兆威机电：Q3业绩高增，积极开发新产品

Investment Rating - The investment rating for the company is "Buy" (maintained) as of November 1, 2024 [1] Core Views - The company has shown significant revenue growth, achieving a revenue of 1.057 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 29.99%. In Q3 alone, the revenue reached 412 million yuan, up 33.07% year-on-year and 23.92% quarter-on-quarter [1] - The company has improved its profitability, with a gross profit margin of 31.55% in the first three quarters of 2024, an increase of 2.75 percentage points year-on-year. The net profit attributable to the parent company for the same period was 159 million yuan, up 24.22% year-on-year, and the net profit margin was 15.05%, down 0.70 percentage points year-on-year [1] - The company is actively developing new products, particularly in the humanoid robot sector, focusing on advanced technologies such as precision gearboxes and high-performance motors [1] Financial Performance Summary - For the first three quarters of 2024, the company achieved a net profit of 159 million yuan, with a year-on-year increase of 24.22%. The net profit for Q3 was 65 million yuan, up 17.88% year-on-year and 69.90% quarter-on-quarter [1] - The company’s gross profit margin for Q3 was 32.06%, reflecting a year-on-year increase of 2.02 percentage points and a quarter-on-quarter increase of 2.34 percentage points [1] - The company’s financial forecasts indicate a projected net profit of 223 million yuan for 2024, with expected growth rates of 23.8% for the following years [2][5] Product Development and Market Outlook - The company is making significant progress in developing a humanoid robot dexterous hand, which is a key focus for future product offerings. This product integrates structural and software/hardware system development and is designed to work with various flexible robots [1] - The automotive electronics segment continues to contribute to growth, and the XR business is expected to have substantial potential [1]