卓胜微：公司简评报告：L-PAMiD迭代完成，折旧短期拖累不改长期向好

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has completed the iteration of L-PAMiD, and while short-term depreciation impacts performance, the long-term outlook remains positive [2][10] - The company reported a revenue of 3.367 billion yuan for the first three quarters of 2024, a year-on-year increase of 9.55%, but a net profit decline of 48.05% [8][10] - The gross margin for Q3 2024 was 37.14%, down 4.26 percentage points quarter-on-quarter and 9.43 percentage points year-on-year, primarily due to depreciation and product mix changes [9][10] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 1.083 billion yuan, a year-on-year decrease of 23.13% and a quarter-on-quarter decrease of 1.13% [8] - The net profit for Q3 2024 was 71 million yuan, down 84.29% year-on-year and 54.63% quarter-on-quarter [8] - The company’s gross margin for the first three quarters of 2024 was 40.52%, reflecting a year-on-year decrease of 7.40 percentage points [8] Production and R&D - The company has significantly increased R&D investment, with expenses reaching 753 million yuan in the first three quarters of 2024, a year-on-year increase of 83.50% [11] - The L-PAMiD product has been successfully validated by several brand clients, marking a significant milestone in the domestic supply chain [11] - The company’s 6-inch and 12-inch filter production lines have achieved a high level of self-sufficiency, with products being successfully integrated into various brand clients [12] Future Outlook - The company expects to see improved margins as production scales up and cost efficiencies are realized [9][10] - Revenue forecasts for 2024, 2025, and 2026 are adjusted to 4.667 billion yuan, 5.242 billion yuan, and 5.992 billion yuan respectively, with net profits expected to be 570 million yuan, 790 million yuan, and 1.204 billion yuan [10][13]