Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a decline in revenue and net profit for Q3 2024, with a year-on-year revenue decrease of 11.35% and a net profit decrease of 4.34% [2] - Q3 2024 revenue was 0.69 billion yuan, showing a year-on-year increase of 65.66% but a quarter-on-quarter decrease of 62.73% [2] - The company is expected to see long-term growth driven by the increasing demand for energy-efficient heat exchangers despite short-term performance pressures [3] Financial Performance Summary - For the first three quarters of 2024, total revenue was 413 million yuan, with a net profit of 122 million yuan [2] - The company’s Q3 2024 operating expenses increased significantly, with an expense ratio of 23.07%, up 15.37 percentage points year-on-year [3] - The company maintains its profit forecast for 2024-2026, expecting net profits of 152 million yuan, 173 million yuan, and 193 million yuan, representing year-on-year growth of 21%, 14%, and 11% respectively [3] Revenue and Profit Forecast - The projected total revenue for 2024 is 535.4 million yuan, with a year-on-year growth rate of 2.1% [1] - The projected diluted EPS for 2024 is 1.42 yuan per share, with a corresponding P/E ratio of 20.72 [1]
广厦环能：2024三季报点评：Q3需求放缓，业绩短期承压