SWEC(SH:600641) Soochow Securities·2024-11-01 17:00Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's Q3 performance showed a sequential recovery, with a focus on the growth of specialized equipment business, despite the real estate business entering a winding-down phase [2] - The company reported a significant decline in revenue year-on-year, primarily due to reduced property deliveries, but the specialized equipment business is expected to ramp up [3] - The company has a strong order backlog in the specialized equipment sector, indicating robust future revenue potential [4] - The company is expanding its product offerings in the semiconductor equipment market, which is expected to drive growth [5] - The profit forecast for 2024-2026 has been adjusted downwards, but the growth potential in the semiconductor business supports the "Accumulate" rating [5] Financial Performance Summary - For the first three quarters of 2024, the company achieved total revenue of 308 million yuan, a year-on-year decrease of 59.6%, with a net profit attributable to shareholders of -31.68 million yuan [2] - The gross margin for the first three quarters was 59.3%, an increase of 6.3 percentage points year-on-year [3] - The company's contract liabilities increased by 76.6% year-on-year, indicating a strong order book [4] - The company reported a cash flow from operating activities of 19.54 million yuan in Q3, showing a positive turnaround [4] - The company has maintained high R&D investment, with R&D expenses for the first three quarters reaching 122 million yuan, a year-on-year increase of 3.4% [3]