北摩高科：2024年三季报点评：客户验收等因素影响确收，多项业务市场开拓取得积极进展

Investment Rating - The report maintains a "Buy" rating for the company, citing its leadership in high-end braking products and positive market expansion progress [4] Core Views - The company's revenue and net profit declined significantly in 24Q1-Q3, with revenue down 38.24% YoY to 483 million yuan and net profit down 76.10% YoY to 83.25 million yuan [1] - Revenue recognition was impacted by customer acceptance delays and product price negotiations, with inventory reaching a 5-year high of 873 million yuan by 24Q3 [1] - Despite short-term challenges, the company made significant progress in market expansion, particularly in landing gear and brake systems [3] Financial Performance - Gross margin and net margin decreased to 57.54% and 20.94% respectively in 24Q1-Q3, down 8.33pts and 29.46pts YoY [2] - Operating expenses increased, with R&D expense ratio rising 6.53pts to 14.25% [2] - Credit impairment losses of 16.68 million yuan affected net profit margin [2] Business Development - The company completed certification for certain landing gear models and achieved breakthroughs in UAV landing gear processing and testing [3] - Brake disc business secured PMA certification for a civil aircraft model and expanded customer base [3] - Brake control systems and wheels successfully passed tests and expanded to more models [3] Valuation and Forecast - Adjusted 24-26 net profit forecasts to 95 million, 188 million, and 355 million yuan respectively [4] - Current PE ratios stand at 81x, 41x, and 22x for 24-26 [4] - EPS projections for 24-26 are 0.29, 0.57, and 1.07 yuan [4] Market Data - Current share price: 23.23 yuan [6] - Total market capitalization: 7.709 billion yuan [6] - 3-month turnover rate: 74.52% [6] - 1-year price range: 16.67-39.17 yuan [6]