凌云股份：Q3业绩短期承压，毛利率同比改善

Investment Rating - The investment rating for Lingyun Co., Ltd. is "Buy" (maintained) [1] Core Views - The company's Q3 performance is under short-term pressure, with net profit declining quarter-on-quarter due to foreign exchange losses [1] - Despite the short-term challenges, the gross profit margin has improved year-on-year, indicating better cost management [1] - The company is advancing its robotics business, which is expected to open new growth opportunities [1] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 13.348 billion yuan, a year-on-year decrease of 0.42%, with Q3 revenue at 4.410 billion yuan, down 7.16% year-on-year and 4.92% quarter-on-quarter [1] - The net profit attributable to the parent company for the first three quarters was 501 million yuan, up 13.23% year-on-year, with Q3 net profit at 102 million yuan, down 15.01% year-on-year and 42.80% quarter-on-quarter [1] - The gross profit margin for the first three quarters was 17.44%, an increase of 1.28 percentage points year-on-year, while the net profit margin was 5.23%, up 0.66 percentage points year-on-year [1] - The company expects net profits of 652 million yuan, 770 million yuan, and 961 million yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 15, 12, and 10 times [2][1] Cost Management - The company has demonstrated good expense management, with sales, management, R&D, and financial expense ratios for the first three quarters at 1.87%, 5.16%, 4.12%, and 0.85% respectively, showing mixed year-on-year changes [1] - In Q3, the expense ratios were 1.89%, 5.26%, 4.44%, and 1.34%, reflecting slight improvements in sales and management expenses [1] Robotics Business Development - The company is leading a team with the Institute of Physics of the Chinese Academy of Sciences to advance its robotics business, aiming to produce a sample of a six-dimensional force sensor by the end of the year [1] - A small production line for 3,000 robot pressure sensors per year is expected to be established by year-end [1]