意华股份：Q3业绩实现高增，支架与连接器业务持续向好

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [8]. Core Views - The company achieved significant growth in Q3 2024, with total revenue reaching 4.743 billion yuan, a year-on-year increase of 34.17%, and a net profit attributable to shareholders of 232 million yuan, up 130.86% year-on-year [2][3]. - The solar mounting bracket business is experiencing rapid growth, with the U.S. factory now operational, which is expected to reduce costs over time. The company has established deep partnerships with key players in the solar industry, positioning it well to benefit from the high demand for solar mounting brackets [3]. - The company has maintained a stable gross margin of 19.15% for the first three quarters of 2024, with a notable increase in operating cash flow, which reached 418 million yuan, up 302 million yuan year-on-year [3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenues of 4.743 billion yuan, a 34.17% increase year-on-year, and a net profit of 232 million yuan, reflecting a 130.86% increase year-on-year. The third quarter alone saw revenues of 1.571 billion yuan, up 19.82% year-on-year, and a net profit of 58 million yuan, up 70.66% year-on-year [2][3]. - The gross margin for the first three quarters was 19.15%, an increase of 1.50 percentage points year-on-year, while the third quarter gross margin was 19.95%, up 1.68 percentage points year-on-year [3]. Business Segments - The solar mounting bracket segment has shown significant revenue growth, with the U.S. factory now in operation and expected to ramp up production, leading to potential cost reductions. The company has formed strategic partnerships with major industry players, enhancing its market position [3]. - The high-speed connector and automotive connector businesses also reported growth, with the company successfully developing a series of 5G SFP and SFP+ products that have passed key customer performance tests, showcasing its leading technology and production capabilities [3]. Future Outlook - The report maintains profit forecasts for 2024-2026, expecting net profits of 377 million yuan, 507 million yuan, and 604 million yuan respectively. The company is anticipated to continue its rapid growth in the solar mounting bracket and high-speed connector sectors [3].