连城数控：2024三季报点评：Q3盈利略有下滑，计提信用减值拖累业绩

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a slight decline in profitability for Q3 2024, with a significant impairment loss impacting performance. The Q3 revenue was 1.438 billion yuan, a year-on-year increase of 20.41%, but the net profit attributable to shareholders was only 55 million yuan, down 75.41% year-on-year [2][3] - The gross margin for Q3 2024 was 26.7%, a decrease of 1.1 percentage points year-on-year, primarily due to weakened downstream demand and increased industry competition. The company also recognized credit impairment losses of approximately 230 million yuan in Q3, which significantly affected its performance [2][3] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a total revenue of 3.968 billion yuan, a year-on-year increase of 7.31%. The net profit attributable to shareholders was 377 million yuan, down 17.73% year-on-year. The net profit after deducting non-recurring items was 345 million yuan, a decrease of 7.51% year-on-year [2] - The Q3 2024 operating expenses remained stable year-on-year, with sales, management, R&D, and financial expense ratios at 2.00%, 6.63%, 4.70%, and 0.07%, respectively [3] Profit Forecast and Valuation - The profit forecast has been adjusted downward due to a slowdown in industry expansion. The expected net profits for 2024-2026 are 480 million, 540 million, and 600 million yuan, respectively, with year-on-year changes of -29%, +11%, and +12%. The corresponding P/E ratios are projected to be 22, 20, and 17 times [3]