2024 年Q3 归母净利润同比高增，盈利能力环比承压。2024年Q3 公司实现归母净利润0.27 亿元，同比+38.6%，环比-34.7%，同比高增，环比下滑。2024 年Q3，在营收端环比几乎持平的背景下，公司利润环比下滑，净利率环比-8.37pct，主要系2024 年Q3公司毛利率环比下滑叠加管理费用率（不含研发）提升所致，其中毛利率环比-2.95pct，管理费用率（不含研发）环比+1.77pct。Incidents:
On October 27, 2024, Zhaomin Technology announced its 2024 Q3 results announcement: 2024Q3 achieved revenue of 0.187 billion yuan, +31.2% YoY, +2.6% month-on-month; realized net profit to mother of 0.027 billion yuan, +38.6% YoY, -34.7% month-on-month; realized net profit without deduction of 0.027 billion yuan, +53.2% YoY and -25.1% month-on-month.
Investment highlights:
Net profit to mother increased year-on-year in Q3 2024, and profitability was under month-on-month pressure. In 2024, Q3 Company achieved net profit of 0.027 billion yuan, +38.6% year over year and -34.7% month on month, high year-on-year increase, and month-on-month decline. In Q3 2024, against the backdrop of almost flat month-on-month revenue, the company's profit declined month-on-month, and net profit margin was -8.37pct month-on-month, mainly due to a month-on-month decline in the company's gross margin in Q3 in 2024 combined with an increase in management expenses (excluding R&D). Among them, gross margin was -2.95pct month-on-month, and the management expense ratio (excluding R&D) was +1.77pct month-on-month.
The active layout of precision components for humanoid robots is expected to create the company's second growth curve.
With the rapid development of AI and other technologies, humanoid robot products have made continuous breakthroughs in recent years, and they require high performance and quality of components. With many years of development experience and precision parts manufacturing experience in the field of special engineering plastics (PEEK, PPS, etc.), as well as long-term advantages in the supply chain of internationally renowned AI/robot companies, the company closely follows customer needs and actively develops new precision parts products for humanoid robots with customers. In the future, as the company advances its humanoid robot precision parts business, the humanoid robot business may create the company's second growth curve.
Profit forecasts and investment ratings
Against the backdrop of rapid growth in the main business, humanoid robot precision components may become the company's second growth curve, and the company's performance is expected to continue to increase. We expect the company to achieve total operating income of 0.771, 0.97, and 1.155 billion yuan in 2024-2026, with a year-on-year growth rate of 30%, 26%, and 19%; net profit to mother of 0.159, 0.201, 0.241 billion yuan, and a year-on-year growth rate of 54%, 26%, and 20%; EPS is 0.66, 0.83, 0.99 yuan, corresponding to the current stock price The PE valuation was 25, 20, and 17 times, respectively, maintaining the “gain” rating.
Risk warning
Raw material prices continue to rise; sales fall short of expectations; new customer expansion falls short of expectations; production capacity of new plants falls short of expectations; overseas market expansion falls short of expectations; and new product development progress falls short of expectations.
