乔治白：静待订单改善

Investment Rating - The report has adjusted the investment rating to "Accumulate" [4][6]. Core Views - The company reported a revenue of 270 million, a decrease of 25% year-on-year, and a net profit attributable to the parent company of 7 million, down 86% year-on-year for Q3 2024 [1]. - For the first three quarters of 2024, the company’s revenue was 780 million, a decrease of 18.6%, and the net profit attributable to the parent company was 50 million, down 57.5% [1]. - The gross margin for the first three quarters of 2024 was 48.65%, a decrease of 1.62 percentage points, while the net profit margin was 6.35%, down 6.62 percentage points [1]. - The company has established a vertically integrated business model that enhances control over the terminal and quick response capabilities [2]. - The company has set up design and R&D teams in multiple locations, integrating external design resources to meet diverse customer needs [2][3]. - The company collaborates with universities to enhance its technical capabilities and product competitiveness [3]. Financial Summary - The company’s earnings per share (EPS) for 2024-2026 are projected to be 0.17, 0.20, and 0.23 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 28X, 23X, and 20X [4]. - The total revenue for 2024 is estimated at 1,312.97 million, with a growth rate of -12.00% [5]. - The net profit attributable to the parent company for 2024 is projected to be 84.66 million, reflecting a decrease of 58.32% [5]. - The company’s total assets are expected to be 2,109.94 million by 2024, with a debt ratio of 22.71% [9].