Q3 毛利率同比下滑，净利率同比提升。公司Q1-Q3 毛利率/净利率分别为57.86%/16.93%，同比-2.25pct/-4.29pct；销售/管理/研发/财务费用率分别为12.73%/11.13%/27.24%/-1.32%，同比+0.11pct/-5.61pct/+2.17pct/+1.11pct，其中研发费用率同比提升比较明显。Q3 毛利率/净利率分别为55.81%/20.71%，同比分别-6.79pct/+4.80pct。公司Q1-Q3 主营业务增长放缓主要受国内宏观经济、市场需求变化等因素影响；2025 年，公司在生产经营方面，将采取积极策略应对市场竞争，以提升竞争力。Matters:
The company released its 2024 three-quarter report: in the first three quarters, the company achieved operating income of 0.16 billion yuan, +3.74% year over year; realized net profit to mother of 0.027 billion yuan, -16.18% year over year. Q3 The company achieved operating income of 0.051 billion yuan, +12.69% year over year; realized net profit of 0.011 billion yuan to mother, +48.04% year over year.
Commentary:
Q3 Gross margin declined year over year, and net profit margin increased year over year. The company's Q1-Q3 gross margin/net margin was 57.86%/16.93%, respectively, -2.25pct/-4.29pct; sales/management/R&D/finance expense ratios were 12.73%/11.13%/27.24%/-1.32%, respectively, +0.11pct/-5.61pct/+2.17pct/+1.11pct, with R&D expenses increasing significantly year-on-year. Q3 gross margin/net margin was 55.81%/20.71%, respectively, -6.79pct/+4.80pct year-on-year, respectively. The slowdown in the company's main business growth in Q1-Q3 was mainly affected by factors such as domestic macroeconomics and changes in market demand; in 2025, in terms of production and operation, the company will adopt an active strategy to deal with market competition in order to enhance competitiveness.
Laser galvanometer software and hardware collaboration to enhance market competitiveness. 1) Laser galvanometer control system: In the field of high-end applications, it is currently mainly dominated by international manufacturers such as German Scaps and German Scanlab. Driven by the company's high investment in R&D, the market share of the high-end market is expected to increase steadily. 2) High-end galvanometer: The company will accelerate the advancement of the galvanometer project, improve the product matrix, and enhance the competitive advantage of the product.
Actively lay out the servo control system, and the results are gradually showing. In the field of medium and low power laser servo control systems, Baichu Electronics and Weihong Co., Ltd. occupy a major share in the country. The company has carried out continuous R&D investment and technology upgrades in the field of servo control systems; by the end of the third quarter, the confirmed revenue of the company's servo control system products in 2024 had exceeded the annual level of similar products in 2023, and there was a certain increase.
Investment advice: Considering macroeconomic and market demand changes, we lowered the company's performance expectations; the company is expected to achieve revenue of 0.234 billion yuan (previous value 0.273 billion yuan), 0.286 billion yuan (previous value 0.339 billion yuan), and 0.35 billion yuan respectively, and realized net profit to mother of 0.036 billion yuan (previous value 0.069 billion yuan) and 0.061 respectively For billion yuan (previous value 0.094 billion yuan) and 0.085 billion yuan, the corresponding EPS is 0.36 yuan, 0.60 yuan, and 0.83 yuan, respectively. Referring to the valuation level of comparable companies, considering that as a leading domestic laser processing and control system enterprise, the company is actively expanding the high-end galvanometer hardware business and servo control system business, and has made positive progress. With its own technical advantages, the market share is expected to gradually increase, giving 43 times PE in 2025, and the target price is adjusted to 25.80 yuan, maintaining the “recommended” rating.
Risk warning: The recovery in the manufacturing industry fell short of expectations; the progress of production expansion fell short of expectations; the expansion of new industries and overseas markets fell short of expectations.
