太极股份：单Q3利润高增，业务结构调整成效显著

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its performance relative to the market [5]. Core Insights - The company reported a significant increase in Q3 profits, with a single-quarter net profit of 1.31 billion yuan, representing a year-on-year growth of 60.73% [3][4]. - The overall revenue for the first three quarters of 2024 was 43.38 billion yuan, down 16.92% year-on-year, while Q3 revenue was 17.24 billion yuan, down 14.67% year-on-year [3][4]. - The improvement in profitability is attributed to a rise in gross margin to 32.50%, an increase of 2.51 percentage points year-on-year, and a reduction in credit impairment losses by 41.15 million yuan [4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a net cash flow from operations of -1.597 billion yuan, indicating an improvement in cash flow management [4]. - The company’s gross margin has improved due to a strategic reduction in low-margin integrated business, leading to a decrease in the revenue share from this segment [4]. - The company’s total revenue projections for 2024 to 2026 are estimated at 105.1 billion yuan, 120.5 billion yuan, and 139.2 billion yuan respectively, with net profits expected to be 4.5 billion yuan, 6.2 billion yuan, and 8.4 billion yuan [5][6].