广联达：Q3业绩保持稳定，降本增效效果显现

Investment Rating - The report maintains an "Add" rating for the company [2][6]. Core Views - The company experienced a revenue decline of 8.03% year-on-year in the first three quarters of 2024, with a total revenue of 4.396 billion yuan. The net profit attributable to shareholders decreased by 18.48% year-on-year to 213 million yuan [5]. - In Q3 2024, the company achieved a revenue of 1.438 billion yuan, down 15.96% year-on-year, but the net profit attributable to shareholders increased by 59.71% year-on-year to 21 million yuan, indicating a significant improvement in profit growth compared to Q2 [5]. - The gross margin improved to 86.21% in Q3 2024, up 1.16 percentage points year-on-year, while the expense ratios for sales, management, and R&D were 26.48%, 22.90%, and 28.89%, respectively [5]. Financial Summary - The company's projected revenue for 2024 is 6.138 billion yuan, with a year-on-year decline of 6.5%. However, it is expected to grow by 8.8% in 2025 and 7.8% in 2026 [3]. - The net profit attributable to shareholders is forecasted to be 422 million yuan in 2024, 633 million yuan in 2025, and 794 million yuan in 2026, reflecting a significant recovery in profitability [3][6]. - The gross margin is expected to remain strong, with projections of 85.2% in 2024, 85.5% in 2025, and 85.4% in 2026 [3].