航亚科技：短期业绩承压，长期发展无虞

Investment Rating - The investment rating for the company is "Buy" and is maintained [3]. Core Views - The company reported a revenue of 520 million with a year-on-year growth of 30.24% for the first three quarters of 2024, and a net profit attributable to the parent company of 93 million, reflecting a year-on-year increase of 33.49% [3][4]. - In Q3 2024, the company achieved a revenue of 180 million, which is a year-on-year increase of 25.62% and a quarter-on-quarter increase of 0.79%. However, the net profit attributable to the parent company decreased by 28.05% year-on-year and 28.19% quarter-on-quarter [3][4]. - The company’s performance in Q3 was impacted by changes in product structure, pricing, and foreign exchange losses, leading to a decline in profitability [4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 520 million, a net profit of 93 million, and a non-recurring net profit of 91 million, with respective year-on-year growth rates of 30.24%, 33.49%, and 40.82% [3][4]. - In Q3 2024, the revenue was 180 million, with a year-on-year growth of 25.62% and a quarter-on-quarter growth of 0.79%. The net profit was 26 million, showing a year-on-year decrease of 28.05% and a quarter-on-quarter decrease of 28.19% [3][4]. Cost and Expenses - The expense ratio in Q3 2024 was 22.44%, which is an increase of 7.64 percentage points year-on-year and 5.34 percentage points quarter-on-quarter. The sales expense ratio was 2.47%, management expense ratio was 9.37%, R&D expense ratio was 8.73%, and financial expense ratio was 1.86% [4]. Inventory and Receivables - As of the end of Q3 2024, the inventory balance was 191 million, an increase of 15.79% year-on-year. Accounts receivable and notes balance was 358 million, up 40.96% year-on-year. Prepayments increased significantly by 137.01% year-on-year to 19 million [4]. Profit Forecast and Valuation - The company is expected to achieve net profits attributable to the parent company of 120 million, 170 million, and 240 million for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 31%, 44%, and 39%. The corresponding price-to-earnings ratios are projected to be 38, 26, and 19 times [4].