2024Q3 盈利能力大幅下滑，公司业绩短期承压1）利润率方面：2024 前三季度毛利率为40.4%，同比减少6.3pcts；净利率为3.7%，同比下降1.5pcts。2024Q3 毛利率为17.0%，同比下降27.7pcts，环比下降31.6pcts；净利率为-43.7%，同比下降50.6pcts，环比下降66.2pcts。毛利率波动主要由于民品占比有所波动，净利率波动主要由于三季度交付产品过少。Key investment points
Incident: The company released the 2024 Q3 report, with revenue falling 1.3% for the first three quarters of 2024 1) Performance for the first three quarters of 2024: The company achieved operating income of 0.73 billion yuan in the first three quarters of 2024, down 1.3% year on year, mainly due to a sharp year-on-year decline in product sales in the third quarter; net profit to mother 0.03 billion yuan, down 30.6% year on year; net profit after deducting net profit and loss for the first three quarters, mainly due to the large increase in operating costs, R&D expenses, etc. in the first three quarters, but business Receipts have declined.
2) 2024Q3 performance: 2024Q3 achieved operating income of 0.14 billion yuan, a year-on-year decrease of 53.5%; net profit to mother -0.06 billion yuan, which changed from profit to loss year-on-year.
2024Q3 profitability declined sharply, and the company's performance was under short-term pressure 1) In terms of profit margin: gross margin for the first three quarters of 2024 was 40.4%, a year-on-year decrease of 6.3 pcts; net interest rate was 3.7%, down 1.5 pcts year on year. 2024Q3 gross margin was 17.0%, down 27.7 pcts year on year, down 31.6 pcts month on month; net margin was -43.7%, down 50.6 pcts year on year, down 66.2 pcts month on month. The fluctuation in gross margin was mainly due to fluctuations in the share of consumer products, and the fluctuation in net profit margin was mainly due to too few products delivered in the third quarter.
2) In terms of period expenses: The fee rate for the first three quarters of 2024 was 47.59%, with a year-on-year increase of 3.5 pcts, of which the sales expense ratio was 8.1%, increasing 0.6 pcts year on year, mainly due to the decline in the company's third-quarter performance; the management expense ratio was 13.0%, a decrease of 2.8 pcts year on year, mainly due to a decrease in accrued share incentive costs; the financial expense ratio was 25.6%, which increased 7.3 pcts year on year, mainly due to the company's increased investment in R&D; the financial expense ratio was 0.9%, a decrease of 1.6 pcts year on year, mainly due to the company's bank deposit interest income .
3D printing penetrates downstream aerospace rapidly, and the civil use scenario continues to expand, and there is sufficient potential for growth 1) The proportion of the company's printing equipment in civilian products continues to rise, and the layout of large-format equipment raises industry barriers.
2) The company's printing services have benefited from the continuous recovery of the military industry, and pre-research and batch production have contributed inexhaustible results.
Investment advice and profit forecasting
The company's revenue for 2024-2026 is expected to be 1.43, 2.26, and 3.03 billion yuan respectively, with year-on-year growth rates of 16%, 58%, and 34% respectively. Net profit attributable to mother was 0.2, 0.4, and 0.53 billion yuan, respectively, with year-on-year growth rates of 44%, 98%, and 32%, respectively. PE was 67.3X, 34.0X, and 25.8X, maintaining the “increase in holdings” rating.
Risk warning: Aerospace demand falls short of expectations; 3D printing competition worsens: 3D printing technology is rapidly iterating.
