Raycus(300747) GOLDEN SUN SECURITIES·2024-11-01 01:45Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company is experiencing short-term pressure on performance due to a decrease in revenue and profit, with a 9.06% year-on-year decline in revenue to 2.349 billion yuan and a 30.33% drop in net profit to 120 million yuan for the first three quarters of 2024 [2][5] - Despite the challenges, the company is focusing on cost reduction and efficiency improvements, resulting in a stable gross margin of 26.88%, which is an increase of 2.08 percentage points year-on-year [2][3] - The company is increasing its R&D investment, which has risen by 14% to 261 million yuan, impacting the short-term net profit margin [3][5] - Strategic partnerships with state-owned enterprises are expected to enhance market penetration and drive future growth [4][5] Financial Summary - For 2024, the company is projected to achieve revenues of 3.286 billion yuan, a decrease of 10.7% year-on-year, with net profits expected to be 182 million yuan, down 16.1% [5][7] - The company’s earnings per share (EPS) for 2024 is estimated at 0.32 yuan, with a price-to-earnings (P/E) ratio of 67.0 [7][10] - The gross margin is expected to improve gradually, reaching 30.1% by 2026 [10][11]