Q3业绩短期承压，通信业务放量加速

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] 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%. However, it recorded a net profit loss of 30 million yuan, marking a year-on-year decline [2][5] - The acceleration in communication capacity production and the ramp-up of related products, such as line modules, are driving revenue growth. Short-term profitability is under pressure due to a decline in the defense sector, but revenue and profit are expected to improve as industry demand recovers and line module production increases [2][5] - The company has a strong technical advantage in high-speed line modules and is expanding into automotive high-voltage and high-frequency connector markets, indicating high growth potential [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%, with a net profit loss of 50 million yuan [5] - Q3 revenue was 270 million yuan, with a year-on-year growth of 30% and a quarter-on-quarter growth of 3%. The net profit loss was 30 million yuan, indicating a year-on-year decline [5] Business Development - The communication capacity is gradually being put into production, with products like line modules and backplane connectors starting to ramp up, contributing to revenue growth [5] - The company has established four automated production lines for high-speed modules, which are expected to enhance revenue as customer orders are fulfilled [5] Profitability and Costs - The gross profit margin for Q3 was 12.2%, down 17.6 percentage points year-on-year and 10.6 percentage points quarter-on-quarter, primarily due to high initial investments in line module production and a decline in high-margin defense business [5] - The company is maintaining high R&D investment, which is expected to convert into revenue growth over time [5] Future Projections - Revenue projections for 2024-2026 are 1.331 billion yuan, 1.910 billion yuan, and 2.579 billion yuan, respectively, with year-on-year growth rates of 47.32%, 43.49%, and 35.04% [6] - Net profit projections for the same period are 101 million yuan, 149 million yuan, and 210 million yuan, with year-on-year growth rates of 39.48%, 47.87%, and 40.46% [6]