创远信科：Q3单季度收入增长，归母净利润下滑

Investment Rating - The report does not provide a specific investment rating for the company [7] Core Views - The company reported a revenue of 161.81 million yuan for the first nine months of 2024, a year-on-year decrease of 11.54% [5] - Net profit attributable to the parent company was 1.92 million yuan, a year-on-year decrease of 90.31% [5] - Non-GAAP net profit attributable to the parent company was a loss of 21.33 million yuan [5] - Gross margin for the first nine months of 2024 was 52.98%, an increase of 3.49 percentage points year-on-year [5] - Net profit margin was 0.53%, a decrease of 9.42 percentage points year-on-year [5] - Sales expense ratio was 7.59%, an increase of 2.67 percentage points year-on-year [5] - Management expense ratio was 14.02%, an increase of 4.43 percentage points year-on-year [5] - R&D expense ratio was 52.85%, an increase of 19.27 percentage points year-on-year [5] - Financial expense ratio was 1.09% [5] Financial Performance - For Q3 2024, the company achieved a revenue of 67.94 million yuan, a year-on-year increase of 7.64% [7] - Net profit attributable to the parent company for Q3 2024 was 0.53 million yuan, a year-on-year decrease of 94.45% [7] - Non-GAAP net profit attributable to the parent company for Q3 2024 was a loss of 4.86 million yuan [7] - Gross margin for Q3 2024 was 51.30%, a decrease of 2.46 percentage points year-on-year [8] - Net profit margin for Q3 2024 was 0.77%, a decrease of 13.23 percentage points year-on-year [8] - Sales expense ratio for Q3 2024 was 7.19%, an increase of 2.79 percentage points year-on-year [8] - Management expense ratio for Q3 2024 was 16.29%, an increase of 6.57 percentage points year-on-year [8] - R&D expense ratio for Q3 2024 was 39.94%, an increase of 8.62 percentage points year-on-year [8] - Financial expense ratio for Q3 2024 was 0.82% [8] Company Overview - The company specializes in the development of RF communication testing instruments and provides comprehensive testing solutions [5] - It focuses on enhancing the potential of wireless testing instruments, with main business directions including wireless communication testing, vehicle networking testing, and wireless communication equipment [5] - The company owns a series of core patented technologies for testing instruments and is a national-level "little giant" enterprise with complete independent intellectual property rights [5] - Main products include signal analysis and spectrum analysis series, signal simulation and signal generation series, radio monitoring and Beidou navigation testing series, vector network analysis series, and wireless network testing and channel simulation series [5] Market Data - As of December 17, 2024, the company's market capitalization was 2.447 billion yuan, with a TTM PE ratio of 155.68 [6] - The closing price on December 17, 2024, was 17.13 yuan [10] - Total share capital was 142.84 million shares, with 105.44 million shares in circulation [10] - Net assets were 752.73 million yuan, and total assets were 1.21885 billion yuan [10] - Net asset per share was 5.27 yuan [10] Historical Financials - Revenue for 2020 was 304.50 million yuan, with a year-on-year growth of 38.36% [6] - Revenue for 2021 was 421.42 million yuan, with a year-on-year growth of 38.40% [6] - Revenue for 2022 was 317.99 million yuan, with a year-on-year decrease of 24.54% [6] - Revenue for 2023 was 270.35 million yuan, with a year-on-year decrease of 14.98% [6] - Net profit attributable to the parent company for 2020 was 48.60 million yuan, with a year-on-year growth of 53.76% [6] - Net profit attributable to the parent company for 2021 was 51.59 million yuan, with a year-on-year growth of 6.16% [6] - Net profit attributable to the parent company for 2022 was 22.27 million yuan, with a year-on-year decrease of 56.83% [6] - Net profit attributable to the parent company for 2023 was 33.58 million yuan, with a year-on-year growth of 50.77% [6] - Gross margin for 2020 was 42.68%, for 2021 was 42.61%, for 2022 was 45.44%, and for 2023 was 49.59% [6] - ROE for 2020 was 9.41%, for 2021 was 7.53%, for 2022 was 3.14%, and for 2023 was 4.62% [6] - Earnings per share for 2020 was 0.34 yuan, for 2021 was 0.36 yuan, for 2022 was 0.16 yuan, and for 2023 was 0.24 yuan [6] - PE ratio for 2020 was 41.74, for 2021 was 55.50, for 2022 was 68.76, and for 2023 was 58.54 [6]