Investment Rating - No rating provided for the company [3] Core Views - The company's non-GAAP net profit attributable to the parent company increased by 33.89% YoY in the first three quarters of 2024 [1] - Revenue for Q1-Q3 2024 was 607.15 million RMB, a decrease of 3.72% YoY, while net profit attributable to the parent company was 42.12 million RMB, an increase of 11.90% YoY [1] - Gross margin for Q1-Q3 2024 was 14.98%, an increase of 3.38 percentage points YoY, and net profit margin was 6.94%, an increase of 0.97 percentage points YoY [1] - In Q3 2024, revenue was 219.46 million RMB, an increase of 6.41% YoY, while net profit attributable to the parent company was 12.21 million RMB, a slight decrease of 0.37% YoY [1] - The company's gross margin in Q3 2024 was 13.55%, an increase of 2.58 percentage points YoY, but net profit margin decreased by 0.38 percentage points to 5.56% [1] Financial Performance - The company's operating cash flow was negative at -15.60 million RMB for the first three quarters of 2024 [1] - Total asset turnover ratio was 0.59, slightly lower than the previous year [1] - Sales expense ratio was 1.09%, an increase of 0.25 percentage points YoY, while management expense ratio was 3.01%, an increase of 0.54 percentage points YoY [1] - R&D expense ratio was 3.61%, an increase of 0.12 percentage points YoY, and financial expense ratio was 0.32%, an increase of 0.65 percentage points YoY [1] Company Overview - The company specializes in the R&D, production, and sales of precision nickel-based conductor materials for batteries [1] - It has capabilities in producing nickel strips, foils, and downstream precision structural components, primarily used in lithium batteries and other secondary battery products [1] - Its products are widely used in consumer electronics, new energy vehicles, power tools, electric bicycles, energy storage, aerospace, and metal commemorative coins [1] - As of December 9, 2024, the company's market capitalization was 1.554 billion RMB, with a TTM PE ratio of 43.06x [1] Historical Financials - Revenue in 2023 was 809.67 million RMB, a decrease of 10.59% YoY, while net profit attributable to the parent company was 31.61 million RMB, a decrease of 40.87% YoY [2] - Gross margin in 2023 was 10%, a decrease from 14% in 2022 [2] - ROE in 2023 was 3.66%, a significant drop from 8.13% in 2022 [2] - EPS in 2023 was 0.32 RMB, down from 0.69 RMB in 2022 [2]
远航精密：公司前三季度扣非归母净利润增长33.89%