安达智能：2024年三季报点评：单三季度营收同比+127%，盈利能力持续改善

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][9] Core Views - The company has achieved significant revenue growth, with a 68.14% year-on-year increase in revenue for the first three quarters of 2024, totaling 545 million yuan. In Q3 alone, revenue reached 232 million yuan, marking a 127.30% year-on-year increase and a 44.29% quarter-on-quarter increase. However, the net profit attributable to shareholders was -9.38 million yuan for the first three quarters, a decrease of 129.93% year-on-year, although Q3 showed a net profit of 3.36 million yuan, a substantial increase of 617.86% year-on-year and 119.98% quarter-on-quarter [1][2][6]. Summary by Sections Revenue and Profitability - The company reported a total revenue of 545 million yuan for the first three quarters of 2024, with a year-on-year growth of 68.14%. In Q3, the revenue was 232 million yuan, reflecting a year-on-year increase of 127.30% and a quarter-on-quarter increase of 44.29%. The net profit attributable to shareholders for the first three quarters was -9.38 million yuan, down 129.93% year-on-year, while Q3 net profit was 3.36 million yuan, up 617.86% year-on-year and 119.98% quarter-on-quarter [1][2][6]. Market Performance - The company's stock has outperformed the CSI 300 index, with a 1-month performance of 43.9%, 3-month performance of 58.2%, and a 12-month performance of 26.6% [2]. Strategic Focus - The company is committed to a major client strategy, expanding from consumer electronics into automotive electronics, new energy (especially hydrogen energy), AI computing power, and semiconductors. This strategic focus aims to enhance growth opportunities and deepen relationships with international major clients [2][5]. Product Development - The company is diversifying its product offerings, enhancing its core fluid control equipment while expanding into core components, AOI inspection equipment, plasma equipment, curing ovens, assembly machines, and five-axis machine tools. This diversification aims to provide comprehensive solutions for clients [5][6]. Financial Forecast - The company forecasts revenues of 693 million yuan, 960 million yuan, and 1.298 billion yuan for 2024, 2025, and 2026, respectively. The expected net profits for the same years are 27 million yuan, 132 million yuan, and 203 million yuan, with corresponding P/E ratios of 142X, 29X, and 19X [6][7][9].