公司Q3 实现营收2.7 亿元，同比+30%，环比+3%，实现归母净利润-0.3 亿元，同比转亏，环比基本持平，营收同比高增长主要系公司报告期内加速通信新业务产能建设，线模组、背板连接器等产品开始放量。公司线模组已在核心客户获得突破，同时布局建设4 条高速模组自动生产线。线模组产品开发难度高，公司具备技术先发优势，同时拥有客户资源，我们预计随着客户订单持续交付，公司营收有望进一步环比向上。Key points of investment
The company released its three-quarter report for 2024. The first three quarters achieved revenue of 0.75 billion yuan, +21% year-on-year, and realized net profit to mother of -0.05 billion yuan, which turned into a year-on-year loss. Among them, Q3 achieved revenue of 0.27 billion yuan, +30% year-on-month, and realized net profit of -0.03 billion yuan to mother, turning losses year on year, and basically flat from month to month.
Telecom production capacity is gradually being put into operation, and product volume is driving up revenue
In Q3, the company achieved revenue of 0.27 billion yuan, +30% year-on-month, and achieved net profit of -0.03 billion yuan, turning losses year on year and basically flat from month to month. The high year-on-year increase in revenue was mainly due to the company's acceleration of new communications business capacity construction during the reporting period, and products such as cable modules and backboard connectors began to be launched. The company's line module has achieved breakthroughs with core customers, and at the same time, it has laid out and built 4 high-speed module automatic production lines. The development of line module products is difficult. The company has a first-mover advantage in technology and has customer resources. We expect that as customer orders continue to be delivered, the company's revenue is expected to increase further month-on-month.
High R&D is awaiting production, and the main defense industry is under pressure in the short term
Q3 The company's gross sales margin was 12.2%, -17.6pct year-on-year, and -10.6pct month-on-month. The main reasons for the decline in gross margin were the following three main reasons: 1) the company focused on opportunities in the cable module industry and invested a large amount of resources to meet customer orders before production capacity was fully built; 2) The company's main defense market price and demand were under pressure, and the decline in high-margin business led to a decline in the company's gross margin; 3) The company continued to incubate a series of innovative products such as CPU sockets and high-speed connectors, and maintained a high investment intensity in R&D. Q3 The company's sales/management/R&D/finance expense ratios were 3.3%/12.8%/11.9%/-0.2%, respectively, -0.7/-3.5/-0.5/+0.2pct, respectively, -2.7/-1.4/+0.4/-1.0pct, respectively. Overall, -4.5 pct year over year, and -4.6 pct month-on-month. Expense optimization is due to the increase in revenue scale. We believe that the company's short-term performance is under pressure, but as high investment gradually translates into revenue growth, performance is expected to be released at an accelerated pace.
Investment advice
We expect the company's revenue in 2024-2026 to be 1.331/1.91/2.579 billion yuan, up 47.32%/43.49%/35.04% year on year; net profit to mother will be 0.101/0.149/0.21 billion yuan, respectively, up 39.48%/47.87%/40.46% year on year, and CAGR-3 43%. In view of the company's obvious advantages in the field of high-speed line modules and continuing to develop business fields such as high-voltage/high-speed high-frequency connectors for automobiles, it has high growth potential and maintains a “buy” rating.
Risk warning: Communications business development falls short of expectations; defense order recovery falls short of expectations; major customer dependency risk.
