金博股份：Q3减亏，新业务放量可期

Investment Rating - The report maintains a "Buy" rating for Jinbo Co Ltd (688598 SH) [3] Core Views - Jinbo Co Ltd reported a significant YoY decline in revenue and net profit for Q3 2024 and the first three quarters of 2024 [4] - The company's performance was pressured by reduced demand and price cuts for its thermal field system products due to low customer utilization rates [5] - Jinbo Co Ltd is optimizing its customer structure and reducing production costs through technological improvements and collaborative innovation [6] - The company's new carbon-based composite material products have passed customer verification and are expected to strengthen its leading position in the photovoltaic thermal field materials sector [6] - Jinbo Co Ltd's lithium battery thermal field series products have been successfully applied in its lithium battery anode integrated demonstration line and are being delivered to customers [6] Financial Performance - Q3 2024 revenue decreased by 64 10% YoY to 97 million yuan [4] - Q1-3 2024 revenue declined by 49 81% YoY to 440 million yuan [4] - Q3 2024 net profit attributable to the parent company was -43 million yuan, a 248 28% YoY decrease [4] - Q1-3 2024 net profit attributable to the parent company was -146 million yuan, a 146 79% YoY decline [4] - Q3 2024 gross margin was -30 12%, and Q1-3 2024 gross margin was -6 83% [5] - Q3 2024 net profit margin was -43 63%, and Q1-3 2024 net profit margin was -32 92% [5] Industry Outlook - The photovoltaic industry is expected to maintain high growth, with global new PV installations projected to reach 520GW in 2024, a 25%+ YoY increase [6] - Domestic PV installations in China are expected to reach 250GW in 2024, with non-European and American overseas markets growing at 50%+ [6] - The industry is expected to continue growing in 2025, with overseas markets benefiting from cost reductions and interest rate cuts, potentially achieving 30% growth [6] - The profitability of the main chain and auxiliary materials is at a clear bottom, with some companies considering price increases [6] Company Data - Current stock price: 27 29 yuan [7] - Total shares: 204 16 million [7] - Net asset value per share: 28 64 yuan [7] - 12-month high/low stock price: 91 28/14 64 yuan [7]