Q3 毛利率同比明显提升，其他收益短期压制净利率表现24Q1-Q3 公司归母净利润和扣非归母净利润分别为7.26 和6.92 亿元，分别同比+27%和+31%，其中Q3 分别为2.35 和2.21 亿元，分别同比+12%和+18%。24Q3 销售净利率和扣非净利率分别为58.57%和52.86%，同比-5.0pct 和-3.7pct。具体来看：1）毛利端：24Q3 销售毛利率为82.36%，同比+1.74pct，明显提升；2）费用端：24Q3 期间费用率为23.72%，同比-5.70pct，其中销售、管理、研发和财务费用率分别同比-1.74、+0.57、-7.88 和+3.35pct，研发费用率明显下降。3）24Q3 公司其他收益仅为1461 万元，同比下降2773 万元，短期明显压制公司利润端表现。Incident Overview
The company released its 2024 three-quarter report.
The Q3 revenue side achieved rapid inverse beta growth. We are optimistic that the Q4 growth rate will rise. 24Q1-Q3 companies achieved operating income of 1.301 billion yuan, +31% year over year, of which Q3 was 0.417 billion yuan, +26% year over year, exceeding previous market expectations. Against the backdrop of GM manufacturing pressure, the company achieved rapid inverse beta growth in 24Q3, and α was once again highlighted. By product: 1) Medium and low power control systems: benefiting from demand such as export & domestic demand updates, we estimate that Q3 will achieve steady growth; 2) High power control systems: the penetration rate of high-power laser cutting is still low, and we judge that it will continue to grow at a higher than average growth rate; 3) Cutting head: We judge that the growth rate is higher than that of high-power systems. On the one hand, the consumable properties are strong, and on the other hand, the volume of new medium and low power cutting heads released. Looking back, Q4 has entered the peak season for general lasers, and demand is expected to rise. I am optimistic about the upward growth rate on the Q4 revenue side.
Q3 gross margin increased markedly year-on-year. Short-term net interest rate performance of the 24Q1-Q3 company was 7.26 million yuan and 692 million yuan, respectively, +27% and +31% year-on-year, respectively. Of these, Q3 was 2.35 million yuan and 221 million yuan, respectively, +12% and +18%, respectively. 24Q3 net sales margin and deducted non-net interest rate were 58.57% and 52.86%, respectively, -5.0 pct and -3.7 pct year-on-year. Specifically: 1) Gross profit margin: 24Q3 sales gross margin was 82.36%, up 1.74pct year on year; 2) Expense side: the 24Q3 period cost ratio was 23.72%, -5.70pct year on year. Among them, sales, management, R&D, and finance cost ratios were -1.74, +0.57, -7.88, and +3.35 pct, respectively, and the R&D expense ratio declined markedly. 3) The 24Q3 company's other revenue was only 14.61 million yuan, a year-on-year decrease of 27.73 million yuan, which clearly suppressed the company's profit-side performance in the short term.
Intelligent welding has entered the first year of 1 to N emissions, and the borderless growth logic of leading industrial control software opens 1) Intelligent welding: We expect China's steel structure industry alone to have a potential stock demand of about 10.7 billion yuan for intelligent welding control systems. After the past 2-3 years of technical refinement, the industry has the underlying technical conditions of 1 to N, and the company has established close cooperative relationships with many mainstream steel structures. Furthermore, according to Gaogong Robotics, integrators such as Qianjiang, Beike, Dazu, Zika, and Shanghai Engineering have all directly adopted the company's teaching-free welding system. The company has a clear first-mover advantage and has fully benefited from the trend of industry development. 2) Precision processing: The company develops high-performance galvanometer control systems, cooperates with integrated drive-control products and visual positioning modules to provide complete solutions for Topcon laser processing; reserves technical solutions such as BC battery laser graphics and perovskite battery laser manufacturing processes to further expand the circle of capabilities.
Investment advice
We maintained the company's 2024-2026 operating income of $1,897, 25.12 and $3.31 billion, respectively; maintained 2024-2026 net profit of 9.90, 13.31, and 1,743 billion yuan, respectively, +36%, +34% and +31% year-on-year, and maintained 2024-2026 EPS at 4.82, 6.48 yuan, and 8.48 yuan, respectively. The 2024/10/25 stock price of 197.78 yuan corresponds to PE of 41, 31 and 23 times. Based on the company's market competitiveness in the field of laser cutting and platform-based expansion capabilities, it maintains an “gain” rating.
Risk warning
The manufacturing boom has declined, the competitive landscape has deteriorated, profit levels have declined, etc.
