广联达：提质增效，业务优化持续推进

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company reported a revenue of 4.4 billion yuan for the first three quarters of 2024, a year-on-year decrease of 8.0%, and a net profit attributable to shareholders of 210 million yuan, down 18.5% year-on-year. The Q3 2024 single-quarter revenue was 1.44 billion yuan, a year-on-year decline of 16.0%, while the net profit for the quarter was 20 million yuan, an increase of 59.7% year-on-year. Overall, the performance is in line with expectations [4][5] - The increase in expense ratios has put pressure on profits, with sales, management, and R&D expenses for Q3 2024 being 440 million, 300 million, and 450 million yuan respectively, leading to a rise in expense ratios [5] - The gross profit margin has stabilized, with Q3 2024 gross margin at 85.3%, up 1.1 percentage points year-on-year, and is expected to recover as the business structure optimizes [5][6] - Accounts receivable decreased to 1.1 billion yuan by the end of Q3 2024, indicating improved operational quality despite a decline in revenue [6] - The company has adjusted its management and R&D expense rate assumptions for 2024, leading to a downward revision of profit forecasts for 2024 while maintaining projections for 2025 and 2026 [7] Financial Summary - For 2024E, total revenue is projected at 7.074 billion yuan, with a year-on-year growth rate of 7.8%. The net profit attributable to shareholders is expected to be 480 million yuan, reflecting a significant increase of 314.1% year-on-year [8][9] - The gross margin is anticipated to be 86.3% in 2024E, with a gradual increase in subsequent years [8]