洪田股份：2024年三季报点评：业绩短期承压，看好复合集流体设备放量

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's performance is under short-term pressure, but there is optimism regarding the ramp-up of composite fluid equipment [1] - In the first three quarters of 2024, the company achieved revenue of 1.061 billion yuan, a year-on-year decrease of 30.18%, primarily due to the divestment of its subsidiary Dawson in the oil drilling segment [1] - The net profit attributable to the parent company for Q1-Q3 2024 was 85 million yuan, an increase of 40.18% year-on-year, while the non-recurring net profit was 56 million yuan, up 16.61% year-on-year [1] - The company has successfully launched its first composite aluminum foil vacuum coating equipment, which is expected to accelerate mass production of ultra-precision vacuum coating equipment [1] - The company is increasing its investment in research and development in the vacuum coating equipment sector to expand its product offerings and customer base [1] Financial Performance Summary - For 2024, the company is expected to generate total revenue of 2.199 billion yuan, a decrease of 1.72% year-on-year, with net profit projected at 232.15 million yuan, an increase of 13.37% year-on-year [1] - The gross profit margin for the first three quarters of 2024 was 22.27%, up 0.42 percentage points year-on-year, while the net profit margin was 10.11%, up 2.70 percentage points year-on-year [1] - As of Q3 2024, the company's contract liabilities were 699 million yuan, down 39.71% year-on-year, and inventory stood at 843 million yuan, up 43.72% year-on-year [1] - The operating cash flow for Q3 2024 was 34 million yuan, showing a positive turnaround from negative in the previous quarter, attributed to improved supply chain management [1] Future Outlook - The company forecasts net profits of 232 million yuan, 271 million yuan, and 328 million yuan for 2024, 2025, and 2026 respectively, corresponding to P/E ratios of 22, 18, and 15 times [1] - The company is focusing on both organic growth and external expansion in the composite fluid and semiconductor equipment sectors, including investments in joint ventures to enhance its product line [1]