经纬恒润：中小盘信息更新：Q3环比亏幅收窄，新客户持续拓展长期发展可期

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a reduction in losses on a quarterly basis, with ongoing customer expansion indicating promising long-term development [3] - The company is accelerating its transformation towards intelligence, with significant growth in R&D expenditures impacting short-term profits, leading to a slight downward adjustment in earnings forecasts for 2024-2026 [3] - The company is expected to achieve a recovery in performance as its technology commercialization capabilities improve and as it continues to expand its customer base [3] Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 3.546 billion yuan, a year-on-year increase of 24.05%, but reported a net loss attributable to shareholders of 410 million yuan, with the loss margin widening year-on-year [3] - In Q3 2024, the company recorded operating revenue of 1.519 billion yuan, a year-on-year increase of 30.80%, and a net loss of 77 million yuan, showing a reduction in losses compared to Q1 and Q2 [3] - The company's gross margin and net margin for the first three quarters of 2024 were 23.16% and -11.49%, respectively, with improvements in profitability observed on a quarterly basis [4] Cost Management and Efficiency - The company has shown effective cost control, with the expense ratios for sales, management, R&D, and financial expenses reflecting a mixed trend, leading to an overall increase in the period expense ratio [4] - R&D expense ratio in Q3 2024 decreased compared to previous quarters, indicating potential for further performance improvement as R&D results are expected to convert into revenue [4] Customer Expansion and Product Development - The company is deepening its layout in automotive intelligence, with continuous customer expansion, including new projects with major automotive manufacturers [5] - The urban NOA solution, utilizing advanced intelligent chips, is expected to be mass-produced in 2025, indicating a strategic move towards enhancing product offerings [5]