高测股份：盈利表现承压，钨丝线占比提升

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has experienced a significant decline in revenue and profit margins, with a 18.50% year-on-year decrease in revenue for the first three quarters and an 82.49% drop in net profit [4][5] - The company maintains a competitive edge in the tungsten wire diamond wire market, with an increase in the proportion of tungsten wire diamond wire sales [5] - The overall price pressure in the photovoltaic industry has led to a decline in profitability, with gross margins dropping to 22.98%, a decrease of 23.0 percentage points year-on-year [5][6] - Future revenue projections for 2024-2026 are estimated at 48.49 billion, 55.47 billion, and 66.29 billion respectively, with net profits expected to recover gradually [6] Summary by Sections Trading Data - Current price is 13.98 yuan, with a market cap of 7643.48 million yuan and a circulating market cap of 7236.10 million yuan [1] Financial Performance - Revenue for the first three quarters of 2023 was 34.32 billion yuan, down 18.50% year-on-year, with a net profit of 2.05 billion yuan, down 82.49% [4][8] - The third quarter saw a revenue of 7.85 billion yuan, a decrease of 53.51% year-on-year, and a net profit of -0.67 billion yuan, a decline of 114.69% [4][8] Profitability Metrics - Gross margin for the first three quarters was 22.98%, down 23.0 percentage points year-on-year, while net margin was 5.98%, down 21.9 percentage points [5][8] - The third quarter gross margin fell to 12.19%, a decrease of 32.6 percentage points year-on-year [5][8] Future Projections - Expected revenue for 2024 is 48.49 billion yuan, with net profit projected at 2.37 billion yuan, reflecting an 84% decline year-on-year [6] - The company is expected to recover with projected net profits of 3.17 billion yuan in 2025 and 4.42 billion yuan in 2026 [6]