华锐精密2024Q3业绩点评：下游需求偏弱，三季度业绩承压

Investment Rating - The investment rating for the company is "Buy" (maintained) [7][17]. Core Views - The company reported a revenue of 585 million yuan for the first three quarters of 2024, a year-on-year decrease of 0.52%, and a net profit attributable to shareholders of 77 million yuan, down 27.06% year-on-year [7]. - In Q3 2024, the company achieved a revenue of 174 million yuan, a decline of 24.46% year-on-year and 27.52% quarter-on-quarter, with a net profit of 5.12 million yuan, down 88.17% year-on-year and 90.65% quarter-on-quarter [7]. - The weak demand in the manufacturing sector has led to a decline in revenue and profitability, with a gross margin of 32.68% in Q3 2024, down 10.29 and 13.71 percentage points year-on-year and quarter-on-quarter, respectively [7]. - The manufacturing PMI in October was 50.1%, indicating a return to the expansion zone, suggesting potential recovery in orders for the company's products in Q4 [7]. Summary by Sections Financial Performance - For 2024, the company is expected to achieve revenues of 811 million yuan, 963 million yuan, and 1.147 billion yuan for the years 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 2.11%, 18.76%, and 19.10% [8]. - The net profit forecast for the same period is 120 million yuan, 189 million yuan, and 237 million yuan, with a year-on-year change of -23.82%, +57.40%, and +25.25% [8]. Key Financial Metrics - The company’s gross margin is projected to be 41.4% in 2024, 43.3% in 2025, and 44.0% in 2026 [13]. - The net profit margin is expected to be 14.8% in 2024, 19.7% in 2025, and 20.7% in 2026 [13]. - The return on equity is forecasted to be 8.9% in 2024, 12.7% in 2025, and 14.3% in 2026 [13]. Market Outlook - The report indicates that the company is likely to benefit from a recovery in domestic demand and improved manufacturing activity, which could enhance profitability in the coming quarters [7].