经纬恒润：24Q3亏损进一步收窄，业绩拐点有望临近.

Investment Rating - The report assigns an "Accumulate-A" rating to the company for the first time [4]. Core Views - The company has shown a significant revenue growth of 24.05% year-on-year, reaching 3.546 billion yuan in the first three quarters of 2024, although it reported a net loss of 410 million yuan, which is a 192.53% decline year-on-year [1]. - The third quarter of 2024 saw a revenue increase of 30.80% year-on-year and 33.52% quarter-on-quarter, driven by a rise in sales orders for automotive electronic products [2]. - The company is expected to enter a performance turning point as it optimizes its customer structure and enhances its product matrix, with several new products entering mass production [3][4]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 1.519 billion yuan, with a net loss of 77 million yuan, reflecting a 50.08% decline year-on-year [1]. - The gross margin improved to 23.95%, with a net margin of -4.81%, indicating a recovery trend [2]. - The company’s weighted ROE for Q3 was -1.78%, showing a slight improvement compared to previous quarters [2]. Cost Management - The company has effectively controlled its expenses, with sales, management, R&D, and financial expense ratios showing improvements [3]. - Management and R&D expenses have decreased on a quarter-on-quarter basis, suggesting better cost efficiency [3]. Product Development and Market Position - The company is expanding its product offerings in the automotive electronics and intelligent components market, with key clients like Geely and Xiaomi [3]. - Several high-value products are entering mass production, which is expected to significantly boost revenue in the coming years [3][4]. - The company anticipates that its high R&D investments will start yielding returns, with multiple projects set to enter mass production by 2025 [4]. Revenue Projections - Revenue forecasts for 2024, 2025, and 2026 are 5.616 billion yuan, 6.862 billion yuan, and 8.445 billion yuan, respectively, with year-on-year growth rates of 20.1%, 22.2%, and 23.1% [4][6]. - The projected net profit for 2024 is -379 million yuan, with expectations of profitability returning in 2025 and 2026 [4][6].