Investment Rating - No rating provided for the company [15] Core Views - The company's revenue declined due to market conditions and equipment relocation, with some customer demand and product prices dropping, and insufficient capacity utilization during the transition period [2] - The company's performance continues to be under pressure due to a significant increase in depreciation costs, with a gross margin of 25.4% in the first three quarters of 2024, a significant decline compared to previous years [10] - The company reported a revenue of 190 million yuan in the first three quarters of 2024, a year-on-year decrease of 17.68%, and a net loss of 15.18 million yuan, a year-on-year decrease of 124.51% [11] Financial Performance - The company's revenue growth rate was 31% in 2020, 48% in 2021, and -3% in 2022, with a slight recovery to 15% in 2023 [16] - Net profit attributable to the parent company was 56 million yuan in 2020, 90 million yuan in 2021, 70 million yuan in 2022, and 75 million yuan in 2023, with a growth rate of 49% in 2020, 61% in 2021, -22% in 2022, and 7% in 2023 [16] - Gross margin was 52.8% in 2020, 53.9% in 2021, 49.7% in 2022, and 51.1% in 2023 [16] - ROE was 16.5% in 2020, 21.9% in 2021, 9.4% in 2022, and 7.0% in 2023 [16] - Earnings per share were 0.25 yuan in 2020, 0.40 yuan in 2021, 0.30 yuan in 2022, and 0.28 yuan in 2023 [16] Operational Highlights - The company is an independent professional integrated circuit testing enterprise, engaged in testing technology research, testing software and hardware development, testing equipment development, testing verification analysis, wafer testing, integrated circuit product testing, reliability testing, and equipment leasing [2] - The company's sales expenses increased by 83.1% year-on-year to 7.61 million yuan, mainly due to increased marketing efforts and additional marketing expenses for the subsidiary Shenci [6] - The company's management expenses were 28.5 million yuan, with a management expense ratio of 41.7% in the third quarter, consistent with the previous two quarters [6] - R&D expenses were 50.96 million yuan, a year-on-year increase of 10.8% [6] - The company's fixed assets increased by 381 million yuan due to the completion and acceptance of the "Lingang Integrated Circuit Testing Industrialization Project," leading to higher depreciation costs [10]
华岭股份：折旧成本大幅提升，业绩持续承压