民爆光电：收入稳步增长，利润略有承压

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company achieved a steady revenue growth of 12.31 billion yuan in the first three quarters of 2024, representing an 8.1% year-on-year increase, while the net profit attributable to the parent company was 1.87 billion yuan, up 0.48% year-on-year [1] - In Q3 2024, the company reported revenue of 4.14 billion yuan, a 6.38% year-on-year increase, but the net profit decreased by 12.64% year-on-year to 0.6 billion yuan [1] - The overall profit margin of the company has slightly come under pressure, with a gross margin of 31.03% in the first three quarters of 2024, down 2.67 percentage points year-on-year [3] - The financial expense ratio has increased, attributed to exchange rate fluctuations, with the financial expense ratio in Q3 2024 rising by 1.09 percentage points year-on-year [4] Revenue Summary - The company experienced stable revenue growth in Q3 2024, although the growth rate has slowed compared to H1 2024. It is expected that the growth trend will continue, with commercial lighting revenue potentially outpacing industrial lighting [2] Profitability Summary - The gross margin for Q3 2024 was 30.85%, down 3.33 percentage points year-on-year, and the net margin was 14.16%, also down 3.33 percentage points year-on-year. The decline in gross margin is expected to continue, particularly in industrial lighting products [3] Financial Metrics Summary - The company’s financial metrics indicate a sales expense ratio of 5.43%, a management expense ratio of 3.87%, a research and development expense ratio of 7.03%, and a financial expense ratio of -1.51% for the first three quarters of 2024 [4] - The projected net profit for the years 2024 to 2026 is estimated at 2.4 billion yuan, 2.8 billion yuan, and 3.1 billion yuan respectively, with corresponding dynamic P/E ratios of 17.3x, 15.2x, and 13.4x [4]