先导智能2024Q3点评：业绩环比改善，静待行业度过低点

Investment Rating - The investment rating for the company is "Buy" and is maintained [2]. Core Views - The company reported a revenue of 9.112 billion yuan for the first three quarters of 2024, a year-on-year decrease of 30.90%, with a net profit attributable to the parent company of 608 million yuan, down 73.81% year-on-year. In Q3 2024, revenue was 3.359 billion yuan, a year-on-year decline of 44.93%, and net profit was 149 million yuan, down 86.71% year-on-year [3][4]. - The decline in revenue is attributed to a slowdown in acceptance of lithium battery equipment due to overcapacity in the downstream lithium battery industry and a slowdown in domestic market demand. However, the gross margin for the first three quarters of 2024 was 36.42%, showing slight year-on-year decline, while Q3 2024 gross margin improved to 36.63%, indicating strong industry position and cost control capabilities [4]. - The company has seen a reduction in impairment provisions, with asset impairment losses of 68 million yuan for the first three quarters, a decrease compared to the same period in 2023. In Q3 2024, asset impairment losses were 14 million yuan, showing improvement in the company's financial situation [5]. - The company is actively expanding its overseas business, establishing a logistics center in Germany and forming strategic partnerships in Europe and the US, which is expected to enhance its global service capabilities [6]. - The company is implementing a platform strategy, diversifying into areas such as photovoltaic intelligent equipment and hydrogen energy equipment, which is expected to gradually increase the proportion of non-lithium battery business [6]. - The lithium battery equipment industry is currently in a bottoming phase, with expectations for recovery in domestic demand starting in 2025. The company's net profit forecasts for 2024 and 2025 are 1.3 billion yuan and 2.05 billion yuan, respectively, with corresponding price-to-earnings ratios of 25 and 16 times [7].