BLT(688333) 民生证券·2024-11-01 10:33Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its comprehensive industry chain capabilities and market conditions [2][4]. Core Insights - The company reported a revenue of 732 million yuan for the first three quarters of 2024, a year-over-year decrease of 1.3%, and a net profit attributable to shareholders of 27 million yuan, down 30.6% year-over-year. The performance was slightly below market expectations due to demand fluctuations and increased operating costs [2]. - In Q3 2024, the company experienced significant pressure on its performance, with a revenue of 141 million yuan, a year-over-year decline of 53.5%, and a net loss of 61 million yuan [2]. - The company is increasing its R&D investment, with R&D expenses rising by 37.7% to 187 million yuan, reflecting a commitment to technological innovation [2]. - The company plans to establish a new subsidiary to invest in the construction of a powder material production line, aiming to enhance its capabilities in the metal additive manufacturing sector [2]. Financial Summary - For 2024, the company is projected to achieve a revenue of 1.29 billion yuan, with a growth rate of 4.7%. The net profit attributable to shareholders is expected to be 142 million yuan, reflecting a minimal growth of 0.4% [3][6]. - The company's gross margin for the first three quarters of 2024 decreased by 6.3 percentage points to 40.4%, while the net margin fell by 1.5 percentage points to 3.6% [2]. - The company’s cash flow from operating activities for the first three quarters of 2024 was -234 million yuan, an improvement from -263 million yuan in the same period last year [2].