连城数控：减值计提影响，Q3单季度收入利润承压

Investment Rating - The investment rating for the company is "Buy" [9]. Core Insights - The company reported a revenue of 3,968.44 million yuan for the first nine months of 2024, representing a year-on-year increase of 7.31%. However, the net profit attributable to shareholders was 376.89 million yuan, a decrease of 17.73% year-on-year [5]. - The gross margin for the first nine months of 2024 was 30.36%, an increase of 3.80 percentage points year-on-year, while the net margin was 9.37%, a decrease of 1.72 percentage points year-on-year [5]. - The company focuses on the photovoltaic and semiconductor equipment sectors, providing integrated services in crystal material growth, processing equipment, and core technologies [6]. Financial Performance Summary - For the fiscal year 2023, the company achieved a revenue of 6,001.58 million yuan, with a year-on-year growth of 59.10%. The net profit attributable to shareholders was 681.48 million yuan, reflecting a year-on-year increase of 50.66% [3]. - The gross margin for 2023 was 26.76%, while the return on equity (ROE) was 19.41% [3]. - The company reported a decrease in revenue and net profit for Q3 2024, with revenue at 1,437.92 million yuan, down 20.41% year-on-year, and net profit at 55.45 million yuan, down 75.41% year-on-year [4].