SBT(688392) 东吴证券·2024-10-26 17:30Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company's Q3 performance met market expectations, with a revenue of 410 million yuan for the first three quarters of 2024, a decrease of 10% year-on-year, and a net profit attributable to shareholders of 20 million yuan, down 73% year-on-year [2] - The share of non-metal welding business has increased, while the share of ear welding business has decreased, with non-metal welding and consumables accounting for approximately 50% of total revenue in Q3 [2] - The company is expanding into new business areas, including high-voltage harnesses and IGBT, which are expected to have higher profit margins and significant growth potential [2][3] Financial Performance Summary - Total revenue for 2024 is projected to be 591.54 million yuan, with a year-on-year growth of 12.63% [1] - The net profit attributable to shareholders is forecasted to be 37.12 million yuan in 2024, reflecting a year-on-year decline of 44.22% [1] - The company's EPS is expected to be 0.32 yuan per share in 2024, with a P/E ratio of 142.36 [1] Revenue and Profit Forecast - The company anticipates a revenue growth of over 10% for the full year, reaching nearly 600 million yuan, with specific revenue contributions from various segments [2] - The overall gross margin is expected to maintain between 50% and 55% for the year [2] Research and Development - The company has continued to invest in R&D, with operating expenses increasing by 21% year-on-year during the first three quarters of 2024 [3] - The operating cash flow has turned negative, indicating challenges in cash generation [3] Market Data - The closing price of the company's stock is 46.03 yuan, with a market capitalization of approximately 5.28 billion yuan [5] - The company has a P/B ratio of 3.18 and a total asset-liability ratio of 19.16% [6]