宏和科技：均价及盈利能力均改善，关注新应用

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company reported a revenue of 620 million yuan for the first three quarters of 2024, representing a year-over-year increase of 24.6%. The net profit attributable to the parent company was 8 million yuan, marking a turnaround from losses, while the non-recurring net profit was a loss of 2 million yuan, indicating a narrowing of losses [2][6]. - The company has a leading position in high-end electronic fabric manufacturing, with the Huangshi Honghe project enhancing its self-supply capability for ultra-fine yarn, thereby strengthening its competitive edge. The growth prospects for the company are viewed positively [2][6]. Summary by Sections Financial Performance - For Q3 2024, the company reported a revenue of 210 million yuan, a year-over-year increase of 1.2% but a quarter-over-quarter decrease of 3.1%. The net profit attributable to the parent company was 7 million yuan, showing a year-over-year turnaround, but a quarter-over-quarter decline of 22.3% [2][6]. - The average price of electronic fabric for Q1-3 2024 was 3.7 yuan/meter, up 1.8% year-over-year, while the average price for Q3 was 3.8 yuan/meter, reflecting a year-over-year increase of 9.2% and a quarter-over-quarter increase of 5.1% [6][7]. - The comprehensive gross margin for Q1-3 2024 was 16.5%, an increase of 8.7 percentage points year-over-year, with Q3 gross margin at 19.0%, up 13.8 percentage points year-over-year [6][7]. Future Projections - The company is projected to achieve revenues of 800 million yuan, 970 million yuan, and 1.18 billion yuan for 2024, 2025, and 2026, respectively, with year-over-year growth rates of 21.1%, 21.3%, and 21.3% [6][7]. - The net profit attributable to the parent company is expected to be 20 million yuan in 2024, 50 million yuan in 2025, and 120 million yuan in 2026, with significant year-over-year growth rates of 134.1% and 144.5% for 2025 and 2026, respectively [6][7].