成电光信：Q3单季度收入增长，利润端承压

Investment Rating - The investment rating for the company is "Buy" [7]. Core Insights - The company reported a revenue of 202.82 million yuan for the first nine months of 2024, representing a year-on-year increase of 61.21%. The net profit attributable to shareholders was 31.17 million yuan, up 16.59% year-on-year, while the net profit after deducting non-recurring gains and losses was 29.92 million yuan, an increase of 23.82% year-on-year [1]. - In Q3 2024, the company's gross margin was 33.38%, down 16.89 percentage points year-on-year, and the net margin was 7.25%, down 7.95 percentage points year-on-year. The overall expense ratio remained stable [4]. - The company operates in the research, development, production, and sales of network bus products and special display products, primarily serving the defense and military sectors. It is a research-driven manufacturing enterprise with multiple proprietary intellectual properties and significant technological advantages [2]. Financial Summary - For the first nine months of 2024, the company achieved a gross margin of 42.60%, a decrease of 13.68 percentage points year-on-year, and a net margin of 15.37%, down 5.88 percentage points year-on-year. The sales expense ratio was 6.58%, down 2.19 percentage points, while the management expense ratio was 5.07%, down 2.77 percentage points, and the R&D expense ratio was 5.42%, down 2.58 percentage points [1]. - The company’s market capitalization as of December 17, 2024, was 1.965 billion yuan, with a price-to-earnings ratio (TTM) of 39.72 times [4].