绿的谐波：Q3单季业绩转正，关注机器人产品定点进度

Investment Rating - The investment rating for the company is "Accumulate-A" with a 6-month target price of 97.4 CNY, while the current stock price is 88.50 CNY [4]. Core Views - The company reported a revenue of 276 million CNY for the first three quarters of 2024, representing a year-on-year increase of 8.64%. However, the net profit attributable to shareholders decreased by 18.85% to 59 million CNY [1][2]. - In Q3 2024, the company achieved a revenue of 104 million CNY, marking a year-on-year growth of 25.59%, and a net profit of 22 million CNY, which is a 1.63% increase year-on-year [1][2]. - The overall gross margin for the first three quarters was 39.53%, down by 2.2 percentage points, primarily due to weak downstream demand, intensified industry competition, and product structure adjustments [2]. - The company is focusing on the development of mechatronic products and expanding its overseas business, aiming to cover all intelligent robot enterprises by the end of the year [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 276 million CNY, with a net profit of 59 million CNY. The Q3 revenue was 104 million CNY, and the net profit was 22 million CNY [1][2]. - The comprehensive gross margin decreased to 39.53%, and the net profit margin fell to 21.32%, down by 7.22 percentage points year-on-year [2]. Product Development and Market Strategy - The company is accelerating the layout of mechatronic products, which are characterized by high integration, standardization, and intelligence, aligning with industry trends [3]. - The company has plans to establish a joint venture with Sanhua Intelligent Control in Mexico to develop harmonic reducers, which are key components for humanoid robots [3]. Future Projections - The company is expected to achieve net profits of 87 million CNY, 109 million CNY, and 151 million CNY for 2024, 2025, and 2026, respectively, with growth rates of 2.7%, 25.4%, and 39.3% [9]. - The projected PE ratios for the next three years are 173, 138, and 99 times, respectively, reflecting the company's leading position in the harmonic reducer industry and the anticipated mass production of humanoid robots [9].