凌云股份：Q3业绩短期承压，新兴业务持续拓展

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's Q3 performance is under pressure, with revenue of 4.41 billion yuan, down 7.2% year-on-year and 4.9% quarter-on-quarter. The net profit attributable to the parent company is 100 million yuan, down 15.0% year-on-year and 42.8% quarter-on-quarter. However, Q4 is expected to improve sequentially due to the gradual effects of policies and the industry entering a peak season. The company's energy storage business is expanding smoothly, laying a solid foundation for sustained growth [2][6]. Summary by Sections Financial Performance - In the first three quarters, the company achieved revenue of 13.35 billion yuan, a slight decrease of 0.4% year-on-year, and a net profit of 500 million yuan, an increase of 13.2% year-on-year. Q3 revenue was 4.41 billion yuan, down 7.2% year-on-year and 4.9% quarter-on-quarter, with a net profit of 100 million yuan, down 15.0% year-on-year and 42.8% quarter-on-quarter [6]. Business Expansion - The company is successfully expanding its energy storage business, having achieved breakthroughs in projects with leading global communication equipment suppliers and North American energy storage companies. This new business development is expected to support the company's continuous growth [6]. Market Trends - The trend towards lightweight structures is clear, with the penetration rate of new energy passenger vehicles reaching 48.9% in September, up 14.4 percentage points year-on-year. The company, as a leader in lightweight components, is expected to benefit from this trend [6]. Investment Recommendations - Considering the pressure on Q3 performance, the company is projected to achieve revenues of 19.2 billion, 20.7 billion, and 22.4 billion yuan for 2024-2026, representing year-on-year growth of 2.5%, 8.2%, and 7.8% respectively. The net profit attributable to the parent company is expected to be 680 million, 840 million, and 990 million yuan for the same period, with year-on-year growth of 7.3%, 24.3%, and 17.3% respectively. The company is positioned as a leader in lightweight solutions and is focusing on strategic emerging industries, justifying the "Buy" rating [6].