锦浪科技：2024三季报点评：24 Q3出货略低于预期，盈利维持稳定

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 2024 revenue was 5.16 billion yuan, a year-on-year increase of 11%, while the 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 approximately 300,000 inverters shipped, maintaining the same level as the previous quarter. The company expects to ship around 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 profit forecast has been adjusted downward due to slightly lower-than-expected shipments. The projected net profit attributable to shareholders for 2024-2026 is 1.01 billion, 1.44 billion, and 1.90 billion yuan, respectively, with year-on-year growth rates of 29%, 43%, and 33%. The corresponding P/E ratios are 29, 21, and 16 times [3] - Given the sustained high growth of the company's inverters, a target price of 90 yuan is set for 2025, maintaining a valuation of 25 times [3]