Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported Q3 revenue of 270 million yuan, a year-on-year increase of 30% and a quarter-on-quarter increase of 3%, but incurred a net loss attributable to shareholders of 30 million yuan, marking a year-on-year decline [2][6] - The company's communication capacity is ramping up, with products such as line modules and backplane connectors starting to gain traction, driving revenue growth [6] - Short-term profitability is under pressure due to a decline in the defense sector, but revenue and profit are expected to improve sequentially as industry demand recovers and line module production accelerates [2][6] Summary by Sections Financial Performance - For the first three quarters, the company achieved revenue of 750 million yuan, a year-on-year increase of 21%, and a net loss of 50 million yuan, compared to a profit in the previous year [6] - Q3 revenue was 270 million yuan, with a year-on-year growth of 30% and a quarter-on-quarter growth of 3%, while the net profit was a loss of 30 million yuan, remaining stable compared to the previous quarter [6] Business Development - The company is accelerating the production of communication-related products, with line modules achieving breakthroughs with key customers and the establishment of four high-speed module production lines [6] - The company maintains a high level of R&D investment, focusing on innovative products such as CPU sockets and high-speed connectors, which are expected to contribute to future revenue growth [6] Future Outlook - Revenue projections for 2024-2026 are 1.331 billion, 1.910 billion, and 2.579 billion yuan, with year-on-year growth rates of 47.32%, 43.49%, and 35.04% respectively [7] - Net profit forecasts for the same period are 101 million, 149 million, and 210 million yuan, with growth rates of 39.48%, 47.87%, and 40.46% respectively, indicating a strong compound annual growth rate [7]
华丰科技：Q3业绩短期承压，通信业务放量加速