鸣志电器：24Q3费用率提升，业绩表现承压

Investment Rating - The report maintains a "Buy" rating for the company [11]. Core Views - The company reported a revenue of 1.83 billion in the first three quarters of 2024, a year-on-year decrease of 4.51%, and a net profit attributable to shareholders of 47 million, down 43.69% year-on-year [6]. - The third quarter of 2024 saw a revenue of 565 million, a decline of 7.42% year-on-year, with a net profit of 7 million, down 76.38% year-on-year [6]. - The increase in expenses related to research and management due to future sustainable business layouts has pressured the company's net profit [7]. - The company has a high proportion of export income, with overseas business revenue of 584 million in the first half of 2024, down 12.50% year-on-year, accounting for 46.17% of total revenue [7]. - The gross profit margin for the first three quarters of 2024 was 37.65%, an increase of 0.96 percentage points year-on-year, while the expense ratio rose significantly, impacting performance [8]. - The company is focusing on high-value sectors such as semiconductors and lithium battery storage, with revenue growth exceeding 70% in these areas during the first half of 2024 [9]. - The company is also developing products related to humanoid robots, which are expected to contribute to incremental revenue [9]. Summary by Sections Financial Performance - In the first three quarters of 2024, the company achieved a revenue of 1.83 billion, a decrease of 4.51% year-on-year, and a net profit of 47 million, down 43.69% year-on-year [6]. - The gross profit margin for the first three quarters was 37.65%, with a net profit margin of 2.62%, down 1.80 percentage points year-on-year [8]. - The expense ratio increased to 33.45%, up 2.65 percentage points year-on-year, with significant increases in sales, management, and R&D expenses [8]. Business Outlook - The company is expected to improve its operational and profitability capabilities, particularly in sectors like semiconductor and lithium battery applications, which have shown strong growth [9]. - The establishment of production bases in locations such as Taicang and Vietnam is anticipated to enhance operational efficiency and profitability [9]. - The company is actively pursuing the development of humanoid robot products, which may provide additional revenue streams in the future [9].