Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance meets expectations, with a slight decline in revenue year-on-year for Q3 2024. For the first three quarters of 2024, the company achieved revenue of 397 million yuan, a year-on-year increase of 3.84%, and a net profit attributable to shareholders of 48 million yuan, up 2.80% year-on-year. The demand from the downstream rail transit and marine engineering sectors is considered favorable [2] - The gross margin has slightly improved, while the increase in R&D expenses has negatively impacted the net profit margin. The gross margin for the first three quarters of 2024 was 31.35%, an increase of 2.12 percentage points year-on-year. However, the net profit margin for the same period was 12.10%, a decrease of 0.12 percentage points year-on-year, primarily due to rising management and R&D expenses [3] - The company possesses two key advantages for long-term development: full qualifications and recognition from major clients, as well as strong R&D capabilities. The company has multiple domestic and international certifications and is recognized by several long-term partners. Additionally, it has a robust R&D team and collaborates with renowned research institutions [4] Financial Forecasts and Valuation - The company's net profit forecasts for 2024-2026 have been adjusted downwards due to high R&D expenditures, with expected net profits of 64 million yuan (previously 68 million), 76 million yuan (previously 81 million), and 83 million yuan (previously 89 million) respectively. The current stock price corresponds to dynamic P/E ratios of 23, 20, and 18 times for the respective years [4]
克莱特：2024年三季报点评：业绩符合预期，毛利率水平同比提升