Lianovation(600363) Soochow Securities·2024-11-01 19:00Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 2.43 billion yuan for the first three quarters of 2024, a year-on-year decline of 1.4%, while the net profit attributable to shareholders was 340 million yuan, reflecting a year-on-year growth of 5% [2] - The adjustment of the equity acquisition plan for the superconducting subsidiary is expected to accelerate its consolidation into the company, with projected revenue of 330 million yuan and net profit of 46 million yuan for 2024 [3] - The demand for high-energy laser systems is anticipated to increase due to the evolving nature of combat equipment, with the company positioned as a key supplier in this market [4] - The company forecasts net profits of 4.5 billion yuan, 5.8 billion yuan, and 7.0 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 48, 36, and 30 times [4] Financial Performance Summary - For 2024, the company expects total revenue of 3.14 billion yuan, a decrease of 3.19% year-on-year, while net profit is projected to grow by 31.68% to 446.71 million yuan [1][4] - The gross profit margin for Q3 2024 improved to 19.54%, an increase of 2.42 percentage points from the previous quarter [2] - The company’s total assets are projected to reach 7.66 billion yuan in 2024, with a debt-to-asset ratio of 40.62% [7][11]