Investment Rating - Investment rating is maintained as "Buy" [1] Core Views - The company reported a revenue of 184 million yuan for the first three quarters of 2024, a decrease of 2.78% year-on-year, with a net profit attributable to the parent company of 39.47 million yuan, down 17.96% year-on-year [1] - The company won a bid for a project in Tongliao worth 222 million yuan, which is expected to enhance its project undertaking capabilities [3] - The company is optimistic about the water supply industry driven by equipment upgrades, smart management, and water-saving initiatives, which are expected to increase the willingness to use and replace ultrasonic water meters [1] Financial Performance Summary - For the first three quarters of 2024, the gross margin was 49.46%, down 4.02 percentage points year-on-year, and the net profit margin was 21.46%, down 3.97 percentage points year-on-year [2] - The company has good expense control, with management, sales, and financial expense ratios at 7.5%, 14.8%, and -0.2%, respectively [2] - Research and development expenses accounted for 6.8% of revenue, an increase of 1.5 percentage points year-on-year [2] Project and Investment Updates - The company has increased its investment in the intelligent production line for ultrasonic instruments, with construction in progress amounting to 14.17 million yuan, up 662.53% from the beginning of the year [3] - The company’s inventory reached 94.08 million yuan, a year-on-year increase of 49.76%, primarily due to preparations for the Tongliao project [3] Earnings Forecast - The profit forecasts for 2024-2026 have been slightly adjusted, with expected net profits of 60 million, 71 million, and 85 million yuan, respectively [1] - Corresponding EPS for these years is projected to be 0.99, 1.17, and 1.40 yuan per share, with current price-to-earnings ratios of 21.8, 18.4, and 15.4 times [1]
天罡股份：北交所信息更新：亿元中标通辽项目，2024Q1-Q3营收-2.78%