电新行业2024Q1~3&24Q3业绩总结：整体犹困蹇，局部现晨光

Investment Rating - The report does not explicitly state an investment rating for the electric new industry. Core Insights - The electric new industry is experiencing significant revenue decline, with a reported revenue of 2,371.6 billion yuan for Q1-Q3 2024, down 9.3% year-on-year, marking a 22.89 percentage point decrease in growth rate [4][5]. - The industry is in a bottoming phase, with Q3 2024 revenue of 825.2 billion yuan, also down 9.3% year-on-year and 2.1% quarter-on-quarter, indicating the first decline in Q3 revenue in three years [5][6]. - The net profit for the electric new industry in Q1-Q3 2024 was 103.3 billion yuan, a significant drop of 49.4% year-on-year, with 239 companies reporting profits, representing 77.1% of the total [9][23]. Summary by Sections 1. Q3 2024 Performance Review - The electric new industry reported a revenue of 8,252.04 billion yuan in Q3 2024, down 9.3% year-on-year and 2.1% quarter-on-quarter [5][6]. - The industry is still in a bottoming phase, with Q1-Q3 2024 revenue showing a clear downward trend [5]. 2. Major Sub-sectors Performance - In Q1-Q3 2024, the top three revenue growth sectors were electric motors (+11.0%), distribution equipment (+8.0%), and power electronics and automation (+7.9%) [36]. - Only distribution equipment (+19.6%) and nuclear power (+3.5%) achieved positive net profit growth, while the solar sector saw a drastic decline of 115.6% in net profit [36]. 3. Profitability Analysis - The gross profit margin for the electric new industry decreased by 2.1 percentage points to 17.71% in Q1-Q3 2024, with 182 companies above the industry average [13]. - The net profit margin for Q1-Q3 2024 was 4.69%, down 3.78 percentage points year-on-year, indicating a low profitability level [23]. 4. Cash Flow Situation - The operating cash flow net amount for the electric new industry reached 1,139.76 billion yuan in Q1-Q3 2024, down 32.2% year-on-year, but Q3 2024 saw a significant increase of 11.6% year-on-year [33]. 5. Sub-sector Insights - The lithium battery sector reported a revenue of 6,305.82 billion yuan in Q1-Q3 2024, down 13.0% year-on-year, with a net profit of 497.02 billion yuan, a decrease of 4.6% [60]. - In Q3 2024, the lithium battery sector's revenue was 2,214.85 billion yuan, down 13.6% year-on-year but showing signs of recovery with a slight quarter-on-quarter increase [63]. 6. Key Performance Indicators - The lithium battery sector's gross margin improved to 21.93% in Q3 2024, reflecting a recovery trend, while the net margin was 8.14% [69]. - The sector's inventory levels increased to 1,610.64 billion yuan, with a significant rise in accounts receivable, indicating a tightening cash flow situation [74].