products, including ADAS, AR-HUD, and 5G T-BOX, with key clients experiencing notable sales increases. The company expects continued revenue growth in Q4, supported by government policies and seasonal demand [6][2]. Cost Management and Profitability - The gross margin for Q3 2024 was 23.9%, showing a year-on-year decrease of 3.4 percentage points but a quarter-on-quarter increase of 3.0 percentage points. The company has effectively optimized its expense ratios, with a total expense ratio of 29.4%, down 4.9 percentage points year-on-year and 6.8 percentage points quarter-on-quarter, indicating improved operational efficiency [6][2]. Future Projections - The company forecasts revenues of 5.66 billion yuan, 6.93 billion yuan, and 8.21 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 21.1%, 22.4%, and 18.4%. The net profit is expected to improve significantly, with projections of -130 million yuan in 2024 turning to positive profits in subsequent years [6][7].