经纬恒润：控费叠加创收带来亏损收窄，盈利拐点将至

Investment Rating - The investment rating for the company is Neutral (maintained) [2][5]. Core Views - The company's Q3 2024 performance shows a total revenue of 3.546 billion yuan for the first three quarters, representing a year-on-year increase of 24.05%, while the net profit attributable to the parent company is a loss of 410 million yuan, compared to a loss of 140 million yuan in the same period last year [4][5]. - Q3 2024 revenue reached 1.519 billion yuan, up 30.8% year-on-year, but the net profit attributable to the parent company was a loss of 76.78 million yuan, a decline of 50.08% year-on-year [4][5]. - The company has improved its gross margin to 23.95% in Q3, an increase of 3 percentage points from Q2, aided by cost control measures that have narrowed losses [4][5]. - The company has established strong partnerships with major domestic automotive manufacturers, which are expected to support continued revenue growth in the coming year [4][5]. Summary by Sections Market Data - Closing price as of October 31, 2024, is 82.10 yuan, with a one-year high of 143.55 yuan and a low of 54.73 yuan [2]. - The market capitalization of circulating A shares is 6.525 billion yuan [2]. Financial Data - As of September 30, 2024, the company's net asset per share is 35.74 yuan, with a debt-to-asset ratio of 52.15% [3]. - The total share capital is 120 million shares, with 79 million circulating A shares [3]. Revenue and Profit Forecast - Projected total revenue for 2024 is 5.594 billion yuan, with a year-on-year growth rate of 19.6% [6]. - The net profit attributable to the parent company is expected to be a loss of 363 million yuan in 2024, with a forecasted recovery to a profit of 99 million yuan in 2025 [6]. - The gross margin is projected to improve slightly to 24.1% in 2024 and stabilize around 24.9% by 2026 [6].