Investment Rating - The report maintains a "Buy" rating for the company [8][7]. Core Views - The company reported a revenue of 1.238 billion yuan for the first three quarters of 2024, a decrease of 33.87% year-on-year. The net profit attributable to the parent company was 54 million yuan, down 73.43% year-on-year, and the net profit after deducting non-recurring gains and losses was 43 million yuan, a decrease of 75.4% year-on-year [5][6]. - In Q3 alone, the company achieved a revenue of 428 million yuan, a decline of 34.35% year-on-year, with a net loss attributable to the parent company of 46 million yuan, a decrease of 170% year-on-year, and a net loss after deducting non-recurring gains and losses of 55 million yuan, a decrease of 197% year-on-year [5][6]. - The decline in revenue is attributed to a decrease in orders compared to the previous year, unrecognized revenue from shipped goods, and an increase in unfinished engineering projects [6]. - The gross profit margin for the first three quarters was 16.84%, down 4.68 percentage points year-on-year, while the gross profit margin for Q3 was 12.49%, down 6.59 percentage points year-on-year [6]. - The company recorded a credit impairment loss of 49.59 million yuan in Q3 [7]. - As of the end of Q3, inventory reached 375 million yuan, an increase of 69% year-on-year, and contract liabilities amounted to 380 million yuan, up 65.3% year-on-year, indicating a significant amount of unfulfilled revenue [7]. - The projected net profit attributable to the parent company for 2024 and 2025 is estimated at 100 million yuan and 200 million yuan, respectively, corresponding to valuations of approximately 41 times and 20.5 times [7]. Financial Summary - The current stock price is 20.15 yuan, with a total share capital of 20.697 million shares and a circulating A share of 19.39 million shares [8]. - The net asset per share is 14.86 yuan, with the highest and lowest prices in the last 12 months being 39.20 yuan and 15.00 yuan, respectively [8].
苏文电能：24Q3盈利阶段性承压，后续项目交付有望提升